PULSE PIN debit/ATM networks has expanded its long-term relationship with Woodforest Financial Group for PIN POS debit and ATM services to act as the exclusive network provider of PIN POS debit services to the bank and affiliates. PULSE is also to provide the banksâ cardholders with access to PULSEâs nationwide network of ATMs. Woodforest Financial Group is a privately owned community bank holding company headquartered in The Woodlands, Texas. Through its bank affiliates, Woodforest Financial Group services over 850,000 accounts from more than 725 branches located throughout 17 states. PULSE is a Discover Financial Services company serving more than 4,400 banks, credit unions and savings institutions across the United States.Details
Only 48% of respondents
are aware of the impending Credit CARD Act 2009. This, according to
the “FreeScore.com Consumer Awareness Study on the Credit CARD Act of
40% of American consumers knew that credit card companies must now give a 45-day
advance notice to changes in credit card rates, terms and conditions.
The new law aims to protect credit card users from practices such as
abrupt rate increases, retroactive rate increases, and double-cycle
billing, wherein customers are charged interest on debt that’s fully
paid off during the grace period. Younger consumers are less aware of
the Credit CARD Act of 2009 — 30%
of those aged 18-34 were aware of the legislation, while 57% of those
55+ knew of the new law with 51% of men versus 45% of women were aware
of the Credit CARD Act of 2009.
Education levels matter: 58% of college graduates and 48% who have had
some college were aware of the Credit CARD Act of 2009, while only 33%
of those with a high school degree or less knew about the law.
Awareness of the Credit CARD Act of 2009 increases with income — 59% of
those whose annual income exceeds $75,000 were familiar with it versus
38% of those who make less than $35,000 a year.
Voltage Security’s “End to End
Encryption” is now conforming to Visa Global Best Practices.
Cryptographic Assurance Services, LLC (CAS), a leader in cryptographic compliance consulting, has
completed an independent security review of Voltage’s innovative
Format-Preserving Encryption used in numerous end-to-end encryption
implementations around the world. CAS was asked to evaluate
Format-Preserving Encryption (FPE) as a mode of
the Advanced Encryption Standard (AES). CAS evaluated the mathematical
model on which it was based and the associated proofs of security. CAS also
reviewed a source-code instantiation of FPE provided by Voltage Security.
CAS identified applicable compliance regimes and assessed FPE against them.
In its finding, CAS noted the large body of cryptographic research on which
FPE is based, accumulated over decades, and the strength of the
mathematical proofs and cryptanalysis. CAS concluded that FPE as
implemented in the form of the AES mode FFX3 meets the compliance criteria
for PCI DSS v1.2 encryption requirements and for Visa’s Data Field
Encryption requirements, making Voltage Security’s Format-Preserving
Encryption solutions suitable for use by organizations needing to comply.
USA Technologies supplier of networked devices and wireless non-cash transactions has reported an increase installed base by 47%, with approximately 63,000 devices connected to its USALive network for its fiscal 2Q ended December 31, 2009. This figure is up from the 43,000 devices connected in the year ago period while transaction volume itself increased approximately 61% to 8.2 million transactions from 5.1 million transactions in fiscal 2Q/08. Additional findings show, since the year-ago second quarter, the dollar volume of transactions processed was up 42% to $15.0 million from $10.6 million and total revenues increased 41% to $3.8 million from $2.7 million; SG&A expenses increased approximately $1,081,000 compared to the year-ago second quarter due to expenses related to the proxy contest, related litigation and settlement; customers using the e-Port Connect service increased to approximately 775; its “Quick Start Program” accounted for 31% of e-Port equipment sales; and net loss for the 2009 quarter was $4.2 million compared with $3.4 million the year ago period.
4Q/09 3Q/09 2Q/09 1Q/09 4Q/08
Units Installed 63,000 57,000 52,000 48,000 43,000
Transactions (mm) 8.2 7.4 6.7 5.7 5.1
$ Value (mm) $15.0 $14.6 $13.5 $11.3 $10.6
Gemalto digital security has introduced its “World Traveler” program. With a globally accepted dual interface EMV payment microprocessor card and complete issuance service for U.S. banks and card issuers, the “World Traveler” program allows any U.S. issuer to provide cards to their customers in under two months, ensuring secure and hassle-free payments while traveling internationally and at home. The card program provides U.S. banks and card issuers with a complete end-to-end portfolio of service offerings including return on investment (ROI) and technical consulting to ensure a quick and easy introduction of this product to their top tier customers. EMV is a global standard for chip card payment managed by Visa, MasterCard, American Express and JCB.Details
Aite has released a new report that focuses on ten trends that will impact the banking industry in 2010.
Political, regulatory, and economic forces have put pressure on the
business model of U.S. banks to evolve or fall behind and
impact every facet of the banking and payments arenas. The space is
simultaneously experiencing changes in credit card-issuing practices
(Credit CARD Act ), stricter overdraft regulation (regulation E),
overall scrutiny and political pressure regarding bank fees, political
and regulatory pressure against payday lending and any form of
alternative financial services, merchants’ lobbying for interchange
regulation, the prospect of sustained high unemployment around 10% in
the foreseeable future, the deterioration of creditworthiness of large
swaths of consumers and small businesses, and regulators’ pressure on
banks to raise their capital ratios.
Radiant Systems has launched its “Aloha Restaurant Guard” hosted application, already having been implemented in more than 3,000 quick service and table service restaurant locations. Analyzing POS data and transactions to identify common restaurant employee scams and fraudulent activities, the new solution helps restaurant operators better control operations and increase profit by as much as 5%. The “Aloha Restaurant Guard” back office application allows restaurant operators to gain visibility into potential theft that occurs in their restaurants, monitoring all POS activities in real time to generate reports that identify trends consistent with more than a dozen restaurant scams to help stop profit losses and minimize the effects of fraudulent behavior. The reports also give operators insight into their best and worst performing employees. Radiant Systems is a global provider of innovative technology to the hospitality and retail industries.Details
Gemalto has delivered double-slot readers and smart cards with the associated middleware to KIM-2000, a local company specialized in eHealth projects. KIM-2000 acts as prime contractor for the electronic health record system commissioned by the Military Medical Academy. The Gemalto card is compliant with the Identification Authentication Signature (IAS) European standard to ensure the highest level of security for accessing personal electronic health records. The patient and the healthcare professional simultaneously insert their own card into the double-entry Gemalto reader and type in their PIN code to enable viewing or modifying of the medical file, which is stored on a highly secure IT infrastructure. The patient can also view their personal data online, using the Gemalto reader and card to authenticate themselves. This innovative system optimizes medical treatments, simplifies and modernizes procedures and increases security for accessing health information.Details
Secure card personalization provider Western Graphics& Data has introduced “Guardit” secure card packaging.
The package designs feature internal glue traps, custom die cuts, and
special materials that make it ineffectual to reseal the package once it
has been opened. For convenience, cards can be activated via mag stripe
or barcode, and a correlating number is printed on card and package, for
increased security against card “swapping.”
Telcommunication provider ZTE Corporation has been selected by Pannon, part of the Telenor Group, to build its commercial LTE trial network. Under this agreement ZTE will provide an end-to-end solution, including radio and core infrastructure as well as end user terminals. The trial agreement will allow Pannon to test peak rate. ZTE is a leading global provider of telecommunications equipment and network solutions. The company delivers innovative, custom-made products and services to over 500 operators in more than 140 countries.Details
Intellectual property broker ICAP Ocean Tomo is set to auction a smart
card technology patent portfolio.
The patents of this portfolio describe a
âhybridâ smart card design that incorporates integrated circuit and
magnetic memories for storing data. U.S. patent 7,591,427 describes this
which utilizes a matrix of electronic conductors for writing data on
magnetic stripes. Each electronic conductor can be used to write
multiple bits, thus reducing the total number of electronic conductors
needed on each smart card. U.S. patent 7,591,426 enables the reading and
writing of data to take place on magnetic stripes using a similar matrix
to the patent described above. ICAP is a interdealer broker and provider
trade services that matches buyers and sellers in the wholesale
markets in interest rates, credit, commodities, foreign exchange,
emerging markets, equities and equity derivatives through voice and
Monitise Americas is set to launch the “Mobile Money” app for Google Android phones.
Monitiseâs Mobile Money Android app will soon be available as a free
download from the âAndroid Marketâ and will be compatible with all
Android devices. The Monitise Android app will be powered by Monitiseâs secure Mobile
Money Manager platform. This has already been chosen by over 200
financial institutions in the UK and US to provide mobile banking and
payments services to their millions of customers across over 2000
different handsets. The bank grade security and use of existing banking
infrastructures inherent in the platform means that customers can use
Monitise mobile applications from their bank with confidence.
Monitiseâs full range of account management, payment and commerce
services will be available on the new Android app. Monitise Americas
provides mobile banking and payment services to North American financial
institutions predicated on an “ecosystem” principle, which allows
multiple mobile carriers and financial institutions to deliver services
over a single platform.