Citi Prepaid Services is teaming with Enservio to offer prepaid cards as part of a holistic offering that services prominent insurance carriers. Citi Prepaid Services will supply custom designed, fully-functional prepaid cards tailored for Enservio whose ReStore Payments platform provides policyholders a variety of options from cards to electronic fund transfers that efficiently deliver claim payments.
Ambarella semiconductor processing solutions for video that enable high-definition video capture, sharing and display has filed a registration statement on Form S-1 with the SEC for a proposed initial public offering of its ordinary shares. The number of shares to be offered and the price range for the offering have not yet been determined.
TrustCash has implemented the device management specifications in its proprietary database for the Apple iPhone. Using the previously developed proprietary TrustCash JAVA device management web application, all versions and variations of the iPhone shall be fully supported as part of the mobile payments product strategy. The TrustCash Device Manager shall support all future versions of the iPhone globally with an automated real-time update process to any hardware, software and firmware upgrades done by Apple. Future sales projections for the iPhone shows they will reach 142.5 million in 2019 from 37.2 million this year, assuming the global smart phone market grows from 170.2 million units in 2009 to 569.8 million in 2019, and that Apple’s market share grows from 15% to 25%.
NH-based customer loyalty provider RewardsNOW has finalized a $7.5 million investment from Edison Venture
Fund, further positioning the financial services
provider for client growth and expansion of the services it offers.
RewardsNOW provides customer loyalty programs to more than 300 financial
institutions. RewardsNOW is a provider of marketing services for the financial
industry. The companyâs turnkey loyalty solutions include configurable
web-based loyalty platform, marketing communications, analytics/ROI
reporting, rewards catalog/fulfillment, merchant network management,
design and program management/consultation and customer support. These
products and services generate incremental profits from increased member
acquisition, increased product usage, and lower customer attrition
F5 Networks and CA-based DNS, DHCP and IPAM solution provider
Infoblox have partnered to speed Domain Name System Security
Extensions (DNSSEC) deployment.
Infoblox’s industry-leading DNSSEC features replace manual key
generation and zone signing with a “one-click” process that generates
and securely distributes encryption keys to all appliances in the
Infoblox Grid that serve DNSSEC data. F5 provides a FIPS-compliant
option to satisfy the most stringent military grade key security. Both
F5 and Infoblox systems handle the NIST recommended key policies and
automatic rollover. This configuration mitigates denial of
service attacks on DNS and allows
customers to manage the adopt IPv6.
A new report from Tower Group focuses on the declining popularity of
private label store gift cards. The annual review of the U.S. gift card
market, entitled “Gift Cards: Still Better to Give than Receive” is set
to release on November 30th. TowerGroup expects store gift card spending
volume to fall by 7%, with a modest increase of 3% in general purpose
cards in 2009 and expects the second annual decrease in private label
store gift cards and a slight increase in general purpose gift cards.
TowerGroup projects volumes for gift cards will fall slightly in
aggregate during 2009, from $91 billion to $87 billion. Store gift
cards fall into three categories: restaurants,
retailers and miscellaneous. Consumers are expected to exhibit more
practical usage in each category: fast food will perform better than
white linen dining; discounters will perform better than high-end
specialty stores and niche players like local stores will experience the
largest negative impact. TowerGroup estimates that lost value, referred
to as spillage in industry jargon, improved to 6% from a high of 10% in
2007; this lost value still represents nearly $5 billion.
Tower Group is set to present the “Celling Banking to Your Customers:
Latest Trends in Mobile Banking” webinar
Thursday, October 8. Mobile financial services continues to garner
from the industry, vendor community, press, and public. Although still
in its infancy, consumer mobile banking and payments will revolutionize
how consumers interact with their financial providers, manage their
finances, and make payments. This TowerGroup Live will provide
TowerGroup’s most recent research findings on the following topics:
how US mobile banking evolved, including projected adoption and
transaction estimates; how TowerGroup views the evolution
of the four primary mobile payment modalities and what are the
value-added services required to propel mobile payments into the
A new survey finds that the “Small-Medium Enterprise” market is placing increased importance on cash management in an effort to reduce working capital and optimize the supply chain and service delivery.
Travelex Global Business Payments and TowerGroup found there’s a pressing need for integrated, global payment platforms, enhanced visibility and tightened security controls to improve payment efficiency. Also, there is a strong market demand for high touch customer service to support the SME customer; international payments services is rapidly expanding as SMEs search for a reliable platform to serve international payments needs, which many global banks lack the local footprint to support; many payment solutions are aimed at the large, multi-national companies but are not well suited for the SME market; and innovative payment solutions such as beneficiary management are not currently supported by any global or regional banks.
Travelex Global Business Payments international payments and foreign
exchange solutions and TowerGroup have released a new research report
ranking Travelex Global Business Payments as the industry leader in
global payment solutions for the Small-Medium Enterprise (“SME”) market.
With SME customers’ increasing emphasis on the importance on cash
management to reduce working capital and optimize supply chain and
service delivery, there’s a pressing need for integrated, global payment
platforms, enhanced visibility and tightened security controls to
improve payment efficiency. The research also shows a strong market
demand for high touch customer service to support the SME customer;
international payments services is rapidly expanding as SMEs search for
a reliable platform to serve international payments needs, which many
global banks lack the local footprint to support; many payment solutions
are aimed at the large, multi-national companies but are not well suited
for the SME market; and innovative payment solutions such as beneficiary
management are not currently supported by any global or regional banks.
A new report predicts debit card transaction volume and card spend will continue to grow through 2015. Since credit cards are fading in popularity due to the current recession and regulatory environment, the study recommends financial institutions implement debit card strategies such as cross-selling credit cards, investments and mortgages to their debit card customer pool. The TowerGroup research notes that in less than 15 years, debit card transactions in the USA grew from 1% of non-cash transactions to more than 50%. According to CardData, U.S. debit card “Purchase Dollar Volume” (PDV) for Visa and MasterCard is now rising by about 5% as the number of purchase transactions are increasing by more than 10%. However, Visa and MasterCard posted $281 billion in first quarter PDV versus $268 billion in 1Q/08 PDV, representing a decline of 4.9%. (CF Library 7/31/09)
V/MC DEBIT CARD GDV
2005 $ 950.6b
2004 $ 686.0b
2003 $ 576.6b
2002 $ 496.4b
2001 $ 420.7b
2000 $ 301.8b
1999 $ 232.0b
1998 $ 169.8b
1997 $ 110.5b
1996 $ 46.0b
1995 $ 36.2b
1994 $ 22.1b
1993 $ 13.1b
1992 $ 11.8b
1991 $ 9.5b
1990 $ 8.0b
Source: CardData (www.carddata.com)
The TowerGroup will present “Just Rewards: Adapting the Credit Card
Loyalty Feature to a Debit Card World” webinar on August 6, 2009.
The TowerGroup Live presentation will discuss the reasons that debit
card transactions now dominate the US
payments market; illustrate the difference in business models between
debit and credit
cards; explain how loyalty programs that work in the credit card environment
need to be adjusted to fit the revenue economics of the debit card
business model and show how rewards can impact the industry and position
emerging products such as mobile payments and prepaid cards.
TowerGroup is the leading research and advisory services firm focused
exclusively on the financial services industry.
London-based Apax Partners, a major investor in financial services and media, has signed a deal to purchase Bankrate for about $571 million in cash. The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe, CreditCardGuide.com and Bankaholic.com. Recent investments by the Apax Partners Media and Financial & Business Services division include: Trader Media, EMap, Cengage Learning, Travelex, Hub International, Global Refund and Azimut. Separately, Bankrate reported preliminary second quarter results which show that total revenue for the second quarter fell 23% year-on-year to $31 million. Net income is expected to be $1.9 million, compared to $4.1 million for 2Q/08. As of yesterday the Apax deal represented a premium of 15.8% over Tuesday’s closing stock price and 18.2% over the average closing price for the previous ten trading days.