Intacct and 2C Processor USA (2CP) have partnered to deliver integrated credit card processing solutions for Intacct clients. 2CP provides a fully PCI compliant payment gateway along with merchant processing solutions, integrated with the Intacct cloud financial management system. 2CP has also joined the Intacct-Ready Partner Program, which is designed to create an ecosystem of pre-integrated best of breed cloud-based applications for Intacct clients. The integration between 2C Processor USA and Intacct enables joint customers to simplify billing and accounting functions related to credit card processing. With TPro from 2CP, all invoicing, credit card processing and recurring billing activities handled through 2CP automatically flow into the Intacct financial management system.Details
EnStream mobile commerce domestic person-to-person (P2P) money transfers are now free through the “Zoompass” Mobile Wallet. With “Zoompass,” users can now pay back friends without incurring any fees. These everyday transactions can now be done electronically, more conveniently and at no cost via the Zoompass Mobile Wallet. Users can also use the service for larger transactions with just a few keystrokes on their mobile phone.Details
uMonitor has partnered to provide a full integration of its account opening and money transfer services for the Beacon Internet Banking Platform, offering Beaconâs financial institution customers online financial solutions. The Beacon Internet Banking Platform enables banks and credit unions to develop a business-critical Internet banking presence using a single platform that is managed in-house or hosted in its data center, ensuring total security of information and protection of customer relationships. By integrating with uMonitor services, financial institutions can automate the setup of new accounts while also improving application completion rates, regulatory compliance, back office efficiencies and customer satisfaction.Details
Credit card charge-offs have declined for the third straight month while poor consumer loan demand has kept the credit card industry relatively flat. Major credit card companies like American Express and Capital One Financial recent quarterly profits beat expectations. Both American Express and Capital One Financial released their earnings last Thursday with profits close to a triple of what it was the same quarter in 2009. Both companies have seen losses on bad loans decline for the quarter. The tightening of consumer spending due to the economic crisis and lower employment rates has kept the companies in check.Details
FICO analytics and decision management technology has launched its “FICO 8 Score” for consumer credit risk assessment. To the more than 2,500 banks and financial institutions having adopted the neoffering, “FICO 8 Score” provides enhanced predictive analytics of the new score. The “FICO 8 Bankcard Score” has resulted in a gain of up to $5.5 million on 2 million newly booked credit card accounts and for account managers across the entire card portfolio could produce an estimated $12 million in net new profit. The new score will assist the lender in segmenting their customer base for cross-sell promotions and credit line increases. FICO Scores are in use at more than 90 of the 100 largest U.S. financial service institutions and is available to lenders in 20 countries.Details
Credit card charge-offs have declined for the third straight month, but poor consumer loan demand has kept the credit card industry relatively flat.Major credit card companies like Discover Financial Services posted quarterly profits. However, the tightening of consumer spending due to the economic crisis and lower employment rates have kept some companies in check. Customers without jobs are now hesitant to get into debt, and customers with good jobs, acutely aware of their privileged position, are also purchasing less on credit.Details
Ikano Bank and PBS have centralized the processing of the Bank’s card transactions. With this, PBS now processes card payments for Ikano Bank in Denmark, Sweden, Norway, Finland and Germany. Ikano Bank’s primary business area is issuing debit and credit cards, either private label cards or co-branded cards in cooperation with its business partners. Ikano offers a standardised solution at a favourable price and the bank is therefore an attractive partner for businesses aiming to issue new co-branded cards in Denmark, Sweden, Norway, Finland or Germany. In 2007, Ikano Bank and PBS entered into an agreement for PBS to support Ikano’s card business in the countries where Ikano Bank operates.Details
Zitouna Bank in Tunisia has selected the Gemalto digital security “Dexxis Instant Issuance” solution for on-the-spot EMV card personalization across the bank’s branches nationwide. Zitouna is the first bank in Tunisia to introduce innovative services adapted to Islamic financial practices. The newly opened bank is also the first in the country to offer instant issuance and on-the-spot delivery of payment cards that enable its customers to use their new payment cards immediately. The “Dexxis Instant Issuance” solution forms a part of Zitouna’s marketing strategy to differentiate its offers while offering the same high security level and quality of service as in traditional large-volume personalization methods.Details
Blackhawk Network prepaid and financial payments products for consumers and businesses, announced the ability to earn “AIR MILES” reward miles with gift card purchases from the company’s Gift Card Store. Consumers buying gift cards at their local Canadian Safeway stores will earn one reward mile for every $20 of gift cards purchased within a single transaction.
Consumers can choose from a selection of over 70 retailers and restaurants that are available in Blackhawk Network’s Gift Card Store locations. The promotion excludes Safeway gift cards and other exclusions may apply. The offer cannot be combined with AIR MILES Coupons or Customer Appreciation Day.
Global Cash Access cash access solutions and data intelligence for casinos has received unanimous approval from the Nevada Gaming Control Board (NGCB) to begin a product field trial of its “QuikTicket” product in Nevada. The “QuikTicket” was designed to allow casino patrons to have the choice of receiving either cash or a slot ticket when conducting an ATM transaction. If the patron chooses to receive a slot ticket, the ticket can then be used directly in an electronic gaming device or redeemed for cash. QuikTicket also supports GCAâs Self Transaction Exclusion Program (STeP), a key element of GCAâs responsible gaming initiative that allows patrons to exclude themselves from access to their own funds from any cash access device within GCAâs network. Once GCA has finalized receipt of the required approvals from the VISA and MasterCard card associations and a beta-site is selected, a product field trial will commence with the approval of the Nevada Gaming Control Board Technology Lab.Details
Mike Passilla has been promoted president and CEO with Elavon, the U.S. Bancorp global payments provider , effective August 16. He was most recently executive VP at Elavon, responsible for leading global business development and brings with him more than 20 years of sales, marketing and operational experience in building successful organizations and optimizing go-to-market strategies. He also served as president of North America for Inforte Corporation, a strategic managed services company, is a graduate of the University of Notre Dame and earned an MBA from The J.L. Kellogg Graduate School of Management at Northwestern University. In his new role, he will continue to extend Elavonâs global reach through partnerships with solid organic growth in existing markets.Details
Wright Express payment processing and information management services reported financial results for 2Q/10 with revenue having increased 17% to $91.4 million from $77.9 million the year ago period. Wright total fuel transactions processed were level with the 2Q/09 at 66.3 million; payment processing transactions increased 2.5% to 52.9 million, and transaction processing transactions declined 8% to 13.4 million; total revenue for the fleet segment grew 15% from the second quarter of 2009 to $78.4 million; fleet payment processing revenue increased 23% from the second quarter of 2009 to $54.5 million; average expenditure per payment processing transaction increased 24% from the second quarter of 2009 to $58.74; average retail fuel price increased 23% to $2.87 per gallon from $2.33 per gallon in 2Q/09; total MasterCard purchase volume grew 34% to $1,036 million, from $771 million for 2Q/09. For the full year 2010, the Company expects revenue in the range of $354 million to $364 million.Details