Lombard Odier selects Volante For Payments Network Integration

Lombard Odier has chosen Volante technology for integration of Swiss Interbank Clearing (SIC) network messages. Part of a larger payment automation initiative, the project is projected to go into production late in the second quarter. Volante is developing a SIC plug-in for the project, which will be used with Volante Composer integration software, providing built-in dictionaries and automated validations for the SIC network.

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SmartMetric Primed for Global Smart Card Expansion

SmartMetric is readying its mass production and global distribution center for its Biometric activated Smart Cards. The smart cards will apply to driver’s licenses, identity cards, health insurance cards, Bank and Credit Cards. With this, SmartMetric projects the market size for its cards to be in excess of 800 million cards globally. The European Payments Council (EPC) is considering a ban on magnetic stripe cards within the next couple of years, essentially forcing the United States to adopt Smart Cards and replace the insecure old mag-stripe cards. Even without Smart Card adoption in the United States the existing global market for Smart Cards, it is projected the SmartMetric “Biometric Card” would generate more than $US500 million in Global Revenues.

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Atos Worldline Appoints New CEO

Sameer S Nemavarkar has been appointed the new CEO for Atos Worldline in India, which with the acquisition of Venture Infotek Global is now a leading payment processor in Europe and India. Sameer will be responsible for further growing Atos Worldline’s leading business in hi-tech transactional services in one of the world’s most dynamic and fast growing markets. He will focus on the development of existing electronic payment activities, together with the introduction of innovative solutions based on Atos Worldline’s extensive expertise to ensure Atos Worldline in India meets and exceeds emerging business demands to enter new markets and industries. He comes from Axis Bank, which he joined in 2000 and where he was Senior Vice President and Head of Business – Retail Forex and Remittances- and brings with him experience in hi-tech transactional services and notably in payments, covering credit and debit cards, internet banking and e-commerce, retail banking, issuance and acquiring. He holds a degree in Instrumentation Engineering from Mumbai University and has completed his Post Graduation in Business Management from the Indian Institute of Management Lucknow (IIM-L).

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’10 Latin American Visa Volume Grew 23.2% to US$270B

Visa announced its Latin America and Caribbean regional payments volume growth reached 23.2% in 2010, with Brazil recording 24.6%, Mexico 16.8%, and the rest of Latin America and Caribbean as a group reporting a 22.8% yearly growth. For the quarter ending on December 31, 2010, Visa’s payments volume for Latin America and the Caribbean grew by 26.7% to US$82 billion. The number of transactions processed by the Visa network in Latin America and the Caribbean reached 916 million during the same quarter, which represents 226 million more transactions than the same period in 2009. Payments volume for Visa debit products in 2010 reached a 28.2% growth in Brazil, 19.1% in Mexico and 29.0% in the rest of Latin American and Caribbean countries as a group.

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NetOne Deploys Gemalto m-Money Solution

NetOne network operator is deploying Gemalto’s “LinqUs” solution for Mobile Money Transfer, which comprises of the server, user application, as well as system integration services. Marketed as the “OneWallet” service for the underbanked, “LinqUs” works on 100% of the handsets and will enable all NetOne subscribers to perform secure and convenient money transfer using their mobile phone. Its interface lets subscribers make secure and easy peer-to-peer money transfers, pay every-day bills and top up their prepaid phone cards. It alsolets NetOne’s customers to have their salaries paid directly onto their phones – an innovative feature that greatly empowers the unbanked with a secure and convenient digital wallet solution.

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SCM Microsystems Delivers China Unicom Smart Card Readers

SCM Microsystems solutions for secure access, secure identity and secure exchange and a business unit of Identive Group announced its second delivery of high speed “SCR3310v2” reader/writers to China Unicom mobile service. China Unicom has deployed more than 90,000 SCM reader/writers to facilitate SIM card issuance to its mobile phone customers across China and is using the SCM reader/writers in point of sales kiosks, stores and retail shops to quickly personalize a SIM phone card for each subscriber on the spot. Responding to the increasing demand for instant personalization of SIM cards at issuance, China Unicom has recently expanded its RPS (remote personalization system) program to its partners’ retail shops and point of sales, which are now also enabled with SCM readers.

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Consult Hyperion Unveils Role in TfL Contactless Scheme

Consult Hyperion independent consultancy contactless smart cards and mobile devices is unveiling in its partnership with Transport for London (TfL) its role to allow transport network passengers access with just a tap of their contactless payment card. Consult Hyperion is helping to bring together the disparate systems of payment scheme providers in transit and retail, as well as card issuers and terminal technologies, in order to ensure that the new scheme will be viable for TfL in terms of the technology and identifying and meeting the security requirements. With this, customers can ‘touch in’ with their contactless credit and debit cards on TfL’s public transport network of tube and buses, just as they already can when making low value purchases in many coffee shops and other retail outlets.

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Card Chargeoffs Decline, Bankrupcties Explode

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] In keeping with more than year-long improvements, U.S. consumer credit quality held steady with the Fitch Chargeoff Index declining in February for the fifth consecutive month of improvement by another 32 basis points (bps) to 8.05%. Meanwhile, defaults are at the lowest levels since February 2009, down 29% since the year…

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Credit Card MPR Declines 44bps to 20.37%

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The credit card monthly payment rate (MPR) went against the grain in February, indicating signs of decline by 44 bps to 20.37%. Although this is 26% higher than the historical average of 16.20%, it shows the second straight month of decline after hitting 14.66% in December and follows a 31 month…

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eWise Creates SVP Marketing Advisory Council

eWise payments and online financial management solutions provider is proposing executive nominations to its “Secure Vault Payments” Marketing Advisory Council with support and participation from NACHA Electronic Payments Association. Secure Vault Payments is an alternative payment option that offers convenience and security for consumers, allows institutions to receive money faster, and helps keep costly and wasteful paper out of the system. Its Council will work to share industry insights and experience to maximize awareness for Secure Vault Payments and ensure the effectiveness of the payment type. Those selected will become the founding members of the Council, which will be comprised of up to 20 members representing financial institutions, merchants, billers and gateway service companies.

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USA Technologies To Raise $10.7mm In Common Stock

USA Technologies wireless, non-cash transaction network has signed a securities purchase agreement with institutional investors to purchase $10.7 million of common stock in a private placement. Under the terms of the transaction, the Company has agreed to sell an aggregate of 5,200,000 shares of its common stock at $2.064 per share and warrants to purchase up to 3,900,000 additional shares in the aggregate of its common stock. The warrants will be exercisable commencing on the 6 month and 1 day anniversary of the closing date at an exercise price of $2.6058 per share and will have a five-year term commencing on the initial exercisability date. The completion of the offering is subject to the satisfaction of customary closing conditions and is expected to close on or before March 24, 2011.

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