PFSweb Renews +/- $94.0mm Credit Facilities

PFSweb end-to-end e-commerce solutions renewed its financing agreements with Comerica Bank (Comerica), Wells Fargo Bank, National Association (Wells Fargo), IBM Credit LLC (IBM Credit), IBM Belgium Services B.V.B.A. (IBM Belgium), and BNP Paribas Fortis (BNP Paribas) totaling approximately $94.0 million of available credit. The Company’s Priority Fulfillment Services, Inc. subsidiary (PFS) renewed its $10 million asset based financing facility with Comerica for 18 months through September 2012. This agreement allows PFS to increase total borrowing levels to $12.5 million during seasonal peak periods of November through February. PFSweb develops and deploys comprehensive end-to-end eCommerce solutions for Companies around the globe.

Details

Evolution Benefits to Hosts Client Conference

Evolution Benefits (EB) electronic payment and benefit administration software solutions will host its annual User Conference April 18-20 in St. Louis, Missouri to provide practical ideas and information that will allow “PayDirect” users to achieve cost and quality objectives while demonstrating value to customers. Evolution Benefits executives will oversee keynote presentation on industry trends and address plans to further enrich the System’s capabilities. Evolution Benefits electronic payment and benefit administration solutions for the employee benefits market include its “Benny” benefits debit card and the “PayDirect” software suite.

Details

MasterCard Board Announces $1.0B Increase in Class A Share Repurchase

MasterCard announced its Board of Directors has amended its existing share repurchase program authorizing the Company to repurchase an incremental $1.0 billion of its Class A common stock in open market transactions. The incremental $1.0 billion share repurchase authorization increases its Class A share repurchase program to an aggregate of $2.0 billion. The Company had completed the repurchase of approximately 3.15 million shares of its Class A common stock at a cost of approximately $788 million through April 11, 2011.

Details

CO-OP & Tennessee CU League Expand Marketing Agreements

CO-OP Financial Services and the Tennessee Credit Union League expanded their 15-year marketing partnership. Providing additional services to 240 credit unions affiliated with the Tennessee Credit Union League, the partnership will add CO-OP Signature Debit Processing, CO-OP ATM/PIN POS Debit Processing and CO-OP ATM Terminal Driving for management of credit union ATM terminals and programs. The Tennessee Credit Union League represents the CO-OP Network and its 28,000 surcharge-free ATMs nationwide, 9,000 of which are deposit-taking.

Details

Fraud rates up 11% in 2010

Experian research now shows frauds attempted against financial services providers increased 11% in 2010 while 20 in every 10,000 applications for credit and other financial products made last year were discovered to be fraudulent, up from 18 in 2009. The year also saw a 25% uptick in in fraudulent applications for current accounts while 7 in every 10,000 loan applications were flagged as fraudulent in 2010, up from five in 2009. Identity fraudsters were responsible for 60% of these cases. The most dangerous place for a consumer’s identity; London, England.

Details

Bango mPayment Expands, Serves over 200mm BANGO

Bango has further expanded its mobile payment platform by adding carrier billing in Canada for a North American total of over 200 million customers. Bango additionally provides mobile credit card and PayPal for payments that cannot be charged to the carrier bill. Bango m-payment specializes in the migration of e-commerce services from desktop PCs to the mobile phone and tablets. Developers and publishers using the Bango platform to reach their mobile customers benefit from one-click payment to the carrier phone bill. The Bango platform reaches over 600 million paying mobile users worldwide, in 120 countries, through smartphone apps.

Details

ValidSoft’s Fraud Solutions Recognized

Elephant Talk Communications’ ValidSoft subsidiary (www.validsoft.com) was highlighted recently in WallStreetCorner.com financial news report. It noted Elephant Talk and ValidSoft’s strategic solution for mobile payment applications can work in the cloud, especially in connection with Near Field Communication (NFC). There is a growing market for stronger card security due to new forms of privacy attacks, including “spear phishing” aimed at consumers’ email accounts, he added. Also ValidSoft can help eliminate credit card and bank card fraud. Its “VALid-POS” and “VALid” multi-factor authentication platform allow the card issuer to integrate and market the solutions as services to its member banks as part of its processing platform. Those member banks handle about 28 billion transactions a year, and they experience costs of about $2 billion a year due to fraud, ValidSoft has noted.

Details

SERVERSIDE UPGRADES IMAGE CHECKING SERVICE

Serverside Group has upgraded its existing Image Checking service to allow images selected for card creation to be screened prior to printing and made available the “ImageValidator” optional upgrade. The “ImageValidator” is an image checking tool that enables issuers to achieve greater certainty about the origin or appropriateness of an image in much less time. The “ImageValidator” instantly indicates whether an image, or similar image, has been checked before; informs the image checker of all previous decisions made for an image if it has been checked before, avoiding duplication and ensuring consistency; and searches the internet for other instances of the uploaded card image and provides links to any found images. The new tool is powered by TinEye.

Details

Hypercom Offers EMV Card Metro Payment

Hypercom has completed the full EMV certification of all of its “Artema Modular” self-service payment systems and “Artema Compact” countertop terminals across 49 Dubai Metro stations. Speeding ticketing for 4 million passengers per month, the EMV certification means that travelers on Dubai’s urban railway network will benefit from secure and convenient payment using their chip and PIN cards. Thales’ Dubai Metro fare collection selected Hypercom’s self-service and countertop payment systems for the implementation, which offers the “Artema Modular” unattended payment system to provide a rugged and reliable card payment solution that has been designed to ensure secure transactions.

Details

Freak Figures Indicate COFs Up, Unemployment Down

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Historically fluctuating with one another, March unemployment and credit card chargeoffs didn’t correlate positively for the first time in six months. The unemployment rate was down to 8.8% to 13.5 million members of the American workforce. This increased number of employed persons avoided increased defaulting on their credit cards, which are…

Details

eCommerce & Payment Processing Up 8.% Y/Y

Overall year-over-year electronic commerce and payment processing dollar volume growth increased 8.1% in March, compared to February’s 8.4% growth rate. Dollar volume growth was 6.9% in March versus 7.7% in February as overall average ticket growth was up 1.3% in March by 0.7% year-over-year. This, according to the First Data “SpendTrend,” tracking same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations, concluded signature debit dollar volume growth rose to 10.2% in March, the largest increase since December. Also, credit dollar volume growth slowed to 7.7% in March after posting a 12-month high of 9.9% in February.

Details

Heartland Appoints Executive Officers

Heartland Payment Systems made senior management additions and changes to support the growing breadth and depth of the company’s core services and merchant base. These additions include Maria Rueda as Chief Financial Officer, who most recently served as CFO at ING DIRECT and CFO/Financial and Operations Principal for Bloomberg Tradebook through Geller & Co. Also, Heidi Goff was appointed Heartland CMO, who was most recently was President & Managing Director at Hypercom, VP/GM with North America for Transaction Network Services, Executive VP at Global Payment Systems and Senior VP with MasterCard Automated POS Program.

Details