First Data launched its “Rapid Connect” technology layer that enables simplified integration to First Data. This provides software developers and direct-connect merchants a streamlined way to create, test, certify and deliver payment-rich applications all through a single interface to enable customers to pay any way and anywhere they choose. It ultimately provides development and testing tools to allow developers and First Data merchant partners to easily manage payment interfaces and self-certify, saving time and cost. This includes a web-portal, easily accessible online certification management, tailored developer tool-kits, a robust development Sandbox, a universal message format, specialized support resources and a framework that will support ongoing innovation.
Acculynk payments provider and “PaySecure” software-only service for Internet PIN debit payments appointed Mark Herrington to its Board of Directors. Currently Executive Vice President, Global Product Management & Innovation for First Data Corporation, Herrington brings to the board a wealth of experience. He joined First Data in 2007 as First Data was in the process of acquiring Money Network, which he co-founded in 2001. Mr. Herrington’s financial services experience includes prepaid, TeleCheck, e-commerce, mobile payments and merchant loyalty.
First Data Corporation electronic commerce and payment processing announced the extension of the First Data “OfferWise” solution to all offer publishers and the first wave of First Data’s network of more than four million U.S. merchant locations. Over 500,000 merchant locations are now enabled to leverage the OfferWise solution for customized offers programs and other electronic incentive solutions, with more than 100 publishers using the platform to develop innovative, card-linked services. This same group of First Data merchants generated tens of billions of dollars in transaction volume at the POS both online and in-store in 2011. The open platform simplifies the offer redemption process and creation of card-linked services for consumers and merchants. It allows offer publishers or application developers to electronically attach offers such as deals, eCoupons and loyalty programs to one or more of a consumer’s payment cards or mobile wallet to enable streamlined and automatic redemption of the offer at the point of sale.
Bank of America announced that it and Barclays Bank PLC have entered into an agreement with Equity Residential and Lehman Brothers Holdings Inc. pursuant to which Bank of America and Barclays will sell their remaining 26.5 percent interest in Archstone, a privately-held owner, operator and developer of multifamily apartment properties, for a purchase price of…
First Data Corporation electronic commerce and payment processing launched its product suite with enhanced payment acceptance offerings for merchants looking to expand their payment strategy with flexible, secure and cost-effective solutions. This includes “Smart Routing,” which lets merchants pay the lowest cost option based on the networks available for each PIN debit transaction. The First Data “Global Gateway e4” comprehensive Internet Payment gateway offering advanced functionality including multi-currency and global payment processing support, Level III support for business-to-business procurement cards, flexible recurring billing services, an intuitive merchant virtual terminal with multi-location administration and reporting, integrated fraud tools and added layer of security with the TransArmor tokenization solution.
Bank of America Merchant Services payments processing and Money Network- First Data e-payroll distribution solutions- launched the “Money Network” payroll distribution service. This lets employers comply with complex payroll distribution laws, such as the need to offer a paper paycheck and free check cashing locations, while providing a safe and convenient pay alternative for employees who do not have access to a deposit or checking account. This streamlines payroll through more than 17,750 Bank of America ATMs and 43,000 Allpoint® Network surcharge-free ATMs and complete cash access at more than 5,700 Bank of America banking centers that offer a minimum of one surcharge-free withdrawal per pay period.
First Data Corporation electronic commerce and payment processing expanded its product solutions, adding Consumer & Commercial Payments, Information & Analytics Solutions and Advanced Solutions & Innovation offerings for merchants and financial institutions. This includes “DefenseEdge” decisioning solution gives financial institutions (FIs) a more accurate measure of potential risk and the ability to identify fraud as it happens, reducing the number of false positives while offering a higher level of transaction security. Meanwhile, its “SpendTrend Insights” Fraud Analysis offers a robust, ad hoc reporting tool that captures and analyzes transaction data to improve fraud trend identification within an FI’s portfolio. Additionally, “Merchant Alerts” is available to merchants through an application within the BusinessTrack secure portal and “Token Pay/Self-Checkout” solution lets merchants offer payment services within a mobile application.
First Data electronic commerce and payment processing shared highlights of its product solution set. Expanded with additions to its Consumer & Commercial Payments, Information & Analytics Solutions and Advanced Solutions & Innovation offerings for merchants and financial institutions, it includes “DefenseEdge” decisioning solution. It gives financial institutions (FIs) a more accurate measure of potential risk and the ability to identify fraud as it happens, reducing the number of false positives while offering a higher level of transaction security. Meanwhile, the “SpendTrend” Insights Fraud Analysis offers an ad hoc reporting tool that captures and analyzes transaction data to improve fraud trend identification within an FI’s portfolio, automatically alerts fraud trends, increases operational efficiencies and reduces fraud losses.
Mark Herrington has been appointed First Data executive vice president, Global Product Management and Innovation and is now a member of the company’s Executive Committee. Herrington has been leading Global Product Management and Innovation at First Data since early 2011 when the company consolidated its product groups into one globally aligned organization. He already served in numerous leadership roles as First Data, including general manager of the company’s former Retail Solutions division with responsibility for overall P&L performance within this line of business, which included prepaid, TeleCheck, eCommerce and merchant loyalty after having co-founded Money Network in 2001. Prior to Money Network, he was executive vice president of the Americas for i2 Technologies, a Dallas-based enterprise software provider.
First Data electronic commerce and payment processing solution set has been expanded through enhancements to its eCommerce Solutions, Mobile Commerce Solutions and proprietary POS terminal line. First Data eCommerce product enhancements implemented throughout the quarter were to Dynamic Currency Conversion (DCC), expanding the number of supported currencies from 36 to 72 in over 120 countries; the Company introduced the “Fraud FlexDetect” eCommerce fraud detection and prevention solution; it released “Payment Software” certification under current PA-DSS requirements and other compliance initiatives; and its “Global ePricing (GeP)” enhanced exchange rate reporting capability for multicurrency transactions was released. In addition, First Data released five new POS terminals for faster processing, including its “FD50Ti;” “FD100Ti;” “FD200Ti;” “FD300Ti;” and the “FD400Ti.
First Data Corporation electronic commerce and payment processing has announced the leadership team for its North American business. Nine senior vice presidents with the following responsibilities include:
Vickie Brown – Walmart Partnership Management;
Jim Contardi – Product Solutions;
Kelley Everetts – Client Care and Implementation Support;
Kim Fitzsimmons – Merchant Services And Community Banks;
Mark Herrington – Global Product Management and Innovation;
Matt Kardell – National Clients and Alliances;
Pete Korpady – Global Network Management;
Barry McCarthy – Strategic Clients and Alliances;
Stan Wilson – Business Development.
In the Global Product Management and Innovation organization, the following executives would lead these specific product areas:
Kevin Barry – Network Solutions
Steve Boehm – Issuing Solutions
Bruce Dragt – POS Solutions (Acquiring, TeleCheck, Terminals, TASQ, Leasing)
Jeff Johnson – Prepaid Solutions
Dom Morea – Advanced Solutions and Innovation (Mobile Solutions, Innovation Management, Intellectual Property)
Silvio Tavares – Information and Analytics Services
With 86% of retailers concerned with keeping their customer card information secure and feel payment card data security is important to their business, 64% believe their business is not vulnerable to credit/debit card data theft and 60% are unaware of the costs they could incur in the event of a breach. Moreover, 66% claimed awareness of the PCI DSS while only 49% completed a self-assessment while 4% have fallen victim to data breach. However, 42% did not know that merchants are obligated to conduct the self-assessment annually and 41% had not heard of the recent change in regulations. This, according to the National Retail Federation and First Data research, also showed more than 60% of these smaller merchants did not realize that credit card companies are authorized to fine their business a per-card fee for every card that has to be canceled if it is determined that they are the source of a data breach. According to the 2009 U.S. Cost of a Data Breach Study by the Ponemon Institute, the average cost for merchants coping with a data breach in 2009 rose to $6.7 million with the cost per customer record breached estimated at $204. With this, 76% demonstrated restricting physical access to cardholder data and using anti-virus software were the two most frequently reported protection methods; 67% restricted access to cardholder data by business need to know; and 64% developed and maintained secure systems and applications.