uMonitor has entered into a sales referral agreement with NCR to offer uMonitor’s online banking applications. These uMonitor applications include “uOpen & uFund”, an online account opening, funding solution and “uSwitch” online switch kit. With the uMonitor uOpen & uFund application, the financial institution can open Health Savings Accounts online, open loan accounts integrated with loan origination systems such as APPRO or Open Solutions’ IA Systems, and automate the account opening for commercial accounts, such as Business Checking or Business Savings. The uOpen & uFund application helps financial institutions adhere to Section 326 of the USA PATRIOT Act, with its Customer Identification Program. Using uOpen & uFund, banks can easily perform online customer ID verification, ID authentication and OFAC checks; generate credit score and credit reports; develop risk matrixes; and implement cross-sell/up-sell processes. uMonitor financial technologies offers a wide range of online solutions specifically designed to help financial institutions provide the most up-to-date services.Details
BuscaPe has acquired the Pagamento Digital payment management
platform with the intention of providing electronic commerce security.
Providing over 500 clients with access to operational payment methods,
Pagamento Digital is projecting revenues of more than R$ 20 million for
2008. The company provides integral payment methods for online sales
promotion needs and cash-flow management. BucsaPe’s website,
“BuscaPe.com”, gets 30 million hits monthly and across 28 countries,
providing product search and price research while Pagamento Digital
develops electronic commerce solutions and online payment platforms.
The U.S. credit card market is in for “resilience bruising” this year as losses mount and returns subside. The projected pre-tax ROA for 2008 will likely be flat at 4.65%. According to R.K. Hammer, credit card charge-offs and delinquency are expected to rise by 30 basis points each, to 5.05% and 4.95% respectively. Total income yield may be off by as much as 40 basis points, dropping to 17.90%. Meanwhile, operating expense may decline by 25 basis points to 4.40% and the blended cost of funds will likely drop 50 basis points to 3.80%. Hammer also says that organic new card account growth will remain more difficult to achieve in a competitive environment. However, card portfolio acquisitions are expected to lift receivables for some, but at a higher per-account cost.Details
SCM Microsystems has appointed Sour Chhor as Executive Vice
President, out of company headquarters in Ismaning, Germany. In
his new role, he will be overseeing the establishment of new
partnerships and the development of new products/product lines,
mostly in the contactless reader sector. Chhor has over 20 years’
experience with the technology industry, having joined SCM from NXP
Semiconductors as a Senior Director of Global Key Accounts. This
succeeded his role as the GM of NXP Contactless & Embedded
Security Division and various management roles with Philips. SCM’s
new VP has an advanced education composed of a bachelor’s degree in
electronics engineering from the University of Technology and an MBA
from the HEC School of Management.
U.S. Bank has teamed with MasterCard and Nokia to pilot a mobile payments program in Spokane. Program participants will receive a “Nokia 6131” NFC phone that will communicate with “PayPass” readers. The ability to initiate secure “Over-The-Air” delivery of the “PayPass” application to the mobile phone is necessary for both effective implementation of the mobile payments pilot program and eventual commercial roll-out. Venyon is providing this secure OTA service which also allows for remote personalization and management of the payment feature. As of November 27th more than 80,000 merchants accept “MasterCard PayPass,” including many in the Spokane area such as Regal Cinemas, McDonalds, Jack in the Box and 7-Eleven.Details
The GP Bank and the Commonwealth Bank of Australia have both
recently joined the DongA Bank “Vietnam Bank-Card Network”,
affording customers access to a network of more than 900 ATMs and
1,500 POS. In addition to this development, DongA Bank has recently
signed agreements with EuroNet Worldwide, signed agreements with
Microsoft, is in the process of establishing Internet banking and
mobile-phone card services. Fund transfers over the network, however,
cannot exceed VND500 million (US$32,000).
Arthur Blank and INSIDE Contactless have partnered for the deployment of the “L4 2.5G MicroPass” platform, resulting in a peripheral partnership with American Banknote. This will provide the “MicroPass L4 2.5G” for the Arthur Blank , certified by VISA and MasterCard, and subsequent credentials for the contactless bank card platform. INSIDE’s partnership with American Banknote aims to design a global solution for contactless cards using the “MicroPass” contactless payment technology, according to experts. Arthur Blank & Co is capable of producing 1.4 billion cards per year while American Banknote Corporation provides secure documents, services and systems through various product avenues such as as secure plastic cards, phone cards and paper certificates, among others. INSIDE Contactless NFC has been granted over 55 patents and has shipped over 35 million “MicroPass intelligent payment platforms” between 2005 and 2007 while MicroPass is a contactless chip platform designed to meet multi-payment brand and multi-application requirements.Details
eBay’s PayPal has signed a deal to acquire the Israeli firm Fraud Sciences for about $165 million. Fraud Sciences is a specialist in online risk tools. The acquisition is expected to enhance eBay and PayPal’s proprietary fraud management systems and accelerate the development of next generation fraud detection tools. Key personnel from Fraud Sciences, including Yossi Barak, Fraud Sciences’ COO, and founders Shvat Shaked and Saar Wilf, will join the company’s technology and fraud management teams. Gadi Maier, Fraud Sciences’ President and CEO, will provide strategic and operational support to the company during the integration period.Details
In light of the approaching SEPA launch, the European Union
finance ministers have urged banking industry representatives to be
prepared and to “redouble” efforts with the recent minister meeting
in Belgium. With the new SEPA platform, which will reflect no
difference between payment transactions nationally or across borders
in the euro area, the ministers are urging bank solutions to spur
momentum, apply rapid migration to minimize processing costs and
for public authorities to do the same.
NelsonHall BPO Analysis has published its ” German Payments BPO
Industry Assessment and Forecast”, a study on payment processing
outsourcing in Germany. The research organization found that
organizations are outsourcing processing services for cost reduction
and to tap emerging technology, including e-invoicing, mobile payments,
and innovative card services, to subsequently generate additional revenue.
Additional highlights of the publication show that 53% of the German
payments processing market is made up of captive organizations, the sale
of which to outsource vendors will lead to BPO market growth, vendors
must meet SEPA compliance to achieve long-term profitability, payment
processing growth is mostly seen in merchants with accelerated card
payment volumes and experts estimate a 14% annual growth in the German
payments BPO market for a worth of EUR1.6Billion by 2012.
Atradius and Credito y Caucion have completed the combination of
business operations under the “Atradius Group” name.
Under this collaboration, the organizations will be providing customers
in 40 countries around the world with credit insurance, surety / bonding,
collections and credit information. The combination will provide for
operations under the single brand, however, Atradius global credit
insurance and Credito y Caucion will maintain local brand names in the
name of recognition. Atradius has nearly $1.9 billion in revenue, a 24%
share of the credit insurance market, insures almost $588 billion of world
trade per annum and employs 3,500 in 40 countries while Credito y
Caucion has 60% of the Spanish market-share and has recently expanded
into Brazil. With the introduction of the “Atradius Group” collaboration,
designed to provide credit insurance, surety and collections in 40
the organization reflects total revenues of nearly $2.6 billion with a 31%
global market-share, insures $683 billion of world trade and has 160
offices serving 52 million companies.