Wells Fargo Bank reached agreements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney, regarding allegations some of its retail customers received products and services they did not request. Wells agreed to pay a huge fine and terminated 5,300 employees. The…
Samsung Pay had added eight more credit and debit card issuers and now supports eligible Chase Visa credit, debit and Liquid cards.
CardWeb.com’s CardData database of Company Profiles today features KOAMTAC.
The cyber security market in the BFSI sector is projected to expand at compound annual growth rate (CAGR) of more than 13% by 2019. Some estimates place the cyber security market at more than $155 billion in five years.
CardWeb.com’s CardPixes database of more than 7,000 card images today features the BECU Visa card. The BECU Visa card is issued by the Boeing Employees’ Credit Union.
Fintech Innovation LabLeading-edge mobility, data analytics and credit risk solutions were among the six technology innovations demonstrated for top financial services, venture capital and technology executives at the fourth annual FinTech Innovation Lab Demo Day in New York. The Lab is a 12-week mentoring program created by Accenture (ACN) and the Partnership Fund for New York City and supported by more than a dozen of the world’s leading financial institutions to promote financial services technology (“fintech”) innovation and high tech job growth in New York City. This year’s entrepreneurs were chosen by chief technology officers from 15 participating financial institutions. The companies included Enigma, Kasisto, LMRKTS, pymetrics, RevolutionCredit and Standard Treasury. The group has spent the last 12 weeks receiving high level mentoring, product and business development advice and exposure to senior financial industry, technology and venture capital executives. The 18 previous alumni companies have raised a total of more than $76 million in financing after participating in the program since 2010.
Diners Club International, part of the Discover Global Network, and Bangkok Bank are set to implement their merchant acquiring partnership. Under the agreement, merchants using the Bangkok Bank terminal network will be able to accept Diners Club International, Discover, BC Global, DinaCard and RuPay cards, which are all part of the Discover Global Network. The Discover Global Network is the third-largest payments network in the world, operating in more than 185 countries. Diners Club International became the first multi-purpose charge card in the world, launching a financial revolution in how consumers and companies pay for products and services.
American Eagle Credit Union is the first credit union in Missouri to deploy NCR’s new interactive, remote video technology to deliver personal teller services to its members. This offers members live video interaction. The NCR Interactive Teller lets the credit union offer members the benefits of the personal service experience of a branch via a drive-up unit. Interactive Teller acts as a “virtual teller window”, giving members the ability to make transactions as they would inside the branch such as withdrawals, deposits and payments, transfers, and check cashing. The new technology will lower processing costs and provide faster transactions. One service representative can attend to as many four machines at multiple branch locations, enabling the employees at those locations to focus on in-branch member connections.
U.S. Bank is the first bank in the nation to offer Visa Payment Controls, which gives small business owners control over how, when and where their employees’ business credit cards are used. Visa Payment Controls lets small business owners manage how employees can use their cards based on Time of day or day of week, Geographical area, merchant type, and dollar amount. Controls can be applied or removed in real-time, giving business owners complete flexibility over managing their employee card usage.
Mocapay mobile marketing and payments solutions launched customized mobile program for Denver-based Udi’s Cafés and Restaurants. The new Udi’s branded mobile app will allow Udi’s to issue loyalty and reward benefits to its customers. Udi’s is taking advantage of Mocapay’s mobile marketing to keep customers informed and to allow store managers to bring added value to Udi’s guests. The branded app will offer a full range of loyalty and reward benefits such as Udi’s loyalty program; Ability to earn valuable points; Automatic delivery of earned digital currency; Easy and secure redemption of rewards and offers; Ability to view account activity; Locator to pinpoint the closest Udi’s location and the ability to manage and update an account. The loyalty program rewards one point for every one dollar ($1.00) spent. For every 100 points earned the consumer receives a $10 gift card to spend at Udi’s Restaurants.
“The Cashless Journey” a new global report from MasterCard, positions Kingdom of Saudi Arabia among those economies that have begun accelerating their move towards becoming a cashless society. The report, produced by MasterCard Advisors, explores the evolution of consumer payment patterns in 33 countries from five regions, representing more than 85% of global GDP, taking in both developed and developing nations, using a single methodology.
1Pay by Evolution1 continues to receive industry recognition, most recently winning a 2013 Paybefore Award for benefits card innovation for its Benny Prepaid Benefits Card. 1Pay is a suite of payment solutions offered by Evolution1 with innovation ranges from patented card processes to flexible automated provider payments and reimbursements that use best-in class web, virtual payment, printing, and mobile technologies. With the Prepaid Benefits Card from Evolution1, participants experience seamless, hassle-free, and highly paperless processing of their HSA, HRA, and FSA claims and reimbursements – all without complicated IT costs, transaction fees, and extra work for administrative staffs. Use of the card helps eliminate mounds of paperwork and countless hours of tedious processing. Claims are submitted and substantiated automatically, payments are made directly to providers, and consumers pay no out-of-pocket expenses at the time of service. Evolution1 and its Partners saved its customers and their employees more than $2 billion in 2012 through annual healthcare cost reductions and tax savings.