Sygma Bank Renews First Data Contract

First Data electronic commerce and payment processing extended its long-standing agreement with Sygma Bank credit card issuers and a subsidiary of the LaSer Group. The services provided by First Data in this new four year contract include the provision of a banking services platform that will provide the bank with an enriched level of information about its card portfolio and a transaction monitoring system that helps to reduce the risk of fraud. In the next few years Sygma Bank has plans to grow the volumes of cashless payment transactions and migrate its card portfolio to EMV standards. First Data will enable information to be exchanged between its payment card processing systems and the bank’s IT systems and serve as a connection between the bank and the card schemes.

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Visa Europe Inks Contracts with German banks

Visa Europe announced that six of Germany’s leading banks are launching new contactless services enabled by Visa payWave in the very near future. BW Bank, comdirect, DKB, Landesbank Berlin, TARGOBANK and Volkswagen Bank have all confirmed their plans to roll out Visa Europe’s industry leading contactless service by the middle of 2012. This marks the largest milestone yet in Germany’s journey towards the acceptance of new payment technologies. For amounts of less than 25 Euros the transaction is processed without PIN or signature and for less is processed with either a signature or PIN number.

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E-Global Implements INETCO Insight Transaction Management

INETCO Systems a leading expert in transaction monitoring and application performance monitoring for the payment processing, ATM and banking industries, announced E-Global, Mexico’s largest electronic payment processor, has purchased INETCO Insight business transaction management software to manage its expanding payment operations. E-Global provides switching and card processing services for large merchant retailers and major banks in Mexico, including BBVA Bancomer and Citibank’s Banamex Mexico. The Company will use INETCO Insight to continuously monitor transaction flows across a growing number of connections out to banks and large retail merchants.

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Seamless Solution Circumvents Paymentcards

Seamless launched a new payment solution for retail and online trade. The new solution will enable customers to use smart phones rather than credit or debit cards to make payments. By using a mobile phone to scan a QR code at the cash register, the customer can authorise that the payment is drawn from their bank account or credit provider. The Seamless solution — for which patent is currently pending in a total of 41 different criteria — makes it possible for retailers to avoid the high fees charged by credit card companies. The terminal is connected to Seamless’ transaction platform and the QR code identifies the cash register that the customer is using.

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Top Image Systems Deploys eFLOW Banking Platform

Top Image Systems Enterprise Content Management solutions provider announced that the Asian-Pacific arm of one of the largest retail banks in the US selected SmartStream’s TLM Reconciliations-Premium solution incorporating the eFLOW Banking Platform in order to expand the services they offer to their customers in the region. Seeking to increase their loyalty, the bank decided to offer its corporate customers an invoice matching and reconciliation service to let these companies collect payments more efficiently. Leveraging a matching engine that automatically examines electronic invoices and remittance notices and compares them to actual payments transferred, the solution isolates and resolves discrepancies, letting the bank’s customers focus more resources on their core business.

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CARD KNOWLEDGE FACTORY EXPANDED BY R.K. HAMMER

Thousand Oaks, CA based card industry experts, R.K. Hammer, have upgraded their growing menu of card research and analysis reports, and have now made them available in several foreign languages. Twenty-five of their top requested data metrics and analysis reports at their Card Knowledge Factory™ are now also available in: Chinese, French, Indonesian, Japanese, Korean,…

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Ink from Chase Enhances Rewards Program

Ink from Chase business card portfolio from Chase Card Services introduced its new rewards program for the “Ink Bold” card. Offering customers rapid accumulation of points customized for the small business owner, featuring five points per dollar spent at office supply stores, telecommunication services and cable services, and two points per dollar spent on fuel…

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American Express Launches Gift Chain

American Express is celebrating the season of giving with The Gift Chain, an innovative new program that presents a surprise gift to cardmembers each time they shop at participating online retailers and spend $25 or more (up to 10 gifts, while supplies last). The Gift Chain consists of hundreds of thousands of gifts, ranging from $500 American Express Gift Cards to one-year ShopRunner memberships to $5 statement credits, and more. Plus, some gifts are shareable with three Facebook friends, enabling cardmembers to spread the joy this holiday season. To join The Gift Chain, cardmembers need to register an eligible American Express® Card and spend $25 or more at a participating online store between November 28 and December 21. Once cardmembers make a qualifying purchase, American Express will instantly send them an email revealing a surprise gift, which for select gifts could be shareable.

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Wells Fargo and JP Morgan Tap New Revenue Streams

US banks are backing off the new monthly fees implemented over the proceeding weeks subsequent to the Dodd-Frank Laws. In addition to charging fees to use debit cards, many banks added or increased fees for checking accounts and raised amounts customers must have in those accounts to avoid such fees. Namely, JPMorgan’s Chase decided it won’t charge customers who use their debit cards to make purchases nor will Wells Fargo.

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MoneyGram Announces Closing of Secondary Offering

MoneyGram International global payment services company closed the previously announced underwritten secondary public offering of an aggregate of 9,250,000 shares of MoneyGram’s common stock by affiliates and co-investors of Thomas H. Lee Partners, L.P. and affiliates of Goldman, Sachs & Co. at a public offering price of $16.25 per share. In conjunction, MoneyGram made a partial redemption of its 13.25% Senior Secured Second Lien Notes due in 2018, held by affiliates of Goldman, Sachs & Co, in a principal amount equal to $175 million. The partial redemption was made at a redemption price of 113.25%.

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Visa teams Shopkick, Offers Customer Rewards

Visa teamed up with the Shopkick company to offer shoppers rewards for using their Visa card to make purchases in time for ‘Black Friday.’ This lets Visa cardholders who choose to use their card online to receive Shopkick reward points. Visa cardholders will have to register their cards with the service however in order to be able to quality for the rewards. The reward points that are offered can then be used at a range of well known stores including Toys R Us, Old Navy and many others.

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Geezeo Adds four credit unions to Network

Geezeo US FinTech firm providing online financial management (OFM) tools, personal financial management (PFM), and web-based marketing platforms to financial institutions, announced that it has signed four additional credit unions, including the Fulda Area Credit Union, Minnesota; Northeast Alliance Federal Credit Union, New York; Finance Center Credit Union, Indiana; Premier Federal Credit Union, North Carolina. Each of these will be provided with Geezeo’s integrated, white label PFM solution and unique engagement banking platform.

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