Maybank Unveils VISA Money Transfer Service

Maybank has announced deployment of “Maybank Visa Money Transfer”
using Visa’s money transfer service, allowing customers to send funds from
one Visa card to another regardless of global location. The customer will
normally be charged a S$5 fee, however, an introductory fee of S$1 per
transfer is the current rate. A fee of S$8 per transfer applies to
transfer of
funds to Visa cards issued in foreign countries. The Visa Transfer
service currently conducts 1,500 transactions a day within the Asia
Pacific region. More than 3.4 million Visa cards have been issued in
Singapore and more than 1.5 billion Visa cards have been issued globally.

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RSA Introduces New PCI Solution Tools

RSA has expanded its “Payment Card Industry Data Security Standard Solution” portfolio. RSA also announced a new blueprint for promoting compliance by discovering data and infrastructure, assessing risk, enacting remediation and ensuring sustained controls. Additionally, RSA has formed strategic alliances with nCircle Network Security and Qualys. The new RSA “PCI Solution” offers “PCI DSS Pre-Assessment & Gap Analysis”; “Credit Card Data Discovery & Classification” professional services; and “EMC Infoscape,” an enterprise information risk management solution, which helps customers identify credit card data stored in unstructured formats, such as PDF and Excel files. EMC Infoscape discovers files in file shares and classifies them based on both content and file attributes.

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Debit Cards Emerge as Preferred Payment Device

A new study has found that more consumers prefer debit cards than any other type of payment for POS purchases. This is the first time in the study’s history that debit cards exceeded all other payment devices as the overall preferred payment product. The “PaymentDynamics 2007 Preferred Payments Study” from TransUnion and Edgar, Dunn & Company found that 29% of respondents prefer debit cards versus 26% for credit cards. This year’s study shows fewer consumers are adding payment products to their wallets and more consumers are eliminating products from their wallets than in prior years’ studies. Only 31% of respondents added a new payment device to their wallet this past year versus 56% in 2004, while 20% of consumers said they shed payment products compared to 16% in 2004. The study also showed that rewards credit cards represent 50% of all preferred credit cards with 83% of rewards card owners using their reward credit card.

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Monthly Payment Rates Begin to Spiral Downward

Monthly payment rates continued their downward spiral in March, falling below 18.50% for the first time since July 2005. The MPR, or the amount that cardholders pay on their credit card debt each month, peaked in October of last year, reaching almost 21%. The higher payment rates were driven by new minimum payment standards that took effect last year. Last week, Moody’s reported that the payment rate among credit card-backed securities fell slightly to 17.72% in February, after posting a record-setting forty-two months of consecutive year-over-year improvement. Moody’s noted that the combination of higher interest rates and a cooling off of the real estate market diminished the attractiveness of “cash out” refinancing activity in which many borrowers reduced their more expensive credit card debt by drawing on the equity in their home — either by refinancing their mortgages or by accessing their home equity lines of credit.

MONTHLY PAYMENT RATES
Apr 06: 20.01%
May 06: 19.68%
Jun 06: 19.99%
Jul 06: 20.46%
Aug 06: 20.20%
Sep 06: 20.02%
Oct 06: 20.83%
Nov 06: 20.01%
Dec 06: 19.70%
Jan 07: 19.88%
Feb 07: 18.79%
Mar 07: 18.21%
Source: CardData (www.carddata.com)

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Gilbarco Certifies NPC on Passport

Gilbarco Inc. has certified an electronic funds payment service from National Payment Card, LLC of Boca Raton, FL for use with the Gilbarco Passport point of sale system. National Payment Card is an electronic funds payment service bureau that interfaces with point of sale systems that enables consumers to associate their driver’s license or existing membership card with a bank account so it initiates payment at the pump or inside the store through the Federal Automated Clearing House (ACH) system. The Passport interface to the electronic funds payment service from National Payment Card enables funds to come directly from the consumer’s bank account, removing middlemen in the credit card and debit card networks altogether. Retailers can pass along the savings in processing fees to the consumer in the form of discounted fuel. Gilbarco Veeder-Root and Gasboy are leading suppliers of integrated fuel control, site management, and support services for petroleum marketers and commercial fueling enterprises worldwide. National Payment Card is a marketer of card-based payment systems.

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Princeton Softech Joins the PCI SVA

NJ-based Princeton Softech is among the first 24 companies to have joined the Payment Card Industry “Strategic Vendor Alliance”. The PCI SVA was founded by a group of leading data security firms, including ConfigureSoft, Cyber-Ark, Modulo Security, Proginet, Protegrity, Reflex Security and Safe-Net to provide the best in technology solutions and services to retailers, e-commerce companies, financial institutions, payment processors, POS vendors and other organizations that must protect consumer privacy to achieve compliance with the PCI Data Security Standard (DSS). Initiated by MasterCard International and Visa in January 2005, the PCI DSS is a set of twelve multifaceted regulations that represent a unified industry standard for protecting cardholder data that is stored, transmitted or processed. The PCI DSS must be implemented by all members, merchants and service providers that store, process or transmit cardholder information. Fines for non-compliance can range up to 500,000 USD per incident. Princeton Softech provides enterprise data management solutions that address critical business issues.

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OKI Relocates Manufacturing Division

The OKI Group held opening ceremonies for its recently relocated
manufacturing division, OSZ. The company’s new facility in
Shenzhen, China is twice the size of the previous and will triple
production of OSZ’s ATM and printer manufacturing. It is a four-story
building with 52,000 square meters of floor space and enough room
for future expansion.This will meet with the company’s growth reflected
in the shipment of over 200 thousand printers and slightly under 20
thousand ATMs last year. The company plans to increase this to 600
thousand printers, 30 thousand ATMs (including main units) a year.

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ANZ Selects ILOG JRules For Loan Automation

ILOG’s “JRules” has been selected by ANZ for the automation of residential
mortgage loan applications. ILOG’s team will support ANZ through the phases
of the Mortgage Automation Program with the best practice approach. The
company is a global provider of Business Rule Management System software
(BRMS) upon which over 2,500 corporations and 465 leading software
vendors rely. ANZ has 1,265 worldwide points of representation, including
781 branches in Australia, and more than six million customers worldwide.

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Chase Certifies RDM Synergy Terminal

RDM “SYNERGY”‘s all-in-one payment terminal has been
given Class B certification by Chase “Paymentech”. “Paymentech”,
a joint venture between JPMorgan Chase & Co. and First Data
Corp., is a merchant acquirer accepting payments at the point-of-
sale that processed approximately 18.2 billion transactions in 2006,
with more than $660.6 billion in annual bankcard and debit volume.
With this development, Chase “Paymentech” customers can use
RDM’s payment platform technology for imaging, MICR reading,
and terminal applications. The company’s Class B certification
encompasses credit, debit and check electronification.

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VeriFone Signs InterSwitch Nigeria

Verifone Holdings has announced that it has signed agreements
with Nigerian transaction switching and electronic payment
processing company InterSwitch. This will allow inter-bank
electronics payments for Nigerian cardholders with deployment
of VeriFone’s GPRS-enabled “Vx 610” payment systems to
Interswitches’ bank and merchant customers. Interswitch unites
banks onto the same ATM and POS network, providing integration
to 23 out of the 25 banks in the country. Using wireless technology,
the “Vx 610″system delivers high-speed functionality and ease of
use without tying customers to a fixed location. It is owered by
a 32-bit processor for quick transactions.

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