A Nellie Mae study says that older graduate students carry nearly twice as much credit card debt as their younger counterparts, with just 20% of all respondents paying off their monthly credit card bills in full each month. Moreover, the average outstanding balance on credit cards held by graduate students has increased 10% since 2003 to $8,612. The study also sheds light on the fact that increasing numbers of graduate students are using credit cards to finance a college education. About 94% of graduate students who responded to the Nellie Mae survey said they used credit cards to pay for some portion of their direct education expenses, primarily textbooks. Twenty-eight percent admitted paying for some portion of their tuition with credit cards.Details
Recent research sponsored by Vocalink shows that many bank associates
believe that Euro-wide reach will be among the fundamental difficulties
with the SEPA solution. Research statistics also show that over half of the
respondents are concerned with meeting the January SEPA deadline and
that 81% don’t believe their customers will migrate payments until after
2010. Additionally, 54% of the banks disclosed concern in convincing
customers of the SEPA migration, 32% said the most important customer
incentive was the ability to send all payments through a single channel
24% felt this would be “message reformatting”.
SafeNet has launched the “ProtectHost Electronic Funds Transfer” product, a hardware security module that prevents identity theft and other e-crimes by encrypting PINs, passwords, and online transaction data. The PH EFT is built upon the successful Luna platform and is designed for EFT and payment system processing environments, providing powerful end-to-end security for online banking transactions and applications for credit, debit, and chip cards. The PH EFT encrypts data at the client browsers and decrypts it at the host, so the transaction remains secure from point of entry through processing and authentication. To prevent compromise of financial data via the printing of security keys, the PH EFT features an ATM Key Management System, allowing the custodian key data to print directly to secure key envelopes. This also allows for automatic ATM key distribution and initialization. Likewise, the PH EFT PIN Mailer System enables printing of PINs directly to secure PIN envelopes, eliminating the need to hook up to a different machine. SafeNet is a provider of information security.Details
To aid its corporate customers in preparation for evolving global
payments, Unisys will be introducing new solutions on its Open
Payments Platform. In conjunction with Clear2Pay’s Service Oriented
Architecture(SOA), the Open Payments Platform solutions address the
SEPA changes to credit and debit platforms throughout Europe.
Additionally, Unisys will be partnering with Sterci to provide its “Stelink”
messaging platform to assist bank customers in modernizing financial
messaging systems. This modernization will assess new regulations of
financial institution standard-setters and replace SWIFT messaging
systems. The Unisys Open Payment Platform allows banks to reform
operations and create products intent on maintenance cost reduction.
CardSelect reports the pending sale of patents in Canada, Europe and Japan pertaining to the issuance of financial transaction cards and identity cards via multiple vendors. The lot will be offered at The Ocean Tomo Fall 2007 Live IP Auction on October 25th at the Palmer House Hilton in Chicago. The Company says its system offers card issuers a better way to acquire new and more valuable customer accounts while keeping acquisition costs low and customer retention rates high. The system can also be tailored for use in either magnetic stripe or smart card environments and creates a virtual mall bringing together global card issuers, loyalty partners and consumers.Details
A six-month pilot of mobile payments led by LogicaCMG and Schuitema, owners of the C1000 supermarket chain, in close
cooperation with Rabobank, KPN, NXP Semiconductors and RFID Platform
Nederland has been going well. The solution uses the existing online PIN payment infrastructure, with the debit card replaced by a mobile phone. The mobiles are equipped with NFC technology. The payment system is one of the first European mobile payments applications that is directly linked to online debit accounts.
Diebold has become the first major ATM provider in the USA to introduce bulk deposit technology. The Company released “Intelligent Depository Module,” an advanced technology that receives and processes both checks and bill payment documents in bulk. An enhanced, fifth-generation solution, this module accepts and magnetically reads checks inserted in any orientation-even upside down-through an insertion slot placed identically on all of Diebold’s “Opteva” ATMs for a consistent consumer interface. The bulk document IDM’s paper-handling capabilities can process crumpled, curled and creased checks. An envelope-free, high-volume deposit module, the bulk document IDM enables financial institutions to improve their financial self-service investment through migration of deposit transactions from the teller line to the ATM, and through image processing opportunities enabled through check truncation.Details
Sprint smartcards has joined the 23 other company members of the
GlobalPlatform Mobile Task Force as part of an effort to develop
inter-operable card and device specifications for mobile payments. The
platform’s partnership was established to develop technical specifications
to meet requirements of the mobile payments industry with representation
from mobile, financial and Near-Field Communication (NFC) industries.
This representation includes the European Telecommunications Standards
Institute (ETSI), the Open Mobile Terminal Platform (OMTP), the Open
Mobile Alliance (OMA), EMVCo, the NFC Forum, the Mobey Forum,
the GSM Association and the Mobile Payments Forum (MPF). In addition
to its joining the Mobile Task Force, Sprint will also participate in the
GlobalPlatform’s Systems Committee and have a voice on the Advisory
A new study, sponsored by the American Bankers Association, and featuring economists Jonathan Orszag and Susan Manning concludes that placing further legislative restrictions on credit card interest rates and fees is likely to harm the vast majority of consumers. The study says proposals for price controls on credit cards may help a small minority of borrowers, but only at the cost of harming the vast majority of borrowers; innovation and deregulation have allowed credit card prices to reflect borrower risk more precisely, which has benefited the vast majority of borrowers; and effective alternatives exist to protect consumers from unfair or deceptive credit card practices without raising costs or limiting credit access for other borrowers. The study argues that credit restrictions would harm the economy more broadly as a result of consumers’ reduced ability to maintain consumption through periods of income disruptions or borrow against future earnings.Details
VISA Inc has completed its series of restructuring transactions
incorporating VISA Canada, VISA U.S.A. And VISA International as its
subsidiaries. This development provides the organization with a strong
management team to continue execution of a competitive strategy for
the expansion of product offerings. This unity of branches is
projected to benefit VISA stakeholders, such as financial institutions,
merchants and cardholders, given the projected resulting revenue
increase. VISA Inc. now operates as the world’s largest retail electronic
payments network to support global commerce through the transfer of
value and information among business and consumers.
Asset Acceptance Capital has promoted Deborah Everly from VP/Marketing and Acquisitions to SVP/Chief Acquisitions Officer. Everly has worked in the accounts receivable management industry since 1991. She joined Asset Acceptance in 1995, was appointed Director of Marketing and Acquisitions in 1996, Assistant Vice President-Marketing & Acquisitions in 1997 and to Vice President-Marketing & Acquisitions in 1998. Asset Acceptance provides credit originators, such as credit card issuers, consumer finance companies, retail merchants, utilities and others an efficient alternative in recovering defaulted consumer debt.Details
Cryptomathic has appointed card issuance expert David Dix to oversee the
EMV and payments department. Dix was previously employed with First Data
after his roles as business and systems analyst with Oberthur Card Systems
and NatWest Bank. His advanced education includes a Masters in Physics
from the University of Essex, an NCC certificate in Systems Analysis, an
certificate in Software Testing and a PRINCE 2 Foundation certificate.
Cryptomathic provides security solutions to various business markets in
smart card, digital rights management and government.