Axway, equipped SlimPay payment services independent provider, with its Axway Financial Exchange (FEX) platform is set to create a new service offering to facilitate SEPA transition. The new regulatory environment opens an opportunity for growth in the financial services industry. In less than 3 years SlimPay has taken the lead in its market, as one of the first payment institutions accredited by the Banque de France since the opening of the European market in 2010. Eager to help its customers overcome the strategic and technological challenges of SEPA implementation, SlimPay offers a pooled SaaS solution, based on Axway FEX, to aggregate payment orders, that is suitable for all formats and protocols. The service performs validation and alleviates businesses from configuring complex fraud management systems.
Euronet Germany completed its latest ATM outsourcing agreement with Ikano Bank GmbH, for which it will provide outsourcing services for the Ikano Bank ATMs exclusively located in IKEA Deutschland GmbH & Co. KG stores. This ushers in Euronet as the future ATM provider for deployments with the Company. The machines provide a 2D bar code reader, thermal receipt printer, contactless card reader for mobile wallet payments, extra cassettes for coupons to be dispensed with cash and the potential to add an additional 42 inch digital advertising screen above the ATM. Additionally, the IKEA FAMILY Bezahlkarte, a closed looped store card, will be accepted for cash withdrawals at the Ikano Bank ATMs.
Absa Bank is adopting FICO “Falcon Fraud Manager 6”
to control fraud in its debit and credit card portfolios. Serving over
10 million retail banking clients, Absa acquiring the “Falcon Fraud
Manager 6” allows FICO to protect more than half of the credit and debit
cards issued in South Africa. The FICO solution will help Absa Bank
improve fraud prevention, detection, investigation, recovery and
remediation and implement real-time fraud capabilities to score debit
and credit card transactions as they occur. These let the bank stop the
highest-risk transactions if needed, without slowing down transaction
speeds for legitimate transactions. FICO “Falcon Fraud Manager 6”
comprehensive solution for detecting payment card fraud reduces losses
by up to 50% while 17 of the top 20 credit card issuers rely on the FICO
“Falcon” system to protect over 2.1 billion active card accounts.
South African-based Absa Bank is adopting FICO “Falcon Fraud Manager 6” to control fraud in its debit and credit card portfolios. Serving over 10 million retail banking clients, Absa acquiring the “Falcon Fraud Manager 6” allows FICO to protect more than half of the credit and debit cards issued in South Africa. The FICO solution will help Absa Bank improve fraud prevention, detection, investigation, recovery and remediation and implement real-time fraud capabilities to score debit and credit card transactions as they occur. These let the bank stop the highest-risk transactions if needed, without slowing down transaction speeds for legitimate transactions. FICO “Falcon Fraud Manager 6” comprehensive solution for detecting payment card fraud reduces losses by up to 50% while 17 of the top 20 credit card issuers rely on the FICO “Falcon” system to protect over 2.1 billion active card accounts.
Value Payment Systems and RBS WorldPay announced that the companiesâ “payUSAtax” tax payment service will now accept MasterCard cards for U.S. IRS Federal tax payments. For the 2009 tax year, MasterCard cardholders can now experience greater speed, convenience and security when paying their federal taxes online at www.payUSAtax.com for a reduced convenience fee rate of only 1.95%. Taxpayers who use their MasterCard when filing their Federal taxes with payUSAtax can earn rewards, schedule automated payments, set future payment e-mail reminders and deduct the convenience fee on their tax return. The “payUSAtax” service, individual taxpayers can make secure tax payments for 1040; estimated taxes; installment payments; tax extension; trust fund recovery penalty; amended tax returns, and many more.
With 43% of credit cardholders and 54% of debit cardholders using/considering recurring payments, TX-based Reliant Energy electricity and energy services provider is now accepting MasterCard cards for bill payments from its small and mid-size commercial customers. With this, Reliant Energy is the latest in utility service providers to accept MasterCard card payments from its commercial customers as a means to generate greater operational efficiencies, increase revenue and improve customer satisfaction. This is in addition to electronic payment options the service provider already offers to its residential customer base, including fee-free card-based payments, and allows commercial customers to make one-time payments and recurring payments using a MasterCard. Additional Mastercard findings show 30% would switch to service providers offering recurring payments and, from 2001 to 2008, paper-based payments decreased from 78% to 38% of all bill payments while electronic payments grew from 22 % to 62%, according to Hitachi Consulting.
PayPal has launched a new service specifically designed for Chinese Internet users. “PayPal China” offers payments in the local currency and integration with 15 Chinese banks and more than 20 different debit cards. Additionally, “PayPal China” is the only direct online payment service that offers a buyer protection program for purchases made on popular Internet portal sites Netease and TOM Online. PayPal will offer buyer protection on China’s leading ecommerce marketplace, eBay EachNet, on September 1st. “PayPal China” joins the growing list of PayPal’s international sites, including: PayPal Australia, PayPal Austria, PayPal Belgium, PayPal Canada, PayPal France, PayPal Germany, PayPal Italy, PayPal Netherlands, PayPal Spain, PayPal Switzerland and PayPal UK.
A small group of merchants are leading an antitrust class action lawsuit against the major card networks and their top issuers. The suit alleges collusive practices in setting credit card interchange fees at supra-competitive levels. The lawsuit was filed yesterday in the U.S. District Court of Connecticut. Defendants include VISA, MasterCard, Bank of America, Citibank, Bank One, Chase, Fleet, Capital One, MBNA and Wachovia. National law firm, Robins, Kaplan, Miller & Ciresi, is representing the merchant plaintiffs with CT-based Koskoff, Koskoff & Bieder acting as co-counsel. Craig Wildfang and David Balto are heading the litigation for RKMC. The law firm says that VISA and MasterCard have previously been found to have market power in the relevant markets, so the card networks and their members have the burden of proving that they have set the interchange fees at the correct competitive level. The lawsuit says that due to the networks’ market power, the USA has the highest credit card interchange fees among industrialized countries. A recent Morgan Stanley study determined that VISA and MasterCard interchange dollar volume grew to $17.4 billion last year, compared to $9.4 billion six years ago. The research revealed that the weighted average for VISA and MasterCard interchange had increased from 1.58% in 1998 to 1.75% in 2004 and will likely grow to 1.86% in 2010. (CF Library 4/6/05)
PayPal has launched a new PayPal site in Australia and
introduced the Australian Dollar as an additional currency to its service. Earlier this month, PayPal also added the Australian Dollar to the range of currencies offered on its global service, which includes U.S. Dollars, Canadian Dollars, Euros, Pounds Sterling and Japanese Yen.
Australian users can now send and receive payments in Australian
Dollars. PayPal has more than 63 million accounts in 45 countries.
PayPal continues its international expansion today by launching a new
PayPal site in Italy, designed for Italian users. The new PayPal site is
written in Italian, with information customized for Italian PayPal
account holders, and enables payments in Euros, the common currency in
Italy. PayPal has more than 56 million member accounts in 45 countries.
OH-based Huntington Bancshares has switched its agent credit card contract from Chase to MBNA and will now offer “WorldPoints” on a “Preferred,” “Platinum,” or “Quantum” VISA or MasterCard.” Prior to the alliance with MBNA, Chase Manhattan Bank USA had served as Huntington’s consumer and business card provider. Huntington Bancshares Incorporated is a $32 billion regional bank holding company headquartered in Columbus, Ohio.