Meta Payment Announces CARD Act Compliance

Meta Payment Systems announced its compliance of the Prepaid Gift Card Program with the CARD Act. Compliant cards have been available for order by Financial Institution customers since June 17, ahead of the August 22 government deadline. The CARD Act compliant Gift Cards include a new fee structure with a $2.95 inactivity fee after 12 consecutive months; disclosure of fees on the back of the card; a new 8-year expiration period; the expiration date will appear on the front of the card; and a new cardholder terms and conditions accompanied with a new card carrier. Consumers will see disclosure information about all CARD Act compliant changes clearly displayed on all marketing materials.

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Business Confidence Falls For Second Consecutive Month

The number of small business owners seeing conditions for their own businesses getting better in the next six months dropped in July for the second consecutive month. These owners are uncertain about the economic future as the recession hangover continues-and wont go away. The Discover Small Business Watch Index fell to 83.0 for the month, compared to 86.1 in June and 82.0 in July of last year, and now stands at its lowest point since March. For July, 58% of small business owners rated the economy as poor, up from 51% in June, while 7% rated the economy as excellent or good, down from 12% in June. Additional findings show 75% of small business owners believe it is likely or highly likely that the economy will slip into another recession before it fully recovers; 57% feel the economy is getting worse, up from 51% in June; 27% think the economy is getting better; 14% think it is the same; 3% are not sure; 45% report economic conditions for their businesses were worse in July, up from 43% in June; while 30% said conditions were better; 22% reported conditions were the same; 3% weren’t sure; and 73% reported economic conditions strangled their take-home pay, up from 69% for the year ago period.

2010 SMB INDEX
JAN: 85.2
FEB: 85.0
MAR:78.2
APR: 85.1
MAY: 87.4
JUN: 86.1
JUL: 83.0
SOURCE: Discover

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Digital Dining Selects Vendor Safe Technologies for PCI Compliance

Digital Dining PC based hospitality has partnered to resell the Vendor Safe PCI Managed Security “DD Guard” Suite. The “DD Guard” Suite enables Digital Dining’s end users to achieve PCI DSS compliance standards within 30 days. Digital Dining is approaching its twenty-sixth year in business while Vendor Safe Technologies has developed, deployed, and supported innovative security technologies, allowing PCI Level 2, 3 and 4 merchants to become PCI compliant with its “Self Configuring Firewall Architecture” and “Global Security Mesh/VPN” within 30 days.

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Fis launches eLearning Offering for Dodd-Frank Act

Fis banking and payments technology has launched two new e-learning offerings to educate on the new Dodd-Frank Wall Street Reform & Consumer Protection Act. FIS has also extended support of its e-learning solution for Fair Credit Reporting Act (FCRA) compliance. With the act significantly changing the operating environment and supervision of financial services institutions, the FIS e-learning offering, “Dodd-Frank Wall Street Reform & Consumer Protection Act: What Every Financial Institution Must Know,” provides a walkthrough of each act provision from a strategic vantage point for board of directors and members of management. It includes impact analysis, risk management and strategic planning recommendations.

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Retail Pro Announces New HP POS Certifications

Retail Pro scalable POS solutions has received certification for its “Versions 8” and “9” on the HP ap5000 and HP rp5700. Retail Pro’s flexible architecture includes POS, store management and back-office/merchandising capabilities to allow retailers to operate retail enterprises ranging from small chains to large multi-national, multi-channel, multi brand conglomerates, as well as franchises and manufacturer’s outlet stores. Retail Pro International is a global leader in POS, Store Operations, and Back-Office software applications for the specialty retail industry.

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MONEYGRAM

MoneyGram International global money transfer has signed the Savings Bank of the Russian Federation (Sberbank), expected to be MoneyGram’s largest regional agent. The bank will introduce MoneyGram services initially in more than 7,000 locations with plans to expand to 10,000 bank branches. Russia is the third largest send market in the world after the U.S. and Saudi Arabia. Countries that receive the most in remittances originating in Russia are: Uzbekistan, Tajikistan and Ukraine. Russia is also in the top 20 receive countries in remittances. The MoneyGram International network is comprised of 200,000 agent locations in more than 190 countries and territories.

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MosChip Launches Four Multi-Function PCI Express Chips

MosChip Semiconductor Technology high performance connectivity solutions has announced its “MCS99XX” multi-function “PCI Express” (PCIe) controller chipset consisting of four devices. The connectivity controller chips provide built in support to enable a variety of PCIe to multiple I/O (IO) connectivity options. Well-suited applications include connectivity for docking stations in popular media players; serial attached devices; serial networking / monitoring equipment; POS terminals; parallel / printer ports; add-on serial and / or parallel I/O cards; embedded systems I/O expansions; and industrial control, security, monitoring and PC applications. The MosChip fabless semiconductor company was founded in 1999 with headquarters and a design center in Hyderabad, India.

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INTERSWITCH

Interswitch switching transaction and electronic payment processing firm has attained the PCI DSS certification, joining the group of over 1,000 service providers worldwide. External auditors from Qualified Security Assessors (QSA) and Approved Scanning Vendors (ASV) have meticulously examined and tested Interswitch’s software architecture to ensure that it meets the highest security levels. Interswitch is the first company in Nigeria to achieve PCIDSS compliance and joins the elite group of 21 other companies across Central Europe, Middle East and Africa.

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Ceridian Corporation Names New CFO

Stuart C. Harvey, Jr. has been named CFO with Ceridian Corporation payroll, benefits and payment solutions, effective August 16. Most recently the CFO with Elavon global payment solutions, Harvey was a managing director with the investment banking firm of Piper Jaffray in Minneapolis. He is a graduate of Saint John’s University in Minnesota, earned a law degree from The National Law Center at The George Washington University and an MBA degree from the J.L. Kellogg Graduate School of Management at Northwestern University. Ceridian is a leader in payroll outsourcing, gift cards and corporate expense management, concentrating on payment innovation.

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EPS

Net1 Universal Electronic Technological Solutions has received an order for a further 1.2 million Universal Electronic Payment System (“UEPS”)-enabled smart cards from the Iraqi Government. NUETS expects the delivery of these cards to commence towards the end of September 2010 at the rate of 200,000 cards per month. Since the project’s inception in August 2008, NUETS will have provided a total of 3.45 million UEPS smart cards to the Iraqi consortium for the distribution and payment of government grants to war victims, government pensioners and beneficiaries of the Ministry of Women affairs, as well as salary and wage payments to employees of the two Iraqi state banks. Over 1.5 million UEPS smart cards have been issued to beneficiaries to date with monthly grant payments reaching 600,000 beneficiaries per month, as payments are effected by Government on alternative months.

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GlobalPlatform Launches Client API specification

GlobalPlatform has launched a “Trusted Execution Environment (TEE) Client Application Programming Interface” (API) Specification to support mobile devices and manage applications containing sensitive data in a trusted manner. The TEE is a secure area that resides in the main processor of the phone and guarantees that sensitive data is stored, processed and protected in a trusted environment. GlobalPlatform’s “TEE Client API” Specification defines the communication between applications running in a rich operating environment, typically on top of a smartphone operating system, and the applications residing in the TEE.

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