BofA Cards Posts 2Q/11 Net Income Up $1.2mm Y/Y

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Bank of America Corporation reported a net loss of $8.8 billion for 2Q/11, compared with net income of $3.1 billion the year-ago period while net income was $3.7 billion. Meanwhile, total purchase volume on consumer debit and credit cards was up 9% from the previous quarter and 6% from the year…

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Chase and United Launch New Air Miles Rewards Card

Chase Card Services and United Airlines launched the “United MileagePlus Explorer Card.” The “MileagePlus Explorer Card” gives users privileges such as first checked bag free, priority boarding, passes to United airport club lounges and the ability to redeem MileagePlus miles for any seat, any time, on any United flight, with no restrictions and no blackout dates. If seats are available for sale, they can be redeemed by Cardmembers at the Standard Award level. The New Card also offers enhanced travel and purchase protection coverage and a suite of benefits such as dedicated concierge service available 24/7 for simple gift ideas, restaurant and local entertainment recommendations. The rewards scheme lets users earn one mile for every $1 spent on all other purchases; earn 25,000 MileagePlus bonus miles after their first use of the Card; and 5,000 additional bonus miles after adding an authorized user and using the MileagePlus Explorer Card within two months of opening the account. Miles earned in the MileagePlus program by Explorer Cardmembers will not expire as long as program members are MileagePlus Explorer Cardmembers.

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Merchant Concern Over Brand Drives PCI-DSS Investment

Nearly 70% of eCommerce merchants need to “protect the brand” as the primary driver for tightening controls against hackers and other payment security risks. Only 26% said avoiding fines resulting from non-compliance with PCI DSS was their driving force. This, according to a survey conducted by CyberSource, a Visa company and Trustwave, also demonstrated over the next 24 months, an increasing proportion of organizations expect to remove payment data from their environment as a way of reducing security risks. Additional findings show organizations that do not capture, transmit, or store data inside their own network tend to employ fewer personnel, validate PCI DSS compliance more quickly, and operate at a lower overall cost of payment security management; 75% of PCI DSS Level 1 merchants that have removed payment data from their environments spend less than $500,000 on their payment security infrastructure and 60% of those that keep data in-house can make that claim.

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U.S. Bank Launches Contactless Payments Bracelet

In partnership with MasterCard Worldwide, Vita Products, Oberthur Technologies and FIS, U.S. Bank introduced its “U.S. Bank MasterCard PayPass VITAband,” facilitating contactless payments in a light-weight and durable wristband that combines contactless payment technology with emergency contact and medical information. The U.S. Bank MasterCard PayPass VITAband is a light-weight and durable wristband that combines contactless payment technology with emergency contact and medical information. It lets users “Tap & Go” when making purchases at merchant locations that accept contactless payments and links to a customizable Emergency Response Profile (ERP) that provides medical professionals with fast access to critical medical information in the event of an emergency. U.S. Bank employees began testing the VITAband in multiple states in the second quarter of 2011, making U.S. Bank one of the first major card issuers in the United States to pilot this new technology. Each band also carries a a unique, eight digit “VITAnumber” identifier that houses the individual’s identity and critical medical information.

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JPMorgan Appoints Head of commercial card business

Andrew Pilkington will assume leadership responsibilities for the J.P. Morgan Commercial Card business. He will continue to report to Gordon Smith, chief executive officer, Chase Card Services, and retain responsibility for the Canadian Consumer Card division. The Commercial Card business provides travel and entertainment card, purchasing card and single-use account solutions to thousands of private and public sector organizations around the world. He has also been designated the interim Principal Officer for JPMorgan Chase Bank, N.A.’s Canadian branch and President of J.P. Morgan Bank Canada, and will continue to act as the Chairman of the Canada Management Committee. Pilkington joined Chase Card Services in 2008 and has led the growth of the business as chief executive officer of Chase Card Services Canada.

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NYCE Network’s 1H/11 Sees Record New Participants

FIS’ NYCE Payments signed a record number of new multi-year participant agreements throughout 1H/11 for an significant increase over the year ago period. NYCE provides consumers secure, real-time access to funds through its extensive ATM network and wide acceptance at the point-of-sale (POS) by merchants throughout the U.S. NYCE cardholders can currently use their cards at more than 360,000 ATMs and 2 million retail locations in the U.S., with international ATM expansion underway. The independent, unaffiliated PIN-based debit network focuses on delivering net interchange parity with signature debit options and provides a value-added solution to financial institutions.

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Morrison & Foerster and Protiviti Launch Dodd-Frank compliance software

Morrison & Foerster partnered with global business consulting and internal audit firm Protiviti to incorporate the firm’s proprietary “FrankNDodd” database and tracking system in Protiviti’s Governance Portal for Regulatory Reform software. This software is intended for companies needing to track the status of proposed and final regulations to make sure they comply with new Dodd-Frank rules and requirements. The “FrankNDodd” database and tracking system will be integrated into Protiviti’s Governance Portal for Regulatory Reform software, bringing together compliance and governance technology with real-time Dodd-Frank Act-related rulemaking information and guidance. This software allows users to more easily ascertain their business, legal and compliance risks and undertake a simple methodology to identify, document and implement changes to address rule requirements, or implement best practices, and thereafter monitor and evidence compliance.

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cMoney Beta Solution Revealed

cMoney global mobile phone-based payments and money transfers, while using the POS and ATM payment systems, released its latest on its beta product and the finalization of the pending patents. Showcasing its technology to investors, potential strategic partners, or to form a trust relationship/alliance, with a major industry leader, the cMoney beta product received a new round of funding. Major technology leaders have expressed a great deal of interest in the original beta product and were even more excited about the concept of an advanced application. cMoney has contracted with a major international technology developer, to help design and assist in the deployment of the cMoney product. The transaction systems and methods for mobile telephone devices will allow a mobile telephone to participate in payment transactions in a manner that helps prevent identify theft; and without relying on transferring amounts to/from one stored value account to another. The payment application, when executed on the mobile telephone, allows the individual to initiate a payment transaction using the mobile telephone as the payment device in order to incur a charge to a selected payment account without revealing the account number associated with the selected payment account.

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Revo Payments launches Facebook app

Revo Payments industry-focused payment software announced the (beta) release of the first Facebook Payment Applications for a number of vertical markets including Property Management, Education, Non-Profits, and B2B. The PAAGO applications are designed to serve several non-retail business segments, including: schools, churches, property managers (HOAs or rental) and business-to-business invoicing within Facebook. Users can pay by credit card, eCheck, ACH, Paypal, or Facebook Credits. The app allows schools, residential communities, non-profits, and businesses to receive multiple payment types at their Facebook page.

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Khang & Khang Files Class Action Against BofA

Khang & Khang LLP announces that a class action has been filed in federal court against Bank of America Corporation related to the Company’s Credit Protection Plus service. CPP is a program available to credit card holders that charges them roughly 1% of their credit card balance in exchange for allowing them, under certain circumstances, to defer their monthly minimum credit card payment obligations. The complaint alleges that Bank of America is engaging in unfair and deceptive trade practices in connection with the sale and administration of CPP and the bank allegedly enrolls card members-sometimes without consumer consent- into CPP without first determining whether the consumer is qualified to ever receive benefits under the Plan. The result is that card members are paying fees even though they can never receive benefits.

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Blaze Mobile Patents NFC sticker and m-wallet

Blaze Mobile mobile payment solutions has been awarded a patent for its NFC payment sticker and mobile wallet. For both smartphones and non-smartphones, users can download the free Blaze Mobile Wallet app for iPhone/iPod and BlackBerry devices, and use it for mobile payments, banking, rewards cards, mobile coupons and more. Blaze also has an SMS-based mobile wallet that does not require the consumer to have a data plan. Blaze’s NFC sticker works in conjunction with their mobile wallet to provide a mobile payment solution. Once affixed to any mobile device, the NFC payment sticker enables consumers to safely and quickly use their mobile device to purchase goods by holding it near a point of sale terminal.

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Payment Alliance International Launches ATM/POS Website

Payment Alliance International (PAI) electronic payment processing solutions and the Electronic Transactions Association’s (ETA) 2011 “ISO of the Year” has launched www.PAIWebStore.com site, the company’s ATM/POS parts and supplies web store. The new site provides a very streamlined and easy-to-use interface allowing customers to search, purchase, and track a wide variety of ATM/POS parts and supplies, as well as ATM part repairs using several forms of payment. To celebrate the launch, Payment Alliance International is running a summer-long contest whereby every customer who purchases an item from the PAIWebStore is automatically entered to win weekly drawings for a variety of the most-popular items from the online store. The contest ends September 5, 2011 with a grand prize drawing for a trip for two to Las Vegas, NV. Contest restrictions and details can be found at the www.PAIWebStore.com.

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