G&D Commences NFC m-Payment Trial

DnB NOR and Telenor have launched its “Tap2Pay” mobile payment trial based on NFC technology. Implementing Giesecke & Devrient (G&D) infrastructure, “Tap2Pay” also enlisted resources from MasterCard’s “MOTAPS” system and “PayPass” payment, as well as Nets payment solutions provider, wherein 250 consumers have been provided Samsung S5230 mobile phones equipped with NFC short-range wireless technology and a SIM card containing a complete G&D end-to-end payment app. The mobile phones are equipped with G&D’s ProxSIM Taurus SIM card 3G/GSM mini SIM card which supports NFC technology and offers special security features. Additionally, for the trial, G&D is installing the MasterCard “PayPass” payment app on the NFC-compatible SIM cards using its secure Trusted Service Manager (TSM) service, which is connected with MasterCard Mobile Over-The-Air Provisioning Service (MOTAPS).

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VeriFone Acquires Destiny Payments Solutions Provider

VeriFone has completed the acquisition of Destiny Electronic Commerce electronic payments solutions provider. VeriFone will build on this organization to expand the company’s presence as a leading provider of secure payment technologies, services and solutions at the point of sale for Sub-Saharan Africa and the Indian Ocean Islands. VeriFone Systems is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets.

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Unemployment Down in 2/3 of Metro Areas

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] With unemployment rates down in May in 274 of the 372 metropolitan areas, higher in 85 areas and unchanged in 13 areas from the year ago period, 10 areas recorded jobless rates of at least 15.0%, while 17 areas registered rates of less than 5.0 percent. Meanwhile, 201 metropolitan areas reported…

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Western Union Launches Money Transfer Card

The Western Union Company unveiled its “Money Transfer Receive Card.” Boasting added convenience for receiving Western Union Money Transfer transactions, the cards will be made available at Agent locations this summer for use anywhere Debit MasterCard is accepted worldwide. Funds on the card are protected by the MasterCard zero-liability policy, an added convenience for consumers who may not wish to carry cash. The “Money Transfer Receive Card” can be upgraded to allow the cardholder to add funds to the card and receive additional money transfers on the card in the future and gives retailers who cannot support Western Union’s traditional full-service options new access to Western Union’s network. Users no longer have to complete forms and can manage the card account both online and over the phone.

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Consumer Confidence Drops Second Consecutive Month

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Conference Board Consumer Confidence Index, which had declined in May to 61.7, did so once again in June to now stand at 58.5 (1985=100). Meanwhile, the Present Situation Index decreased to 37.6 from 39.3 and the Expectations Index declined to 72.4 from 76.7 last month. Based on a probability-design random…

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Fed Issues ‘Final Rule’ on Debt Card Interchange Fees

The Federal Reserve Board issued a final rule establishing standards for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions, entitled “Regulation II (Debit Card Interchange Fees and Routing).” Required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the final rule establishes standards for assessing whether debit card interchange fees received by debit card issuers are reasonable and proportional to the costs incurred by issuers for electronic debit transactions, effective on October 1, 2011. Also, the maximum permissible interchange fee that an issuer may receive for an electronic debit transaction will be the sum of 21 cents per transaction and 5 basis points multiplied by the value of the transaction. The final rule prohibits all issuers and networks from restricting the number of networks over which electronic debit transactions may be processed to less than two unaffiliated networks.

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First Data Comments on Fed Debit Rules

First Data is now reviewing and analyzing the final rules published by the Federal Reserve Board regarding debit card interchange, network exclusivity and routing under Section 1075 (“Durbin Amendment”) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Disclosing the “…company has always advocated for increased competition in the payments marketplace,” the acquirer over the last year has invested in new programs and technology on behalf of financial institutions and merchant customers in the United States to comply with the changes resulting from the new regulations. These include reinvesting in the STAR Network; routing programs to negotiate effectively with other payment networks; and NFC technology for use at the POS.

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ABA Comments on FED debit RULE

The American Bankers Association disclosed its take on the Federal Reserve having taken a significant step in reducing the ‘harm that could have resulted from the proposed rule.’ In a statement, the ABA went on to “commend the Board for recognizing that there are a whole range of costs for which banks should receive reimbursement, including fraud losses, network fees, certain fixed costs and fraud prevention costs. We likewise commend the Board for delaying the effective dates for compliance with this complex rule. It is clear that the Board benefited from the input of bankers, policymakers and other commentators…. and it “will continue to aggressively advocate for remedies that will mitigate any harm caused by this regulatory action.”

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IronKey Trusted Access for Banking Meets FFIEC Guidelines

IronKey’s Trusted Access for Banking secure browsing solution meets the new online banking security guidelines from the Federal Financial Institutions Examination Council (FFIEC), the company announced. The FFIEC member agencies have directed examiners to formally assess financial institutions under the authentication supplement beginning in January 2012. The IronKey Trusted Access for Banking approach delivers the capabilities bank examiners will now look for, requires no changes to bank systems, and stops hackers where they are attacking— at the online banking customer’s PC — even if it is infected with the worst possible crimeware such as ZeuS, SpyEye, Sunspot, and OddJob. IronKey Trusted Access for Banking is an intelligent security software and Internet security service that is also easy to use.

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Apigee Launches PCI-Compliant API Management

Apigee API products and services announced Apigee Enterprise Cloud PCI, a new offering that enables organizations to deliver powerful transactional application programming interfaces (APIs) that can be quickly and securely deployed on a public cloud. Apigee Enterprise Cloud PCI is the only cloud-based API management tool on the market that supports full compliance with the PCI-DSS. With Apigee, businesses can, for the first time, easily tap the vast, affordable compute resources of “the cloud” to support their transactional API traffic with the confidence that all sensitive customer data remains protected. Apigee provides an enterprise API management platform to help companies of all sizes open their data and services via APIs and fuel their mobile, multi-channel and innovation strategies. The new Apigee Enterprise Cloud PCI solution is deployed in PCI-compliant data centers, where cardholder information is protected according to PCI DSS.

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Monster Offers, ZalaPayDaily & Deal Media Sponsor Conference

Monster Offers mobile banking solutions company and Daily Deal aggregator in conjunction with ZalaPay announced their Gold and Platinum sponsorships of the Daily Deal Media Conference. ZalaPay provides financial products designed to address unmet needs in the Daily Deal industry. The Daily Deal Media Conference is a two-day industry conference featuring the leading experts in Social Commerce and hundreds of companies involved in the Daily Deal industry.

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