Standard Chartered announced that it has expanded its African coverage of Straight2Bank Wallet, the Bank’s mobile wallet service platform, by launching mobile payment services in Nigeria and adding mobile collections capabilities in Kenya. The Bank launched mobile payment services in Kenya in September 2013.In Nigeria, the Bank has partnered with eTranzact International Plc. to provide mobile payment services through its Straight2Bank Mobile Wallet. This is in line with the Central Bank of Nigeria’s (CBN’s) Financial Inclusion strategy to the unbanked and semi-banked population.The new mobile payment service enables clients such as development organisations, international organisations, non-bank financial institutions, agricultural companies and fast-moving consumer goods (FMCG) companies to make payments to both banked and unbanked individuals such as aid workers, trainers, policy holders, farmers and other beneficiaries.
Ingo Money announced the addition of Dickson Chu as executive vice president, Corporate Development and chief product officer. In this role, he will lead the company’s strategic corporate development efforts and oversee the evolution and development of Ingo Money’s product roadmap and user experience. Chu brings over 25 years of leadership experience in financial services technology, digital payments and marketplace innovation. An accomplished general manager and innovator, Chu most recently served as investor and active advisor to a number of emerging companies. Previously, Chu served as senior vice president, Merchant Solutions at LivingSocial, evolving the company’s strategy to create a new merchant-focused business line. He also spent nearly two years at Citi as managing director, Digital Networks in the Global Enterprise Payments business unit, where he was responsible for the development of global e-commerce and m-commerce capabilities, as well as the development and launch of Citi’s Google Wallet platform. Before joining Citi, Chu spent six years at PayPal, most recently serving as vice president and head of Global Products and Experience. In this role he led product strategy, development and user experience design for millions of consumers and merchant customers, having previously served as global general manager for PayPal’s Global Merchant Services business, which he helped grow from $60 million to more than $1 billion.
Standard Chartered Bank has adopted ACI Worldwide’s “Money Transfer System 4.0” for its Euro clearing. Standard Chartered Bank uses Money Transfer System for clearing major currencies: US Dollar, Euro and the Japanese Yen as part of its commitment to meet the highest levels of availability, reliability and scalability that its customers have come to expect. Adopting Money Transfer System 4.0 in Germany allows the bank to respond to the requirements of the Single Euro Payments Area (SEPA) – enabling it to comply fully with the new regulations, and make cross-border payments faster and more economic for its customers.
Regulations that would reduce swipe fees by about 70% are scheduled to take effect July 21, but the banking industry is pushing for a bill to delay reform by two years and further study. To this, Bernanke has responded against calls for delay, indicating the Fed would not have final regulations in place anyway due…
“In response to a direct question from Senator Tester today, Fed Chairman Ben Bernanke reiterated before the Senate Banking Committee his concerns about the effectiveness of the small bank exemption embodied in the debit interchange rule. Bernanke said that he ‘can’t say with certainty’ that the exemption will work, that there ‘are market forces that…
Standard Chartered has waived all charges on remittances made by its customers to India through its Online Banking Service. With zero charges on remittance transactions to Standard Chartered accounts as well as other bank accounts in India, consumers can take advantage of this until May 31st 2011. Standard Chartered has operated for over 150 years in some of the world’s most dynamic markets and earns more than 90% of its income and profits in Asia, Africa and the Middle East.
airtel Africa, Standard Chartered Bank and MasterCard were honored for mobile payments innovation at the 16th Annual Global Mobile Awards held during Mobile World Congress (MWC) 2011. The recently launched virtual card product, developed in collaboration between airtel Africa, Standard Chartered and MasterCard, received top honors as the Best Mobile Money Product or Solution. Honored by a panel of mobile industry experts, the virtual card product was recognized as an innovative mobile payments solution that will offer consumers in Kenya, and eventually across Africa, greater participation in the financial system through mobile commerce.
Payment Pathways privacy management solutions has been awarded Patent Number 7,831,490 by the U.S. Patent & Trademark Office for an Internet-based registry of openly accessible electronic payment addresses. Known as the e-payments “Greenlist” registry, the invention provides the user with a way to locate a virtual listing for payment addresses just as the “white pages” found phone numbers and physical addresses. Unlike current payment mechanisms, “Greenlist” allows people and businesses to pay directly from their bank accounts without having to stage money somewhere else first. Its Ultimately a pointer securely keyed to the actual financial institution accounts and routing information to solely expose the payment addresses of deposit-only bank accounts.
This holiday, Americans will spend an average of $710, $1,384 for those who earn $100,000 annually. Women will particularly power the holiday shopping season with 100% of those surveyed planning to hit the stores while 12% of men have no holiday shopping plans. Both male and female consumers’ intentions to “give back” continues to make a comeback from 63% in the year ago period to 67%. With 51% planning to finish holiday shopping one week before Christmas, 5% will shop on Christmas Eve; 53% plan to give gift cards; 50% will gift clothing; 43% will gift toys; and 20% will spend the most on electronics and gadgets with an average ticket price of $316. This, according to the latest American Express “Spending & Saving Tracker,” also indicates 80% of those earning more than $100,000 annually plan to make a charitable contribution; 41% will donate money to an organization, compared to 36% in 2009; 31% will purchase gift or grocery items for the needy, for no change from the year prior; and 22% will volunteer, compared to 18% in 2009.
Throughout their lifetime, 76% of consumers will experience a hardship
to seriously compromise their financial circumstances. K&G Debt & Credit
Professionals debt settlement assists consumers in rating the lenders by
their true character and consumer care, in the event of hardship for
example. When applying for credit, K&G Debt urges consumers to question
if the creditor provides great customer service or do they treat their
consumer like a minority; has the creditor been sued or counter sued;
and to ask for a word of mouth referral from a service provider that
defends consumers. K&G also warns warm and fuzzy marketing is not a true
indication of an institutions credibility.
MICROS Systems hospitality and retail information technology solutions
has announced The Coffee Club is to deploy its “Simphony” POS solution
in over 200 of its stores across Australia and New Zealand over the next
six months. The Coffee Club is deploying the “Simphony” solution for its
reliability, store-level resilience and service oriented architecture
which provides maximum benefits for its customers. The Coffee Club model
has depended on training, operational support and innovative marketing
strategies for its recent franchise expansion, which includes its first
store having opened in Thailand in 2009, while MICROS Systems provides
enterprise applications on over 310,000 systems at various retail
merchant operations in more than 130 countries. The Company’s
MICROS-Fidelio subsidiary also provides central reservation and customer
information solutions for more than 25,000 hotels worldwide while
MICROS-Retail offers point-of-sale, loss prevention and cross-channel
functionality to over 90,000
A new survey reveals that 49% of all American adults say they will make a “green” New Year’s resolution this year. The findings are good news for the payment card industry which has been undertaking “green” initiatives such as developing new cards with “green” benefits and by encouraging cardholders to sign-up for online statements. The New Year’s resolution survey by NY-based Tiller also found that the majority of younger consumers are generally more focused on the environment than older Americans. This year a number of payment card providers have offered “green” products. In July, GE Money launched the “Earth Rewards Platinum MasterCard” that contributes up to one percent of card purchases to buy greenhouse gas emissions offsets and that offers a completely paperless application process. Bank of America unveiled the “Brighter Planet VISA” in November that enables cardholders to earn one “EarthSmart” point for every $1 spent in purchases. Points earned with the new BofA credit card are automatically redeemed each month to support renewable energy projects. Atlanta-based Fintura and MetaBank introduced the “GreenPay MasterCard” this year that will retire five pounds of CO2 for every net dollar spent. MBNA Canada Bank recently introduced the “Eco-Logique MasterCard” which earn points to purchase carbon offsets that support environmental projects. Wells Fargo launched an energy rewards option to its consumer and business credit card and check card customers. The “green” initiatives are not limited to card issuers. IL-based Versatile Card Technology introduced the “Green Earth Card,” a biodegradable plastic card made of corn starch which can be printed with VCT’s waterless-ink “KBA Genius 52” printing press. CPI Card Group is now using wind power to runs its Colorado plant, the first and only card manufacturer in the U.S. to specify that 100% of its electricity be generated through wind power.(CF Library 4/12/07; 4/19/07; 7/25/07; 8/7/07; 11/16/06; 11/30/07; 12/3/07)