AccountNow prepaid Visa provider has introduced its new gold card product with features and services usually found only through traditional banking relationships. The AccountNow Gold Visa Prepaid Card lets cardholders borrow money with the “iAdvance” line of credit from MetaBank to build credit history. AccountNow Gold cardholders who enroll in Direct Deposit receive higher limits on all deposits and withdrawals. Gold Card customers also receive VIP customer service, free online bill pay, and the power, prestige and convenience that come with carrying a Gold Visa Prepaid Card. And, there’s no monthly fee when $3,000 or more in deposits is placed on a card during a month. Cardholders receive a $25 account credit when they set up a recurring direct deposit and make at least two direct deposits of $100 or more and can use their Visa wherever Visa debit cards are accepted.Details
CA-based Technology Credit
Union marked its 50th anniversary of its founding
by employees of Fairchild Semiconductor. Tech CU has established itself as an expert in
lending and a leader in bill pay, mobile
banking and enotifications. For the future, Tech CU will launch a new three-year strategic plan
later this year, the focus of which is to more effectively meet the
needs of the employees of technology companies and of small businesses
through new products tied to the growing demand for mobile applications
and online services.Technology Credit Union is a full-service
financial institution serving small businesses and individuals who work,
live, study or worship in Santa Clara, Alameda, Contra Costa, Santa
Cruz, San Mateo and San Francisco counties. Tech CU was started in 1960
and is now among the top 1 percent of the nation’s largest credit
unions with more than 76,000 members and $1.4 billion in assets.
Converged networking solution provider Emulex Corporation will present to investors attending
the Think Equity Semiconductor Conference on Thursday, June 3. Emulex Executive Vice President
and Chief Operating Officer, Jeff Benck and Executive Vice
President and Chief Financial Officer, Michael Rockenbach will
host the presentation. The presentation can be heard and viewed
www.emulex.com. The archived version of Emulex’s presentation
will be available for seven days following the conference in the audio archive
section of the Company’s website.
CA-based payment security provider MagTek has responded to the Secure POS Vendors
Alliance and its published guidelines on the application of encryption
technology to payment card data used for retail financial
transactions. The guidelines establish an auditable set of requirements
that can be used to validate cardholder data security across the many
entities that participate in the transport of payment card data.
MagTekâs IPAD and its entire product line of secure card reader
authenticators (SCRAs) are protected by MagneSafe security which
conforms to the SPVA recommended guidelines. The encryption
begins within the magnetic sensor, the instant the card is read.
Experts agree that payment card data should be encrypted from the point
of swipe to the point of authorization. This will increase the degree of
difficulty thieves encounter when trying to steal cardholder data
for nefarious purposes. But E2E will do little to deter
criminals, or detect and stop counterfeit card fraud and ultimately may
not by itself be worth the investment.
USA Technologies has signed
1,000 customers on its ePort Connect Cashless Payment Service serving
the vending and other automated retail industries. The 1,000 customers
USA Technologies now has on its service are up from 525 customers just a
year agoâan over 90% increase for the 12 month period.
The ePort Connect Service offers the most cost-effective cashless payment solution for the vending and
other small ticket unattended cashless markets available with one-stop shop that eliminates the complexity of implementing an
unattended cashless payment system with an open cashless payment system, compatible with multiple hardware
devices and multiple payment processors. USA Technologies is listed as a PCI Compliant, Level One Service Provider by
Fiserv financial services technology solutions announced The Bank of Santa Barbara has deployed its “Premier” bank platform to provide comprehensive integrated account processing, electronic banking and bill pay. This reinforces the Bank’s commitment to community banking and local decision making to better serve the commercial market, which is newly recapitalized and with $93-million in total assets. The Bank of Santa Barbara chose the Premier bank platform and outsourced account processing services from Fiserv, as well as the organizationâs mobile banking, Internet banking, risk management, EFT, electronic bill payment, and branch and merchant source capture solutions. The seamless integration of Fiserv products was important to The Bank of Santa Barbaraâs decision to deploy Premier, along with the ability to complete a higher volume of electronic transactions, with internal controls to manage risks associated with electronic banking.Details
The Illinois Restaurant Association has selected Heartland Payment Systems as its exclusive endorsed provider of card processing, gift marketing, tip management and check management solutions. Heartlandâs payroll services will be added to the endorsed offering effective June 7, 2010 and is the first-ever unified payments processing platform for the restaurant industry. Heartland, the National Restaurant Association, the Council of State Restaurant Associations and many state restaurant associations launched “Full Course Business Solutions” suite of tools to help restaurateurs enhance operations. Becoming the 41st of state associations to join the program, the Illinois Restaurant Association is a non-profit organization dedicated to promoting, protecting, educating and improving the restaurant industry in Illinois.Details
Financial technology service provider Fiserv was recognized as
the Service Provider of the Year by Money Management Institute (MMI),
the national organization for the managed investment solutions and
wealth management industry. Award recipients are selected though a process of client nominations and
voting by industry leaders including MMI members, service providers,
industry press and members of the MMI board. MMI cited the continued
commitment of Fiserv to develop industry-leading managed account
solutions that help its clients to drive efficiencies, manage risk and
grow revenue as just part of the reason Fiserv was honored with this award.
Fiserv is the leading technology provider for the managed accounts
industry, its APLSM platform processes and manages more than 3.4 million
accounts daily and it is the chosen technology provider for more than 1
million UMA sleeves and more than $1.8 trillion in assets.
Bank of America released the first-year results of its 10-year, $1.5
trillion community development goal to lend and invest in underserved
communities. Having provided $168.2 billion in
community development lending and investments for low- and
moderate-income (LMI) communities and minority customers in in 2009-10,
the Bank of America program generated nearly $667 million every business
day throughout the past year. The $1.5 trillion goal tracks community
development lending and investing in affordable housing, small business,
consumer lending and economic development. The first year generated $147
billion for Affordable Housing; $12.8 billion for Small Business; $4.5
billion for Consumer Lending; and $3.8 billion in Economic Development.
In 2009, the bank made more than $200 million in charitable grants
toward its philanthropic goal.
E-payment solution provider Capital Payments has partnered with Trustwave for
PCI DSS compliance
validation solutions to its merchant portfolio. The “TrustKeeper 3.0” web portal makes
compliance validation easy and
efficient for merchants, including non-technical users. Using the
dynamic PCI Wizard in conjunction with TrustKeeper Agent, merchants work
through a personalized, guided interview that reduces the complex
terminology of PCI into understandable actions. Further, TrustKeeper
Agent ensures merchants aren’t storing unencrypted cardholder data or
track data. TrustKeeper also helps them complete the PCI Self-Assessment
Questionnaire, schedule required scans, and receive their PCI DSS
compliance certificate. TrustKeeper 3.0
provides online educational and compliance tools for merchants that
build awareness of the PCI DSS requirements, and teach them how to take
action. Online video tutorials guide merchants through general
cardholder data security, the PCI DSS and how to comply with the
standard. On-demand help text, tutorials and tools such as TrustKeeper’s
Security Policy Advisor and Security Awareness Education ensure that
merchants efficiently complete PCI DSS certification.
E-money issuer Transact Network has named Colin Greaves, an industry-leading figure in the European
prepaid market chief executive officer and a member of
the board of directors. He is scheduled to begin in July.
Greaves was most recently operations director of Newcastle Building
Society, where he led the creation and development of a number of B2B
service companies, including growing Newcastle Card Solutions (NCS) –
Newcastle’s renowned and market-leading prepaid card division. Under his
leadership, NCS became and remains the largest prepaid card issuer in
the United Kingdom and Europe and one of the top five issuers in the
world, settling more than US$1.6 billion of transactions in 2009. During
his tenure at NCS, the company achieved many notable firsts including
initiatives in gift, teen, travel and money share cards, and also issued
Europe’s first prepaid contactless cards. Transact Network clients include regulated financial institutions,
financial services companies, marketing organizations, mobile phone
operators, retail chains, large and small corporates, and governments.
VersaPay Corporation merchant credit, debit, gift and loyalty card payment processing solutions posted 1Q/10 increased total gross transaction value processed 83% to $132 million since the year ago quarter. Meanwhile throughout the quarter, monthly gross transaction value processed was $58 million for March 2010 and total revenue was $2.6 million, a 67% increase
from total revenue of $1.6 million in 1Q/09. The year-over-year improvement in VersaPay’s top line was driven primarily by growth in the Company’s transaction processing fees, which were $2.4 million, up from $1.4 million in 1Q/09 thanks to an expanding merchant customer base. POS product sales revenue was $0.1 million, and revenue from VersaCard and VersaEFT fees was $0.04 million, compared to 1Q/09 sales of $0.1 million and $0.06 million, respectively. Recurring revenue (Transaction processing fees + VersaCard/EFT fees) totaled $2.5
million, or 94% of total revenue, compared to Q1 2009 recurring revenue of $1.5 million, or 92% of total revenue while expenses totaled $3.5 million, compared to 1Q/09 expenses of $1.7 million.