TransNet Expands its Payment Processing Footprint

Precidia Technologies (IP) payment and networking products announced Blue Beacon Truck Washeswill deploy its “POSLynx220 with TransNet” for fast, secure and low cost integrated payments at its more than 100 locations throughout North America. The “TransNet” solution is an integrated payment solution that features the “POSLynx220” payment router as a secure platform for payments. Delivering fast, reliable and fully managed payments, TransNet also offers the industry’s most comprehensive security. The PCI PA-DSS validated solution features encryption, firewalling and tools to facilitate PCI DSS compliance. For enhanced reliability, the POSLynx220 features automatic dial back-up in case of network failure.

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BMO Introduces New MoneyLogic Features

BMO Bank of Montreal is adding a new ‘Community’ feature to BMO “MoneyLogic” online personal financial management tool. The new feature gives BMO online customers the ability to compare their spending and saving habits anonymously with the BMO MoneyLogic community. The ‘Community’ feature enables users to delve deeper into their spending and saving habits and compare in different categories – such as home, shopping, groceries – with the average across the BMO MoneyLogic community. Customers can also compare with people in the community that have similar profiles, using variables such as age, gender, marital status. All personal customer data is protected and all information shared within the ‘Community’ feature is anonymous.

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BBVA Selects Accenture Banking Solution For U.S. Expansion

Banco Bilbao Vizcaya Argentaria, has selected Accenture’s Alnova Financial Solutions technology platform to help support the aggressive technology transformation of its U.S. banking franchise. The agreement with Accenture to deploy the new core banking solution will position BBVA’s U.S. banking subsidiary – BBVA Compass – allowing immediate posting of deposits and loan payments for increased efficiencies. The new core technology platform will also improve product time-to-market allowing the bank to quickly adapt to evolving customer preferences while at the same time proactively addressing changing regulations. The solution will deliver real-time bank processing capabilities and support increased transaction volumes for BBVA Compass while streamlining and enhancing the bank’s risk management functions.

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Pulse Retail partners with YESpay to offer EMV payment service

Pulse Retail Systems’ POS software is now integrated with YESpay’s EMV Chip and PIN accredited and PCI-DSS Level 1 certified managed payment service called EMBOSS. Pulse Retail Systems specializes in retail software solutions from the Point-of-Sale software to reporting, analysis and forecasting tools. Integrated with YESpay’s “EasyV-Retail,” Pulse Retail now offers its own solution for EMV Chip and PIN and magnetic stripe credit and debit card acceptance and processing for merchants of all sizes. This allows Pulse Retail’s merchants to securely process transactions with their selected card processor such as First Data Merchant Services (FDMS) and Chase Paymentech through YESpay’s EMV pre-accredited and PCI-DSS certified EMBOSS payment service. EasyV-Retail solution supports all major EMV and swipe credit and debit cards including Visa, MasterCard, Interac, Maestro, Amex, Diners and more. EasyV-Retail also supports on-line PIN validation for both Canadian Interac debit card transactions as well as US magnetic debit transactions.

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New Chairman Appointed for Prepaid International Forum

Prepaid International Forum (PIF) named Kusal Roy, Head of Cards and Personal Loans at ICICI Bank as the successor to founding PIF India Chairman Sachin Khandelwal who is stepping down after two years. Kusal Roy is a retail banking professional with 16 years of experience, across Citibank, Barclays and ICICI Bank. Currently, he is General Manager and Business Head of Cards (Credit, Debit and Prepaid) and Unsecured Loans at ICICI Bank. The various cards businesses at ICICI Bank are among the largest in India in each product vertical. Mr Roy has rich experience in the payments domain over the last decade and a half, having created significant product innovations including India’s first foreign-currency prepaid card.

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Gas Prices Shake Small Business Profits & Confidence

Small business confidence in the economy continues its descent, with 54% indicating a poor outlook on the recovery in March, a figure having climbed from 41% in February. This is an unfortunate trend seen over the past 19 months, given a majority of small business owners have held this perspective during this time, but this is the greatest majority since September of last year. On the bright side, 27% feel conditions are improving, although this is down from the previous month figure of 34%, while 15% see no change in the economy, down from 20% in February. These findings are according to the March Discover “Small Business Watch” monthly barometer of economic confidence, which overall dropped to 86.5 from 90.2 in February.

A huge factor in all this is the skyrocketing gas prices we have seen throughout the first half of the year, to which 76% of small business owners have lost profits and 90% disclosed either a somewhat negative or very negative impact. This is partly to blame for the 42% whom say conditions are getting worse, up from 40% in February; the only 30% indicating they feel the economy is getting better, down from 33%; and the 24% perceiving no change, down from 25%. Overall, 56% rate the current U.S. economy as poor for no change from the month prior; 35% rate it as fair, up from 32 percent; a mere 6% says its good, down from 7%; and 3% say the economy is excellent for no change since February.

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Drop in Consumers Paying Credit Cards Before Mortgages

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Consumers have increasingly concerned themselves with paying down their credit cards before their mortgages for the past three straight years- that is until now. Now for the first time in 3 years, the percentage of consumers current on their credit cards and at least 30 days delinquent on their mortgage payments…

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Merchant Credit Card Processing Pioneer Returns

Lawrence J. Petru has come back from two years’ retirement and begun his new merchant credit card processing venture-Redstone Payment Solutions. The former President of Delta Card Services d.b.a. Merchants’ Choice Cards Services (MCCS), which he ran until 2009 and where he started in 1994 to grow a merchant portfolio from zero to over 50,000 merchants across the United States, Larry has already appointed his operation team for his new Payment Solutions venture. TX-based Redstone Payment Solutions is a registered ISO/MSP of Wells Fargo Bank and operations are underway.

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Capital Access Network Expands Remittance Reach

Capital Access Network inked a Letter of Intent (LOI) with Manuel E. Tavares, Victor Jose Pacheco and Juan E. Tavares for use of its “Daily Remittance Platform” (DRP). With this, CAN expands presence into 21 additional countries in Latin America, the Caribbean and Europe, plus the Commonwealth of Puerto Rico. The “DRP” end-to-end finance delivery system enabling small and mid-sized business (SMB) finance providers to offer “daily” remittance and recurring revenue-based finance products while driving credit card issuance and acceptance. It integrates more timely and relevant SMB revenue and behavioral data into all aspects of product delivery, from targeting and decisioning to asset management, decreasing capital provider risk while increasing capital access for underserved SMBs.

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Citi Rewards Improves on Point Rewards

Citi “ThankYou Rewards” loyalty programs has introduced several features for its “ThankYou Points” rewards members, in direct response to consumer research. The new offering includes a “Travel Center,” an expanded “Bonus Center” and a “Points Transfer” program that enables members to give their points to other members. The “Travel Center” allows members to use their Citi credit card in combination with “ThankYou Points” to get travel rewards. If a member doesn’t have enough points for a flight, hotel reservation or vacation package, a Citi credit card can be used to pay the difference, for which there are no blackout dates on flights, hotels, cars and vacation packages. Moreover, the “Citi ThankYou Bonus Center” gives members an average of four extra “ThankYou Points” per dollar spent while “ThankYou Points Transfer” gives users the ability for members to transfer their “ThankYou Points” to other members.

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Western Union Campaign to Host Casting Calls

Western Union is hosting casting calls on April 2 and April 9 in New York City, Los Angeles, Houston, Chicago, Miami, and Washington D.C. for music video entries in “Love in Any Language.” The national campaign is designed to help consumers express their love to mothers, family, friends and loved ones, for which Western Union is encouraging consumers to sing and share their unique song that expresses their love for their families, friends and loved ones, reflecting the theme of the Love in Any Language campaign.

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Bill.com Selected for OnDemand & Finovate Distinctions

Bill.com online bill payment and invoicing for small- and medium-sized businesses (SMBs) and CPA firms been selected as an “AlwaysOn” OnDemand 100 Top Private Company for 2011. With this, the Company will demo at the FinovateSpring 2011 in San Francisco on May 10-11. Bill.com helps customers save more than 50% of the time and cost of handling and paying bills. The company is also helping to reduce the estimated 48 billion account notices, statements and bills sent by businesses each year and converting $23 Trillion in paper checks written and mailed for B2B payments into electronic payments. The 2011 OnDemand 100 companies are top emerging Internet companies disrupting the established enterprise and pioneering cloud computing and SaaS. FinovateSpring is a two-day showcase held in May in San Francisco and comprised of leading established companies and hot new startups.

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