MasterCard has named a new President to take the controls on August 31st. Ajay Banga, currently Citigroup’s CEO of Citi Asia Pacific, will become MasterCard’s President and CEO, replacing current President Robert Selander, who will continue to serve as CEO. Banga will be responsible for key business operations including customer relationships globally in international and U.S. markets, products, services, marketing, technology and operations. The company’s finance, human resources, and law and franchise integrity functions will continue to report to Selander. Banga joined Citi in 1996 as Head of Marketing and Sales in India, rising through the ranks to Head of Sales, Marketing and Business Development for EMEA, and was then appointed Division Executive, Consumer Bank for CEMEA. In 2000 he was appointed Business Head, CitiFinancial and U.S. Consumer Assets, and in 2002 became EVP, Global Consumer Group and President, Retail Banking North America. He was named Chairman and Chief Executive Officer of Citi’s Global Consumer Group International in 2005, which included all credit card and consumer banking operations outside North America. He was appointed to his current position in 2008.Details
AT&T Certified Solutions Catalog has listed Blue Bamboo e-payment
solutions’ “Pocket POS” mobile payment applications. Boasting savings of
between 30 % – 70 % in transaction fees through swiped retail rates and
reduced charge backs, the application includes a Bluetooth enabled P25-M
receipt printer and card reader with Master Key/Session Key and DUKPT
security protocols for wireless payment transactions using a mobile
handset, PDA or laptop. The AT&T certification indicates Blue Bamboo and
its “PocketPOS” have met the standards of a secure, reliable major
mobile carrier and confirming it will not install spyware or viruses.
Blue Bamboo designs and markets affordable products for the POS
terminal and peripherals industry.
Monthly payment rates, the amount that cardholders pay on their credit card debt each month, fell in May by 87 basis points, following a 32 basis points downtick in the prior month. In November, the MPR posted its largest one-month drop ever, descending 251 basis points. Rising in December to 18.56%, the MPR declined 178 basis points in January. Among managed credit card outstandings, the MPR declined to 16.44% in May, according to CardData. The managed MPR one-year ago stood at 18.78%. According to the latest “Moody’s Credit Card Index” payment rates for all credit card-backed securities slipped for the second consecutive month in May to 16.01% from 16.20% in the prior month. According to the latest “Credit Card Index” results from Fitch Ratings, monthly payments rates among “Prime” credit card ABS have exhibited some fairly typical seasonal volatility early this year, but continue to hover around 17%. Fitch reported an April MPR of 16.98%.
MONTHLY PAYMENT RATES
Dec 08: 18.56%
Jan 09: 16.78%
Feb 09: 17.13%
Mar 09: 17.63%
Apr 09: 17.31%
May 09: 16.44%
Source: CardData (www.carddata.com)
Thinking Money has reported the “Ryanair/MBNA Ireland Gold” credit card
is offering 0% interest for the first 10 months on balance transfers to
become the Country’s most competitive. As the Republic of Ireland’s
third largest credit card provider, MBNA Ireland is offering customers
who use the card within 90 days of opening the account a bonus return
flight; for every EUR 2,000 spent on the card in a calendar quarter a
bonus return flight; for every EUR 5,000 spent, a pair of return
flights; and five return flights purchased will also earn an additional
bonus return flight. Flying 830 routes across 26 countries to 148
destinations, Ryanair low fare airline now serves more passengers than
Air France, British Airways or Lufthansa. In conjunction with this
announcement, Thinking Money is projecting the Airline to maintain its
traffic growth by 15%, flying 67 million before 2011.
Arthur Blank & Co., American Bank Note Company, and Keystone Plastics
of Canada, three subsidiaries of ABnote Group, announced they
consolidating under a new brand, “ABnote North America.” The newly
branded firm will be led by CEO Joe Caffarella. The Company has a
corporate history dating back to 1795. ABnote North America will offer
plastic commercial cards, financial cards, secure access cards,
identification cards, secure documents, and related secure
personalization, warehousing, distribution, and fulfillment services.
While the Arthur Blank & Co, American Bank Note Company, and Keystone
names will remain for an interim period, the brands will be phased out
as marketing is transitioned over to the new brand.
The Conference Board Leading Economic Index (LEI) in Australia increased
for a third consecutive month by .7% while The Conference Board
Coincident Economic Index (CEI) decreased .1% in April. With the .7%
increase in April, The Conference Board LEI for Australia now stands at
113.5 (2004=100), which increased 0.6% in March and .1% in February,
while the CEI now stands at 112.3 (2004=100), which decreased 0.1% in
March and increased 0.1% in February. LEI positive results for the month
were attributed to sales to inventory ratio and gross operating surplus
for private non-financial corporations, the implicit price index used to
deflate rural goods exports and building approvals, and the CPI used to
deflate money supply M3.
PCI DSS compliance provider Vendor Safe Technologies
has signed a long term agreement with restaurant chain Quaker Steak
& Lube to implement a single source Payment Card Industry
Data Security Standard compliance solution.
The PCI Managed Security portfolio enables restaurants and other credit
card merchants to secure their environment with solutions that include “Global Security Mesh/VPN”,
a managed gateway solution providing best-in-class security,
“IP Data Blocker”, prevents data transmission to unauthorized IP
addresses; “Rogue Device Manager”, issues alerts to the IT staff when any
device is added to the LAN and “HotSpot Plus”, a robust wireless solution with four segregated
wireless networks.The suite also includes Vulnerability Scans that proactively identify weaknesses with an
all-inclusive assessment and are Approved Scanning Vendor (ASV) program
compliant; internal and external scans available; the “SAQuick” Questionnaire which lets merchants easily complete the
Self-Assessment Questionnaire and Attestation of Compliance required by
the PCI DSS with an automated, online questionnaire and the “TrustVault Certificate” that covers up to $50,000 in direct breach
In contrast to the “SEPA Credit Transfer” (SCT) launched in January 2008, the regulations banks are required to follow when processing “SEPA Direct Debit” (SDD) are complex and initial volume is expected to be limited. Therefore, Utrecht-based Equens will be rolling-out in November with an economical Internet solution with
a short time and minimal effort for implementation. The Equens “Creditor Bank Module” will enable banks to receive SDDs and fully comply with the
“SDD” regulations and implementation guidelines drawn up by the European
Payments Council. Banks must be fully ready to receive “SDDs” on November 1st, 2010. “SEPA Direct Debit” is one of the three main products of “SEPA,” the “Single Euro Payments Area.”
ATM provider TRM has changed its name to Access to Money. The Company’s
ticker symbol will change
to AEMI and its common stock will continue to trade on the OTCBB. The
Company has also changed its state of incorporation from Oregon to Delaware.
TRM Corporation is a consumer services company that provides convenience
ATM services in high-traffic consumer environments.
Sino Payments is embarking on the ecommerce processing business across
Asia, offering online merchants its “Sino Pay GPP Point of Sale IP” card
processing service. In addition to providing the solution to physical
merchants for POS IP processing, Sino Payments is marketing toward
online gaming companies and merchants with the ecommerce processing.
NV-based Sino Payments has offices in Hong Kong and designed the
“SinoPay GPP” to convert transaction processing systems from antiquated
dial up POS systems to modern IP transaction processes, ultimately to
reduce credit and debit card transaction processing times by half at
Donating $2.5 million to establish a new Data Security Fund to allow
states to advance effective data security and technology, TJX Companies
have settled with a multi-state group of 41 Attorneys General to resolve
investigations of the criminal intrusion into the Organization’s
computer system announced over two years ago. Maintaining no violation
of consumer protection or data security laws were committed, TJX
representatives disclosed the settlement was made to avoid distraction
and promote cyber security measures. Additional stipulations under the
settlement require TJX provide a settlement amount of $7.25 million to
cover expenses related to the Statesâ investigations; certify its
computer system meets detailed data security requirements specified by
the States; and to encourage the development of security technologies.
The TJX Companies operates 882 T.J. Maxx, 811 Marshalls, 322 HomeGoods,
and 141 A.J. Wright stores in the USA.
Card processing solution provider Merchant Warehouse has released the “MerchantWARE” mobile POS application.
MerchantWARE Mobile runs on BlackBerryâs Pearl, Storm, Curve or Bold and
offers the enhanced capability to use a highly secure Bluetooth card
swipe device that brings ease of use, lower processing costs and
security to âon the goâ businesses. This free application is now
available for download on Merchant Warehouseâs MerchantWARE Mobile
BlackBerry Page and soon will be available on BlackBerry App World.
Features of MerchantWARE Mobile for the BlackBerry include secure transactions in real time, including sales, refunds and voids;
lower Interchange costs by swiping with Bluetooth card reader; detailed transaction reporting; no additional gateway or cellular access fees;
email receipts for merchant and customer; encrypted and secure SSL connections for safely transmitting
customer information; complies with PCI DSS/PABP; automatic end of day batch processing and access to the MerchantWARE Virtual Terminal enabling users to
process transactions through the same merchant account from any web
Whether credit card information is swiped or keyed-in to the BlackBerry
device, all data is stored on Merchant Warehouseâs secure servers, not
the mobile device.