Memento Appoints New CEO

Memento a leading provider of enterprise fraud management solutions for financial institutions, today announced that John E. O’Malley has joined the company as its Chief Executive Officer. Mr. O’Malley brings over 20 years of strategic vision and successful execution in financial services and technology markets to Memento. With broad executive experience and a deep understanding of how to bring innovative technologies to the financial services sector, he is exceptionally well-qualified to lead Memento through its rapid growth.

“I am pleased to hand the reins of Memento to an industry veteran who brings a superb mix of banking industry experience and a solid track record of taking companies like Memento to the next level,” said Memento’s founding and outgoing CEO, BC Krishna. “John O’Malley is a proven leader who also brings a passion for delivering value and exceeding customer expectations – traits that are deeply rooted in Memento’s DNA.” Mr. Krishna led the executive search process and will remain an active advisor and member of the Board of Directors.

John O’Malley is an expert in developing high performing companies and helping financial institutions solve important business challenges. His broad execution, leadership and strategic planning skills have helped Mr. O’Malley drive innovation and operational excellence at several influential financial services technology companies. As President and CEO of Harland Financial Solutions, Mr. O’Malley managed multi-business unit operations with over 1,800 employees and grew revenue from $17M to over $300M. Additionally, Mr. O’Malley’s leadership led to significant growth at Fiserv where he served as President of the CBS Division and also at Hogan Systems (acquired by Computer Sciences Corp.) where he was Executive Vice President of International Operations.

“Memento is a nimble, high energy company with unique competitive advantages that brings a powerful, proven approach to some of the most important and costly fraud challenges that banks and credit unions face today,” said John O’Malley. “I am proud to join the passionate, talented team at Memento and am excited to deliver a new class of fraud and regulatory capabilities to financial institutions across the industry.”

About Memento

Memento, Inc., a leader in enterprise fraud management, delivers next-generation technology and proven solutions that allow financial institutions to rethink the way they combat and manage fraud. Memento Security, the company’s award-winning software platform, protects deposit accounts from wide-ranging, costly threats and enables key stakeholders to measure the true value of loss prevention investments. Trusted by the world’s largest and most influential financial institutions, regional banks, and credit unions, Memento offers exceptional accuracy, rapid ROI, and unmatched business value.



Allpoint Network Cardtronics affiliate and surcharge-free ATM network has partnered with Customers Limited owner/operator of ATMs in Australia. With this, Allpoint is to expand by more than 5,000 locations. The Customers ATMs, which represent approximately 20% of all ATMs in Australia, will carry the Allpoint logo and will be surcharge-free for both United States and Australian participating financial institution cardholders. This allows Customers to provide surcharge-free cash access to its cardholders at ATMs located in retail locations. With the additional coverage, Allpoint now provides global surcharge-free access to over 40,000 ATMs across three continents.


VSoft Adds Industry Veterans to Fan Growth

VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced the addition of Rich Longo, TJ Jones and David Duvall to support the company’s new core platform, its diverse client base and its rapidly expanding imaging solutions, respectively.

“We expect them to be a driving force for our continued growth and to have an immediate, positive impact on our progressive year.”
The additions offer added support and resources to support VSoft’s expansion this year. In 2010, the company introduced CoreSoft, its new core solution, reached a milestone with 4,000 credit union branches leveraging its imaging solutions and also added a top–25 bank to its remote deposit capture client base.

Longo joins VSoft as manager of the CoreSoft Banking & Credit Union Solution. He is responsible for driving the future strategy and direction of CoreSoft, a core processing solution built on Service Oriented Architecture (SOA). Prior to VSoft, he was a senior core banking, technology and compliance consultant with both Metavante and Open Solutions. Longo also has been part of senior management with both a major credit union and bank located in the southeast. With his financial industry experience, Longo brings a thorough knowledge of commercial and consumer credit policy, regulatory compliance, back office operations and retail banking management to VSoft.

As a senior solutions engineer for item processing, Duvall brings more than 32 years of banking experience to VSoft, including operations management and product management knowledge. Most recently he served as the head of product management for Carolina First Bank. In this position, he provides sales support and serves as a liaison for VSoft’s project manager and implementation team. Duvall is responsible for education, customer relations and product planning for the company.

In his role as a large financial institutions relationship manager, Jones leverages more than 20 years of payments and image processing experience to provide services and consultation to VSoft clients. Previously, Jones was manager of application development for IBM, and he also worked at several of the nation’s leading imaging solution providers, including Carreker Corporation, Endpoint Exchange and Panini.

“Rich, TJ and David have each made significant contributions to the banking industry and bring unique and valuable experiences to our team,” said Murthy Veeraghanta, chairman and managing director of VSoft Corporation. “We expect them to be a driving force for our continued growth and to have an immediate, positive impact on our progressive year.”

About VSoft Corporation

Established in 1996, VSoft Corporation is a global provider of financial technology solutions that improve service, reduce cost and maximize efficiency. Its broad image-based solutions include distributed deposit and payment capture across all points of presentment, back office check processing, image exchange, document management, and remittance and lockbox operations. Customers include banks, credit unions, savings institutions, transaction processors, governments, utilities, telecommunications and retail organizations. VSoft’s proven products and services ensure versatile and rapid delivery of solutions to mission-critical needs. Included in the 2007, 2008 and 2009 Inc. 5000, the 2008 and 2009 Software 500, and recognized as a Top 10 Fastest Growing Company in Atlanta in 2008, VSoft’s solutions are used by more than 1,900 financial institutions worldwide. For more information call 770.225.7692 or visit



Travelex foreign exchange specialist has made available the “Cash Passport MasterCard” electronic traveler’s check in collaboration with the Bank of China (BOC) and MasterCard. Jointly launched by the three parties in China, the “Cash Passport MasterCard” is designed to meet the consumption demands of the Chinese during their vacations and study trips abroad. It provides more secure, convenient and thoughtful services for travelers in three foreign currencies, including USD, Euro and GBP. By topping up the e-traveler’s cheques in advance, users are able to use them at more than 30 million MasterCard acceptance locations including over 1 million ATMs with MasterCard logo for local currency withdrawals overseas. Users can repeatedly top up their checks as well as track transaction details and available balance online or through customer services.


Kirkpatrick Bank Deploys NetSecure eBanking

NetSecure Technologies, a provider of online transaction security hardware and software, announced Edmond, Okla.-based Kirkpatrick Bank ($500 million in assets) will offer SmartSwipe, an online purchase security system, to help protect customers’ private and financial information, while they shop online.

According to bank officials, Kirkpatrick Bank selected NetSecure’s SmartSwipe to provide proactive protection against existing attacks as well as new emerging attacks designed to steal sensitive personal information. The bank will begin offering SmartSwipe to customers in December.

“Credit card fraud continues to be an increasing problem for consumers all across the nation,” said Robert Banks, Chief Operating Officer for Kirkpatrick Bank. “By offering SmartSwipe to our customers, we will help eliminate fraudulent activity and provide a safer environment for banking and shopping online. We’re excited about this new offering and confident our customers will quickly adopt this technology.”

By leveraging NetSecure’s Dynamic SSL technology, SmartSwipe secures sensitive data at the point of origin, before it ever reaches the computer, protecting sensitive financial and personal information from endpoint threats such as keylogging, spyware and man-in-the-middle attacks. Now, Kirkpatrick Bank’s check card holders can swipe their check card from their home computer just like in a store. Using the same level of encryption found in ATM’s, SmartSwipe encrypts the card information while being swiped, rendering it unreadable to hackers and malicious programs.

A strong proponent of proactive security, Kirkpatrick Bank also offers fraud seminars to educate customers on the risks of check card fraud, providing preventative strategies to avoid identity and financial theft. Its Fraud Watch system provides an additional layer of security, monitoring customers’ accounts and alerting of any abnormal activity.

According to Daniel McCann, president of NetSecure Technologies, “End-to-end encryption is the only way to effectively prevent credit card fraud, and consumers have already demonstrated their demand for such an effective solution. In a recent survey of 1,000 consumers and small businesses, we found that 70 percent of respondents who bank or shop online would use an online purchase security system, such as SmartSwipe, if their financial institution or credit card company offered it. Institutions like Kirkpatrick Bank are ahead of the curve in proactively offering customers a solid security solution.”

About NetSecure Technologies

Established in 2006, NetSecure Technologies Ltd. is a technology company focused on developing patented security solutions for online transaction security. Where consumer information is the most vulnerable: the point of origin. With its recent release of SmartSwipe, an online purchase security system, NetSecure is dedicated to providing consumer-oriented, next-generation online payment solutions to break down the barriers that prevent consumers from fully embracing the online marketplace. For more information, please visit


Citigroup Posts 3Q/10 Net Income of $2.2 Billion

Citigroup reported 3Q/10 net income of $2.2 billion for a third consecutive quarterly operating profit, but was down $529 million, or 20%, from the prior quarter. The Transaction Services segment saw a net income of $920 million and was down 1% from the prior quarter, reflecting consistent strength in the business, despite a low rate environment, and continued investments, as growth in Latin America and Asia was offset by declines in North America and EMEA. On a global scale, North America saw a 3Q/10 Regional Consumer Banking segment revenue of $3.7 billion, flat since the previous quarter and down from the year ago figure of $3.8 billion, while the EMEA saw 3Q/10 revenue of $349 million, compared with $376 million in 2Q/10 and the year ago figure of $415 million. Meanwhile, North American Transaction Services saw revenues of $620 million for the quarter, compared with $636 million last quarter and $643 million in 3Q/09, and EMEA Transaction Services totaled $835 million for the quarter, compared with $848 million last quarter and $845 million last year.


Electronic Payment Exchange Appoints EVP

Karl A. Towns has been appointed executive VP with Electronic Payment Exchange (EPX) payment processing services. Bringing with him more than 25 years of
experience in banking operations, financial services, and executive management, he will direct and grow EPX’s banking alliance strategy, primarily by
increasing EPX’s customer base and revenues through profitable partnerships with financial institutions. Towns is a graduate of the ABA Stonier Graduate
School of Banking, has worked closely with the Federal Deposit Insurance Corporation (FDIC) to ensure compliance and enforce policies in the electronic
banking industry, is an educational advocate for children with autism and is a former member of the Philadelphia African American Chamber of Commerce.


BancTec Board Adopts Stockholder Rights Plan

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] BancTec announced that its Board of Directors has adopted a stockholder rights plan (the “Rights Plan”) designed to protect company stockholders in the event of takeover activity that would deny them the full value of their investment. The Rights Plan was not adopted in response to any specific takeover threat. In…


ATMIA Applauds USJD for Anticompetitive Action

The global non-profit ATM Industry Association is applauding the US Justice Department and seven states in suing American Express, MasterCard and Visa for anticompetitive practices relating to credit or charge cards. The Justice Department, followed by the seven states, alleged in the lawsuit that American Express, MasterCard and Visa were “attempting to insulate themselves from competition” and that “each has suppressed competition with rival networks”, all in violation of Section 1 of the Sherman (anti-trust) Act. The government argued that these practices have led to increased costs for the affected merchants, resulting in higher prices for the consumer. The ATMIA, which represents the owners of approximately half the total installed base of ATMs in the United States, will work with the Attorneys General and Department of Justice to pursue a resolution of these industry restrictions in order to stop the erosion of ATM competition in the country. The issuing networks have entered into a Consent Decree with the Department of Justice consistent the Companies’ business practices. The settlement will require the associations to modify its rules to more specifically conform to its business practices after a two-year investigation of their acceptance rules and practices. With this, all ten State Attorneys General who had requested information or opened investigations of MasterCard’s merchant acceptance business practices have closed their investigations while Visa will let U.S. merchants offer discounts or other incentives to steer customers to a particular form of payment and plans to change its relevant rules. The settlement agreement does not address Visa’s rule prohibiting U.S. merchants from surcharging consumers. The NRF is welcoming the settlements ending Visa and MasterCard, which it says block discounts to retail customers. According to the NRF, Interchange fees totaled $48 billion in 2008, three times the amount collected when NRF began tracking them in 2001, and are hidden from most consumers because they are not disclosed on monthly statements. Meanwhile, American Express declined to join the settlement and is challenging its government lawsuit filed against the company on behalf of the DOJ claiming terms of American Express merchant contracts, which protect cardmembers against discrimination and disruption at the point of sale, violate U.S. antitrust laws. AmEx protests the suit is proposing to interfere with consumer choice at the check-out counter by steering American Express cardmembers to another payment network (CardFlash Library (2010/10/05).


NCLC Applauds End of 650% MetaBank Prepaid Card Loan

MetaBank disclosed in a filing October 12 with the SEC that the bank’s regulator, the Office of Thrift Supervision (OTS) “has determined that the Bank engaged in unfair or deceptive acts or practices” in connection with the iAdvance program. Subsequently, MetaBank will no longer be offering its 650% payday loans on prepaid cards as a result of action by the (OTS). The MetaBank “iAdvance” line of credit was available to consumers who have their public benefits, unemployment insurance or wages directly deposited to a prepaid card. The advances cost $2.50 per $20 borrowed and are repaid automatically with the next direct deposit, whether one or 30 days later. The minimum APR is 120%, but if the loan is taken out a week or less before payday, the loans would cost at least 650% APR.


Alliance Data Posts 3Q/09 Performance

Alliance Data Systems Corporation loyalty and marketing solutions derived from transaction-rich data, provided an update on its Private Label segment. In conjunction with the release of the Company’s Master Trust Monthly Noteholder’s Statement, the Company is releasing similar metrics for the overall total managed portfolio. The Master Trust data represents a subset of the Company’s total managed portfolio, and the Company believes the information presented below provides a more complete view of the Private Label segment.

ADS 3Q 2010 Performance
Average Receivables $4.9mm
Y/Y Portfolio Growth 16%
Net Charge Offs $102,108
Net Charge Offs Receivables 8.3%
Delinquency Rate 6.2%


BluePay Processing Offers Payment Processing Solutions

BluePay secure merchant account solutions is continuing to advance credit card processing solutions with new mobile credit card processing. Helping merchants improve profits wherever their business takes them, BluePay mobile payment accommodates clients to tap every sales opportunity at trade shows, community events, door-to-door efforts and more. BluePay’s credit card processing equipment, machines and services include traditional credit card terminals, wireless credit card terminals, e-commerce gateways, electronic invoicing and a free terminal program. BluePay also offers ROAMpay’s mobile processing solution, which allows merchants to download a mobile processing application to their current phone, eliminating the need to purchase new devices or hardware. Completing transactions securely involves entering credit card information into the phone and sending out the encrypted data for authorization. Receipts can be emailed to customers, and with some services, merchants can access reports and technical support through a mobile portal. BluePay processing equipment is compatible with Hypercom, Nurit, Verifone processing systems and more.