Discover Launches Nationwide Teamster Card

Discover Network has launched American Union Financial Services (AUFS) and Amalgamated Bank of Chicago (ABOC) Discover card, initially offered nationwide to select Joint Council Teamster local union members and their families. The AUFS/ABOC Discover card provides cardholders with benefits such as no annual fee, a low annual percentage rate, AmalgaMiles travel rewards, and zero liability on fraudulent transactions. Amalgamated Bank of Chicago was founded in 1922 by the Amalgamated Clothing Workers Union and has always been dedicated to serving America’s working people. As Amalgamated Bank grows, it provides new banking products and services to better serve our customers – unions and union members across the US.

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UVeritech Now Authorized Reseller of L-1 Identity Solutions

Multi-layer fraud prevention solutions provider UVeritech
is now a reseller of the “B-5000 scanner” and “Documetrics Database” by L-1 Identity Solutions secure
credentialing. The agreement authorizes UVeritech to resell the B-5000 scanner and
Documetrics Database to commercial customers in North America expanding
its product offerings of state-of-the-art image and identity data capture.
Documetrics Database incorporates both ID-Passport and
ID-License. ID-Passport is a comprehensive database of International
Civil Aviation, Organization (ICAO) Machine Readable, and Travel
Documents (MRTD) consisting of worldwide passports, e-passports, visas,
national IDs, and alien card information. UVeritech is a leader in multi-layer fraud
prevention and counterfeit money detection solutions such as UV
scanners, automated currency detection, image capture, verification and
authentication.

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MaxID Intros MaxIDentity Software

VA-based security provider MaxID has introduced “the MaxIDentity Suite” of software applications to verify
identity and government-issued credentials including smart cards, driver’s license’s and passports.
The “MaxIDentity Suite” contains a series of ready-to-use applications to
read PIV, PIV-I, TWIC, FRAC and CAC smart cards as well as passports,
ePassports, Seafarer ID cards and driver’s licenses.
The product can be purchased using the Software-As-A-Service (SaaS)
model, so organizations can pay a low monthly fee for the application
suite as an alternative to purchasing outright. The suite will be
available on the MaxID line of multimodal products including the iDL500,
iDL520, and iDL750 offerings. Beginning on September 1 a trial version
of the product will be included with each multimodal computer shipped
from MaxID which allows the user to try the application suite for 60 days before signing up for a subscription.
MaxID Corp maintains a global research and
development team. It’s advanced biometric handheld devices are
manufactured in the United States and are distributed worldwide. More
than 25,000 identity devices are being deployed worldwide by customers
such as the US Department of Defense, the US Department of Homeland
Security, border and law enforcement agencies, and power generation and
maritime facilities. The MaxIDentity Suite was jointly developed by MaxID Corp and RILEEN
Innovative Technologies, Inc. a member of MultiModal ID, LLC.

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CHINA PAYMENT CONFERENCE

China is strongly focusing on the improvement of payment system, environment and regulation. The 4th Annual Payment China Conference in Beijing May 10-11 brought together officials from payment services, the World Bank, European Central Bank and the Bank of China to discuss the evolution of and innovations in payments in the world’s fastest growing consumer economy. Online payment platform provider mPayy CEO Conrad Sheehan moderated a panel discussion entitled “Alternatives in Global Payment Networks: Disruption, Efficiency, and Security,” on Tuesday May 11th. The panel covered disruptive innovations, including mobile payments, contactless NFC payments, and the manner in which new companies are driving enhanced consumer convenience and security and material cost savings and fraud reduction for merchants.

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First Republic Bank in Los Angeles Appoints Citi Exec

Al Paisley has joined First Republic Bank private banking. Bringing with him more than 25 years’ financial services experience, Paisley will work with First Republic’s team to provide business banking services such as lending services, deposit services, cash management, foreign exchange, online banking, and business escrow. He most recently comes from Citibank, where he was VP for the past 15 years. Paisley earned a Bachelor of Science degree in Finance/Accounting from University of Southern California. Founded in 1985, First Republic Bank has offices in San Francisco, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Seattle, Boston, Greenwich and New York City.

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INSIDE MICROPASS

INSIDE Contactless has shipped over 200 million MicroPass intelligent payment platform product with production volume doubling in the 18 months since reaching 100 million units in November 2008. MicroPass is designed to power open standard contactless and dual-interface bank card payments along with other value-added applications in all global regions. Based upon a RISC architecture and optimized to the demanding requirements of contactless transactions, each of the MicroPass family of products is designed to meet the demands of issuer organizations in the bank card and mobile payments, transit, ID and access control markets. Consumers enjoy added convenience, speed and ease of use afforded by contactless payments, while issuers and merchants enjoy faster transaction times, increased spending per transaction, lower operational costs and penetration into the cash payment market.

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MoBeam Launches Loyalty Data Storage Device

CA-based MoBeam has launched its first
product,the “nümi key”, designed to loyalty/frequent shopper cards on one digital device.
The nümi key’s patented technology converts any bar
code to light that imitates a bar code when beamed into any existing
laser bar code scanner. The nümi key has very successful read rates with
bar code scanners. In contrast, smartphones that generate an image of a
bar code often have less than 50% successful read rates at bar code
scanners. The average US household has more than 14 loyalty/frequent shopper cards
and it is growing.

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2010 WORLD CUP POS

The UK POS Group is launching a “2010 World Cup POS” kit to help retailers maximise their World Cup promotions this summer. Offered at a special rate of GBP225 as a further incentive to encourage retailers to maximise sales during this event period, the pack includes A1 Pavement Signs; Two A1 Snap Frames; 10 A4 Snap Frames; 100 Shelf Talkers; 100 Wobbler Arms; 100 Suspended Ceiling Hangers; and 100 Extending Wire for ceiling posters. The promotion kit also includes some of UK POS’ leading products to maximize the use of space both inside and front of store. The kit provides retailers with the essential tools to fulfil all their PoS requirements and help guide customers through the store.

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U.S. Bank Intros Overdraft Pricing and Fee Revisions

U.S. Bank has introduced a new overdraft policy built on the its commitment to
provide customers a range of choices in how they manage their accounts.
The new policy includes a reduced fee of $10 for transactions that are
$20 or less and drawn on an account that has a negative balance. The $10
fee is far lower than what is currently offered by any other major bank.
The change takes effect in August. In September 2009, U.S. Bank
announced measures to curb the impact of overdraft fees, including
capping the number of overdraft fees to three in one day, waiving fees
if the account is overdrawn less than $10 and expanding same-day
availability for most deposited items. This summer, customers will have the power to “opt-in or out” whether they want
their bank to decline transactions made with their debit cards or at the
ATM if their account is overdrawn or would create a negative balance
Now, in addition to the changes already in effect, U.S. Bank customers
who make a transaction on an account that is overdrawn (including
checks, automatic withdrawals, ATM and check card transactions), will
see a reduced fee of $10 for transactions $20 or less, $33 for anything
over $20. The $10 price point is lower than any other major bank in
the industry.

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ATM MARKET

In 2009, for the first time in more than a decade, absolute annual growth in the CEE ATM market fell year-on-year. Retail Banking Research (RBR) has just published the latest edition of its annual survey, “ATMs and Cash Dispensers Central and Eastern Europe 2010”. By the end of 2009, there were 169,003 ATMs installed in the 15 countries covered by the study. This represents an increase of 16,098, substantially less than the record increase of 33,147 in 2008. Despite the slowdown, the CEE market still grew by a healthy 11%, compared to just 2% in western Europe. Although the growth of Russia’s ATM base fell from 19,375 in 2008 to 11,405 in 2009, this represented 71% of total growth in the region. Several privately owned Russian banks experienced liquidity problems in 2009 following the financial crisis, so growth in the ATM market was driven by state-owned banks. The number of ATMs in Poland increased by 1,866, or 14%, in 2009. IAD activity continued to drive growth, with Euronet and Cash4You expanding their networks by a combined 740 machines. Of the banks, BPS was particularly active in expanding its network during the year, while new entrants to the market also boosted growth. A recent decrease in ATM interchange fees in Poland may slow growth going forward, however.
Only three other markets in the region – Romania, Kazakhstan and the Ukraine – grew by more than 500 ATMs in 2009, and these increases were substantially down on the year before. The Ukraine has suffered the most – its annual growth fell from 5,574 in 2008 to just 520 in 2009. Around 40 Ukrainian deployers saw their number of ATMs fall in 2009 – some due to bankruptcies, and some to the removal of underused terminals. For 27% of ATMs cash is replenished by a third party, up by seven percentage points in 2009. Growth in the popularity of outsourcing is mainly attributed to changing preferences in Poland and Russia, where deployers are now more likely to use independent CIT providers for ATM replenishment services.
First line maintenance, comprising mainly simple repairs and basic maintenance, is outsourced for 40% of the CEE installed base. When it is not kept in house, the region’s deployers tend to call on their CIT partners to undertake such services. Second line maintenance, which encompasses more complex repairs, including the replacement of parts, is outsourced for 90% of ATMs. In 2009, a number of deployers took second line maintenance in-house in an attempt to reduce costs.

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RDC Stepping Up Risk Management to Reduce $1.4M In Fraud

A new report focuses on the fraud and operational risks associated with
remote deposit capture (RDC) and how RDC vendors and financial
institutions can best manage these risks. The report from Aite Group
reviews the overall RDC fraud risk environment, examines the fraud risk
inherent in customer acquisition, and discusses the importance of
customer behavior monitoring for fraud detection.
RDC deployment in the United States continues to maintain momentum. U.S.
banks were quick to adopt this technology as it not only enabled them to
provide greater convenience and cost savings to their customers, but
helped bring the financial industry a step closer to electronic check
clearing. Aite Group estimates that between 300,000 and 350,000 accounts
are enabled with RDC capability today, and a conservative estimate shows
that banks are losing approximately US$1.4 million annually due to fraud
in the RDC channel. While this is a small loss relative to other fraud
losses facing financial institutions, increasing penetration and
deployment yields a growth curve in RDC-enabled accounts and fraud
losses. If the volume of RDC-enabled accounts increases at a rate of 25%
to 50% per year, potential losses could become significant in a mere
four to five years.

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JCB & DBS

JCB International and DBS Bank have signed an
agreement for merchant acquiring services of JCB cards in Hong Kong and
Macau, and that DBS has started to facilitate JCB card acceptance in its
merchant network. The partnership with DBS further expands the JCBI merchant network in
Hong Kong and Macau, allowing JCB cardmembers to enjoy a wider card
acceptance in these two important markets. Through the agreement, DBS
also benefits from giving its merchants access to card transactions
generated by JCB’s over 60 million cardmember base, mainly in Asia.
DBS is a well-capitalised bank with “AA-” and “Aa1” credit ratings that are among
the highest in the Asia-Pacific region. As a bank that specialises in
Asia, DBS leverages its deep understanding of the region, local culture
and insights to serve and build lasting relationships with its clients.
DBS provides the full range of services in corporate, SME, consumer and
wholesale banking activities across Asia and the Middle East.
JCB is a major global payment brand and leading credit card issuer and
acquirer in Japan. JCB launched its card business in Japan in 1961 and
began expanding overseas in 1981. Its acceptance network includes 13.26
million merchants and over a million cash advance locations in 190
countries and territories.

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