Card Compliant compliance partnered IDology identity verification provider, announced a partnership to better serve the prepaid access and prepaid card industry. Card Compliant is leveraging IDology’s identity proofing solutions to meet CIP/KYC regulations and comply with FinCEN’s Regulatory Requirements on prepaid access cards. The partnership between the two companies allows for consumers purchasing closed loop, open loop, GPR and other prepaid cards to be verified quickly and easily when compliance regulations need to be met. IDology’s identity verification solution is based on a broad amount of information, which allows Card Compliant to locate more cardholders compared to other data providers such as credit bureaus. IDology’s flexible and configurable solutions are designed specifically to identify the under and un-banked demographics associated with prepaid, resulting in more cardholder acceptance.
Card Compliant, a compliance specialty company, and IDology, a leading identity verification provider, announced a partnership to better serve the prepaid access and prepaid card industry. Card Compliant is leveraging IDology’s identity proofing solutions to meet CIP/KYC regulations and comply with FinCEN’s Regulatory Requirements on prepaid access cards. The partnership between the two companies allows…
PreCash payments and transaction processing company announced the launch of PreCash Secure Payment Services. PreCash offers Money Service Businesses (MSBs) agent agreements that ensure compliance with applicable state and federal regulations and include risk management and settlement features. PreCash agents are able to sell, load or unload prepaid debit stored value products and can transmit money for the purpose of prepaid wireless refills and bill payment.
Mozido cloud payment network that brings every mobile phone user into the financial ecosystem has finalized an exclusive partnership with Kabbani Associates payment and remittance. Bringing mobile wallet solutions to Money Service Businesses, this partnership introduces Mozido’s mobile wallet services to the MSB community and provide traditional remittance companies with the advanced technology needed to bank their customers. Mozido has been offering a comprehensive suite of multi-channel payment and marketing solutions to the P2P, C2B and B2C markets for over a decade, offering consumers access to value added services such as stored value, bill pay, airtime purchases, mobile minutes transfers, retail purchases, savings accounts and payroll deposits in addition to numerous marketing and analytics capabilities.
Mozido cloud payment network has finalized an exclusive partnership with Kabbani Associates payment and remittance to bring mobile wallet solutions to Money Service Businesses. This is to introduce Mozido’s mobile wallet services to the MSB community and provide traditional remittance companies with the advanced technology needed to bank their customers. Mozido has been offering a comprehensive suite of multi-channel payment and marketing solutions to the P2P, C2B and B2C markets for over a decade. They support numerous clients and have relationships with industry leaders such as Western Union and Moneygram.
Prepaid card marketer MiCash has launched a prepaid debit card that
offers cardholders the ability to make
card-to-card or card-to-cash worldwide money transfers. MiCash
cardholders simply set up friends and family as recipients, and call
customer service or log onto an online account to make a transfer. For a
flat fee, users can transfer from their card to a recipient for pick up
at any one of more than 12,000 Bancomer Transfer Services’ locations in
Mexico, South and Central America, India,
the Philippines, China and other locations. MiCash is a leader in
offering MiCash-branded cards as well as partnering with national
retailers to offer co-branded prepaid card programs that boost retail
revenue and encourage customer loyalty.
BioPay Paycheck Secure has new partnerships in place to offer walk-in bill payment and prepaid debit cards to the
underbanked marketplace. The system’s robust feature set
and ease-of-use has facilitated over 53 million transactions worth $23
billion dollars for merchants and consumers nationwide.
BioPay Paycheck Secure
is the most widely used biometric check cashing system in the nation with over 5 million members.
Thousands of retail locations nationwide are using the Paycheck Secure
system to quickly and easily identify customers and process financial
BioPay now has more than five million consumers enrolled into the “Paycheck Secure” biometric check approval system. The five millionth consumer enrolled this month at Loweâs Pay and Save
grocery store in Odessa, TX. Pay and Save has cashed more than $275
million in payroll checks for its 130,000 customers who are enrolled in
the system. With the Paycheck Secure system, customers
can enroll at any participating grocery store, liquor store, convenience
store or check cashing location to cash any employer’s paycheck or a
government check with a simple touch of a finger. The system’s quick and simple enrollment process,
coupled with easy-to-use features, helped merchants and consumers
nationwide complete over 53 million transactions worth $23 billion dollars.
FSV Payments and MiCash have teamed to provide a prepaid debt
“card-to-cash” money transfer solution. With this solution, users pay a
flat fee, regardless of the remittance destination or transfer amount, and
are allowed to collect cash at any of the Bancomer Transfer Service
around the world. The recipient can also opt to have the funds deposited
to an account of their choice and is given the option to establish a
fund recipients. FSV Payment Systems provides stored-value and prepaid
debit solutions across various sectors and is headquartered in Houston,
Texas while MiCash provides financial services to the underserved
consumer-segment with remittance solutions and cards.
WA-based MiCash has partnered with FSV Payment Systems to market its “MiCash Prepaid MasterCard” which is issued by MetaBank. Through this partnership, MiCash will market the MiCash Prepaid MasterCard card through various distribution channels. This alliance offers immediate benefits with new, real-time tracking and financial reporting, along with processing technology. MiCash is a federally-licensed Money Service Business (MSB) that meets all state and federal laws, including Anti-Money Laundering, Bank Secrecy and USA PATRIOT Act regulations. FSV Payment Systems is a provider of host-based stored value and prepaid card solutions.
Metavante Corporation announced a long-term contract with Marlborough Savings Bank, Marlborough, Mass., for a comprehensive suite of financial technology solutions, including deposit and loan account processing and customer accounting services. Metavante is the technology subsidiary of Marshall & Ilsley Corporation.
In addition, Metavante will provide Marlborough Savings Bank with products and services that support electronic banking, electronic presentment and payment, electronic funds transfer and card, and customer relationship management.
“We chose Metavante because it offers the broadest, most mature offering we could find,” said Jeffrey Dale, vice president, Marlborough Savings Bank. “Metavante is a one-stop shop for a single integrated solution, which is particularly valuable to a community bank like ours.”
Dale said Marlborough Savings, which signed an eight-year contract, was also drawn to Metavante because of its ability to provide a flexible solution. “We have a key business objective of expanding our commercial focus,” he said. “After exploring what Metavante could offer, we felt confident they could meet our current needs, and support our expanded offerings as we move forward.”
“Our ongoing commitment to account processing and our open and integrated architecture enable us to provide Marlborough Savings Bank with a solution that will help them to better serve their customers and compete more effectively in their market,” said Jamie Geschke, senior vice president and general manager, Metavante Financial Technology Services. “Our integrated solution enables our clients to implement compelling retail, small business, and commercial strategies.”
Metavante offers a comprehensive set of integrated products and services for financial services providers that are centered on customer and account management, specializing in deposit, loan and investment accounts. Solutions include core accounting services, retail delivery systems, card solutions, productivity tools, and trust and professional services. It provides core account outsourcing to more than 500 financial services providers, and is the leading deposit system outsourcer for the top 100 U.S. banks.
About Marlborough Savings Bank
Marlborough Savings Bank (MSB) is a locally run, independent mutual savings institution serving the Metrowest communities of Massachusetts since 1860. With $223 million in assets and branch offices located in Marlborough, Northborough, Southborough and Sudbury, MSB provides a wide variety of loan and deposit products as well as electronic banking services. A strong supporter of the communities, MSB has built its reputation on exceptional customer service and competitive products. Marlborough Savings Bank’s Corporate Office is located at 178 Main Street, Marlborough, Mass., and can be reached at 508-481-8300 or at [www.marlboroughsavingsbank.com].
About Metavante Corporation
With more than 3,500 clients, including the largest 20 banks in the United States, Metavante Corporation is a leading financial services enabler, providing virtually all the technology an organization needs to offer financial services. Metavante offers customer relationship management, electronic banking, electronic funds transfer and card solutions, electronic presentment and payment, financial technology services, private label banking, and wealth management solutions. Headquartered in Milwaukee, Wis., Metavante is wholly owned by Marshall & Illsley Corporation (NYSE:MI). For more information, see metavante.com.
In a major effort to combat money laundering, the U.S. Treasury Department announced new regulations yesterday requiring all check-cashing, cash-remitting and currency-exchange businesses to register on a national database. Under the new regulations such money service businesses as Western Union, MoneyGram Payment Services, and ACE Cash Express, have until Dec. 31, 2001 to register with the Treasury Department. The Treasury is also requiring major players to report any agents that handle more than $100,000 per month in cash. Failure to comply could result in fines of up to $5,000 per day and up to five years in prison. Like banks, money service businesses are already required to report all cash transactions over $10,000 and to keep records of any transaction of $3,000 or more. The new regulations will affect nearly 8,000 money service businesses representing an estimated 160,000 locations. The new rules were spurred by the Treasury’s Financial Crimes Enforcement Network. The FinCEN indicated yesterday it is still seeking rules requiring non-bank money-service businesses to report all suspicious activity such as frequent cash transactions or multiple transactions just below the $10,000 level.