Fed to Kick Paper Checks to Curb in 2011

Saving Social Security $1 billion over the next decade, the U.S. Department of Treasury will now provide all federal benefits through direct deposit or prepaid MasterCard, including payments to more than 8 million workers receiving Social Security Disability Insurance (SSDI) benefits. Paper checks no longer will be issued to individuals applying for benefits and must choose either direct deposit into a bank or credit union account or deposit onto a “Direct Express” Debit MasterCard. Those already receiving paper checks will need to switch to one of these options by March 1, 2013. Those who do not choose will automatically be switched to the debit card payment method. Making certain recipients understand the costs and benefits of their choices is essential for a smooth transition, according to Allsup SSDI representation.

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Green Dot to Issue Tax Refund Debit Card

Green Dot prepaid financial services will provide its “MyAccountCard” Visa Prepaid Card program and manage the U.S. Department of the Treasury pilot program whereby Americans can their federal tax refunds through direct deposit. Issued by Bonneville Bank, Green Dot “MyAccountCard” Visa Prepaid Card was selected to serve as the exclusive reload network for the prepaid debit cards. It provides to those who do not have a traditional bank account a safe, convenient and low-cost option to receive their tax refund. The prepaid debit card program is designed to give moderate and low-income Americans the opportunity to use an FDIC-insured reloadable prepaid debit card as a safe convenient and cost-effective tool to manage their daily financial needs and can be reloaded with income after the tax funds have been spent.

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E-Commerce Developing in Rebounding Economy

The Chinese economy weathered the financial crisis in 2009, but was still impacted enough to show a strong rebound in 2010 after a one-year adjustment while the global economy remained sluggish. The severe impacts of the financial crisis led to reflections on China´s commodity marketplace. For a long time, China´s traditional commodity transaction mechanism has kept many enterprises, especially small and medium processing manufacturing enterprises, lagging behind the market development in terms of production as well as access to and management of order information, which makes it difficult for them to respond to the international market demand promptly. China´s commodity marketplace system is not so well developed as the Western countries, while the application of e-commerce is still at an initial stage. Learning from the developed capitalist countries´ experiences and combining them with China´s actual demands is necessary for the development of e-commerce in China´s own commodity marketplace.

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eBay Completes Acquisition of brands4friends

eBay completed its previously announced acquisition of brands4friends online shopping club for fashion and lifestyle. In accordance with the terms of the acquisition agreement announced on Dec. 20, eBay acquired brands4friends for a transaction value of approximately US$200 million (EUR150 million) in cash. brands4friends.de has approximately 3.5 million registered club members, who are on average 32 years old and has successful international operations in Austria, the U.K. and Japan.

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Government Rallies Behind Prepaid Card Market

The Indian prepaid credit market, estimated to have crossed US$ 4 Billion at the end of 2009, is expected to only see more growth thanks to favorable government regulations. With 20% of the 1.2 Billion Indians currently implementing payment cards in one form or another, most are keen to the benefits of a prepaid card. This, according to RNCOS’ “Indian Payment Card Market Forecast to 2012”, also shows the Indian prepaid card industry has been experiencing sizeable growth thanks to the government regulations which have allowed RBI to bring close and semi-closed loop cards under the Payment and Settlement Act.

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Citibank and Chase Drop FX Fees

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Capital One has been the only major brand card that does not charge a foreign exchange fee, the 2% that AmEx and the 3% Visa and MasterCard charges. In response, CitiBank is introducing cards without foreign exchange fees with its “ThankYou” credit card line. Also, Chase co-branded cards with British Airways,…

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Nordea joins BankID

Nordea has decided to join the BankID electronic identification infrastructure and is to start to issue BankID electronic identifications, which is supported by nine Swedish banks. The majority of these banks also use BankID for electronic identification and signing at their Internet banks. At present there are 3.8 million active users of electronic identifications in Sweden, as well as a 1 000 services. With current growth a total of 4.5 million is anticipated by the end of 2011. BankID electronic identification in Sweden is based on the PKI (Public Key Infrastructure) technical standard and has been developed by a number of large banks for use by members of the public, authorities and companies.

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Vodafone Files Terminations in Breach

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Vodafone has terminated employees in subsequent to its investigation into the leaking of customer data, following a thorough review of IT systems security, processes and training. The Company also implemented new security practices in response to media reports customer data had been leaked to public knowledge via the Internet. Among the…

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Czech Bank card Association joins EAST

The Czech Bank Card Association (BCA)- originally formed in 1991 as the Interbank Payment Card Association- has just joined EAST (the European ATM Security Team) as the national representative member for the Czech Republic. The BCA initiative is to coordinate activities of the Czech banking community and to promote the development of payment cards, including preparations for the Single Euro Payments Area (SEPA). The BCA Security Committee deals with the issues of security and security standards in the area of payment cards, takes action against payment card fraud, and delegates co-operate with their counterparts from individual payment card issuers and processors and with the international card companies and the Czech police authorities. Both Canada and Russia are represented at EAST as non-SEPA members and EAST is seeking to establish links with parties in any country, able to share national incident and loss statistics for ATM related fraud and physical attacks.

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