MotherFund Expands for Merchant Cash Advance

TX-based MotherFund creative financial solutions for businesses has expanded its call center staff to serve the increasing demand for non-traditional working-capital programs, like its popular Merchant Cash Advance. The Company’s products such as these are based on accounts receivable financing or factoring. This form of financing puts a company’s financial assets to work immediately. MotherFund also offers trade receivable, credit card processing, and custom financial services.

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PhoneFactor Announces Card Fraud Prevention

PhoneFactor phone-based multi-factor authentication now supports the ISO 8583 protocol financial institutions follow to process credit and debit card transactions. Both MasterCard and Visa base their authorization communications on the ISO 8583 standard as do most ATMs. By supporting the ISO standard, PhoneFactor can authenticate card transactions in any channel, including point-of-sale, ATM, and online transactions, through a single technology implementation.By adding PhoneFactor to the transaction path using the ISO 8583 protocol, card issuers can authenticate transactions with a phone call or text message.

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First Nations Bank of Canada Selects Everlink

First Nations Bank of Canada has selected Everlink Integrated Payment Solutions and Services as their service provider to process transactions. First Nations Bank of Canada joins financial institutions across Canada trusting their transaction processing to Everlink. This new multi-year agreement allows Everlink to provide a growing number of industry-leading products and services to a strong financial institution. Everlink Payment Services is a joint-venture company owned by Fidelity National Information Services and Celero Solutions and provides Electronic Transaction Processing services, EMV Chip, Managed ATM Services and Integrated Payment Solutions.

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Card Penalty Fees Soften in 2010

Card industry advisor R.K. Hammer has released its year-end 2010 results for the credit industry penalty fees assessed during the past year. This is the fourth in the Hammer annual series of seven year-end reports, dealing with all aspects of credit card industry trends: risks, costs, and profits. Some of the report highlights show card penalty fees assessed during 2010 totaled $22.5 Billion in the latest Hammer model. This is down slightly from year-end 2009 of $22.9 Billion. Reasons for the decline include: fewer card accounts on the books due to recent portfolio purges, and delinquency figures improving through 2010. Before 2010, penalty fees in the card business had been on an ever increasing annual climb.

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Chase to Deploy NCR Next Generation ATMs

NCR is set to install additional ATMs at hundreds of Chase locations in 2011 to offer users its multiple deposit tool along with its “SelfServ” cash dispensing. The ATMs are equipped with NCR’s next-generation Scalable Deposit Module (SDM) technology, which is designed for NCR “SelfServ” ATMs, to allow consumers to deposit both cash and checks simultaneously in any orientation through a single slot. This delivers a consumer deposit experience that is twice as fast as other ATMs though the 16,000 Chase ATMs across the United States. The NCR SDM, for example, allows a transaction of five bank notes and two checks deposited in less than 60 seconds. SDM improves the experience for small and medium businesses, such as doctors and small business owners, who on average deposit between 12-20 checks and/or 25-30 notes per transaction.

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nuBridges and Semafone Partner for Tokenization

nuBridges is partnering with UK-based Semafone to deliver data protection solutions to the call centers. Semafone’s payment security technology protects credit card numbers taken by telephone has been integrated with nuBridges “Protect Token Manager” and “Format Preserving Tokenisation.” The Semafone dual-tone multi-frequency (DTMF) technology allows customers to enter credit card data via their telephone keypad instead of speaking it over the phone to mask and send directly to the payment portal-customer service agents don’t hear it. This ultimately enhances capabilities to improve cardholder protection and take order entry systems and other applications out of scope for PCI DSS compliance.

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epay Adds Over 2,000 SunPass Reloading Locations

epay of Euronet, a prepaid and payments processor in the U.S., along with Florida’s Turnpike Enterprise (FTE), has announced its technology to allow SunPass customers reload their accounts and check their SunPass account balance using cash at more than 2,000 epay locations across Florida. SunPass, Florida’s electronic prepaid toll program, is accepted on all toll roads and nearly all bridges statewide. Customers just give their SunPass transponder number to the cashier at any participating retailer, along with the amount of money they want to add to the SunPass account plus a $1.50 convenience fee per transaction. Customers then get back a receipt showing the amount added to the SunPass account. Checking SunPass account balances works the same way, except there is no convenience fee.

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CreditCall introduces Contactless EMV Kernel

CreditCall has added Contactless.LIB contactless payment capability to its EMV Level 2 range of software Kernels allowing terminal manufacturers and payment software developers to integrate Contactless Kernel technology. This allows for Visa contactless and MasterCard PayPass enabled payment acceptance in retail and unattended environments under EMVCo standards and allows support for additional contactless card schemes. Contactless.LIB supports MasterCard’s PayPass M/Chip and M/Stripe in addition to Visa’s qVSDC and MSD functionality.

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MasterCard Appoints Mobile Group Executive

Mung-Ki Woo joined MasterCard as Group Executive, Mobile, to oversee innovation, commercialization and development of go-to-market strategies to support mobile payments. Most recently VP, Electronic Payments & Transactions at the France Telecom – Orange Group, he led the development of the “Orange Money” mobile payment program. He was also responsible for commercial deployment of Orange’s mobile contactless services in their major European markets. Previously, he was Chief Technical Officer of a French interbank organization specialized in electronic money systems. Woo is a graduate of Ecole Polytechnique and Ecole Nationale Supérieure des Télécommunications.

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ElectraCard Services Kicks-off U.S. Operations

ElectraCard Services software solutions for electronic payment systems has commenced its operations in Nebraska, the first of the three International operations planned for ECS during the year. ECS is a subsidiary of Opus Software Solutions and by leveraging the experience and service capabilities of the parent company is seeking to meet the dynamic needs of a highly competitive market through its ‘electra’ suite of payment products. ECS’ American offices will encompass end-to-end operations, most specifically all client facing activities such as Sales, Client Implementation, Post Sales and Services and Support.

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First Data Expands with Getin Noble Bank

First Data electronic commerce and payment processing is expanding its cooperation with Poland-based Getin Noble Bank, for which it will provide contactless card issuing and payment processing. With this, First Data will issue and process MasterCard PayPass debit cards, allowing cardholders to complete card transactions of up to 50 zloty with no need for a PIN nor signature by pressing the card against a terminal reader. The cards are equipped with online and PayPass contactless payments functionality and modern security technology (EMV chip). The contactless cards reduces skimming and feature cryptography to provide security and prevent accidental transactions.

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mPayy Facilitates Philanthroper Donation

mPayy secure online and mobile debit payment network is the exclusive payment processor for Philanthroper, a daily deal site that allows users to donate $1 to vetted nonprofits. The site showcases a new nonprofit “deal” every day, spanning across arts, education, animals, environment, human rights, and health. Philanthroper is advertiser supported and does not take any cut from user donations, for which mPayy offers a secure transaction for users with only a one percent transaction fee for every dollar donation. With this, mPayy allows users the ability to securely and conveniently create a link to their own bank account. Personal information including four unique security questions is collected and sent with Triple DES encryption. The user’s bank information is run against mPayy’s massive database for verification, and if confirmed the user can begin donating immediately. IL-based mPayy is a multi-channel, electronic, alternative payment company that provides a highly secure, easy-to-use, flexible and efficient alternative payment solution.

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