Discover Spending Monitor Locks Brakes, Plummets

Consumer sentiment saw its largest one-month drop ever in June on the Discover U.S. Spending Monitor by 4.4 points to 85.1 from the May figure of 89.5. The daily poll of 8,200 consumers is reflective of the worst recorded since July 2009 and comes after few months of little change in consumer confidence. With this, over 60% of U.S. adults rated the economy as poor- up nearly 4 percentage points from May-while 56% say the economy is getting worse, a jump of nearly 5 percentage points from those who had that view in May and 51% say their personal finances are worsening, up from 48% the previous month. In June, nearly 59% of Americans who are at least 65 years old said the economy is getting worse, compared to just more than 47% of that group who felt that way the month earlier, while more than 56% of this age group say that their personal finances are worsening, up from just less than 52% the month before. The Monitor also reported an increase in the number of consumers who expect to have money left over after paying monthly bills at 47%, compared to 45.7% in May.

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Regions Bank Buys $1B Credit Card Portfolio

Regions Bank has completed its purchase of the Regions-branded credit card portfolio from FIA Card Services, having inked a definitive agreement to acquire the portfolio of 500,000 existing Regions consumer credit card accounts. Regions also acquired a portfolio of 40,000 business credit card accounts, representing a total portfolio of more than $1 billion. Terms of the transaction were not disclosed. Customers will experience minimal impact as FIA Card Services will continue to service the accounts held by Regions customers under an interim servicing agreement until mid-2012, when Regions will integrate credit card servicing into its industry-leading customer service environment.

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CRE Secure Names President and CEO

Kevin R. Lee veteran payment technology executive has been named president and CEO with CRE Secure payment solutions for merchants, where he will also sit on the board of directors. Bringing to the role experience in leading high growth companies in the payment technology industry, including guiding companies through rapid growth phases, Lee most recently served as CEO of Skylight Financial prepaid debit card provider, wherein Skylight grew to dominate the corporate prepaid debit card market. Lee also held president, COO, and general management roles at several payment technology companies including Certegy/FIS, The John H. Harland Company, and Netzee.

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Bank of Tescott Chooses IBT’s Front Counter Image Platform

IBT financial services products and best of breed solutions in process innovation and customer experience, announced that its client, The Bank of Tescott with branches in Salina and Lincoln KS has selected i2Teller Front Counter Teller Capture in an effort to streamline teller operations and avoid unnecessary exception processing. To serve its customers in the best possible environment, The Bank of Tescott chose IBT’s Front counter teller capture because it allows the teller to interact with the customer in the most efficient and friendly way while eliminating the common Day 2 exception processing. Transactions keyed in at the point of presentment detect errors immediately and avoid costly delays in additional handling of the items.

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Transaction Wireless Patents Social Gift Card Platform

Transaction Wireless multi-channel digital gift card and integrated marketing solutions has been granted a United States patent for its innovative social gifting technology built on Facebook Platform. The new patent protects the unique Transaction Wireless technology which combines social sharing and gift card purchases with delivery via Facebook, mobile devices, and email. The patent protects gift card purchasing within Facebook, gift card personalization, scheduled delivery, and customer loyalty. Transaction Wireless provides retailers and partners with a vehicle for purchasing and delivering digital gift cards and offering loyalty and marketing programs on the popular Facebook Platform and branded gift card storefronts on retailer Facebook Pages where people can purchase digital gift cards and add a personal touch with a photo and text, audio, and video messages.

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Apriva and MEI bring cashless payments to vending machines

Apriva end-to-end wireless transactions and secure information solutions has formed a strategic alliance with MEI global manufacturer of unattended payment systems to bring cashless payment solutions to vending operators. Apriva and MEI will co-market and support an end-to-end solution with state-of-the art hardware, secure payment processing technologies, reporting and back office tools, and MEI’s leading-edge EASITRAX vending management solutions. Each company is an active participant in the National Automatic Merchandising Association’s (NAMA) branded cashless payment offering and jointly delivers cashless payment solutions to the market. MEI is also a core partner in the ” Apriva Vend” cashless vending solution, an end-to-end cashless payment service that incorporates hardware, software, wireless transaction technology, and carrier services, as well as reporting and back office functionalities.

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Longtop audit committee quits as suit deadlines in place

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Law Offices of Howard G. Smith, representing investors of Longtop Financial Technologies Limited, announced a July 22, 2011, deadline to move to be a lead plaintiff in the class action lawsuit filed in the United States District Court for the Central District of California on behalf of all purchasers of the…

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Dollar Financial Acquires Risicum Internet Loans

Dollar Financial Corp diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years acquired Risicum Oyj internet loans for approximately $46.0 million. Risicum was established in 2005 to provide loans predominantly in Finland through both internet and mobile phone technology, utilizing multiple brands to target specific customer demographics. Risicum also provides internet and telephony-based loans in Sweden. The trailing twelve months EBITDA for Risicum is approximately $9.2 million and the acquisition is expected to be immediately accretive to earnings. The Company expects to provide its initial earnings outlook for fiscal 2012, including the Risicum business net of acquisition and transition costs, when the Company announces its financial results for the fiscal year ended June 30, 2011.

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WESTERN UNION TO ACQUIRE TRAVELEX PAYMENTS

Travelex foreign exchange specialist sold its Travelex Global Business Payments (“TGBP”) business payments operations to Western Union for GBP606 million to shift focus on its 30 million retail customers with the provision of cash and pre-paid cards. With revenues last year up 17% driven by continuing expansion and contract wins in its prepaid card division, Travelex now has a network of close to 1,000 stores and more than 500 ATMs across 24 countries, as well as a growing online platform. The transaction also represents an attractive opportunity for Western Union, which will benefit from TGBP’s expertise as a leading provider of international business payments.

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DealsDirect Deploys TNS Payment Gateway

DealsDirect.com.au now offers users safer and faster checkout on the “TNSPay” gateway from Transaction Network Services. DealsDirect.com.au will implement the full suite of “TNSPay” solutions, which includes risk management, hosted payment forms, and stored card tokenization, and extends the “TNSPay” solution to its subsidiary store, DealMe.com.au. The “TNSPay” risk management tool allows merchant to apply risk assessments on selected transaction criteria, which might include paying special attention to transactions from certain countries or from specific customers or cards, and lets them set rules to help speed transaction approval for “known” or repeat customers. Merchants users can also use stored card tokenization to securely exchange card details with a token that represents the information, simplifying PCI DSS compliance requirements.

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Equens SE Payment Processor Deploys XYPRO Compliance

Equens SE has successfully implemented the XYPRO “XYGATE” suite of security and compliance solutions, which it will leverage to improve its HP NonStop security and achieve PCI-DSS compliance. Equens is one of the largest pan-European payment processors, leading the market for future-proof payments and card processing solutions. With clients and partnerships in multiple European countries and an annual processing volume of 9.7 billion payments and 3.9 billion POS and ATM transactions, Equens SE has a European market share of more than 12.5%. The “XYGATE” security suite includes role-based access control (RBAC), keystroke audit, user management, real-time alerts, user authentication and the most comprehensive audit and compliance software available for the NonStop server.

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