VERIFONE & PCI

To provide its customers with remittance services, Scotiabank has
partnered with Western Union(WU) to launch a pilot program from
its 42 Canadian locations. With this program, the bank patrons will
be able to send money transfers to over 200 countries around the
world. WU currently has over 50,000 Agent locations throughout
North America and operates a network of over 320,000
Agent locations while Scotiabank employs nearly 60,000, serves
roughly 12 million customers and had 2007 assets of $408 billion.

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ENTRUST & ICICI

ICICI Bank has signed a 5-year agreement with Entrust for the
protection of its customer’s transaction data. Entrust will provide the
bank
with standard SSL certificates to protect users of the institution’s
website
with transaction security. These certificates are reusable, provide banks
with a self-service administration tool and cut the risk of certificate
expiration. ICICI Bank has 2007 assets of $92 billion with a network of
950 branches, 3,300 ATMs throughout India and a presence in a total of
17 countries while Entrust secures digital information for 1,650
organizations across 60 countries.

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DCS Files Another Instant Issuance Patent

Dynamic Card Solutions has filed its second instant issuance technology patent to enable customization of individual debit, credit, ATM and prepaid cards. DCS’ second patent filing is aimed to secure the systems and methods which allow card issuers to produce a fully personalized, thermally printed, unembossed card in real-time for cardholders. This includes the immediate transmission of all card personalization information such as the cardholder’s name, account number, expiration date, CVV or CVC 2 security codes along with front and back card images. During this process, personalization information is printed onto association branded blank cardstock, producing a fully personalized, thermally printed unembossed card instantly.

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ATM CURRENCY VOLUME

Sainsbury’s Bank has released figures projecting that GBP10.79 billion
will be withdrawn from ATMs during the month of December 2007. This
is reflective of a record breaking month for the most money withdrawn in
a one-month period ever. This monthly projection equates to GBP348.06
million per day and GBP241,708 per minute for withdrawal from UK ATMs
This amounts to an average of 7.59 million ATM transactions daily.
Sainsbury’s Bank was established in 1997 and provides customers with nearly
1000 fee-free ATMs.

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Half of Teens Want Open-Loop Gift Cards

A new poll shows that the average number of gift cards teen consumers plan to purchase is three, with 26% of teens planning to purchase more gift cards this holiday season than last. The First Data survey found that specialty retail stores (43%) and discount stores (40%) are the top locations where teens intend to purchase gift cards. However, top locations where teens would like to receive gift cards include specialty retail stores (70%); discount stores (51%); and open-loop gift cards (50%). Additionally, one-third of teens intend to spend more than $50 on gift cards with the average total spend being $61.50. A national “Teen Gift Card Survey” by Comdata Stored Value Solutions released in August found that 98% of all teens between the ages of 14 and 19 have either bought or received a gift card. The Comdata survey also found that teens purchased almost double the number of gift cards they did in 2006 (7.6 vs. 4.3 cards – a 77% increase). (CF Library 8/14/07)

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SCOTIABANK & WU

To provide its customers with remittance services, Scotiabank has
partnered with Western Union(WU) to launch a pilot program from
its 42 Canadian locations. With this program, the bank patrons will
be able to send money transfers to over 200 countries around the
world. WU currently has over 50,000 Agent locations throughout
North America and operates a network of over 320,000
Agent locations while Scotiabank employs nearly 60,000, serves
roughly 12 million customers and had 2007 assets of $408 billion.

Details

Procrastinators to Spike Sales This Week

Holiday sales volume will be driven this week by procrastinators, especially male shoppers. A new survey found that as the start of this week nearly one in five men had yet to begin their holiday shopping. According to NRF’s “2007 Holiday Consumer Intentions and Actions Survey,” conducted by BIGreseach, less than a third of consumers have already purchased a gift card. According to the survey, department stores are expected to be the destination of choice the week before Christmas, as 42% of shoppers plan to visit those stores to finish up holiday shopping. Other destinations will include discount stores (39%), the Internet (35%), and specialty stores (30%). VISA said this week its data show that consumers are behind in checking off their holiday shopping lists, but an extra shopping day this year helps. VISA says overall retail sales in the USA will recover as last-minute discounts and extended store hours attract value-conscious consumers. (CF Library 12/17/07)

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TRANSIT CARDS

Contactless payment cards for mass transit are poised for rapid growth over the next year. A new report projects that the number of closed loop contactless transit cards will grow from 226 million this year to more than 246 million next year. Boston-based Mercator says its research shows that the top 20 global transit markets account for $37 billion in annual revenues. The research firm also says the roll-out of NFC-based handsets and the increasing use of multi-application smart cards are also factors in capturing the transit market. Another recent report from Celent revealed that growth in contactless cards in Japan has largely been driven by Tokyo’s RFID train pass. The study found that the most popular train passes are “Suica” and “PASMO,” which is currently available in Tokyo. “Suica” is a train pass distributed in 2000 by Japan Railway East, while “PASMO” was distributed by the private railways in 2007.

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ABA & Issuers Launch a Consumer Credit Site

Thirteen credit card issuers have teamed with the American Bankers Association Education Foundation to launch an educational consumer credit website. The new “Get Smart About Credit” program is a collaboration of American Express, Bank of America, Capital One, Chase, Citi, Discover, GE Financial, HSBC, MasterCard, U.S. Bank, VISA, Washington Mutual and Wells Fargo. The new website features free interactive online tools and information from the ABAEF and various financial institutions, including programs and articles. Interactive games are also offered including “Financial Football,” “Smart Money Quiz Show” and “Stagecoach Island.” The ABA Education Foundation is a non-profit subsidiary of the American Bankers Association.

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LIC & GE

The proposed credit venture between the Life Insurance Corporation
of India and GE will be delayed, once again, for an undetermined
period of time. The 2 organizations, hopeful of initiating their venture by
the end of this year, are unable to initiate deployment until the next
fiscal
year, citing possible “control” issues. Plans for the project include an MoU
that ascertains LIC to hold 40%, GE 35%, Corporation Bank 4%, LIC
Housing 5% and LIC Mutual Fund 2%, with a 14% balance for financial
investors. Given the completion of these agreements, this would be in
addition to GE’s Indian credit card business with the State Bank of India.

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Lifelock Introduces WalletLock Service

Identity prevention service LifeLock has released “WalletLock” for protection of identity loss via a lost or stolen wallet. With “WalletLock,” a LifeLock client will be able to make just one call to a LifeLock specialist to start the process to have all lost or stolen credit cards, driver’s license, and other important items cancelled and replaced. If clients’ wallets are lost or stolen, they call into 1-877-LifeLock and LifeLock will assist them with replacing all the document items in their wallet with the exception of the cash, monies or pictures in the wallet.

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