SafetyPay and JetPay Launch Secure Online Payment

SafetyPay secure payment facilitator and clearinghouse for online shoppers, online merchants and banks partnered with Texas-based JetPay payment services provider. Processing more than 20 billion in transactions domestically with a rapidly growing international group of merchants, to which they offer payment services and features, including batch processing, high-speed authorization, check guarantee and check conversion, split automated clearinghouse transactions, fraud protection and 24-hour customer service, Jetpay services can be developed and executed according to the specific needs of each individual merchant. SafetyPay has partnered and integrated with 23 financial institutions and 2,000 merchants worldwide.

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NetSpend Launches iPhone Application

NetSpend general purpose reloadable prepaid debit cards and underbanked services launched its second-generation iPhone application as a free download. This lets NetSpend cardholders send mobile person-to-person payments to other NetSpend cardholders through their iPhones for access to account and savings transaction histories; account and bank routing information; and a geo-locator for ATM and reload locations. This is part of Company efforts to develop industry-leading technology that provides cardholders unparalleled access to their account through Web, IVR, Mobile, SMS, and now smart-phone applications.

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Small Business Owner Confidence on the Mend

After falling in December, confidence among small business owners rebounded in January to 91.0 in January on the Discover “Small Business Watch” index, up 9.4 points from December 2010 and 5.5 points higher than one year ago, the highest the index has been since December 2007 at 92.7. With this, 31% of small business owners say the economy is getting better this month, up from 25% in December; 41% say it is getting worse, down from 51% last month; 24% say it’s the same, up from 22%; and 3% were unsure. Meanwhile, 31% of small business owners say economic conditions for their businesses are getting better, up from 25% the month prior; 38% see conditions getting worse, down from 43% in December; 26% say they are the same, even with December; 5% were unsure. Additional indicators show 30% will increase spending on business development , up 9 points to its highest point since March 2008; 40% will decrease business development spending, down from 42% last month; 27% do not plan any changes, down from 32%. Moreover, 57% reported the economy as poor, down 5 points from last month while 34% report it as fair, up 5 points.

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Bancorp Bank to Serve as NetSpend Issuer

NetSpend Holdings and The Bancorp Bank Payment Solutions Group forged multi-year agreements under which The Bancorp will serve as a new issuing bank for NetSpend managed and processed card programs. NetSpend is a leading provider of general-purpose reloadable prepaid debit cards designed to be a more convenient and less expensive alternative to cash and traditional banking products for the estimated 60 million underbanked consumers in the United States. NetSpend markets its cards through direct-to-consumer and online programs, corporate employers and retail distributors across the country. NetSpend expects to begin issuing general-purpose reloadable prepaid debit cards in collaboration with The Bancorp Bank in April 2011.

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Transaction Network Services Achieves PA DSS Validation

Transaction Network Services has achieved PA DSS validation for the POS payment client; a component of its TNSPay gateway solution for multi-channel retailers. PA DSS is a software specific validation that sits within the PCI DSS compliancy framework and ensures software vendors develop secure payment applications, reducing the risk of security breaches and fraudulent activity. Any new merchant purchasing a commercially available payment application can now only purchase PA DSS validated products. Additionally, any commercially available payment applications which have already been deployed by merchants cannot be used from 1st July 2012 if not PA DSS validated. The “TNSPay” is payment gateway offering strong security, reliability and availability.

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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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