Experian Acquires RentBureau Multifamily Division

EXPERIAN
Experian global information services company has purchased RentBureau credit bureau for the multifamily industry, bringing to the company an extensive rental payment database for property managers and resident screeners. RentBureau’s database receives rental payment histories every 24 hours from its national network of apartment owners and managers, which currently includes more than 7 million residents nationwide. The planned inclusion of rental history in credit files promises a great benefit for renters, especially those among the United States’ 50 million underbanked consumers. Rental lease payments will be leveraged by consumers to qualify for new leases or other financial products that they deserve. As a result, members receive centrally stored, integrated verification of new applicants’ payment history as part of their existing apartment applicant screening services. Experian also will offer its resident screening partners this robust data to significantly reduce the risk of skips, bad checks, evictions and property damage.

Details

FreedomPay Transaction Gateway Tops 1,000 2009 Clients

FreedomPay intelligent transaction management solutions passed the 1,000 client milestone for its “FreeWay” Software as a Service (SaaS) payment and transaction gateway. First launched in April 2009, “FreeWay” breaks down the traditional silos that have long encumbered payment processing and transaction businesses. It enables greater marketing effectiveness and visibility through newly-available intelligence and analysis. FreeWay joins all areas of payment and transaction processes into a single, easy-to-use interface and reporting system, eliminating the need for companies to change or add system architecture. The “FreeWay” architecture is ideal for continuously expanding or changing retailing enterprises that have franchised, and have multiple and disparate locations.

Details

Trustwave Unveils End-to-End Encryption Software Solution

Trustwave information security and compliance solutions is set to implement its end-to-end encryption solution for the payment card industry. Persistently encrypting this data renders it unreadable to unauthorized third parties, such as hackers, who try to steal sensitive information, offering another layer of defense against hackers or any unauthorized third party. Implementing end-to-end encryption helps merchants reduce the scope of their PCI DSS compliance validation process. While merchants are required to validate compliance, if cardholder data is encrypted, the applicability of the PCI DSS review to their business is greatly narrowed. This helps reduce merchants’ compliance costs and significantly lowers the risk of a card compromise. Many industry experts agree that this approach – end-to-end encryption – is the future of credit card security.

Details

SmartMetric Files Motion in Visa MasterCard Case

SmartMetric has filed an opposition to defendant MasterCard Incorporated and Visa’s June 14, 2010 “Motion to Dismiss for Failure to State a Claim.” In its opposition to the defendant’s motion to dismiss, SmartMetric is reiterating the defendants have adequate information to answer, and the Court should subsequently deny their motion and Order defendants to do so. A hearing on the defendant’s motion is presently scheduled to be heard on July 12, 2010 at 2:00 pm in the United States District Court for the Central District of California. SmartMetric has developed a portable biometric identity and transaction card capable of storing a wide variety of personal information while protecting you against identity theft and fraud.

Details

Wincor Nixdorf Launches CINEO System in US

Wincor Nixdorf IT solutions and services to retailers and retail banking has launched its “CINEO” System Family to the U.S. retail banking market. The “CINEO” family is part of Wincor Nixdorf’s Cash Cycle Management solutions portfolio, which is designed to automate cash processes in banks and retail enterprises to the greatest possible extent and to shorten the cash logistics chain. This is achieved through a banknote storage concept that has been standardized for use in banking and retail scenarios. The storage concept makes it possible to exchange cassettes between devices from the new CINEO system family. This allows banknotes deposited at the counter in a bank branch and stored in intelligent cassettes in an automated teller safe can be made available again for dispensing on ATMs.

Details

Credit Card Charge-offs up .09% Y/Y

Moody’s Credit Card Indices indicate 10.71% of securitized credit card loans were written off as uncollectable in May, slightly higher than the 10.62% in May 2009 but down from 10.91% in April, according to the Associated Press. Moody’s said cards with payments that are 30 to 69 days past due declined for a seventh-straight month, and is now close to the historically low range seen in 2006 and 2007. The payment rate also improved to 18.59%, 10% higher than a year ago, while unemployment, an important factor in charge-offs, is expected to plateau in the second half of the year at around 10.1%. Combined with the steady improvement in the delinquency rate and payment rate throughout the spring, Moody’s said that supports its view that charge-offs have peaked.

Details

Discover Reports 2Q/10 Net Income up $258mm

Discover Financial reported 2Q10 net income of $258 million compared to the year ago figure of $226 million. This was thanks in part to $23 billion in card sales volume, an increase of 6% year-over-year; net charge-offs being down $81 million and over 30 days delinquencies down $266 million from the prior quarter; and the continuously dropping net charge-off rate of 7.97%, which is expected to drop to between 7.5% and 8%. Additionally, Discover Payment Services’ showed continued strong results with profit before tax up 36% from the prior year to $36 million, and transaction volume of $37 billion, up $10 million from the prior year. Revenues were up $6 million, reflecting an increase in the number of transactions and higher margin volume on the PULSE network and lower incentive payments as well as higher Diners Club revenues. Meanwhile, Payment Services dollar volume was $37 billion, up 1% from the prior year.

U.S. CARD PRE-TAX PROFITS
1Q/09: $167.0 million
2Q/09: $387.9 million
3Q/09: $912.8 million
4Q/09: $546.5 million
1Q/10: $207.6 million
2Q/10: $258.0 million
Source: CardData (www.carddata.com)

Details

MasterCard Initiative to Drive Global Innovation

Partners in Prepaid

MasterCard Worldwide launched its “MasterCard Partners in Prepaid” initiative to stimulate MasterCard’s collaboration with partners and customers around the world and drive growth in prepaid. This will focus on delivering innovation; sharing of global best practices; investments in partner growth; and in simplified interactions. The initiative aims to accelerate innovation and engagement to deliver the best prepaid solutions for the marketplace. “MasterCard Partners in Prepaid” will also build on the dynamics of the industry by creating opportunities for participants to interact with each other. The program is open to MasterCard industry partners at no additional charge.

Details

Heartland Installs New Terminals at 1,020 Merchants

Heartland Payment Systems payments processor has installed its “E3” terminals at 1,020 merchants since commercially launching the industry-leading end-to-end encryption technology on May 24. The “E3” technology is designed to protect cardholder credit and debit card data, implementing layers of security, employing both tamper-resistant hardware and AES (Advanced Encryption Standard) encryption, the most secure encryption algorithm available. E3 encrypts all Track 1 and 2 data read from the card’s magnetic stripe or manually entered so merchants never have access to sensitive card data and never risk storing card numbers or transmitting them through their systems or networks. E3 also securely automates the process of changing the encryption keys that convert sensitive account information to encrypted data. With no changes to a merchant’s daily routine or the speed of transactions, “E3” terminals include EMV/chip card technology capabilities — which may be coming to the United States.

Details

eGift Cards Sales up 234% on Father’s Day

eGift card sales for the four days prior to Father’s Day increased and the holiday itself increased 234% over the beginning part of the week. Sales on Father’s Day (Sunday, June 20) were 183% higher than on Mother’s Day last month and 27% higher than Christmas Day 2009. These results, according to CashStar digital gifting and incentives company, demonstrate the consumer affinity for the power of eGift cards and their remarkable capacity as effective last minute sales tools for retailers. CashStar retailers offer shoppers the most enhanced and personalized gifting experience available online. For the Father’s Day holiday, personalization was a key factor for shoppers. More than one in 10 consumers elected to upload their own photo or image as their gift card design for an increased level of personalization – making themselves and their dads the stars of their Father’s Day gifting experience.

Details

EUROSMART

BancABC has selected Tieto’s card issuing for their payment card operations. The group is one of the leading financial institutions in the Southern African region and is in the process of expanding its services into retail banking. BancABC operates in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe. Tieto’s Card Suite solution will provide centralized, uniform management of card operations in all BancABC’s operating countries. Increasing cost-efficiency and more effective operations control, The Tieto system will support credit, debit and prepaid cards, enabling the bank to offer end customers a variety of card products and tailored payment services.

Details