The Center for Financial Services Innovation (CFSI) added Blackhawk Network, LexisNexis, MoneyGram, and Regions Bank to its network. The fall meeting will focus on catalyzing innovation and action among financial thought leaders and innovators, all united in a commitment to better serve financially underserved consumers.
NCR launched an expanded suite of digital signage, kiosk and managed services that have been tailored to the community banks and credit union market. The solutions are being made available via NCR solution partners who are part of the NCR Interact Global Partner Program in select geographies. Smaller, regional banks now have an opportunity to increase their affinity with consumers by improving the security and availability of their self-service network, namely with the NCR “Netkey” digital signage and touchscreen kiosk solution that enables banks to promote their latest products and services using high impact video and infographics and for consumers to check-in for appointments and complete application forms quickly. Additional offering from NCR include Incident Management, which automates the self-service ATM or touchscreen kiosk repair process; Software Patch Management, which ensures that critical software patches are deployed to ATMs; and Integrity Management, which provides day-zero protection against all known and unknown malware by preventing unauthorized code updates and execution.
NCR ATMs is launching a new ATM and branch security solution for financial institutions throughout Europe that incorporates ObjectVideo video analytics software to create automated alerts for potential security risks. NCR’s IPVS (IP Video Surveillance) takes feed from video cameras monitoring the banks’ ATMs, branches, teller queues, vaults and building perimeters. It uses advanced video technology and business rules to identify potential security risks in an effort to tackle bank crime. Alerts can be integrated into existing security sub-systems or sent directly to the appropriate organisation for action. NCR and ObjectVideo have entered into an original equipment manufacturer (OEM) agreement which enables NCR to incorporate ObjectVideo analytics technology as a key ingredient of this innovative software.
Protegrity USA launched Protegrity Data Security Platform 5.5 to protect sensitive customer data in applications, files and databases. This extends Protegrity’s tokenization to additional data types including Personally Identifiable Information (PII), email addresses, social security numbers, dates, addresses and names for improved security of this data and to minimize risk. The Protegrity Data Security Platform is proven to reduce the scope and associated costs of complying with PCI DSS or HIPAA requirements for healthcare, retail, marketing, financial services, insurance, government and life sciences organizations that process PII or credit card data. Also, Because Protegrity Data Security Platform 5.5 now tokenizes alphabetic, numeric and alphanumeric data, it can be deployed by organizations that need to follow strict regulations in protecting data classified as “HIPAA 18” (medical IDs, dates, e-mail addresses, URLs, etc.). And unlike other tokenization methods which negatively impact IT system performance by storing massive amounts of encrypted data in the token server, Protegrity Tokenization removes the encrypted data from the token server, creating a very small system footprint.
Protegrity USA end-to-end data security solutions has made available its “Protegrity Data Security Platform 5.2: for Mainframe” to offer scalable protection of sensitive data within the IBM Mainframe computing environment. The new solution allows large enterprises and government organizations to manage their protection of databases, files and applications under a single policy, lowering the total cost of ownership for meeting regulatory compliance. Compensating controls allow users to meet requirements for PCI DSS and other regulatory compliance. The new Protegrity solution has the breadth and ease of integration with enterprise key management capabilities required for companies to actually protect data on the mainframe instead of using compensating controls.
Rep. Carolyn Maloney and Sens. Charles Schumer and Mark Udall are
reintroducing credit card reform legislation. The “Credit Cardholdersâ
Bill of Rights Act of 2009” seeks to ban arbitrary interest rate
increases, due date “gimmicks,” “excessive” fees and other “misleading”
terms. The new bill also requires card companies to fairly credit and
allocate payments and enable cardholders to set limits on their credit.
Rep. Maloney notes that the new bill sets no rate caps, fees, or price
controls, nor does it dictate any business models to card companies.
Last September, the “CCBOR” (HR 5244) passed the House, 312-112 but died
in the Senate. It would have banned universal default, double-cycle
billing, and retroactive rate hikes. In December, the Federal Reserve
released final regulations that would ban many of these practices, but
the new rule does not take effect until July 2010. The CCBOR introduced
this week would take effect 90 days after the President signs it.
Today is projected to be the heaviest online spending day on record with sales expected to top $700 million. Top retailers have plugged into the action by running special promotions such as Wal-Mart’s “Cyber Week” and Macy’s “web-busters.” comScore says e-commerce spending on “Thanksgiving Day” rose 29% to $272 million and “Black Friday” increased 22% to $531 million. The digital measurement service predicts “Cyber Monday” e-shopping this year will jump 16% from $608 million in 2006. comScore says more than $9.3 billion has been spent online during the season-to-date, 17% gain over last year. Meanwhile, Macy’s “web-busters” promotion is today offering free shipping on orders of $75 or more. The retailer is also featuring one-day-only “web-busters” plus nearly 80 other handpicked specials in all merchandise categories. Walmart today kicks-off “Cyber Monday” with five days of online specials offering significant savings. The giant retailer has nearly tripled the number of online specials this year since last year and is introducing a “daily featured item” each day this week. According to Forrester Research, online payments are predicted to top $33 billion this season, a 21% increase over the holidays in 2006. According to a Shop.org survey, conducted this weekend by BIGresearch, 72.0 million consumers plan to shop online from home or at work tomorrow, up from 60.7 million in 2006 and 59.0 million in 2005.
Thanksgiving Day $210MM $272MM
Black Friday $430MM $531MM
Cyber Monday $608MM $701MM
Citi has completed the acquisition of substantially all of the subsidiaries of Grupo Cuscatlan. Under the terms of their agreement announced on December 13th Citi acquired Grupo Cuscatlan’s banking operations, some of its insurance operations, and other financial activities for $1.51 billion in cash and Citigroup stock. Grupo Cuscatlan serves more than 45,000 corporate banking customers and 1.2 million consumer banking customers through a distribution network of 202 branches and 263 ATM’s throughout the region. Mauricio Samayoa will remain CEO of Grupo Cuscatlan.
NV-based No Borders has inked a deal with Corregidora Global Group to market and distribute co-branded No Borders’ U.S. bank-issued debit cards to consumers who regularly send remittances to family members in Mexico. The initial focus of CGG targets one of the largest Mexican credit unions with over 650,000 members. It is estimated that 50% of those members are regular recipients of remittances from the United States. CGG is to pay No Borders for the cost of producing and distributing the cards. No Borders, Inc., a Nevada Corporation, is in the business of providing financial services and products that include a debit and stored value card platform through which a variety of financial and commercial services and products can be offered to residents of developing countries and to immigrants from those countries who reside in the United States and send money back home on a regular basis.
No Borders has signed an agreement with Transaction Management to provide loading capabilities at merchant payment locations for its “noboCARD.” The noboCARD(TM) is the No Borders prepaid reloadable debit card product for the unbanked and migrant community which is scheduled for deployment during the fourth quarter of this year, pending regulatory approval of certain specific card features. No Borders, Inc., a Nevada Corporation, is in the business of providing financial services and products that include a debit and stored value card platform through which a variety of financial and commercial services and products can be offered to residents of developing countries and to immigrants from those countries who reside in the United States and send money back home on a regular basis. Transaction Management, LLC is a leading electronic payment services company providing electronic transaction services and walk-in payment services to a nationwide market.
Los Angeles-based No Borders has hired Randy Gutierrez, former executive at Wells Fargo Bank and BankServ, as COO. Gutierrez joins No Borders with more than 20 years financial payment systems experience in domestic and international money transfer systems and operations, automated clearing house systems and operations, and credit card, bill payment and remittance systems. Mr. Gutierrez spent 15 years with Wells Fargo Bank in a variety of management positions and has spent the last 8 years with BankServ, a San Francisco based electronic payments company. No Borders provides a debit and stored value card programs for residents of developing countries and to immigrants in the US to send money back home on a regular basis.
No Borders has opened No Borders Processing LLC to consolidate all of its processing operations to reduce costs and charge lower transaction fees while increasing profitability. NB has completed its proprietary software for its Stored Value Card Platform. The software integrates remittance transactions and other products and services with stored value card functionalities. No Borders offers a debit and stored value card to residents of developing countries and immigrants who reside in the US and send money back home.