Middle East Travelers Prefer to Carry Less Cash

Travelers from the UAE, Kuwait, Saudi Arabia and Egypt prefer to access local currency through ATMs rather than bringing large amounts of cash from home, withdrawing an average of US$1,531 per overseas trip. This is 42% more than the overall average (US$1,080) from all respondents. These findings, according to the Visa International “Cash Access Study 2010” of eight markets, also shows the main reasons for accessing cash on arrival include convenience (75 percent) was the main consideration, followed by the availability of ATMs and cash access touch-points at destination (50 percent) and safety (48 percent). The most popular payment cards used by travelers from the Middle East for overseas cash access at ATMs are ATM/bank card (64 percent), debit/ salary card (21 percent) and credit card (12 percent).

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Sicoob Selects Panini Check Truncation

Sicoob cooperative bank through BANCOOB’s major check truncation movement in the country, selected Panini’s market-leading “Vision X” check scanner for check image capture. Panini, a global payments processing technology provider, will supply the hardware, service and support necessary to execute the SICOOB/BANCOOB check truncation strategy across a network of more than 1,700 branches. Sicoob installed Panini “Vision X” check scanners at each teller station in their cooperative bank network to capture check and barcode payment images for remote processing. Check truncation legislation established by Febraban (Federação Brasileira de Bancos) recognizes check images as valid replacements for the physical check allowing banks to process the payments electronically.

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FICO Will Protect 1 in 3 German Credit Cards

FICO’s “Falcon” Fraud Manager solution will protect about one in three of the estimated 30 million credit cards in Germany, and a similar share of credit cards in Austria and Switzerland. As of autumn 2011 FICO Falcon Fraud Manager will safeguard 8.8 million German cards against attempted fraud. In spring 2012, this figure will rise to 9.7 million cards profiting from FICO’s exceptional expertise in card fraud detection. FICO “Falcon” Fraud Manager will also protect 1.2 million credit cards in Austria and 2 million cards in Switzerland. Additionally, 17 of the top 20 credit card issuers rely on the FICO Falcon system to protect transactions for more than 2 billion active card accounts.

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KFH launches Master Card promotion campaign

Kuwait Finance House (KFH) launched a promotion campaign to encourage clients to use KFH’s Master Card in Kuwait and overseas from June 8th to September 3rd. The prizes are 4 trips to various countries, where users will enter a draw in September for every KD 10 purchase they make using Master Card. The winners will be offered a fully paid trip for two people. AGM for Banking Sector at KFH Mohammed Al-Fozan stated that the new campaign coincides with the holidays’ season, and that it aims to encourage clients to use KFH’s ATM and credit Master Cards in making purchases in Kuwait and overseas.

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Citibank Blames Breach Dislosure Delay on Own Investigation

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] When a security hole was found during routine checking, Citigroup learned hackers gained access to about 1% of its 21 million credit card files and the personal information back in early May. This late revelation on the breach has lead to widespread criticism against the bank, which however did not lose…

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E-Commerce Merchants Prepare for Issuer Response to Durbin Legislation

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Implementation of the Durbin amendment is now a certainty, as E-Commerce merchants must respond to resulting issuer-driven changes affecting the current payment mix. The Dodd-Frank Act provisions pertaining to debit interchange continue forward as the market awaits the Federal Reserve Board’s release of the final interchange rates within the next few…

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ROAM Data Introduces Cloud-Based Mobile Wallet and Checkout

ROAM Data mCommerce POS and eCommerce has deployed its “ROAMwallet API” “1-Tap” mobile checkout solution. Transforming the mobile marketing channel into a mobile sales channel, “ROAMwallet” lets users securely purchase products using their own mobile device and is designed especially for embedding secure commerce in mobile apps or ads. It stores payment options, receipts and other data, for consumers to conveniently buy from ROAMwallet-enabled merchants using 1-Tap technology. ROAM is also set to make available “ROAMoffers” turn-key solution, integrated with “ROAMwallet,” to let merchants and advertisers create compelling mobile offers delivered to customers via e-mail or text message campaigns, banner ads, or print ads with 2D barcodes, Facebook or Twitter.

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American Express OPEN and M Booth Awarded

American Express OPEN and M Booth creative communications company took home two of the Public Relations Society of America’s (PRSA) Silver Anvil Awards for the “Small Business Saturday” campaign. PRSA’s Silver Anvil Awards reward public relations campaigns that successfully address a brand or organization’s challenge with skill, creativity and resourcefulness. American Express OPEN and M Booth were named winners for best Business to Business Integrated Communications Campaign and best Consumer Services Integrated Communications Campaign. The team built an integrated marketing campaign that responded to a critical need of small businesses. American Express OPEN and M Booth also received a Gold award from The Holmes Report’s SABRE Awards for the best integrated marketing campaign for “Small Business Saturday” this year. M Booth is a global communications agency focusing on creative science.

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American Express and AOL Facilitates Epayment/Commerce platform

American Express and AOL’s Patch have entered into a strategic partnership to offer “Serve” digital payment and commerce platform to millions of Patch customers, whom will be able to sign up for “Serve” accounts via hundreds of Patch sites this fall. Patch, the hyperlocal arm of AOL Huffington Post Media Group, will offer users the ability to redeem local deals and transact with local merchants via the American Express network. Through the partnership, local merchants will be able to post offers online in a more streamlined, effective way, and consumers will benefit by redeeming offers at the point of sale. Patch users may be offered Serve accounts that will include a co-branded card, which can be used to redeem local merchant deals offline – meaning no coupons to print or codes to remember.

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PayPal director RECEIVES ABA DISTINGUISHED SERVICE AWARD

Meg Sczyrba, , received the 2011 Distinguished Service Award at the American Bankers Association’s 25th Annual Regulatory Compliance Conference in Washington. The award recognizes outstanding leadership, initiative, and accomplishment in banking regulatory compliance management. The ABA Compliance Administrative Committee, composed of 14 leading bank executives in the compliance profession, selects the honoree. Sczyrba was also the first vice president and compliance processes manager at Washington Mutual in Seattle. She has more than 15 years of experience in the banking industry and has spent a substantial amount of time building training solutions at several banks.

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AmEx Membership Rewards Program Expands

American Express announced a number of new redemption partners have been added to its industry-leading Membership Rewards program for 2011, offering cardmembers more ways to redeem points. Its new dining partner- OpenTable- allows Cardmembers to redeem points for reward cards that can be used at OpenTable partner restaurants nationwide. Other partners in Dining & Entertainment include Ruby Tuesday, Seasons 52, and Universal Studios Theme Parks; its new Retail partner includes REI (Recreational Equipment, Inc.); and its Travel partners consist of Four Seasons Hotels and Resorts and ski resorts including: Jackson Hole, Killington, Copper Mountain, Mt. Bachelor, Park City Mountain Resort, and Snowbird. Also, through a partnership with Zynga, customers can use Membership Rewards points to pay for limited-edition virtual goods, as well as physical and virtual game cards for Zynga’s games.

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Fiserv Completes Tender Offer

Fiserv’s previously announced tender offer to purchase for cash any and all of its $1.0 billion outstanding aggregate principal amount of 6.125% Senior Notes due 2012 expired at 5:00 p.m. EST on June 13. If the conditions to the Tender Offer are satisfied or waived, the Company will accept for purchase and make payment for all of the 2012 Notes validly tendered and not validly withdrawn prior to the expiration of the Tender Offer, representing a total aggregate principal amount of approximately $699,802,000, tomorrow, June 14, 2011. In addition to the Total Consideration, the Company will also pay accrued and unpaid interest on the Notes purchased from the last interest payment date up to, but not including, the settlement date in the amount of $4.08 per $1,000.

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