Open Solutions Expands Processing Platform

Four credit unions recently selected Open Solutions’ “DNA-sme” (Standard Market Edition) as their core processing solution. These include three Danville, IL credit unions; Danville Consolidated Credit Union ($6 million in assets), Education Personnel FCU ($35 million) and New Horizon Credit Union ($10 million), as well as Los Angeles, CA based, Hanin FCU ($20 million). The credit unions chose “DNA-sme” due to their existing, successful relationships with Open Solutions. The “DNA-sme” is an open, flexible core system, built on a strong, centralized relational database, designed to be a full-featured, easily implemented and reasonably priced solution targeted toward the more community-oriented credit union market. Open Solutions provides integrated, enterprise-wide data processing technologies for banks and credit unions throughout the United States, Canada and other international markets.

Details

DOP & Banks Provide Rural Credit Cards

The Department of Post (DoP) is set to introduce its “White label Pre-paid Cards” in association with IDBI, HSBC and ICICI banks to rural people for non-cash transactions.
The card will come with pre-determined cash value and could be operated at merchant locations, ATMs and designated post offices subject to approval by the Reserve Bank of India (RBI). The DoP will also finalize the vendors for information technology solutions, for customer interaction management, mail operations, banking, postal life insurance, enterprise-wide human resource management, among others.

Details

Global Axcess Appoints New Board Member

Michael I. Connolly has been elected to the Global Axcess self-service kiosk solutions Board of Directors, which now consists of seven members. Connolly is the founder/CEO of Mount Juliet Ventures, where he has served as CEO or Board member of a variety of both public and private companies, and had responsibility at Mount Juliet Ventures for capitalization, leadership development, profit and loss, and exit strategies for client companies. He also helped create value for Blockbuster, Jamba Juice, Great Clips for Hair, Chili’s, Supercuts, SoftBrands, ElderLife, BuyerZone, Insignia Systems, ElderCarelink, and The Hotel Donaldson. Connolly also was the founder and President of the Tax and Business Services Division at American Express; has a BA in History from Pomona College and an MBA with honors from the Harvard Business School.

Details

FICO Deploys Frictionless Model Deployment

FICO analytics and decision management has made available its ‘version 7.1’ of its “Model Builder” to let analytic developers discover, design and deploy predictive analytics for high-volume decisions. The “Model Builder 7.1” combines industry breakthroughs in scorecard development functionality with a highly visual interface and 64-bit certification to solve very large modeling problems. By dramatically accelerating model deployment, Model Builder can reduce model deployment costs by as much as 75%, while shortening time to value and improving model ROI.

Details

Fifth Third Processing Inks 2 CUs

Education First Credit Union of Columbus, Ohio, and USA One Credit Union of Matteson, Illinois, have signed credit card processing agreements with Fifth Third Processing Solutions. The two credit unions pointed to Fifth Third Processing Solutions’ partnership approach and proven experience growing yield and managing risk as the key reasons they selected the company as their new card processing partner. Both credit unions will have access to easy-to-use portfolio management tools, which enable them to internally manage daily monetary adjustments, including fees, balance transfers, and routine cardholder account updates.

Details

First Data Expands Card Issuing & Processing

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] First Data has agreed to provide card issuing and processing services for the Gospodarczy Bank Wielkopolski MasterCard PayPass “Fan Card.” The “Fan Card” payment card can be used to make contactless payments and ATM cash withdrawals with applications such as as a city travel card, stadium season ticket and parking pass.…

Details

Reliant Security Advances MPS Redbox

Reliant Security PCI-DSS marketer has enhanced its “MPS Redbox” and is set to showcase its latest version. The “MPS Redbox” virtualized security platform comprehensively addresses the requirements of PCI DSS cost-effectively. The “MPS Redbox” now delivers other innovative applications to multitask the appliance in retail environments. Its enhancements include Enhanced Dynamic Configuration; Wireless Intrusion Detection; Hosting Payment Applications; Redbox Music Player; and VPN Connectivity.

Details

2010 Card P/L Under Pressure Despite Growth

Dollar amounts for the 2010 P/L revenue and expense streams for the
credit card issuing industry calculated by investment banker/analyst
R.K. HAMMER indicate 2010 revenue streams totales $163.3 Billion total
for ’10 vs. $166.5 Billion in ’09. This was thanks to interest Income
having totaled $84.9 Billion for ’10 (52% of total revenue), down from
$87.6 Billion in ’09 and fee Income having totaled $78.4 Billion for
’10 (48% of total revenue), down from $78.9 Billion in ’09. Meanwhile,
2010 Expense Streams totaled $144.8 Billion total for ’10 vs. $152.9
Billion in ’09 thanks to operating expense having reached $45.6 Billion
(31.5% of total expense), down from $46.4 Billion in ’09; blended cost
of funds totaling $12.3 Billion (8.5% of total expense), down from
$17.3 Billion in ’09; and net charge offs posting $86.9 Billion (60.0%
of total expense), up from $59.2 Billion in ’09. Finally, the 2010 Net
Pre-Tax Profit reached $18.5 Billion, up from $13.6 Billion in ’09.

Details

VeriFone and Gemalto Advance Partnership

VeriFone Systems and Gemalto announced further developments in their broad strategic partnership, which will feature cooperative efforts in EMV chip card solutions, Verifone taking control of Gemalto’s POS solutions business and Gemalto’s appointment as the preferred supplier of Machine-to-Machine (M2M) wireless modules and related solutions for VeriFone payment systems. With this, they will introduce EMV chip and pin solutions for the U.S. market as U.S. banks, retailers and card networks increasingly acknowledge chip card and contactless technologies as a core component of a comprehensive security infrastructure. The partnership EMV smart card solutions will offer expertise for both issuing and accepting smart cards for a ready infrastructure to advance the U.S. market towards a much more secure and convenient payment method. Gemalto has been designated VeriFone’s preferred supplier of M2M wireless modules and related solutions. For VeriFone’s planned European expansion campaign, the partnership will operate out of France and serve as an ideal initial step. This expansion came within days of VeriFone having taken-over Hypercom. This only after unsolicited September 24th, 29th and 27th proposals Verifone made to acquire Hypercom outstanding shares for $5.25 per share in cash for a total of $290 million, all unanimously rejected by the Hypercom Board (Cardflash Library 2010/10/21).

Details

Fiserv Appoints New VP & COO

Mark Ernst has joined Fiserv financial services technology solutions as executive VP and COO, effective January 3, to provide leadership in integrated product delivery, service quality, and operational effectiveness. Most recently Deputy Commissioner for Operations Support for the Internal Revenue Service, where he was responsible for technology, operations, shared services, human resources, and the chief financial office, Mark was also CEO of Bellevue Capital private investment. Prior to this he served as COO with H&R Block for three years and as Chairman, President and Chief Executive Officer from 2001 through 2007 and in senior management positions with American Express. With a total of more than 25 years in the financial services industry, Ernst’s advanced education includes master’s degree in business administration from the University of Chicago Booth School of Business and a bachelor’s degree in accounting and finance from Drake University.

Details

Payment Systems & Onformonics to Kick-Off PCI DSS Seminar

Payment Systems Consulting is teaming up with Onformonics PCI DSS Training Seminars to offer the 2 day PCI DSS Compliance Best Practices Seminar on Jan.31-Feb. 01 at the Amwaj Rotana hotel in Jumeirah Beach, Dubai, UAE. Organizations who accept or process credit/ debit cards payments such as Financial institutions, service providers, Merchants and generally any organisations falling under the ‘store, process or transmit’ remit, are required by the leading payment brands to comply with the PCI DSS standard in order to mitigate the risks associated with security breaches resulting in data compromises which they inherently carry as a result of handling such sensitive cardholder information. The course will be conducted by Martin Petrov, a Visa PCI DSS Principal Trainer.

Details

Xmas Gift Cards Encourage Bedroom Furniture Sales?

People are realizing that their gift cards can be used online to purchase some of the larger items on their wish list. The problematic weather is also having an effect on consumers going to the stores. Since the best sales are right after Christmas, many consumers are turning to online stores to use their gift cards right away and have found that they can purchase things like that metal headboard that they have been eying. Gift card sales totals for the cards will rise nearly 5% to $91 billion in 2010 after falling for the past two years, with the need to cash in on those gift cards is in high demand. This, according to the Tower Group research firm, also shows consumers prefer the variety available in bedroom decor and accessories over other room-designated furniture.

Details