CFSI Announces Underbanked Solutions Exchange

The Center for Financial Services Innovation (CFSI) commenced a gathering of leaders from mid-sized banks and credit unions at the seventh Underbanked Solutions Exchange meeting in Chicago, IL. Giving participants the chance to learn about latest best practices in the industry through a series of hands-on learning experiences and networking opportunities, the Exchange will welcome first time participants Urban Partnership Bank, BBU/Banesco Bank, and First Interstate Bank to the meeting. Attendees will discuss what defines quality in financial services as outlined by CFSI’s Compass Principles, participate in an applied behavioral economics workshop and advise participants on underbanked strategies.

Details

SalesVu Cloud Payment Announces Angel Funding

SalesVu cloud-based mobile payment application has closed $600 thousand in a recent round of angel investment funding. To improve payment processing for the growing mobile workforce, the SalesVu solution is the first iPhone and iPad application to accept payments and connect to a secure cloud-based infrastructure for centralized pricing management, reporting, and marketing. This infusion will promote product development and marketing initiatives, allowing the company to educate the market on the benefits of its cloud-based infrastructure and set itself apart from competitive terminal-based mobile payment vendors such as Square and Intuit.

Details

Chase Expands Military Banking Benefits

Chase expands Military Banking checking program to include all U.S. military veterans. The premium checking account benefits typically reserved for high-balance customers and made available to active duty Armed Forces servicemembers and members of the Guard and Reserve July 1 are now available to everyone who has served in the U.S. military. All current U.S. military servicemembers and veterans are eligible for benefits on Chase Premier Plus Checking. Available on Chase’s Military Star Rewards MasterCard; Military MasterCard; Air Force Club MasterCard; Army Morale, Welfare, Recreation (MWR) MasterCard; Navy MWR MasterCard; and Marine Corps Community Service MasterCard are 2% Cash Back rewards at Army MWR, Air Force Services and MCCS Merchant locations, No annual fee and Dedicated Military Customer Service 24 hours a day, seven days a week.

Details

Nordea Expands Card Processing Internationally

Nordea extended its partnership with Nets for handling payment cards to also include the Finnish market. Now Nets will be responsible for processing all payment transactions completed using payment cards for Nordea’s Nordic customers in Denmark, Norway, Sweden and Finland, which will now cover more than 100,000 merchants with more than 425 million annual transactions. Nordea and Nets will be ready to deliver full-scale at the beginning of 2012 and offer card acquiring on Nets’ global platform.

Details

Turkey and Russia at Cutting Edge of Payment Technology

MasterCard Worldwide ‘Tech Nation’ poll now shows how various European countries are leading the way with new payment technologies such as mobile and contactless. The online research, conducted in November by Ipsos MORI amongst more than 8,000 adults aged 16-64 across Europe concluded Turkey and Russia top the table of tech savvy countries where 31% (Russia) and 13% (Turkey) currently use mobile payment technologies, well above Great Britain at just 6%. Equally, contactless technologies have been adopted by more people in Russia (12%) and Turkey (10%). With this, consumers in Russia and Turkey have the greatest uptake of mobile and contactless payment technologies, although Russia lags behind the other countries surveyed on e-commerce payments (49%) while the use of cheques is still prevalent in France (75%) and GB (56%) whilst in Russia, Turkey and the Netherlands this figure is just 4%. Of those consumers using contactless technology today, those in Russia (44%), the Netherlands (47%) and Germany (44%) use this technology more frequently – on a daily or weekly basis.

Details

UAE Exchange Expands Global Remittance

Now money can be sent from New Zealand through “Money2anywhere” online money transfer portal from UAE Exchange. With this, UAE Exchange will offer customers its “Xpress Money” global instant money transfer brand; “FLASH” real time account credit; “XPay” secure bill payment through mobile phone; and “Smart Pay” WPS-compliant payroll solution. The remittance major reaches out to its customers and their loved ones through over 555 direct offices in 29 countries.

Details

Chase Paymentech launches Anti Fraud

Chase Paymentech merchant acquirer and payment processor launched its Safetech Fraud Tools in Europe to help protect merchants from online payment fraud. Available to Chase Paymentech Europe customer-not-present (CNP) retail customers, Safetech Fraud Tools are designed to help online retailers retain legitimate sales while preventing fraudulent transactions. Safetech Fraud Tools are an innovate suite of security solutions designed specifically to combat fraud with real-time and automated fraud screening service. Additionally, Safetech Fraud Tools provide a fraud score with each payment transaction to indicate the level of risk associated with it. It determines the location and device identification of the customer via custom scripts run on the retailer’s online payment page.

Details

China UnionPay joins Multos Consortium

China UnionPay (UnionPay) has joined the Multos Consortium. China UnionPay payment brand has more than 2 billion cards performing over USD$1.8 trillion in transactions in 2010. As China’s banking card issuers start for PBOC chip migration, there is a growing need to ensure a number of leading chip operating systems are available. China UnionPay has joined the MULTOS Consortium to signal the endorsement of MULTOS as one of the technologies for Chinese chip card issuing.

Details

G&D Completes MasterCard Certification

Giesecke & Devrient (G&D) has been certified by MasterCard for its Canadian TSM (Trusted Service Manager) hub. Now well positioned to offer commercial TSM services at two sites globally, providing customers with the ability to implement robust and reliable mobile payment solutions, G&D’s TSM new hub is also the first approved by MasterCard’s Mobile Partner Program. G&D’s TSM, banks and service providers have a standardized, easy to use, cost-effective and secure method to transfer and install PayPass™-enabled payment account information, on demand, in real time, onto Near Field Communication (NFC)-enabled mobile phones.

Details

First Data Corporate Rules Gain UK ICO approval

First Data’s binding corporate rules for data privacy have been authorized by the United Kingdom’s Information Commissioner’s Office. Approved by the data protection authorities in 18 European Union member states, the First Data rules are in response to the European Union’s “Data Protection Directive” for rigorous data privacy protections. First Data’s binding corporate rules are designed to enforce a consistent high standard for protecting personal data throughout the organization, and will allow First Data to transfer personal data from the European Economic Area to its affiliates elsewhere in the world”which is prohibited under the European Union Data Protection Directive unless adequate safeguards are in place.

Details

Romanian banks to issue MasterCard OTP Cards

Credit Europe Bank and Carpatica Bank are launching the MasterCard “Display Card.” Offering an interactive card which incorporates a display and one or more touch sensitive buttons, addition to all the traditional payment card features, the “Display Card” allows cardholders to use the buttons to generate information – numbers and/or text – in the visual display which can enhance their payment or banking experiences in a number of ways. MasterCard Display Cards can be used to either authenticate online transactions, by generating One-Time-Passwords, or as an “information card” enabling cardholders to access valuable information such as account balance or transaction history quickly and conveniently.

Details

Samsung to Unveil NFC Payment Chip at CARTES 2011

Samsung advanced semiconductor solutions announced its “SENHRN1” system-in-package (SIP) NFC chip. The Secu-NFC chip combines a NFC controller and a secure element storing personal information and security keys with advanced encryption technologies, a prerequisite for reliable and efficient mobile payment on NFC-enabled mobile devices. The new solution is based on Samsung’s proven in-house expertise and experience in smartcard ICs, which involves advanced RF sensitivity features and enhanced data encryption technologies, and its wealth of package technology, utilizing advanced SIP technology.

Details