Montana-based Whitefish Credit Union Association has selected Symitar as its technology partner and Episys as its technology platform, according to Jack Henry data processing services’ . The credit union, which has approximately $1.2 billion in assets and is the largest in the state of Montana, will install Episys in-house. Symitar is a division of Jack Henry & Associates, the leading provider of integrated computer systems for credit unions of all sizes. Symitar currently serves more than 700 credit unions as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Jack Henry & Associates computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations serves more than 11,800 customers nationwide.Details
iMergent eCommerce software, site development, web hosting and search engine optimization reported net income for its 4Q/09 of $613,000, compared to a net loss of $10,130,000 in the comparable quarter last year. Income before income tax provision for the 4Q/09 was $868,000 compared to a loss of $5,680,000 in the comparable quarter last year. Product and other revenues for the fourth calendar quarter of 2009 decreased 34% to $13,202,000, compared to $20,080,000 for the comparable quarter last year. Total operating expenses decreased 45% to $18,648,000 for the fourth calendar quarter of 2009, compared to $33,780,000 for the comparable quarter in 2008, primarily as a result of the continuing impact of cost savings initiated in the March 2009 quarter as well as reduced costs due to conducting fewer workshop events. Meanwhile, revenues for the six month transition period ended December 31, 2009 were $35,716,000 compared to $54,120,000 for the comparable period last year. Total operating expenses were $36,239,000, compared to $64,309,000 for the comparable period last year.Details
Mintel Comperemedia has seen direct mail decline across financial
services categories, but debit card volume remains strong at nearly 67
million offers in 2009. In 2009, fewer than half of checking
direct mail offers promoted free checking, down from three-quarters in
2007-2008. Susan Wolfe explains: âWith pending regulations on overdraft
fees, banks risk losing a major revenue source. Mintel Comperemedia expects
an increase in rewards checking
and more specifically, rewards banking, as free checking will fade. As financial institutions look
for ways to appeal to new clients and make current customers more loyal
and profitable, theyâll start offering rewards for more than just debit
use. Capital One, for example, introduced reward checking in late 2009,
linking to its credit card rewards program so customers could earn
points faster. Another way banks will try to increase revenue in 2010
is by creating automatic account builder products that boost deposits.
Deposit-building accounts get
customers invested in multiple products, while helping banks secure more
deposits. In 2010, cash incentives
will grow even more enticing. Mintel Comperemedia has already seen $200
and higher from Capital One and Key Bank.
GiftCardRescue.com gift card exchange Web site has made available Amazon.com Gift Cards, allowing customers to exchange gift cards to Amazon. GiftCardRescue.com, which sells unused gift cards for cash and purchases discounted gift cards, allows for a stremlined exchange with Amazon.com. Customers provide the requested information regarding the gift card they would like to exchange, to which GiftCardRescue.com assigns a value, and ship the gift card. Once the value is verified, customers receive an Amazon.com Gift Card claim code within 48 hours via email.
Amazon.com Gift Cards never expire and can be used to purchase millions of items in over 40 product categories at http://www.amazon.com.
TSYS to Provide Card and Payment Sevices to banking outsourcer Cedacri.
Cedacri will utilize “TS Prime”, TSYSâ fully outsourced processing
The agreement marks TSYSâ entry into the Italian market while also
connectivity to the domestic bank network and local clearing houses.
Terms of the agreement were not
disclosed but include the complete, end-to-end card
processing solution for consumer, commercial and prepaid cards, as well
as 3D Secure services
and TSYS fraud solutions. This relationship aligns with
TSYSâ strategy to expand its capabilities across Europe as an
In-application billing and mobile software license management solution provider Tanla will be launching it’s “On-device payments and preloaded content distribution partner program” to coincide with the Mobile World Congress in Barcelona on 16 February 2010. Tanla’s partner program will be launched at a special event at the “Mercat de le Flors Theatre” in Barcelona on 16th February. The developers program will be announced by Tanla and will be supported by presentations from Carphone Warehouse, Sony Ericsson, Accumulate and a panel session hosted by Tim Green, Editor, Mobile Entertainment Magazine.
Tanla already has over 200 application developers using their payments and license management solution. With the launch of the Tanla distribution partner program they aim to expand the list of content providers and distribution partners.
E-payment solution provider Vesta has announced the availability of version 5.0 of its industry-leading secure Mobile Payment Platform. The 5.0 version of the Mobile Payment Platform offers a dynamic business reporting portal and Vesta’s token service that provides robust self-care functions and isolates operators from PCI compliance requirements. Enhancements for mobile subscribers include Vesta’s quick code functionality which enables even faster payments through multiple channels; wallet functions supporting multiple users and payment devices; and the integration of social networking applications where subscribers can request, send and receive payment-related gifts. With the growth of mobile payments, and the increased diversity of new payment channels and methods, Vesta continues to place utmost importance on safeguarding the security and privacy of customer payment information. Vesta’s Mobile Payment Platform is fully compliant with the PCI data security standard (PCI DSS) as mandated by the payment card networks, ensuring best practices when handling sensitive card holder information. This compliance relieves the operator from the costs and burdens of maintaining compliance themselves, even through emerging channels like handset applications.
Vesta helps mobile operators better understand customer behavior by analyzing payment usage and demographic data, allowing the operator to effectively up sell and cross sell, establish targeted marketing campaigns and optimize their prepaid and postpaid subscriber portfolios.
The results of a new survey by CardRatings.com indicate that 40% of consumers think
the credit card rate cap will actually do more harm than good.
The law capping credit card limits at 16% is a stipulation of the
Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of
2009, which was designed primarily to protect Americans from unfair rate
hikes and notorious credit card fine print. CardRatings.com has been educating consumers about credit cards since
1998 and has been featured by hundreds of media outlets, including The
Wall Street Journal, Good Morning America, The New York Times, and The
Today Show and has become the most
comprehensive free source for comparing credit card offers and has
helped over a million people find the best credit cards for their
Heartland Payment Systemsâ Chairman and CEO Bob Carr has been elected to the 2010 Secure POS Vendor Alliance (SPVA) Board of Directors. Carr will continue to help advance data security through his appointment as Associate Member Director. The SPVA nonprofit organization comprised of payments industry leaders who work with multiple stakeholders in the payment value chain to develop an end-to-end security framework and enhance the security of payment solutions. Carr has also been a driving force in the formation of the Payments Processing Information Sharing Council (PPISC), a forum for sharing information about fraud, threats, vulnerabilities and risk mitigation practices in the payments industry, for which he is also the chair.Details
Affinity and co-branded card provider Tempo has partnered with CA-based
In Defense of Animals to offer an affinity card that gives back to the IDA.
Every time In Defense of Animals debit cards are used to make a
purchase, IDA will receive a portion of standard card transaction fees.
The cards can be used anywhere Debit MasterCard cards are accepted and
also provide cash-back and ATM withdrawal access to the cardholders’
existing checking accounts. Tempo-enabled debit cards are affinity
valuable cardholder rewards, and can be used for online and offline
purchases and ATM withdrawals. Working with First Bank& Trust, Tempo
manages all aspects of card issuance, including risk management,
application processing, card fulfillment, authorization and settlement.
IDA is an international
non-profit organization with a distinguished record for challenging the
exploitation and abuse of animals by protecting their rights, welfare
The MasterCard Foundation and the Equity Group Foundation (EGF) have introduced a joint program to provide $4.6 million in comprehensive educational support to 676 secondary students in Kenya over the next five years. Providing comprehensive scholarships to 332 academically gifted yet financially disadvantaged students, enabling them to complete secondary school in Kenya, the program will provide leadership development, career guidance and mentoring to an additional 344 secondary school students. Only 64% of primary students enter secondary school and even fewer graduate in Kenya thanks to the cost of education; lack of access to schools, particularly in rural areas; and the need for poor youth to work to contribute to the household income. EGF, through Equity Bank, will oversee the distribution of funds using its extensive branch network.Details
Paymetric enterprise payment acceptance solutions announced the winner of the companyâs inaugural Presidentâs Award (Employee of the Year), Lanre Sewoniku, Client Services Director. He will be awarded a $250 Visa gift card for his accomplishment. Specifically, Sewoniku innovated several of Paymetricâs client service processes in 2009 which are now in the process of being rolled out company-wide. He also successfully transitioned his team from an on-site âbull penâ environment to a virtual environment, allowing his team members to collaborate more efficiently and effectively every day through a technology-supported virtual office. he was recognized namely for his responsible attitude toward and sustained performance of assigned duties; Significant and positive impact on Paymetric; Problem solving skills; Supporting revenue objectives for the company and Creating operational efficiencies, among many others.Details