The SIMalliance announces the availability of its “Open Mobile API.” Allowing application providers to access and utilize the Secure Element within the internet-connected mobile device, “Open Mobile API” provides highly secure two-factor authentication to enable the secure delivery of a host of NFC, payment and identity services. Current levels of single factor authentication has been shown to be inadequate as attacks on smartphone and tablet applications increase in number and sophistication. By connecting the application to the Secure Element via the Open Mobile API, many security breaches we see today will become easily preventable.Details
VigiTrust organized its PCI DSS roadshow in Dublin, Paris and London in February 2011, which is being hailed as a success thanks to keynote speakers and timing. While EMV helps prevent some types of fraud, in order for a merchant to secure their payment data they must also adopt all elements of the PCI DSS. Focal on Data Protection and PCI DSS as comprehensive way for merchants/retailers to comply with the Irish Data Protection Act. Also addressed was tokenization as a means of further securing card data as it is being processed.Details
ScanSource through its wholly-owned subsidiary, ScanSource do Brasil Participações LTDA, has entered into a definitive purchase agreement with CDC Brasil AIDC and POS solutions distributor. Offering many of the same products as ScanSource, the CDC Brasil management team of CDC Brasil will remain in place, bringing with it more than 55 years’ combined industry experience while the current CDC Brasil president, Alexandre Conde, will be named president of ScanSource Brasil and will report to Elias Botbol, president of ScanSource Latin America. CDC Brasil has grown revenue to approximately R$246,186,000 (approx. $140,400,000). CDC Brasil has more than 30 vendor partners, including Bematech, Honeywell, HP, Motorola and Zebra. The company employs approximately 200 people. Like ScanSource, CDC Brasil is committed to providing value-added services to its reseller partners, including technical support, financing, training and sales support.Details
SMC Networks networking solution provider has kicked off its “ATM ROUTERS,” connecting to 3G networks using an existing USB wireless modem. Targeting ATM’s and Mobile ATM’s, the Router is compatible with most modems in the market. The “ATM ROUTER” features 1-port 10/100 MB/s LAN & WAN port, high speed wireless-N access point, NAT firewall with SPI, a user friendly web-based management interface. The feature works with number of service providers like Reliance, TATA and many other eminent Teleservices. Unlike the VSAT connection, SMC ATM Routers are extremely cost-effective and also require very less time for its installation. Within few minutes the connectivity is obtained and the ATM site is ready. SMC leverages strong industry relationships in combination with experienced and talented in-house design and engineering.Details
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] March U.S. credit card ABS chargeoffs increased for the first time in six months to 8.31%, compared to the 8.05% last month when defaults were at the lowest levels since February 2009. March chargeoffs were up 26 basis points (bps) to 8.31% after having shown signs of improvement for five consecutive…Details
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Monthly payment rate (MPR) dropped for the second straight month in March by 1.16% to 19.21%. This improvement is slower than that recorded the month prior when it fell nearly 1.5%, and although it is slowly improving, MPR is still approximately 19% higher than the historical average of 16.21%. MPR…Details
Summary results for performance of specific U.S. retail industries in March 2011 indicate total apparel sales recorded their 8th consecutive year-over-year sales gains, increasing by 4.4% year-over-year, approximately half of the average growth recorded between September 2010 and February 2011. The Furniture sector posted a modest increase of 2.4%, its 5th consecutive month of positive growth. These findings, according to the MasterCard “SpendingPulse,” also showed e-Commerce continued to grow in double digits, highlighting the continued strength in online sales for a fifth consecutive month of double-digit growth by 16.1%, higher than February’s 13.2% increase. Online Total Apparel grew by 18.7%, marking the 16th straight double-digit increase. The SpendingPulse Luxury Index of high-end restaurants, food stores, department stores and general apparel categories was up 8.5%, the largest year-over-year increase since December 2010, and the sixth consecutive month of growth.Details
Over 3,300 financial institutions are now using Fiserv solutions for Remote Deposit Capture (RDC) serving a total number of end-users of more than 160,000, having processed nearly four billion items. The “Source Capture Solutions” from Fiserv are designed to enhance the reliability, versatility and scalability of image capture and check processing with a common web based platform. This solution set includes branch, merchant, teller, ATM and the increasingly popular consumer and mobile capture all on a common web platform that enable remote deposit capture.Details
Charlie Noreen, CFO, Henry Gage, Jr., VP, Product Management and Nevil Patel, VP, Operations have all recently been appointed to their respective positions at
i2c payment processing. Noreen brings with him over 25 years’ finance experience and is currently a partner at FLG Partners and has previously served as CFO for a number of companies. Gage brings with him over 20 years’ experience and will be responsible for i2c’s product roadmap and the distillation of ideas into products that add value to clients and consumers. Patel brings with him over 20 years’ experience as well and has assumed the role of VP, Operations. Before joining i2c, Patel served as COO at both S&L Solutions and Pi Sigma Group, IT consultancy and development companies.
Wells Fargo & Company has kicked off new features to its “WellsOne Commercial Card,” allowing customers to manage their accounts and capture expenses with smartphones using the “CEO Mobile” service. This lets cardholders add out-of-pocket expenses, view charges, and check available credit using a smartphones, while administrators can view and edit credit limits and review declined transactions. Additional features include the “Commercial Card Expense Reporting” (CCER), allowing program administrators to control employee spending and convenience while traveling.Details
Much of the recent growth in debit card transactions was thanks to increases in purchases for small dollar amounts, 64% of which are now for amounts under $25. Meanwhile, nearly 50% of all card transactions worth less than $15 are made with signature debit cards, while 41 percent of all card payments over $25 are made with general purpose credit cards. This, according to the latest Federal Reserve Payments Study of payments made between 2006 and 2009, also concluded approximately 60% of remittance checks are written by consumers to businesses; consumer-to-consumer checks have the highest average value of all consumer check types at $472; nearly 80% of checks are written for less than $500; of the approximately 18 billion checks cleared between banks, over 92% were cleared using electronic images in place of paper; nearly 50% of paper statements contained only itemized listings of transactions; fully electronic statements and image statements each represent nearly 25%; and statements with checks enclosed are at less than 1%.
The Fed study also showed growth in all payment types appears to have been slowed by the economic recession, with credit cards having averaged an annual decline in transaction value of approximately 3% from 2006 to 2009; prepaid card transactions increased the fastest of payment types by approximately 22% annually from 2006 to 2009, and the value of prepaid transactions increased nearly 23% per year. With 2.7 billion transactions in 2009, Private Label, or closed-loop, prepaid cards such as those issued by and used only at specific retail stores, are still the most commonly used type of prepaid card as was the case in 2006. This compared to Approximately 2 billion transactions made using Electronic Benefits Transfer cards, which are used to spend government benefits, and 1.3 billion were made using General Purpose, or open-loop, prepaid cards which carry one or another widely-accepted network brand in 2009.Details
Chase Card Services has partnered with the AARP Foundation to raise funds to help solve the problem of senior hunger in America and will automatically donate $0.03 for each purchase made with the AARP Visa Card from Chase and $1 for each new account opened up to $2 million each year to the AARP Foundation for “Drive to End Hunger.” The national effort to end hunger among older Americans is response to 50+ Americans impressions hunger is one of the most pressing issues facing our country today, which they are willing to act to combat. Of the 51 million Americans who face the threat of hunger, nearly 6 million are over age 60. In just two years, from 2006 to 2008, the percentage of older Americans struggling with hunger more than doubled.Details