BofA’s Keep the Change Tops $400MM

Bank of America has a “START” spring cleaning checklist that includes its “Keep the Change” program. Consumers who are looking for a way to organize their finances can consider the following five steps as a perfect START: Simplify, Track Everything, Automate, Reduce Clutter and Take Small Steps. Bank of America launched the “Keep the Change” and consumers have saved a total of more than $400 million in “loose change”. Bank of America will also match 100% of “Keep the Change” savings transfers during the first three months after enrollment and five percent thereafter, up to a maximum of $250 per year.

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Vivonet Meets Level 1 Security Requirements

Vivonet announced the compliance of its POS terminals with
“Payment Card Industry Data Security Standard” and the
“Level 1 Visa Cardholder Information Security Program.” “Level 1” is the
highest security certification of the payment card industry. In 2004, the
CISP requirements were integrated with PCI Data Security Standards
for the elevation of security in the industry. To maintain the “Level 1”
status, Vivonet is subject to regular audits to prove adherence to these
standards. Vivonet provides on-demand enterprise management,
point-of-sale, payment processing and performance benchmarking
solutions.

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3M Unveils MicroTouch ToughTouch II

3M Touch Systems announced the availability of “MicroTouch ToughTouch II” capacitive touch screens for ruggedized self-service kiosks and ATM applications. “ToughTouch II” is a highly responsive, reliable touch screen, but with a much higher level of impact resistance against breakage from accidental or malicious activity. “ToughTouch II” is 3M’s most rugged capacitive touch product and its construction combines a “MicroTouch ClearTek II” capacitive touch screen with a 4mm glass layer optically laminated to the back.

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du Introduces Mobile Payments

du Telecom Operations has introduced mobile payments for recharging
mobile accounts with the use of a credit card through SMS for
customers of both monthly plans and pay-as-you-go plans. The service
is offered free of charge to customers and offers optional alerts
when balances are low and an automated payment draft. The company plans
to make available the ability to pay utility bills in the future.

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First Data to Acquire FundsXpress

First Data yesterday confirmed plans to acquire FundsXpress, a provider of online banking and bill payment services for consumers and small businesses. FundsXpress has more than 500 financial institution customers, consisting primarily of community financial institutions. FundsXpress♠products include retail and commercial Internet banking, cash management, automated lending, and dynamic Web sites. First Data says the deal will result in a broad and robust suite of products for secure electronic commerce and Internet Banking transactions. FundsXpress was advised on the transaction by the investment banking firm of Lane, Berry & Co.

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Credit Libanais Deploys SCTN’s Loyalty on EMV Cards

Credit Libanais will deploy the “selektpoints” loyalty program through
Smart Chip Technologies Loyalty Solution using Phoenix Technology.
Credit Libanais provides financial acquiring for more than
10,000 merchants and chose selektpoints because it is merchant-driven
and is a powerful solution. This partnership consists of the first
EMV Smart Card application to function in conjunction with a credit and
debit financial application. Credit Libanais operates through a network
of 58 branches in Lebanon, a branch in Cyprus, and a representative office
in Canada. Smart Chip Technologies’ turn-key customer retention loyalty
solution enables issuers, acquirers, and merchants to implement real-time
programs using their customer’s existing cards.

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PayPass Expands to More Sports Arenas

Mastercard PayPass will now be accepted at The American Airlines Center, United Center and XCel Energy Center at in-stadium concession stands. No signature or PIN is required to complete the transaction for purchases under $25. Ten football and 12 baseball stadiums have already adopted MasterCard PayPass and it was accepted at 14 PGA Tour events during the 2006 season. PayPass is currently accepted globally at 46,000 merchant locations, including participating 7-Eleven, CVS, McDonald’s, Regal Entertainment Group theaters and many others.

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INSIDE Contactless Appoints Executive

INSIDE Contactless has announced the appointment of Rajesh
Sharma to its Professional Services Organization as Technical Services
Director. Rajesh has more than 12 years’ experience in the smartcard
industry and was previously employed with Gemalto’s support team.
Rajesh is credited as an authority on Contactless, Financial and Security
technologies and standards. INSIDE has delivered over 15 million smart
card chips in the past two years and is growing rapidly.

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BECU Goes Exclusively MC PIN POS Debit

MasterCard has inked a contract extension and five-year “Debit MasterCard” and PIN brand exclusivity agreement with BECU (f/k/a Boeing Employees’ Credit Union), the largest credit union in Washington and one of the top five financial cooperatives in the country. As part of the multi-year agreement, BECU will exit other PIN POS network relationships and will participate exclusively in the MasterCard PIN POS Debit network and route ATM withdrawals and deposits primarily to the MasterCard ATM network. BECU currently operates in more than 39 locations including full-service branches and in-store centers in supermarkets, and manages more than 150 ATMs serving over 325,000 debit cardholders in Washington state, serving more than 485,000 members. BECU has $7.1 billion in assets.

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U.S. Bank Card Outstandings Rise 21% Y/Y

U.S. Bancorp reported that its first quarter merchant acquiring volume grew more than 17% over 1Q/06 to $57.8 billion, produced from 835,193 merchants. Average credit card loans were up more than 21% year-on-year to $8.6 billion. The increase in credit card balances was driven by organic growth initiatives and portfolios acquired from financial partners. However, net income for U.S. Bank’s Payment Services division was essentially flat at $229 million. Retail Payment Solutions volume for the quarter was $9.3 billion, up 8% over 1Q/06. Corporate Payment Services volume was $8.0 billion, compared to $7.3 billion for the year-ago quarter. For the quarter, U.S. Bancorp’s credit card charge-offs were 3.48% compared to 3.27% in the prior quarter, and 2.62% one-year ago. For complete details on U.S. Bancorp’s 1Q/07 performance, visit CardData ([www.carddata.com][1]).

MERCHANT ACQUIRING VOLUME HISTORICAL
1Q/05: $39,477,000,000
2Q/05: $43,231,000,000
3Q/05: $44,600,000,000
4Q/05: $43,640,000,000
1Q/06: $49,222,000,000
2Q/06: $56,056,000,000
3Q/06: $56,411,000,000
4Q/06: $56,007,000,000
1Q/07: $57,839,000,000
Source: CardData (www.carddata.com)

[1]: http://www.carddata.com

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Online Banking Population Matures in 06

A new report has found that the U.S. online banking population grew 9.5% last year, compared to 27% in 2005 and 47% in 2004. The report found that even though aggregate growth dropped into the single-digits, Citibank and Washington Mutual increasing their number of online banking customers by more than 20%. VA-based comScore says its research showed that 58% of online banking customers believe the Internet is more secure than one year ago, 68% believe online banking is more secure than one year ago. Among the top five banks, Wachovia customers were the most satisfied both in terms of their overall banking relationship and with the bank’s Web site, maintaining the lead for the third year in a row. Three-fourths of Wachovia customers responded that they were highly satisfied with their banking relationship, up from 73% in 2005. Of these highly satisfied customers, 96% were also highly satisfied with the Wachovia Web site. Washington Mutual ranked second on both measures. Interestingly, less than a quarter of those who currently bank online are interested in mobile bank account access.

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