Fed Issues Final Rules on Dodd-Frank Act

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Federal Reserve Board (Board) and the Federal Trade Commission (FTC) issued final rules to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If a credit score is used in setting material terms of credit or in taking adverse action, the statute now…

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ProPay Appoints New President, COO

Greg Pesci has been appointed President and Chief Operating Officer with ProPay merchant services, payment security, credit card processing, and mobile payment services. Having served as ProPay’s Chief Operating Officer over the past two years, Pesci continued to grow revenues in a down economy and has substantially increased its earnings and initiated key steps in global payment strategy and secure social mobile payments strategy (Social M-Payments)”a new technology that was the First Place Winner of the 2011 ETA Technology Showcase Challenge. He brings to the role more than 12 years’ total experience in the financial institution and payments arena after having served as Associate General Counsel and Senior VP, Product Development for Merrick Bank Corporation and Counsel in the Patent Division for Procter & Gamble.

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Chase Sapphire Launches Five-City Golf Experience Program

Chase Card Services announced the Chase Sapphire 2011 Golf Experience Program for Chase Sapphire cardmembers, hosted by champion professional golfer Stewart Cink. Through Chase Ultimate Rewards, Chase Sapphire cardmembers have the opportunity to participate in unique golf experiences with Cink using their credit card rewards points. Cardmember experience packages include a walking clinic with Cink, swing analysis using V1 Golf video technology, advice from professional Callaway golf instructors, rounds of golf at some of America’s most prestigious courses and a chance to challenge Cink in a “closest to pin” contest. They are to take place in Dallas; Philadelphia; Chicago; Atlanta; and Los Angeles. Cink won the British Open (2009), finished in the top three in each of the other three Major championships (The Masters, U.S. Open and PGA Championship) and notched six wins on the PGA TOUR.

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Bankers’ Bank of the West Chooses First Data Internet Banking

Bankers’ Bank of the West has selected First Data electronic commerce and payment processing as a preferred Internet banking provider. This will allow Bankers’ Bank of the West’s community bank clients to offer services to both retail and business customers through an interface that creates the feeling of a true virtual branch. Based in Denver, Bankers’ Bank of the West serves more than 300 community bank clients in 11 states in the Rocky Mountain, Great Plains and Western states regions and incidentally works with First Data for debit processing services, including access to the STAR Network.

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Consult Hyperion joins Smart Card Alliance

Consult Hyperion independent consultancy which specializes in the field of secure transactions in contactless smart cards and mobile devices has joined the Smart Card Alliance. The not-for-profit group comprised of over 180 global members that stimulates the adoption of smartcard technology in the U.S and Latin America will allow Consult Hyperion to increase its visibility and further develop relationships with industry players after seeing an increased demand for its specialist expertise for supporting large scale smartcard implementations for governments, banks and telecommunication providers. In addition, the Company has attended Smart Card Alliance events in the past and found them extremely informative and met excellent people working in the American markets.

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Citi Renews Office Depot Private Label Card Partnership

Citi announced a multi-year renewal of its long-standing U.S. private label credit card partnership with Office Depot, celebrating 25 years as a leading global provider of office supplies and services. Retail Partner Cards provides consumer and commercial credit card products and services, including private label credit cards, for national and regional retailers across the U.S. The business services nearly 90 million accounts and consists of managed assets of approximately $45 billion.

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Diebold Renews $500 Million Credit Facility

Diebold entered into a $500 million credit facility agreement with certain credit relationship banks, replacing a previous facility of approximately the same amount which was scheduled to expire in October 2012. The renewal improves existing covenants and includes an all-in reduction in borrowing cost of 150 basis points, which represents an annual savings of approximately $5 million at current debt levels. The unsecured credit facility is for a term of five years and expires in June 2016. Diebold is a global leader in providing integrated self-service delivery and security systems and services, employing more than 16,000 associates with representation in nearly 90 countries.

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ControlScan Exec Inducted Into Engineering Hall of Distinction

ControlScan PCI compliance solutions specifically designed for small- to mid-sized merchants announced its own Joan Herbig has been inducted into the University of Kentucky’s College of Engineering Hall of Distinction. The Hall of Distinction recognizes and honors alumni who have demonstrated distinguished professional accomplishments, outstanding character and commitment to community service. This recognition serves to encourage exemplary achievements by current students and others. It is a symbol of the respect and admiration held by the University of Kentucky’s College of Engineering for these esteemed individuals. Herbig returned to school and enrolled in the University of Kentucky, where she earned her master’s degree in computer science and now has more than 20 years’ experience in the high-tech world, and was named chief executive officer of ControlScan in September 2007.

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Mobibucks secures $5 Million in series A financing

MOBIbucks cardless mobile payment and marketing solutions has raised $5 million in Series A funding, led by Acadia Woods Partners technology, media and life science venture capital firm. This speeds MOBIbucks’ growth in key markets around the world and funds customer service in support of new installations. MOBIbucks unique mobile payments and mobile marketing solutions are based upon a patent-pending technology platform and is the only mobile payment solution for making purchases using just a mobile phone number. The cardless merchandising tool offers coupons, loyalty rewards, gift cards and even online ordering.

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Retail Decisions Expands Alternate Payment Processing

Retail Decisions (ReD) payment fraud prevention and payment processing expanded its payments types by adding six new payment methods to service the growing popularity of alternative payment methods as consumers look for a wider choice of options online. They include payment acceptance through Amazon Payments, Google, Checkout, Green Dot, Mazooma, Moneybookers, and Ukash. This coincides with recent Javelin research disclosing credit card’s share of online payments is expected to decline from 60% today to 44% by 2012 and already 41% of online consumers prefer alternative payment options over credit cards.

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Raet Payroll and Equens partner for SEPA transition

Raet HR and payroll services in the IT industry and payment processor Equens SE partnered to ensure efficient transition to SEPA, piloting a test for the smooth processing of transfer orders in accordance with SEPA standards. This will represent Netherlands companies as ready before the scheduled end dates, for the submission and processing of the new European payment products. Both Raet and Equens have noted that organisations are not developing sufficient activities to ensure that they will be ready in time for the implementation of European payments. This service is characterised by a high level of reliability, speed and efficiency for current payments, only has to submit a single file to Equens and payments are transmitted via one interface and one secure connection.

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SelectCore Expands Across the Pond and Beyond

SelectCore prepaid telecom and financial services transaction processor for the unbanked consumer market now has plans to expand to the Middle East market, pursuing transaction processing and licensing partnerships for its proprietary “PrepaidONE POSA” solution and mobile remittance platform. The Company’s expansion efforts will be led by Mohammad Abu-Leil who has accepted the new role as Executive Vice President of International Business Development and will oversee operations in the new Jordan-based offices. He will continue to manage key Distribution accounts in Canada and will be responsible for future expansion into other international markets. SelectCore transaction processing and POS solutions for the prepaid telecom market and financial services sector concentrates on prepaid mobile top-up to stored-value cards for the millions of underbanked and credit-challenged consumers through its retail distribution network across Canada and the United States.

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