CHASE PAYMENTECH Provides RTC PREFERRED PROCESSING RATES

Retail Council of Canada (RCC) has renewed its exclusive agreement with Chase Paymentech as its provider of payment processing solutions to RCC’s membership of more than 45,000 store fronts. RCC members can access new preferred credit and debit card processing rates, emerging products and industry expertise from Chase Paymentech. Advantages to RCC members processing with Chase Paymentech offer exclusive Interac, VISA and MasterCard rates; consultation with a Chase Paymentech merchant services provider that understands unique retail-specific payment needs; and simplified payments with one provider and one statement for Visa, MasterCard and Interac transactions.

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Oberthur Solution Earns PCI DSS Certification

Oberthur Technologies’ “Smart Authentication 3-D Secure” solution, operated by Managed Services, has been granted PCI DSS certification. With this, Oberthur Technologies has successfully passed more than 200 points of control aiming at guarantying the secure processing, transmission and storage of cardholder data for its “Smart Authentication” solution. These include network security (firewall configuration and security system parameters), cardholder’s data protection (storage and transmission encryption) and vulnerability management (anti-virus, system and application security). Oberthur Technologies’ “Smart Authentication” solution provides financial institutions security level for the reduction of fraud in e-banking and e-shopping as well as enhancing end-user experience.

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Export Development Bank Implements Infosys

Export Development Bank of Egypt (EDBE) and Infosys announced the successful implementation of Finacle universal banking solution across EDBE’s operations. Infosys has implemented Finacle core banking, treasury and CRM solutions in over 20 branches across the country. The solution went live in just seven months and is at the core of EDBE’s retail growth strategy and its promise of enhancing customer experience across services. EDBE now operates its entire banking operations on Finacle to support a customer base that covers more than 70,000 accounts, about 70% of which are Egypt’s most important corporate customers. The bank now has a centralized system for all its branches and is empowered to create a differentiated customer experience through a unified customer view of its retail & corporate customers.

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Visa to Launch m-Prepaid Solution

Visa is now allowing access to secure financial services and electronic payments to consumers in developing countries for unbanked and under-banked consumers with a mobile prepaid account. The globally interoperable electronic payment account will be offered to MTN Mobile Money customers across its markets, first to customers in Nigeria and Uganda. This allows account holders to send funds to each other, send and receive international remittances, make purchases at merchants or online where Visa is accepted or withdraw funds at a Visa ATM.

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Revolving Consumer Debt Continues to Drop

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Of the total $2.45 trillion in outstanding US consumer debt, total outstanding revolving credit dropped in September from $790.2 billion in August to $789.6 billion for a second consecutive month of decline. This compares to the year ago figure of 805.6 and is consistent with trends over the past 2 and…

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AmEx Launches Prepaid Target Card

American Express introduced its “American Express for Target” reloadable prepaid card with no monthly or maintenance fees. Available at more than 1,000 U.S. Target stores, the Card provides user access to a consumer-friendly payment solution. Funds can be loaded at the register using multiple loading options with the ability to reload in-store, online or by phone. Additionally, the “American Express for Target Card” can be used at any U.S. merchants that accept American Express Cards. Costs include a $3 initial load fee and each subsequent in-store reload at participating Target stores and a $3 per ATM withdrawal with the first ATM withdrawal per month free, but no fees for monthly usage, balance inquiries, alerts or Card replacement. Also, online tools let users view real-time transaction history and monitor spending; receive email or text alerts about low funds; and disable/enable ATM access.

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Visa Appeals to Developers with Payment App Center

Visa launched its new “Visa Developer Center” at https://developer.visa.com to provide approved application developers easy access to tools needed for the rapid creation and deployment of payment applications. The “Visa Developer Center” offers eCommerce and mobile application developers a pathway to create a seamless online purchase experience for consumers. Whether enabling the purchase of small in-game digital goods, or the latest appliance from a big-box retailer, to enabling purchases with Visa’s new digital wallet, developers now have access to application programming interfaces (APIs), simplified documentation, and software development kits needed to make online shopping with Visa fast, simple, and secure. Providing access to the payment expertise, open APIs, and development tools offered by Visa and its subsidiaries, this ultimately allows eCommerce merchants, financial institutions, mobile network operators, and gaming developers to integrate Visa payment functionality into their product offerings, such as mpayments and P2P payment.

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Consumers to Slightly Increase Holiday Budgets

Shoppers expect to spend approximately $748 this season compared to plans of spending $730 at this time last year while 23% indicated they intend to spend more in 2011, up from 13% that planned to spend more in 2010. Meanwhile, 50% intend to spend the same or more as they did last year; up from 43%. This, according to the Discover 2011 Annual Holiday Shopping Survey, which examines holiday spending intentions and trends for the upcoming holiday season, also indicated 6% said they had purchased a gift through a group-buying site, which more than tripled in 2011 to 20 percent. Moreover, 66% plan to spend within their budget and more than 25% would spend between $500 and $1,000 on holiday shopping in 2011.

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Chase Paymentech Index Shows Promise for Holiday Shopping

Chase Paymentech merchant acquirer and payment processor launched the sixth annual edition of its “Cyber Holiday Pulse Index,” offering an inside look at consumer online shopping trends for the key shopping days Black Friday and Cyber Monday. This year it indicates ecommerce shoppers are already diving in, with the first two weeks of November showing online sales up over 25% from the year ago period. Average ticket value, however, are currently down over 9% but 2011 annual online sales so far are up an estimated 17% in the first half. Given this, the 2011 shopping season is shaping up to be quite the performer.

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PCI Council Announce Special Interest Group Election Results

The PCI Security Standards Council (PCI SSC), PIN Transaction Security (PTS) requirements and the Payment Application Data Security Standard (PA-DSS) announced the results of the PCI Council election for Special Interest Groups (SIGS). Special Interest Groups (SIG) leverage the expertise of more than 600 PCI SSC Participating Organizations and provide a vehicle for incorporating their ideas and input into the work of the Council. The three elected groups will focus on Cloud; eCommerce Security; and Risk Assessment. Allowed three votes on a shortlist of seven topics that were the result of 13 proposals by the community, the project proposals represent a cross section of the PCI SSC community from around the globe. Participants include CyberSource, HyTrust, Sense of Security Pty Ltd., SISA Information Security, The UK Cards Association, Trend Micro and TSYS.

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Fiserv VP Elected President of the Association for Financial Technology

Fiserv financial services technology solutions announced its executive VP of Sales and Operations for Bank Intelligence Solutions at Fiserv, Kevin Tweddle, was elected president of the Association for Financial Technology (AFT). AFT is a technology-focused association of volunteers and collectively serves more than 85% of the core processing services for America’s banks, thrifts and credit unions and includes some of the most recognized names in financial technology. These companies come together twice a year to discuss industry trends and promote high standards of professionalism in the planning, development, implementation and applications of technology in the financial services industry.

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TransFirst Implements Epson Receipt Printer

TransFirst transaction processing services and payment enabling technologies is set to offer the Epson “TM-T20” thermal receipt printer with its “Transaction Express” virtual terminal payment gateway solution. This offers “Transaction Express” for a complete, secure online payment processing through any Internet-connected device, with Epson’s “TM-T20” printer. The combined solution offers TransFirst merchants a cost-effective, easy, out-of-the-box transaction processing and receipt printing solution ideally suited for a variety of industries, including retail, e-commerce, government, utilities and healthcare. The solution is immediately available to TransFirst’s acquiring partners.

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