Vendor Safe Offers PCI DSS Assistance

TX-based Vendor Safe Technologies has introduced “PCI Managed Security Suite”, to aid restaurants and other merchants to comply with the credit card industry’s PCI DSS requirements for preventing credit card fraud The Vendor Safe PCI Managed Security Suite addresses the three critical exposure areas of PCI compliance which include network security, including firewall configuration, remote access, port limitation, public and private network segregation, and encryption of card holder data; data access, including external file transfer, wireless and access elements, and local and remote monitoring; and policies & procedures, including security policies, firewall setup and incident management.

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Credit Card Fair Fee Act Goes to Mark-Up

Today is the big day for the “Credit Card Fair Fee Act of 2008” as the House Judiciary Committee meets to consider a mark up of “H.R. 5546.” Industry leaders and merchant associations have come out to forcefully oppose or endorse government interference in their private business dealings. MasterCard says that in addition to criticism from the DOJ and the FTC, others including the Pentagon FCU, the Black Chamber of Commerce and Southern Christian Leadership Conference have publicly opposed this legislation because they believe it will harm their constituents. Nordstrom also expressed opposition to the legislation. Meanwhile, the National Retail Federation says the legislation will require Visa and MasterCard to negotiate over a hidden credit card fee that costs the average family more than $400 a year. The NRF says Visa and MasterCard effectively force merchants to pass the fees on to consumers by requiring them to be included in the advertised price of items and making cash discounts “H.R. 5546,” is sponsored by Chairman John Conyers and committee member Representative Chris Cannon, R-Utah.

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AMCORE Bank Joins the MoneyPass Net

IL-based AMCORE Bank has joined the surcharge-free MoneyPass ATM Network offering its cardholders access to more than 13,000 ATMs across the US. This new relationship expands AMCORE’s channel of ATMs from roughly 350 to more than 800 throughout Illinois and Wisconsin. AMCORE Financial,the holding company for AMCORE Bank,has banking assets of $5.2 billion and 79 locations in Illinois and Wisconsin. MoneyPass is a network of Elan Financial Services.

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Payment Vision Gateway Powers Q-Soft

Account receivable software provider Q-Soft is using the gateway services of Autoscribe’s “Payment Vision”. “Payment Vision” is a payment gateway that concentrates payments captured at various windows such as IVR, Internet and call centers. Under the agreement, “PayWeb”, “PayIVR”, and “PayAPI”, will be connected to the Q-Law legal collections software. The integrated solutions will allow users of the Q-Law system to schedule both one-time and recurring ACH and credit card payments directly from within their legal collection software. Debtors will also be able to review and make payment against their outstanding debt via the Web and via touch-tone phone. Payments received through all payment windows will be automatically posted to the Q-Law system. Autoscribe’s Vision Gateway Services processing over $4.5 billion in transactions annually.

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Mpayy Powers Lupus Research Donations

The Alliance for Lupus Research has teamed with Mpayy with a widget inside Facebook to process secure donations. Mpayy offers several distinct advantages over traditional donation platforms that include funds management – All donations go directly from donors to the 501(c)3, non-profit, charity or political party within 48 hours; enabling donations directly from users’ profiles, leveraging the viral potential of the social networks; a nominal $0.20 + 2.00% for widget payments and free donation processing for organizations implement Mpayy’s Charity Merchant system on their websites; providing a secure choice with e-check processing. This expands the potential donor universe and gives existing donors an alternative to finance charges and additional credit card debt and donors can immediately donate wherever they might be.

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Americans Bewildered by Contactless Tech

A new study has found that the new “wave-and-pay” options at checkout terminals is not yet the smart card killer solution that industry leaders had expected. Consumers are largely in the dark when it comes to understanding and embracing the new contactless technology. Auriemma Consulting Group found that only 3% of the population is familiar with the new technology. However, after reading an explanatory paragraph about contactless payments technology, consumers were 7 times more likely to want a contactless card than before they read the description. Furthermore, after reading the description of the technology, 63% of consumers would use a contactless card more than a standard credit card because of its “cool new technology” and 67% of consumers would use a contactless card more than a standard card due to its “ease of use.” About 23% of consumers would not use contactless cards because of concerns of identity theft; a robust education-focused campaign should address this concern.

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IKEA & TELECASH

IKEA Deutschland has renewed its network services contract
with the First Data subsidiary, TeleCash, making the German network
service provider the designated general contractor for cashless payments
at the country’s 43 furnishing retail outlets and restaurants. With
this, TeleCash will continue processing card-based payments at
IKEA’s more than 1,500 point-of-sale terminals in Germany,
providing project management, maintenance of the terminal hardware,
blacklisting technology, access to online systems to analyze receipts of
card-based transactions and an electronic receipt storage service. The
electronic receipt storage service requires cardholders sign an
electronic signature pad at the POS, which TeleCash then files, reducing
costs associated with physical archiving. First Data has operations in
37 countries for more than 5.4 million merchants and 2,000 card issuers
while the IKEA group generated a total revenue of 19.8 billion Euro, of
which IKEA Germany generated the largest percentage.

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MAY METRICS

The “Monthly Payment Rate” for credit card-backed securities in the U.K. collapsed 120 basis points in May while the “Yield” on card ABS sunk 90 basis points. Despite the rocky credit card performance in the U.K., the Bank of England’s Monetary Policy Committee has maintained the base rate at 5.0% for the third month in a row. According to FitchRatings the “Monthly Payment Rate” dipped to 16.80% in May, compared to 18.00% in the prior month. Fitch also reports that the “Yield” declined to 19.5% in May, compared to 20.4% in June. The Fitch “Charge-off Index” improved in May, dropping to 6.4%, from 6.5% in
April. Having remained stable over the last two monthly periods, the Fitch “Delinquency Index” increased again in May, rising 10 basis points to 3.7%.

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FRAUDNET

Continental Airlines has been provisioned a fraud-reduction solution for
card-not-present (CNP) ticket sales through 41st Parameter. A provider
of Internet Fraud Intervention Services and Technology for e-commerce
and financial services, 41st Parameter Inc will deploy its “FraudNet”
solution to both detect and prevent CNP fraud for Continental Airlines
online customer sales channels. Moreover, the proprietary technology
provided through “FraudNet” offers increased analysis of online
transactions through detection tools to reduce the volume of manually
reviewed transactions, identify interlinked activities and report
genuinely fraudulent cases to law enforcement bodies. Carrying
approximately 69 million passengers per year, Continental Airlines has
more than 2,900 daily departures throughout the world to 144 domestic
and 139 international destinations while 41st Parameter Internet Fraud
Intervention solutions detects and prevents online fraud for e-commerce
companies and financial institutions.

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DataMatrix to Offer Chase Rebate Cards

Marketing fulfillment specialist DataMatrix Promotions has enhanced its rebate management capabilities by offering Chase Rebate Cards as part of its suite of efficient payment methods. DataMatrix Promotions added the Chase Rebate Card to its portfolio as an economical, reliable alternative to paper checks to help DataMatrix’s customers save time and costs associated with check printing, bank processing, check handling fees and postage. DataMatrix Promotions serves the consumer rebate, software development, data processing, call center and data mining needs of many of the world’s leading corporations.

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BPC SMARTVISTA

The Kazakh Tsesnabank has implemented BPC’s “SmartVista” to support its
development strategy for card business growth through its in-house
processing center. In doing so, “SmartVista” will provide card business
automation with end-to-end integrated software modules, an entire cycle
of Visa magstripe, EMV cards issuing and acquiring, a stage by stage
migration of the bank’s card business from a third party processor,
integration with the sponsor’s processing center, flexible integration
with other systems and scalability. Tsesnabank has19 branches and 59
outlets throughout Kazakhstan serving over 100,000 private and 15,000
corporate clients.

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CMB NYS BANKING LICENSE

China Merchants Bank (CMB) has completed all relevant legal procedures
and has been deemed to have satisfied all requirements necessary to have
granted its New York State banking license by the New York State
Superintendent. This development makes way for the first U.S. branch
opening of a Chinese Bank in 17 Years, a direct result of the United
States’ adoption of its “Foreign Bank Supervision Enhancement Act of
1991.” CMB filed its application to establish a New York branch in 2007,
which the New York State Banking Department and the Federal Reserve
Board of Governors approved in August and November 2007, respectively.
The opening of the CMB New York branch is expected later this year. The
bank has total assets of nearly $187 billion with 576 branches across
China and generated a $3 billion net income for 2007.

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