E-payment processor Autoscribe has introduced “Payment Vision Gateway Svcs.” Payment Vision is the hub of a software-as-a-service (SaaS) model that concentrates payments captured at various payment windows such as IVR, Internet and call centers. The hub-and-spoke alignment allows for perfect and continuous awareness of payments remitted at the consumer self-service windows. Autoscribe processes $4.5 billion in transactions annually.Details
NovoPayment Prepaid Card Service has been awarded Data Security
Standard certification (PCI DSS) from the PCI Security Standards
Counsel. The certification, developed to implement security standards
for payment card processing, ensures the protection of data from
security threats and card fraud. PCI DSS was founded by American
Express, Discover Financial Services, JCB, MasterCard Worldwide and
Visa International to provide security management, intrusion alerts and
network architecture. NovoPayment Prepaid card service has a portfolio
consisting of more than 730,000 active cards and processes nearly 22
million transactions worth about $330 million per annum.
Marriott Rewards is granting wishes for Silver, Gold and Platinum Elite members to create personalized rewards with its “Redeem for Anything” program. Members can now redeem points for anything they want. Marriott Rewards members can earn and redeem points for over 2,800 hotels in 65 countries around the world. Marriott Rewards points may also be redeemed for frequent flyer miles, cruises, car rentals, brand-name merchandise and more. Awards start at 50,000 points.Details
ACI Worldwide has launched its “Enterprise Banker 7.4” online
banking solution with greater bank integration options and import/
export capabilities. Moreover, for ease of integration, the solution
is introducing its “PortalLink” integration for user access to its server
directly from the bank website with single sign-on/login integration
and point of access. “Enterprise Banker 7.4” also integrates multiple
systems’ user set-up functions and provides access to online bill
payment through iPay Technologies. ACI solutions provide electronic
payments software to over 800 customers in 86 countries.
Berman Holding’s Bank Freedom subsidiary has hired Marcius De La Cruz, previously with Washington Mutual, as VP of Compliance for its prepaid MasterCard Card products. At Washington Mutual, De La Cruz held the position of Senior Financial Analyst and was responsible for maintaining up to date knowledge of regulatory issues including: Patriot Act, CIP, ECOA, Anti-Money Laundering, OFAC and FinCen monitoring, HMDA and Truth in Lending. Since 2006 De La Cruz has been consulting with Southern California banks and companies, which included senior AML/BSA positions for Union Bank, First Vietnamese American Bank, and AML Solutions.Details
HM Revenue & Customs (HMRC) has filed an application for leave to
appeal a recent decision regarding VAT treatment of LMG’s “Nectar”
loyalty. The application, in turn, has been referred to the European Court
of Justice for hearing at a later date. Loyalty Management Group Limited
and its subsidiary are confident the case will conclude in the
best interest. Aeroplan shares these sentiments and will continue its
LMG operates its coalition of retail-based loyalty programs, including
“Nectar”, and employs approximately 190 representatives while Aeroplan
Income Fund is a Canadian loyalty marketing company.
Consumer credit delinquencies in the fourth quarter reached their highest levels since 1992, according to the American Bankers Association’s “Consumer Credit Delinquency Bulletin.” The composite ratio, which tracks eight closed-end installment loan categories, rose 21 basis points to 2.65 percent of all accounts in the fourth quarter (seasonally adjusted). All eight loan categories experienced increased delinquencies during the fourth quarter, a rare occurrence. The ABA report defines delinquency as late payments that are 30 days or more overdue. The weak housing market continues to be reflected in rising delinquency rates for home equity loans and lines of credit. Delinquencies for home equity lines of credit – the lowest delinquency rate category – rose 12 basis points to 0.96 percent.Details
Credit Saison and UC Card co have partnered with the S Korean
credit card firm, Shinhan Card co, intent on improving services. Given
the growing number of tourists traveling between Japan and South
Korea, the organizations collectively have expressed a need for this
alliance to provide travelers with extensive user features and benefits.
Statistics show nearly 30% of South Koreans who visit Japan are
Shinhan Card customers.
UT-based Merrick Bank’s subsidiary CardWorks Processing has acquired the operating assets of Pay by Touch. The data processing assets being acquired are used by merchants to facilitate the acceptance of credit and debit cards through major payment networks, including VISA and MasterCard. Merrick Bank will also work with the major payment networks and appropriate regulatory authorities to ensure the continued integrity of the information security systems associated with the newly acquired data processing assets. Merrick Bank is an issuer of non-prime credit cards with more than $1 billion in assets.Details
Contis Group Limited has acquired credEcard, affording the latter
opportunity to thrive as a prepaid card company. With this acquisition,
complete as of March 31st, 2008 and the first by Contis, the acquiring
Company’s infamy will provide credEcard with increased chances for
global recognition. This is very important in the competitive global
prepaid card market. credEcard is a specialist in prepaid cards with
operations in the UK and India while Contis financial services provides
growth strategies to organizations throughout the card market.
The new center will provide customer support for cardmembers who participate in the 60 co-branded credit card partnership programs offered by Barclays in the U.S. Barclays also operates a customer care center in Wilmington, Del. Barclaycard US has more than 60 partnerships with travel, entertainment, retail and financial institutions including US Airways, Lufthansa, Barnes & Noble, Best Western, BJ’s Wholesale Club, Travelocity and Carnival Cruise Lines.Details