59% of Parents Financially Helping Adult Children

Accordingly, 59% of parents are providing, or have in the past provided, financial support to their adult children when they are no longer in school. Conjunctivly, 65% of adult children between the ages 18-39 who are not in school believe the financial pressures faced by their generation are tougher than those experienced by previous generations. These findings, according to an online poll commissioned by the National Endowment for Financial Education, also show 32% of parents agree their own generation had it easier than their children’s generation while 43% are providing financial support because they are “legitimately concerned” with their child’s financial well-being, while 37% do so because they do not want to see their children struggle. Among those helping their kids, 50% are providing housing; 48% are helping with living expenses; 41% are aiding with transportation costs; 35% are providing insurance coverage; 29% are handing out spending money; and 28% are helping with medical bills.

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Aite Group Explores Merchant Acquiring

Aite Group examined the future of the merchant acquiring industry, as viewed by those within the space, implementing its survey of 20 senior-level, acquiring-industry stakeholders. The report explores select issues and trends facing the industry including legislative changes, and how EMV adoption in the United States and mobile payments will impact the industry. The research determined the merchant acquiring industry is on the rebound. While many merchant acquirers have seen an increase in their volume compared to a year ago, they are trying to determine the direction the industry will take in order to position themselves to compete in years to come. Debit interchange regulation is a concern, but not one that is expected to impact the merchant acquiring industry materially. Mobile payments are seen as having a great impact (either capturing new transactions or signing up new merchants) but the winning solutions have yet to be identified.

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Alliant Credit Union selects Hyland Software for ECM

Leveraging enterprise content management (ECM) solutions, Alliant Credit Union of Chicago has implemented Hyland Software’s “OnBase” solution for an organization-wide ECM implementation. Alliant needed true ECM capabilities to integrate with its core system, as well as other line of business applications, so it integrated “OnBase” to leverage functionality such as imaging and workflow across the enterprise, including in administrative functions. Additionally, OnBase “Workflow” will be used to automate wire transfers, from the request form to the evaluation of the request and member verification.

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Wolters Kluwer Financial Services Wins CODiE Award

Wolters Kluwer Financial Services regulatory compliance and risk management business announced its “OneFile” document management solution has won the “CODiE Award” in the “Best Document Management Solution” category, as determined by the Software and Information Industry Association (SIIA). As the only peer-reviewed awards program, CODiE awards garner winners superior industry validation of excellence, conveys importance, and calls attention to their innovation and leadership. The “OneFile” solution was one of nearly 400 business software products and services evaluated by third-party SIIA member judges that selected finalists in various categories. SIIA members then reviewed these finalists and voted to help select 31 winners.

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Charles Schwab Launches Brokerage and Banking m-Deposit

Charles Schwab launches mobile deposit capabilities for iPhone users, enabling brokerage and Schwab Bank clients to deposit checks remotely by taking a picture of a check with their iPhone camera. Schwab is one of the only financial services firms to provide its clients the convenience of mobile deposit capabilities and integrated banking and brokerage mobile services, including money transfer. Schwab is also launching its first native application for Android, allowing to transfer balances between Schwab Bank and brokerage accounts, place trades in brokerage accounts, and view balances and account activity for Schwab Bank and brokerage accounts, Schwab 529 College Savings Plans, and Schwab-administered 401(k) and stock option plans.

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Borsa Italiana launches online financial education site

Borsa Italiana launched its “La Finanza per tutti” (Finance for Everybody) virtual space dedicated to financial education for retail investors. The idea stems from the Borsa Italiana’s commitment to serve the needs of small investors by offering an educational tool that will help inform their investment decisions. From the homepage of Borsa Italiana users can access Video, Tools, Publications and Events. The Video Section features lessons and the “Live Market Section” forum. The Tools Section allows users access to free software ranging from trading simulation, risk management and investment strategy. First-time retail investors will be able to use the Publications Section to access teaching guides introducing basic market functions and other Borsa Italiana products. The Events Section provides a showcase for all educational events organised or sponsored by Borsa Italiana. Users will also be able to register for future events.

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PhoneTransact Kicksoff Universal Credit Card Reader

PhoneTransact announced its Universal iOS Credit Card Reader, which attaches to the dock connector on all iOS devices including the current and previous versions of the iPad, iPhone and iPod touch. It uses 3DES encryption to encrypt the cardholder data in the magnetic read head of the device, thereby enhancing PCI compliance as the cardholder data is kept secured until received by the credit card processor. The compatible iMerchant Pro application shows the first and last four digits of the credit card number along with the cardholder name so that the merchant can verify a good credit card swipe.

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Crédit Agricole Subsidiary Commissions Accenture to Intro Processing Platform

CEDICAM payment flow and systems subsidiary of the Crédit Agricole has solicited Accenture’s help in implementing its new IT platform for the Group to process the collection of European payments under SEPA Direct Debit. The platform centralizes SEPA direct debit collections for Crédit Agricole’s several French regional IT payment systems, and processes payment transactions for many of the Group’s banks. It also enables the company to process high volumes of payments more rapidly and cost-efficiently through a single IT platform and accelerates the time it takes to launch new and greater value-added payment products and services.

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Ferratum Implements Fico Analytics

Fico analytics and decision management technology announced the Ferratum Group mobile microlending is set to implement “Model Builder 7.1” to develop more than 100 predictive models to support its growth in 15 countries over the next two years. Ferratum provides short-term, unsecured microloans to borrowers across 15 countries, serving up to 1 million customers worldwide. Ferratum’s modelling team will use FICO Model Builder to build different models for different products and countries, and will explore creating models for different sales channels. The demand to build a high volume of models with a small team drove the selection process, in which FICO Model Builder beat products from SAS and other competitors.

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EVERTEC Posts Total Revenue up 12% Y/Y

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] With an affiliate of Apollo Management VII having acquired a 51% indirect interest in EVERTEC, the Company posted total revenues up $7.6 million by 12% to $73.5 million from the year ago period. This was thanks to increased revenues in the Transaction Processing segment, up $2.5 million by 14%, the Merchant…

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