VerifyValid web-based payment enablement and fraud prevention company launched its CheckItOut “Beta,” an all-new check payment platform, which costs organizations only the cost of a check, a flat 50 cents, per transaction. By maintaining a check as digital element and requiring no additional equipment for processing checks, VerifyValid only requires a .50 cent fee for the transaction ensuring the payments stay within the organization, and not into the marketplace. Through a simple to use web interface, a VerifyValid user can launch a instant web-based payment interface allowing their customers to pay them via the Internet without the cost and complexity of merchant accounts or credit card interchange fees.
The Walt Disney Company, Euro Disney Associés S.C.A. and MasterCard announced a six-year strategic corporate alliance across Europe, Middle East, Africa, Russia & CIS. This makes MasterCard the official partner in the payment services category of The Walt Disney Company EMEA & Russia and of Euro Disney Associés C.S.A. This being the first pan-European family entertainment sponsorship platform for MasterCard, it will be afforded opportunities to create and deliver promotional opportunities for its cardholders in Disney motion pictures and the more than 100 Disney Stores across the region and in Disneyland Paris. The agreement covers business-to-consumer and business-to-business initiatives provides the scope for considerable consumer benefits. The partnership will also develop new “Priceless” MasterCard cardholder experiences; offer opportunities for payment solutions to support consumers at both Disneyland Paris and for in-store purchases in Disney stores; and allow Disney to develop promotional programs to reach MasterCard’s customer-base across the region.
Mark C. Monaco has been appointed CFO, effective immediately. Bringing with him more than 20 years of financial experience, Monaco most recently served as Head of Principal Investments at Brooklyn NY Holdings; from 1996 to 2006 was a Managing Director at Windward Capital Management, served as Chairman of Retriever Payment Systems merchant acquiring organization from 2000 to 2004, when it was acquired by National Processing Company. Prior to joining Windward Capital, Mr. Monaco was at Credit Suisse First Boston, serving as the Director of Finance and Corporate Development after several years in the financial institutions group with the firmâs investment banking department. Mr. Monaco earned his MBA in finance from The University of Pennsylvania, The Wharton Graduate School of Business, and received his undergraduate degree from Harvard University.
General Patent Corporation (GPC) patent licensing and enforcement firm on behalf of Leighton Technologies settled a lawsuit regarding the latterâs six âContactless Cardsâ patents with Amherst, N.Y.-based AllSafe Technologies. With this, AllSafe agreed to settle its lawsuit with Leighton Technologies and take a license for the Leighton patents as the result of the settlement of a declaratory judgment lawsuit, Allsafe Technologies, Inc. v. Leighton Technologies LLC, U.S.D.C., Western District of NY (Buffalo), 1:10-cv-00077. HID Global Corporation of Irvine, Cal., and Oberthur Technologies Group of Levallois-Perret, France, had previously signed non-exclusive licenses for the Leighton patents.
Acculynk and Ritz Interactive have made “PaySecure” available across 16 of the companyâs E-commerce websites, affording customers the convenience and security of Internet PIN debit, using nothing more than their current debit card and PIN. Using Acculynk’s “PaySecure” for debit card purchases requires users to enter their code on the Company’s graphical PIN-pad, allowing transactions processed as a PIN debit. Consumers can use PaySecure at a variety of online merchants, including AirTran, Jelly Belly, 2Checkout, ShoppersChoice, and Spirit Airlines. Acculynk secures online transactions with a suite of software-only services that are backed by a powerful encryption and authentication framework.
WA-based Service Employees International Union (SEIU) will be cosponsoring the KeepItInYourPants.org debt awareness video contest, “Stop Debt Disease”. Having already selected 5 student finalists, the “Stop Debt Disease” finalist’s video will be judged based on its focus on the growing problem of “Debt Disease” among young Americans and will be awarded a grand prize of $5,000 to fund school-related expenses. This contest is being introduced at a time research shows Americans have almost have one trillion dollars in credit card debt nationally, the average American carries has up to 9 different credit cards while 78% of college students have at least one and 82% of Americans believe household debt is a serious problem. The Service Employees International Union has nearly 1.9 million members.
A new video contest has been launched offering a top prize of $5,000 for the best student-made public service announcement regarding credit cards. The Service Employees International Union and the League of Young Voters are running the “Keep It In Your Pants” video contest. The “it” featured in a video promoting a new contest for budding filmmakers is the growing problem of “Debt Disease” among young Americans. The first-place winner of the “Keep It In Your Pants” contest — open to students 14 years of age and older enrolled in middle school, junior high, high school, college, or graduate school — will receive a $5,000 scholarship for school-related expenses. Four runners-up will each win a $500 scholarship for school-related expenses. Submissions will be accepted until March 12th.
American Express has introduced a nationwide promotion with participating malls enabling shoppers to buy three or more mall-branded gift cards and pay no fee on the first three. American Express issues gift cards in partnership with many mall owners and operators, including CBL & Associates Properties, Inc., Caruso Affiliated, General Growth Properties, Inland, Jones Lang Lasalle, Lerner Enterprises, NorthPark Center, Pennsylvania Real Estate Investment Trust (PREIT), Pyramid Management, Taubman, and Westfield. The mall gift cards are for use only at merchants that accept American Express and are located within the shopping centers of the shopping mall whose logo appears on the card.
MA-based Clickshare has been notified by the USPTO that it will receive a patent relating to its technology for creating a federated network of Internet web sites to enable consumers to make purchases from hundreds of vending Websites without providing credit card information to each site. The Clickshare System supports many models including traditional purchasing, B-to-B applications such as tracking and payment for advertising click-throughs, reliable exchange of consumer information, federated authentication and management of loyalty programs.Clickshare has been providing services such as subscription management, “per-click” purchasing, event ticket sales and online print subscription capture for the newspaper and media industries for over 10 years.
U.S. Senator Charles Schumer is releasing a survey today on New York retail store credit cards and is calling on the FTC to require retailers to offer more disclosure in their offerings. The Schumer study of 23 retailers found that Sears charged the highest interest rate of 24.15%, while Kohls offered the lowest interest rate of 12.99%. The research also showed that most retailers offer a 25-day grace period but Kohls only gave 10 days and Pottery Barn only gave 4 to 5 days to clear the balance to avoid finance charges. Schumer said his letter to the FTC will also ask retailers to stop marketing to college students and young adults. The Senator sponsored a bill that was signed into law in 1988 that requires a disclosure chart on all bank-issued credit card applications. The chart is known as the “Schumer Box.”
MBNA director, Thomas Murdough, who is Chairman, CEO and President of The Step2 Company, has resigned from the Board of Directors citing time demands. The resignation was tendered May 10, 2005. MBNA is the largest independent credit card issuer in the world and the leading affinity marketing company with the endorsement of more than 5,000 organizations.
A new report says that large U.S. banks must move quickly to protect their lucrative payments business amidst the acceleration from paper to electronic consumer payments. DiamondCluster International says the impact of technology on the bank payments business since the 1980s has shifted from the back-end of the payments value chain (creating economies of scale on the acquiring side of payments transactions), to the front end in the 1990s (applying advanced technology to improve issuing of payment instruments such as credit cards), to the middle link: the use of the payment instrument itself in the consumer’s purchasing process (including the store). DiamondCluster says one of the first steps a bank must take to compete in the payments future is to develop a decision-making process that crosses payments businesses. The silos in banks? payment businesses must also be reconfigured. Above all, DiamondCluster says banks need payments strategies that cross their payments businesses.