The Pantry to Offer Western Union In-Lane Remittance

Western Union and The Pantry convenience store chain forged agreements to offer the Western Union “goCASH” service, an in-lane money-transfer service from Western Union. The goCASHSM service will let consumers pay for a domestic or global money transfer while shopping at more than 1,650 Kangaroo Express stores across 13 states. The Pantry agreement builds upon Western Union’s go-to-market strategy and complements Western Union’s consumer experience. Consumers can select any of three principal amounts ranging from $50; $100; and $200, and the goCASHSM package can be purchased for both domestic and international money transfers.

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Mutual of Omaha Bank Launches Credit Card Product

Mutual of Omaha Bank signed a card issuing agreement with TMG Financial Services (TMGFS), a credit card agent-issuer headquartered in Des Moines, Iowa, allowing it to offer its clients consumer and business rewards MasterCard products. Mutual of Omaha Bank continues to strengthen its banking offerings by expanding into new markets and launching additional products. The also Bank focuses on building financial relationships with businesses and individuals using the best talent and technology in the market. TMG Financial Services is a top 100 credit card agent-issuing company dedicated to providing a collaborative solution focusing on credit, debit, ATM and prepaid processing solutions.

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Bridge Bank Selects FIS core banking

Bridge Bank has deployed FIS’ Integrated Banking Services (IBS) core banking platform. Bridge Bank has grown to more than $1 billion in assets, with offices nationwide and chose IBS for its strong commercial functionality, scalability and flexibility. The bank also deployed FIS’ eBanking, TrustDesk® and ACH processing in addition to IBS, which integrates easily with a wide range of solutions. The IBS platform’s comprehensive capabilities provide financial institutions with innovative technology and IBS is the leading outsourced retail and commercial banking solution among mid-tier banks in the U.S. In addition to the core, FIS eBanking platform provides Bridge Bank with reliable, secure online banking.

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PSCU Financial Services Deploys EMV Chip/PIN Plastics

PSCU Financial Services is one of the first in the credit union industry to offer plastics that incorporate both EMV chip and PIN technology. The CUSO worked closely with Andrews Federal Credit Union to launch the new card, which is now available to all PSCU Financial Services’ member-owners. EMV integrated circuit cards are widely used in Europe and other regions because this technology offers higher security than magnetic stripe. EMV cards that offer PIN approval are preferred by international travelers because they offer the convenience of use at unattended kiosks and ATMs.

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Travelex partners LendingTools for payment processing

Travelex Global Business Payments, the world’s leading cross-border payments specialist, and LendingTools.com (“LT”), the premier third-party service provider to correspondent financial institutions, announced a partnership to facilitate international electronic payments solutions, on a customized online platform. The relationship enables correspondent financial institutions using LT’s Private Correspondent Gateway to provide cost-effective, reliable and timely international payment services to their members and customers through the Travelex GEO global clearing network. Mutual customers will be able to provide all correspondent banking services, including international payments, in a single, secure and intuitive online system with their custom brand.

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eBay Acquires Zong m-Payment

eBay announced it completed its acquisition of Zong, provider of payments through mobile carrier billing, for total consideration of approximately $240 million. Zong leverages connections with more than 250 mobile network operators around the world, offering localized, secure and easy-to-use payments for digital goods and services in 21 languages and 45 countries. Consumers simply enter their mobile phone numbers, which Zong then verifies and clears the payment on the customer’s existing wireless service account.

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Reg E Overdraft Prices Remain Flat a Year Later

Monday, August 15th is the one year anniversary of the implementation of Reg E – opt-in for debit card & ATM overdrafts, meanwhile depositories have maintained the price for an overdraft transaction at a national median of $28 since the summer of 2010, according to Moebs $ervices. The study also found that Wall Street Banks lowered the price of an overdraft (OD) transaction to $34 in 2011, down from $35 in 2010. NSF return fees increased to $28 in 2011 up from $27 in 2010. In 2010 financial institutions had to comply with Reg E, which required them to get approval from consumers before covering a debit card or ATM overdraft. The Moebs study found over 77 percent of consumers opted in to allow their financial institution to overdraw their checking account when funds were not available for a transaction. The study also found that other overdraft services are fading.

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ValidSoft Technology Instantaneously Prevents Cyber Fraud

ValidSoft subsidiary of Elephant Talk Communications can now detect fraud faster and more accurately. With this, it uses real-time, high-precision Proximity Correlation Logic that operates at high speed within the transaction authorization, invisibly to the consumer. The ValidSoft platform is powerful enough to support up to 400,000 lookups per second. By correlating the cardholder’s mobile phone with the origination of an ATM or POS transaction, ValidSoft determines if the cardholder is in proximity to the transaction. With respect to privacy, ValidSoft operates an anonymous, encrypted service for which it received the prestigious European Privacy Seal (EuroPriSe).

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China Minsheng Bank Chooses FICO Compliance Initiative

FICO analytics and decision management technology has won an engagement with China Minsheng Banking Corporation (CMBC) to provide Basel II compliance consulting, analytic services and support. In addition to ensuring Basel II compliance, the project is part of CMBC’s initiative to focus on small and “micro” businesses by using data-based risk management tools and analytics. Through this initiative, CMBC is expected to reduce its capital reserve requirement. FICO’s assignment with CMBC includes testing and verifying the existing grading model; designing new grading models for application, transaction and collection in the small and “micro” business, retail and credit card businesses; conducting pool assignments of risks; and estimating PD, LGD, EAD and other risk indicators.

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GRG Banking Implements intelligent cash automation

GRG Banking deployed its first intelligent cash automation solution order for its P2801L AutoDepot bulk deposit ATM at RT Mart Taiwan, a large retail chain. GRG Banking is partnering with Intersys Taiwan self-service solution provider to implement the solution. The implementation will include the AutoDepot ATMs, CashierMaster platform tools and licenses, professional services, project management and cash-in-transit services. AutoDepot is a cash deposit automation system that automates the notes and coins deposit transactions by counting, identification, sorting and saving.

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NCR launching self-service bill pay kiosk hardware

NCR is launching its “SelfServ Bill Pay Kiosk” hardware, software and managed services payment solution with SIM card dispensing in the Middle East and Africa region, allowing users to purchase SIM cards, top up pre-paid mobile phones and pay bills by cash, credit or debit card. NCR also said it anticipates demand from tourists or migrant workers who opt to buy SIM cards for “unlocked” phones to be able to make calls when they are abroad, rather than incurring voice and data roaming charges from their home network operators.

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Secure POS Forges Lab Partnership With Witham Laboratories

The Secure POS Vendor Alliance (SPVA), a non-profit business organization founded by Hypercom, Ingenico S.A. and VeriFone, partnered with Witham Laboratories, a leading provider of information security evaluations with expertise in the payment industry. The consultant will serve as SPVA’s first Lab Network member and will focus on testing SPVA’s end-to-end encryption security requirements. The SPVA Lab Network is designed to facilitate the closing of gaps in security payment process compliance by ensuring certain aspects of technology and applied processes are subject to independent verification and standard guidelines. Witham Laboratories is to test data to be encrypted during transmission; key management; physical and logistical security of TRSM and key components; and encryption monitoring and management systems.

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