Targeting Underbanked and Unbanked Gains Priority

Some banks are beginning to test alternative financial services (AFS) products and reevaluate their product offerings in order to reach the population of underbanked and unbanked Americans, according to Underbanked and Unbanked Consumers in the U.S.: Successfully Targeting Consumers of Alternative Financial Services by market research publisher Packaged Facts. P One product that is attractive to unbanked consumers and that financial institutions can leverage is the general purpose reload (GPR) prepaid card, for consumers willing to direct deposit their paychecks to a card account. BB&T became the first large U.S. bank to offer a prepaid debit card linked to a full bank branch and ATM network. The Federal Deposit Insurance Corporation (FDIC) has found that nine million households are unbanked (8% of all U.S. households) and have no checking or savings account with a financial institution.

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YESpay Evolves brand identity

YESpay International just launched a complete rebranding of its corporate and payment products and services, including a new logo along with website and product brochures. This was to add a fresh, new direction to the business in alignment with YESpay’s long term growth strategy. With a solution offered as a SaaS (Software as a service) model, YESpay drives a change in the market due to its ability to mitigate the merchants need to certify their retail systems to EMV Chip and PIN standards. This enables the merchant to fast track the deployment of fully approved point-of-sale (POS) systems and e-commerce websites in a matter of weeks at low monthly subscription fees. In addition, YESpay’s Payment solution, EMBOSS, significantly reduces the burden related to PCI-DSS compliance, as YESpay removes any sensitive card details from the merchant’s environment.

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CRITERIA USED MOST OFTEN BY CARD PORTFOLIO OUTSOURCERS

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] R.K. Hammer has been involved in 148 card portfolio outsourcing deals over 20 years, ranging in value from $10,000,000 to over $1,000,000,000. Prices have ranged from barely above Par Value to over 37% premium. From those deals and over time we have identified several key elements of proposals that outsourcers liked…

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American Express 2Q/11 Revenue Up 12%

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] American Express posted 2Q/11 income from continuing operations of $1.3 billion, up 27% from $1.0 billion a year ago while net income totaled $1.3 billion, up 31% from a year ago. Consolidated total revenues net of interest expense were $7.6 billion, up 12% from $6.8 billion a year ago thanks to…

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Voxeo Achieves PCI-DSS v.2.0 Compliance

Voxeo IVR and VoIP platforms and services has received third-party certification of compliance to the PCI-DSS version 2.0. As a PCI-compliant service provider, Voxeo’s customers can have the assurance that sensitive credit card information being processed is protected against fraud and that their most critical data in the Voxeo cloud is secure. To be in compliance with this standard, it means all of Voxeo’s Internet connections, assigned IP addresses, and all Internet connected servers (Web, email, DNS, etc.) have no level 3, 4 or 5 severity vulnerabilities in their most recent security audit.

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atsec to attend PCI Security Standards Council Meeting

atsec will be attending and hosting the 2011 PCI-SSC Community Meeting conference in Scottsdale, AZ where it will offer information about its formal assessment services to the PCI-DSS, payment application testing (PA-DSS), and ASV scanning related services including mainframe expertise, risk assessment, penetration testing, consulting related to integrated management systems. On hand will be atsec staff, addressing the range of IT security testing and evaluation services under other schemes, including Common Criteria evaluation, FIPS 140-2 cryptographic module and cryptographic algorithm testing, GSA FIPS 201 personal identity verification evaluation and testing, NASPO audits, and the contribution these can make to PCI DSS compliance.

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Giftango Offers Transition from plastic gift cards to m-wallets

Giftango digital eGift card released its ” Mobile Wallet Conversion Platform” securely converting plastic gift cards into digital forms of payment by inserting and leveraging a 2D barcode on the back of a plastic gift card. Giftango has assembled the infrastructure needed to help bring merchants, incentive houses, plastic card printers, and virtual payment technology companies together to drive consumer adoption of the mobile wallet. The patent-pending platform features an API module for physical card printers, enabling them to create secure 2D barcodes, a free merchant-branded mobile gift card portal, and an API built by Giftango specifically for merchants and mobile wallet creators. The plastic printer is given access to a secure API allowing them to convert plastic card data into a secure 2D barcode that they then print on the back of the plastic.

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Jack Henry to be Microsoft cloud syndication partner

Jack Henry & Associates computer systems and electronic payment solutions primarily for financial services organizations has been selected by Microsoft as an “Office 365” syndication partner. Jack Henry & Associates, the 2010 Microsoft ISV Partner of the Year, was selected to be an “Office 365” syndication partner in the financial services sector. The “Office 365” pay-as-you-go model enables financial organizations of all asset sizes to provide their employees with world-class business tools, including reliable and familiar email services, for an established, per-seat monthly fee.

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FaceCash Mobile Payments Standardized POS

With several POS software vendors announcing their planned support for the FaceCash mobile payment system in their respective products, vendors can create a new tender type button for FaceCash mobile payments. This lets merchants save 50% to 80% on per-transaction fees, while providing benefits to consumers that save time and money, such as bill splitting and electronic receipts. FaceCash uses a barcode or NFC signal to facilitate secure retail transactions, and is currently available as a mobile app for iPhone, Android and BlackBerry.

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Discover Bank Commended by CBA

Discover Bank has been named the first recipient of the Consumer Bankers Association (CBA) Joe Belew Award for its innovative and effective program to address a pressing social issue. Discover Bank’s Comprehensive Rural Housing Opportunity Program (CRHOP) received the award for its contributions to the Milford Housing Development Corporation (MHDC), a non-profit organization that expands affordable housing services to low- and moderate-income families and seniors in southern rural Delaware. Discover Bank’s program delivered lending, investment and technical assistance solutions to help MHDC obtain the necessary resources, including debt and equity instruments, to meet the housing needs of this segment of the community. Discover provided MHDC the tools to build a balance sheet necessary to produce high quality efficient housing solutions for the community.

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POS vendor support Grows for FaceCash

Several POS software vendors intend planned support for the FaceCash mobile payment system in their products. Using a barcode or NFC signal to facilitate secure retail transactions, FaceCash is currently available as a mobile app for iPhone, Android and BlackBerry. POS offerings from Dinerware, POS Lavu, Own Point of Sale, POSitouch, Posera Maitre’D, RPOWER, ERPLY, MI9, SalesVu, and ShopKeep will integrate with the FaceCash API, which allows POS software to work with the FaceCash payment network. Some of the software modules are already in testing. Since FaceCash relies on the ThinkLink payment system instead of the traditional card interchange, merchants can save 50% to 80% on per-transaction fees, while providing benefits to consumers that save time and money.

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