MasterCard will be adopting the code of conduct for credit and debit cards in Canada as released by the Minister of Finance, holding the Code creates benefits and burdens for all of the participants in the payments value chain. Tthe Code allows the continued presence of Maestro(R) on Canadian debit cards, allowing consumers to retain the benefits of international debit purchasing power. MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide and develops and markets payment solutions for approximately 22 billion transactions each year.Details
More than 80% of parents surveyed say they want to be better role models for their children regarding money management and that they have made money mistakes they want their own children to avoid. Yet, 35% of teen respondents said that when they ask for money, their parents rarely or never use these occasions to discuss topics such as budgeting and planning for the future. Meanwhile, 53% of parents surveyed report that their teen asks them for money at least once a week, providing ample opportunities for parents to talk with teens about making positive financial choices. Also, 29% of parents of teens surveyed said they argue with their teen about money at least every month. Among teen respondents, 53% want to learn more about topics like budgeting, saving and credit. In response, Capital One and Search Institute has partnered to create Bank It financial literacy program that helps parents and teens talk about, understand and manage money.Details
Fiserv, the leading global provider of financial services technology
solutions, announced today that Piraeus Bank, one of Greece’s leading
financial institutions, is now live on Universal Banking from Fiserv at
its Egypt operations. Fully supporting the Arabic language, Universal
Banking from Fiserv for Piraeus Bank in Egypt is a unique, integrated
real-time solution for retail and treasury markets. Universal Banking from Fiserv is a production proven solution that is
tightly integrated for seamless operation and scalable for future
growth and is a single source for a wide range of banking technology needs supplied by an award-winning
solution provider. The Fiserv solution includes the “Signature” bank
platform for retail and commercial banking, Treasury and Trade
functionality, and branch support with “Aperio”, the next generation
solution for customer channel management, and Teller, a multi-currency,
full-function, branch tellering and transaction processing solution.
Piraeus Bank has more than EUR65 billion in total assets and operations in
11 countries and plans to continue its expansion. Piraeus Bank announced
implementation of Universal Banking in its Cyprus operations in January
Global money transfer service MoneyGram International has expanded its mobile transfer service to
approximately 40,000 agent locations in the United States which follows its pilot program offered from select California and Hong Kong
agent locations to 40 million Philippines SMART phone users.
MoneyGram joined forces with SMART Communications, Inc. in December and
began the pilot phase of its MoneyGram mobile money transfer services to
deliver funds from a MoneyGram agent location direct to any SMART Money
account. Mozido, a leading mobile technology provider, supplies the
transaction services to link MoneyGramâs services to SMART mobile phones.
MoneyGram also introduced mobile money transfers send services in Italy
last year in partnership with its agent Poste Italiane and Poste
Mobileâs exclusive technology. The service provides a mobile interface
for consumers to transfer funds from their mobile phone to recipients
collecting funds at any MoneyGram agent location.
Visa supports the Canadian government’s goal to encourage transparency and merchant choice within the payments marketplace – two important pillars on which Visa has built its business domestically and internationally. Visa is pleased the Code will allow Canadians to have access to the innovative payment features and benefits that they have been missing, such as the ability to pay for goods more widely online, expanded international acceptance and new payment platforms such as Visa payWave. Visa is concerned that it does not go far enough in creating an environment that encourages meaningful competition in the Canadian payments arena, favours merchants at the expense of consumers and will further examine the Code and its implications. Digital currency and technological platforms like those offered by Visa continue to drive growth in the Canadian economy, and Canadian consumers have said they want new products that do more.Details
U.S. Bancorp reports that 1Q/10 merchant acquiring volume is up nearly $3 billion year-over-year to $60.0
billion, and over $2 billion since the previous quarter. Payment Services contributed $121 million of the Companyâs net income in the first quarter of 2010, an increase of 36.0 percent from the same period of 2009, and an 80.6% increase over the prior quarter. Net interest income increased $77 million (28.7 percent) due to strong growth in credit card balances and improved loan spreads, partially offset by the cost of rebates on the government card program. Total noninterest income increased $51 million (7.4 percent) year-over-year, primarily due to higher merchant processing services and corporate payment products revenues the result of volume growth including business expansion. Payment Servicesâ contribution in the first quarter of 2010 was $54 million (80.6 percent) higher than the fourth quarter of 2009. For complete detail on U.S. Bancorp’s latest results visit CardData (www.carddata.com).
MERCHANT ACQUIRING VOLUME HISTORICAL
Source: CardData (www.carddata.com)
Nandan Mer has been appointed Group Executive, Global Consumer Credit with MasterCard Worldwide, effective immediately. Mer was most recently CEO, United
Bank for Africa Investment& International Banking after having spent 20 years with Citigroup Consumer Bank, for whom he established and grew business in
India, Israel, Russia, and the United Kingdom. Mer will have global responsibility for the companyâs consumer credit products, with a focus on developing
competitive differentiation globally while deploying solutions at the local market level. He holds a MBA from the University of Massachusetts and will be
based in London.
Debit card solution provider Veritec has signed a
collaborative marketing agreement with NY-based PreVay to begin
marketing a unique “VISA blinx On-Off” banking and debit card that will
allow employers to pay employees electronically, transferring
FDIC-insured funds directly into their cards using Veritec’s Mobile
technologies, in addition to those of PreVay. The “blinx
On-Off” card features the ability to turn card use on and off, make real
time money transfers, and to provide notifications of card use.
Cardholders have security and convenience while traveling and managing
their funds, as well as transferring amounts from card to card or
account to account, in real time anywhere in the world. Veritec
technology can be deployed on both a closed or open loop processing
platform. The card will also allow
both banked and un-banked employees to send funds to whomever they wish,
using their combination payroll, bank and debit-card via mobile phone.
Additional cards can also be ordered for friends and relatives.
Veritec, through its subsidiary Veritec Financial Systems, Inc.
processes debit, pre-paid and gift
card transactions for debit card issuers and sponsoring organizations.
Veritec’s instant issued MTC and blinx On-Off card programs,
on Veritec’s mobile banking platform, are connected to Security First
Bank of Fresno, California.
The Smart Card Alliance has opened nominations for its prestigious “Outstanding Smart
Card Achievement” (OSCA) awards, announcing two new categories honoring
innovative products and services in payments and security markets.
Nominations are open in four award categories: “Outstanding Issuing Organization Award” to be presented to
an organization that is issuing smart card technology to its internal
clients or external customers for their use in North America.
“Outstanding Innovation in Payments Technology Award” will go
to an innovative new, or existing payments-related product or service
using smart card technology for use in a payments application.
“Outstanding Innovation in Security Technology Award” for
an innovative new, or existing security-related product or service
using smart card technology for use in an identification,
authentication, or access security application and “Outstanding Individual Leadership Award” for
an individual who stands out for his or her individual contributions to
the smart card industry in North America based on a professional record
of leadership, vision, support and commitment to the smart card industry.
The 2010 OSCA winners will be announced at the Smart Card Alliance Gala
Awards Dinner on Tuesday, May 18th at the Camelback Marriott Hotel in
Scottsdale. The Smart Card Alliance 2010 Annual Conference will address “Smart Cards
in Action,” focusing on the issuers and users of smart card technology
in payments, security, and mobile markets.
Facebook e-commerce solution provider
Payvment has rolled out the “Facebook Fan Incentive Pricing” feature for its Payvment e-commerce
solution for sellers on Facebook to
provide instant product discounts to users that become Fans or âLikeâ
their Facebook page. Now any brand or seller with a presence on Facebook
can finally provide direct rewards to current and potential customers by
tying the action of becoming a Fan to sales discounts. Sellers can
provide an electronic coupon or instant discount to potential and
current fans by simply enabling the feature via Payvmentâs free
storefront application for Facebook. Payvmentâs universal shopping
cart allows shoppers to carry their goods with them across thousands of
Payvment-powered storefronts on Facebook.com. This increases the chance
of completing sales, because the item remains in the cart until the
customer either removes it or completes the purchase. It even remains in
the cart when the user leaves Facebook. The resultâitems are less likely
to be forgotten and abandoned and Payvment automatically updates
product pricing and availability.
Independent payment processor TelPay Incorporated initiated its first
electronic payment in March of 1985. TelPay pioneered the concept of combining payments into one deposit and sending
detailed remittance reports for billers. This streamlined process allows
any biller partnered with TelPay to increase operational efficiencies.
Today, it offers a patented payment service called “Get Paid Faster”,
which enables businesses of any size to accept electronic payments. It
allows businesses to offer their customers a quick and convenient
payment option that helps them realize faster turnaround on their
accounts receivable. It also helps businesses reduce or eliminate
merchant fees charged by credit card companies. TelPay is the largest independent payment processor in Canada,
processing over 21 million payments worth over 12 billion dollars annually.
Semi-conduction supplier Altera has announced its next-generation
28-nm “Stratix V FPGA family”, the industry’s highest bandwidth FPGA.
Offering up to 1.6 Tbps of serial switching capability, Stratix V FPGAs
leverage a myriad of new technologies and a leading-edge 28-nm process
to reduce the cost and power of high-bandwidth applications. The Stratix
V FPGA family provides up to 1.1 million logic elements (LEs), 53-Mbits
embedded memory, 3,680 18×18 multipliers and integrated transceivers
operating up to an industry-leading 28 Gbps. The family includes four
variants that address a broad range of applications in the
wireless/wireline communications, military, broadcast, computer and
storage, test and medical markets. The devices also
incorporate the industry’s highest level of application-targeted hard
intellectual property (IP) for increased system integration and
performance without the cost and power penalty.