PPI to Offer Processing to Aldelo

Payment Processing has partnered with Aldelo Systems (f/k/a NextPOS) to offer Aldelo customers high speed Internet credit card processing. Utilizing the PPI PayMover for Restaurants secure online gateway, restaurateurs receive state-of-the-art technology and the fastest transaction times available. PPI PayMover for Restaurants features include payments, integration, security, communication,compliance, and 24/7/365 live merchant support. Payment Processing provides integrated payment processing solutions. Aldelo Systems provides POS software solutions for the hospitality industry.

Details

Credit Scores Lag Credit Problems

A newly launched study of the effectiveness of consumer credit counseling has found the act of seeking counseling is a valuable “early warning” indicator of serious financial trouble that facilitates timely intervention and assistance. Credit bureau information available at the time of counseling often does not reflect private information that many counseled clients possess regarding recent or impending negative changes to their financial condition. As a result, creditors have limited indicators that such borrowers may need assistance. Effective credit counseling agencies can help to identify borrowers who are in financial distress. Telephone and face-to-face delivery of the initial counseling appear to generate equivalent outcomes for consumers’ creditworthiness measured two years later. This is true both for clients who complete only an initial counseling session and those who enter debt management programs. The ongoing study is being conducted for the Consumer Federation of America and American Express Company by the Georgetown University Credit Research Center using data supplied by ten leading consumer credit counseling agencies.

Details

eFunds Launches RAPIDReviewer

eFunds Retail Solutions has released a new workflow and data management solution that helps Internet retailers improve the performance and efficiency of their manual order review process for suspicious transactions. The new “RAPIDReviewer” software is the first commercially available solution to automate the back-office manual order review process. eFunds says the new software can dramatically increase the number of orders reviewed with fewer resources and fewer mistakes. Without an efficient manual review, legitimate orders are often rejected and fraudulent orders are accepted, resulting in lost profits, increased operating costs and poor customer relations. “RAPIDReviewer” is expected to be available in the summer for companies in U.S., Canada, and U.K., and following soon in the rest of Europe. eFunds Retail Solutions was formerly known as ClearCommerce Corporation.

Details

Wells to Offer Contactless Cards

Wells Fargo has joined the contactless bandwagon with the upcoming launch of “VISA Contactless” for its “VISA Platinum” and “VISA Signature” cards. Wells joins other major issuers such as Chase and Citibank who have launched contactless cards. Chase is the market leader with its “blink” contactless cards with more than six million cards issued to-date. The new Wells Fargo “VISA Contactless” cards will be personalized by First Data. Globally there are almost 4.5 million VISA cards with the contactless feature and more than 30,000 merchant locations in the U.S. accept contactless payments.

Details

Hypercom Lands 90 Intl Distributors

Hypercom has expanded to 90 its number of international distributors. This coordinated initiative is designed to drive sales of its trusted, high-security electronic transaction products in both traditional and emerging markets in Europe, the Middle East, Africa, Asia Pacific and Latin America. Hypercom provides high-security, end-to-end electronic payment products and services.

Details

Ecount Joins Spark Incentive Platform

Pennsylvnia-based Ecount has teamed with Parago to leverage Ecount’s extensive prepaid platform to deliver immediate incentives and rewards through Parago’s new “Spark Incentive Platform.” Spark is Parago’s online incentive platform, which enables paperless reporting, real-time communication and an interactive, self-service portal to issue and track incentives. Ecount provides customized prepaid programs. Parago designs, develops and manages full service marketing programs.

Details

Charge-Offs & Delinquency Converge

Performance among more than $350 billion in credit card asset-backed securities for April show for the first time that charge-offs and delinquency have converged at the 3.6% level. One-year ago charge-offs stood at 6.8% and delinquency at 4.5%. The decline in charge-offs is attributed to a very sharp decline in bankruptcy filings this year. According to Standard & Poor’s Ratings Services’ “Bank Card Credit Card Quality Index,” charge-offs increase slightly from 3.2% in March to 3.6% in April. However, delinquencies remained level over the past three months at 3.6%. On a weighted average basis, the year-to-date charge-off rate for the top three trusts averaged 3.0%, down roughly 400 basis points from the rate in December. Standard & Poor’s expects loss levels to begin to normalize during the second quarter and return to historical loss levels of around 6%.

ABS MONTHLY METRICS
Charge-Offs Delinquency
Feb 3.0% 3.6%
Mar 3.2% 3.6%
Apr 3.6% 3.6%
Source: Standard & Poor’s Ratings Service

Details

Wintrust Financial Goes NYCE

All 15 subsidiary community banks of the $8.2 billion Wintrust Financial have become new participants in Metavante’s “NYCE Payments Network”. Wintrust community banks serve the suburbs of Chicago. Metavante also supplies Wintrust’s community banks with financial technology solutions such as financial account processing; automated clearing house processing; ATM driving; debit and stored-value card personalization, fulfillment and processing; merchant services; consumer Internet bill pay; business and consumer Internet banking; risk management; trust management and marketing automation solutions. Metavante Payment Solutions is a provider of electronic money movement through an integrated payments network.

Details

Loyalty for Micropayments is Introduced

Small dollar-value purchases can now be rewarded for loyalty. Micropayment leader Peppercoin has added a loyalty program to its “Small Payments Suite” whereby merchants automatically enroll customers at the time of purchase without requiring a separate application process. Each time the customer uses their card with the merchant, Peppercoin records their participation and eligibility for awards based on rules defined by the merchant. The Peppercoin software tracks all customer transactions and, for point of sale merchants, will automatically include information such as a rewards summary on the receipt. It can also trigger a coupon. The new loyalty solution works with prepaid, post-paid, subscription and pay-as-you-go.

Details

Debit Card Volume Growth Remains in Double Digits

Debit card EFT/POS volume rose nearly 11% year-on-year in March to its highest level for 2006. During March, Australian consumers used debit cards for A$7.3 billion in transactions, compared to A$6.6 billion for February and A$6.6 billion one-year ago. Over the past five years debit card volume has grown 135%. In December debit card volume hit a record A$8.7 billion. During March, Australians used debit cards for A$5.8 billion in purchases with 93.2 million transactions. Total EFT/POS transactions were 108.5 million for March according to the Reserve Bank of Australia. There were 25.5 million debit card accounts in the country at the end of March, compared to 25.0 million one-year ago.

Details

Cyphermint Adds Another PayCash Patent

Massachusetts-based Cyphermint has been awarded a patent for technology that creates a virtual coin to transfer funds from different accounts over the Internet secured by proprietary 1024-bit encryption. The U.S. Patent Office awarded Cyphermint the patent for the “Method used for making a blind RSA-signature and apparatus therefor” and relates to the cryptographic field, particularly to making an RSA-signature, and can be used in electronic systems in a global scope. Cyphermint is a provider of Global Electronic Cash Payment and e-commerce solutions.

Details