FIS to Provide Boiling Springs Savings Bank IBS Core Processing

FIS banking and payments technology has signed an agreement with NJ-based Boiling Springs Savings Bank for FIS’ Integrated Banking Services (IBS) core banking solution. With this, FIS will also deliver a wide array of banking and payment solutions including eBanking, item processing, CRM, loan origination, risk, fraud and compliance, mobile banking, image and EFT card services. Boiling Springs Savings Bank recognized that a core banking replacement with standardization initiatives was necessary to increase efficiency and flexibility and would be vital to its future and selected FIS’ core banking IBS platform because it enables banks to quickly adapt to market conditions and integrate easily with complementary technology.

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Ceridian & Earthworks Deploy Stored Value Solutions

Ceridian Stored Value Solutions (SVS) prepaid and gift card solutions provider has partnered to offer the Earthworks System’s “Recyclable Card Return Program” to prepaid and gift card customers. SVS will work with retailers, card manufacturers and Earthworks to create a circle of card recycling that is both sustainable and good for the environment by continually using returned cards to produce PVC sheets, which are used to produce more cards. A retailer need only communicate to SVS a desire to join the Earthworks “Recyclable Card Return Program.” Cards produced under the program will include an Earthworks® Recyclable Content Identifier as an indication of program participation. The 100% recycled and recyclable PVC sheet material manufactured and marketed by Earthworks results from the company’s EARTHWORKS SYSTEM, which involves the recovery and recycling of used cards into sheet material.

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Starmount to Develop Urban Outfitters mPOS

Starmount has signed an agreement with Urban Outfitters to develop its in-store mobile POS application on the Apple iPod touch. The application will provide store associates a tool to complete transactions where the point-of-decision is occurring. It will include full functionality of a fixed-base POS system as well as integration with in-store databases. The mobile application will be developed on the Starmount Application Framework, which is platform and operating system independent and easily integrates applications from point-of-service systems to inventory management tools. The framework can be extended to new mediums such as interactive kiosks and digital signage, enabling customers to focus on their changing business needs instead of the underlying technology.

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Citibank Mobile Launches Text Banking

Citibank has announced its latest addition to Citi Mobile, “Citi Text Banking.” Delivering account updates on demand to bank and credit card customers in the United States at no additional cost, “Citi Text Banking” allows users to text a short command — such as BAL (for balance) — to MYCITI (692-484) for nearly-instant account information. It provides updates for all Citi credit card accounts and for Citibank accounts linked to a Citibank ATM or Debit card, including checking and savings accounts, home equity lines and loans, personal lines and loans, and mortgages.

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ShopVisible Launches Mobile ecommerce Solution

ShopVisible on-demand ecommerce solutions has made available its “ShopVisible Mobile” ecommerce platform. Extending comprehensive tools and services to the mobile environment, creating a rich mobile retail experience for consumers. ShopVisible Mobile runs on all major mobile devices, including iPhone, Blackberry, Android and Windows Mobile devices and was designed with the specific requirements of the mobile environment in mind. With “ShopVisible Mobile,” users are provided faster load times by creating “lighter versions” of ShopVisible client sites specifically optimized for a mobile browsing and shopping experience. It provides easy integration with Amazon Mobile Payments and Mobile PayPal; in-site search functionality and mobile search friendly infrastructure; and eliminates the need for extra integrations, tying all orders and traffic directly into the same site management tools and business processes already in place.

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Survey Gauges Consumer Reaction to Durbin Amendment

Regarding the agreement reached on the the Durbin “swipe fee” amendment to the financial reform bill, 71% of those with incomes of $100K and more are “not likely” to shop at a store that charges a 2% surcharge for credit card purchases while 79% say if faced with $10 minimum for a card purchases they would shop elsewhere. Meanwhile, 46% of those making $50K or less rarely pay with cash; 80% are unlikely to shop at a place that charges them for card use; 70% use credit cards for most or all small purchases; and 57% would leave to find a different store if they were imposed with a $10 minimum. This, according to a consumer survey by NerdWallet, also showed 70% of respondents “always” or “often” pay with a credit card for small transactions; 58% carry three or more debit and credit cards; 82% carry less than $50 in cash at any given point; and 67% of respondents who make more than $100K/yr carry less than $50.

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Agreement Reached on Interchange Fees

An agreement has been reached with key conferees on the Wall Street reform bill regarding the Durbin amendment regulating interchange fees making minor, clarifying changes to the language which passed the Senate 64-33. The agreement addresses concerns raised by state governments regarding their use of payment cards distribution of government benefits. Modifications to the Durbin interchange amendment would regulate the interchange fees associated with debit or prepaid cards issued by large banks on behalf of government-administered payment programs; exempts federal, state and local government program debit and prepaid cards from interchange regulation; defines “interchange transaction fee” to include debit card fees that are established by a payment card network; and provides that the Fed cannot regulate network fees. The amendment would regulate the interchange fees associated with reloadable prepaid debit cards, which are exempted from interchange regulation in an attempt to protect the unbanked from being driven to payday lenders and other non-bank entities. It also provides card networks can no longer prevent merchants from offering customers a discount to use one card network vs. another and card networks cannot prevent merchants from offering a discount for one form of payment vs. another (cash vs. check vs. credit vs. debit). Additional provisions limit the ability to set maximums for payment by credit card to the Federal government and colleges and universities; does not change the existing prohibition in the operating rules of Visa and MasterCard against card issuer discrimination; and provided for regulatory authority under the amendment to migrate to the Consumer Financial Protection Agency/Bureau after the CFPA/B is established.

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JPMorgan Chase Appoints New CFO

JPMorgan Chase & Co announced new responsibilities for three members of its senior leadership team, including CFO Michael Cavanagh to succeed Ms. Miller as Chief Executive Officer of TSS. Cavanagh has been the company’s Chief Financial Officer since 2004 and will become CEO of the TSS business. He will provide broad leadership throughout the company’s major merger integration efforts. He also played a key role in helping the company successfully navigate the financial crisis over the past few years and built a well respected financial team in banking.

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MoBeam Doubles Retailer Loyalty Card Content

MoBeam has doubled the number of supported retailers nationwide in the
six weeks since launching the product. Cardholders can now use the nümi
Key in More Than 52,000 Retail locations in all 50 US States and 70
Countries. Over 153 million Americans use grocery loyalty cards- over 14
loyalty cards per US household- and consumers are growing weary of
carrying wallets and purses loaded with plastic cards and key chains
littered with plastic tabs of all shapes, sizes and colors. The nümi key
allows consumers to carry all of their loyalty cards on one small, key
chain-based device. The nümi key works at any checkout lane with a laser
bar code scanner. MoBeam offers consumers, media companies, brands and
retailers a ‘digital wallet’ to securely store, manage and spend the
various forms of value.

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Discover Named Official Six Flags US Card

Discover has been named the official credit card of all of Six Flags
Entertainment U.S. theme, water and animal parks. Across 11 markets,
providing Discover cardmembers with money-saving benefits and exclusive
experiences, the agreement offers cardholders a 5% instant discount
incentive on Six Flags admission tickets, season passes, food, retail,
games and attractions. Discover cardmembers also will have access to a
family four-pack of tickets for $99 ; a Discover-branded gate providing
cardmembers an expedited entrance experience; a Discover-branded family
meal packages at significant savings; access to “Coasters After Dark”
events for Discover cardmembers after regular operating hours; “Discover
Preview Days” allowing Discover cardmembers special access to parks at
a discounted price.

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OMV to Offer Western Union Money Transfer

Western Union global payment services has inked agreements to provide Western Union “Money Transfer” services at more than 1,800 OMV retail locations in Austria, Bulgaria, Czech Republic, Germany, Hungary, Romania, Slovakia and Slovenia. This is part of Western Union’s strategy to expand and diversify its Agent network into different classes of trade and complements the company’s strategy to sign up retail locations under the “European Union Payment Services Directive” allowing non-bank entities to offer financial services under a payment institution’s license. The cooperation with OMV will also help Western Union attract mainstream customers to its money transfer service, as well as promote intra-Euro and domestic money transfers.

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Barclays Implements SAS for Capital Calculation and Reporting

Barclays is using SAS, the leader in Business Analytics software and services, to consistently improve standards in how economic and regulatory capital is calculated and reported. SAS has helped Barclays address the challenge of calculating capital, in line with revised internal and external methodology, across many of its business units. Barclays currently holds 16 months of detailed asset information on line in the SAS solution. Across economic and regulatory capital this equates to some 3 billion lines of data. Barclays global financial services provider is engaged in credit card services in Europe, the Americas, Africa and Asia while SAS helps customers at more than 45,000 sites improve performance and deliver value by making better decisions faster.

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