FICO and TransUnion Introduce Score Solution

FICO credit scoring and TransUnion credit and information management have launched their new service offering a highly predictive general risk score. Indicating customers will receive three-to-five times the incremental improvement in risk prediction typically generated by an enhanced scoring model, the service will be available for full implementation in March 2011. Over the preceding two decades, FICO and TransUnion have partnered to deliver a unique combination of powerful analytics, agile service infrastructure and robust data to an extensive customer base in Canada, which includes leading national, regional and international lenders. Canadian credit grantors use FICO® Scores across the entire credit lifecycle, from booking new accounts to managing current customers.

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eBillme & TheFind Offer More Online Savings

eBillme online cash payment using online banking and walk-in locations has made available products for purchase to TheFind’s online shopping search engine bringing new deals and discounts to shoppers who spend with cash. And for eBillme’s network of over 800 online merchants, it’s an opportunity to reach new customers and generate sales. When customers search for a product on TheFind they will be presented with additional offers available only to eBillme customers and merchants. eBillme lets users choose the option at checkout, their order is confirmed with a bill sent to their e-mail address. Consumers simply pay the bill the same way they pay utilities, loans, insurance, and other bills, either through their online bank account or at one of over 75,000 walk-in locations.

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Credit Card Solicitations Are On the Rise

Credit card solicitations last year rose to 2.73 billion from 1.39 billion in 2009 and are approving increasingly more credit card applications and are projected to increase throughout 2011. However, getting a card will probably cost them more, due to higher interest rates and fees. This, according to market research firm Synovate’s “Mail Monitor,” is despite the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (CARD). Card companies are finding new ways to charge consumers while the Act was passed to prevent American Consumers from severe financial hardship.

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RBI forces PayPal to Restrict Merchant Payments

Reserve Bank of India (RBI) requirements is imposing further PayPal restrictions on its service in India, which no longer allow merchants in the Country to receive payments from abroad of over $500 per transaction as of March 1. Also, merchants will no longer be able to use any balance in their PayPal accounts to buy goods or services. Instead all payments must be transferred into Indian bank accounts first. This in addition to restrictions prohibiting PayPal to provide personal payments to and from India as of February 2009.

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OptConnect Expands to Meet ATM Wireless Demand

UT-based OptConnect wireless ATM connectivity solutions, recently expanded its facility and operations to meet the growing demand of wireless connectivity from ATM operators. More and more ATM operators are converting their entire ATM portfolios from landlines to wireless as they increasingly realize the benefits and savings of switching. OptConnect provides cost savings, reliability and simplicity for its ATM customers with fast and secure wireless connectivity. OptConnect wireless benefits for ATM operators include secure connectivity; reliable technology; simple installation; and a lifetime warranty.

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FNDS3000 Secures $.5mm Financing

FNDS3000 international prepaid processing company currently introducing electronic payment solutions to the South African market, has closed on a $500,000 private placement. This represented the second scheduled tranche of the $2.5 million, non-brokered equity financing agreement entered into in October 2010. This financing, led by Sherington Holdings, brings the total amount of capital received to date under the October commitment agreement to $1.5 million. The final two tranches of $500,000 each are expected to be closed on or before April 1, 2011 and July 1, 2011. Proceeds from the private placements are intended to be used as working capital to support continued growth of FNDS3000’s South African prepaid card business.

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Cardlytics Named Red Herring Global 100 Winner

Cardlytics transaction marketing has been named among the Red Herring Global 100, honoring private technology ventures. The nominees are evaluated on both quantitative and qualitative criteria, such as financial performance, technology innovation, quality of management, execution of strategy, and integration into their respective industries. Cardlytics’ selection as a Red Herring Global winner and a Red Herring North America 100 winner is credited to its transaction marketing platform, which unites banks and merchants to provide rich rewards to customers based on their individual purchase behavior.

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eWise launches mPayment Application

eWise has launched its “payo mobile” smartphone app, letting users initiate secure payments for goods, services, or bills online or face-to-face, without having to provide personal financial information to any third parties. This after having recently introducing the “payo” Online Banking ePayments (OBeP) solution in partnership with VocaLink specialist payments. The eWise mobile app brings a consistent, intuitive, fast and safe way to pay whether online or face-to-face. It lets users pay from any of their accounts with existing funds to conduct mobile ecommerce transactions, P2P payments, bill payments and T-Commerce2.

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Citi Named Best Payments Bank, Latin America

Citi has been ranked the number one Treasury and Cash Management provider by Global Finance magazine and named best Treasury and Cash Management provider in Latin America for the third consecutive year. Citi was also ranked number one in Best Bank for Liquidity Management – Latin America; Best Bank for Risk Management – Africa, Asia, Latin America, Middle East; Best Bank for Payments and Collections – Latin America; and Best Treasury Management Systems & Services Providers – Citi for Payroll Services.

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Scope of Responsibilities Expanding for CFOs

Given the current economic state, 80% of senior finance executives have taken on more responsibilities, overseeing programs in other departments. Among these, 43% of the execs take on more responsibility in IT; 41% in strategy and business development; and 39% in human resources. They also mentioned having program responsibilities in risk and customer service (37 percent each), procurement (35 percent), marketing and sales (33 percent), research and development (30 percent), and supply chain management (25 percent). This, according to Accenture research, also shows 79% of the more than 1,000 senior finance executives surveyed across Asia, Europe and North and South America, said they need more flexibility in their operations to more readily respond to ongoing market changes, and 58% of them said this increased flexibility would be needed across their operations for the next six to 18 months.

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KORE Telematics to Speak at M2M Conference

IT Expo East 2011/M2M Evolution-KORE Telematics digital wireless services provider in machine-to-machine (M2M) communications will lead a presentation titled “Top Considerations when Making an M2M Network Services Partnering Decision,” at IT Expo East’s M2M Evolution conference, being held February 2-4. The presentation will address factors considered when making an M2M network services decision. Whether developing a wireless solution for mHealth, utilities, mobile payments, security or any other vertical, certain basic principles can be followed to create an efficient and effective M2M strategy and ensure your network service partner selection criteria are met for the short and long term.

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