The California State Assembly passed ‘SB 1607’, the California Association of Realtors credit scoring legislation, by a vote of 57 to 6 this week. ‘SB 1607’ will require lenders to provide consumers with their specific credit score, the key reasons why a consumer’s score was not better and the factors that determined that score. It also allows consumers to receive a copy of their credit scores when they request copies of their credit file for a small fee. In addition to C.A.R. and Consumers Union’s sponsorship, SB 1607 is supported by E-Loan and the California Association of Mortgage Brokers.Details
Home Account announced that UMB Bank, n.a. of Kansas City, MO. has selected Home Account’s Card Solutions service to enhance its credit card offering to customers. The new offering, scheduled to launch this month, will provide UMB customers real-time access to credit card statement history, cycle-to-date information, and gives them the ability to pay their credit card bills online.
! “This gives our customers the convenience of easily viewing current credit card activity and statement history, with the option of paying their balances right from the web site,” said Mark Volkmer, UMB Bank Vice President. “It allows us to provide them with better access to account information than any of our competitors. We have offered Internet banking for some time, and this service rounds out our range of online banking capabilities.”
“We chose Home Account to implement this offering because the company’s service offering integrates well with our other online services and the company is quite knowledgeable about both our industry and our bank’s technology,” Volkmer added.
Home Account’s Card Solutions will allow UMB Bank’s customers to enroll, view current account activity and account history online, review and modify personal information such as address and phone numbers, initiate customer service inquiries, pay their credit card bill and request additional cards. In addition, users have the ability to manage their credit line and download transaction details all from the convenience of their computers. With the addition of Web Based Card Activation users can now utilize the power of the Internet to safely and securely activate new and reissued cards.
“The majority of UMB’s competitors do not have the level of product functionality that UMB has acquired with the implementation of our Card Solutions service,” said Charles A. White, President and CEO of Home Account. “This gives them a distinct advantage in satisfying their growing customer demands for online services.”
About Home Account
Home Account, based in Emeryville, Calif., delivers patent protected Internet banking, financial management, and electronic commerce solutions to financial services organizations and their customers. The Home Account Card Solutions suite of products helps issuers promote, acquire and service cardholders on line. Home Account was formed in July 1999 through the merger of Home Account Network Inc. and the First Data Direct Banking business of First Data Corp. (NYSE: FDC). This relationship provides the unique Card Solutions(TM) service, an innovative program for credit card issuers that enables Internet account management. For additional information, please go to http://www.homeaccountcardsolutions.com/
About UMB Bank
UMB Bank, n.a., with $6.7 billion in assets, is a wholly owned subsidiary of UMB Financial Corporation (Nasdaq: UMBF). The multi-bank holding company, with $8.1 billion in assets, is headquartered in Kansas City, Missouri, and operates more than 161 locations throughout Missouri, Illinois, Colorado, Kansas, Nebraska and Oklahoma. http://www.umb.com
Gemplus, the worlds number one provider of smart card based-solutions, announced that it has joined the Visa Smart Partner Program and created a special package that will boost Visa member banks’ migration to chip-based debit and credit cards.
The special package offered by Gemplus combines consulting services, a PC-based personalization tool and GemVision cards, Gemplus’ debit and credit cards. The package, called GemVision Pack, is available at a reduced price for the first ten banks that sign up in the next six months.
The GemVision pack enables banks to better understand and to implement EMV migration programs. Gemplus is providing banks with this turn-key solution in order to make the migration faster and easier.
This special offer supports the Visa Smart Partner alliance between Visa and Gemplus. This program is intended to offer a complete EMV migration solution at the lowest possible cost. Visa has been negotiating a number of special deals for its member banks with smart card and terminal manufacturers and systems providers. Gemplus has been selected as one of the major global chip card enablers for Visa member banks.
“This special alliance with Gemplus will help serve Visa member banks as they start to implement smart card program,” said Bernard Morvant, vice president, Debit/Credit Products, Visa International. “Gemplus, as a dedicated bank partner, is putting its extensive knowledge of smart cards at their disposal.” “The GemVision Pack is an essential tool in the migration from magnetic stripe to smart card technology and banks will find many advantages in this solution.”
“With this specific offer, Gemplus once again demonstrates its commitment to support banks willing to go for EMV migration, not only with smart cards, but also with the support that will make the migration easier and faster, said Hubert Coyne, Banking and Retail director, Visa International.
Gemplus (http://www.gemplus.com) is the world’s number one provider of smart card based solutions for security, wireless and e-business applications. Offering consulting services, design, software, hardware, personalization and full implementation, Gemplus works with its customers around the world to deliver comprehensive, integrated and tailor-made smart card based systems.
The Group’s customers use Gemplus memory and microprocessor smart cards, smart contactless cards, electronic tags, smart objects and magnetic stripe cards to simplify and secure a wide range of applications. From Web based and mobile commerce to financial transactions, loyalty, transportation, education healthcare, identity, pay TV and physical and logical access control, Gemplus provides intelligent end-to-end solutions that bring security, convenience and ease-of-use to millions of people worldwide.
Founded in 1988, Gemplus had sales of over 767 millions of Euro ($US 817 millions) in 1999, and employs almost 6,300 people in 17 manufacturing facilities, 7 R&D centers and 44 sales and marketing offices located in more than 37 countries.
About Visa International
As the “World’s Best Way to Pay,” Visa is the world’s leading payment brand and the largest payment system worldwide with more volume than all other major payment cards combined. Visa plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa has more than 80 smart card programs in 35 countries and on the Internet, with 23 million Visa chip cards, including eight million Visa Cash cards. Visa is pioneering SET Secure Electronic Transaction(TM) programs to enable and advance Internet commerce. There are over one billion Visa, Visa Electron, Interlink, PLUS and Visa Cash cards, which generate more than US$1.6 trillion in annual volume. Visa-branded cards are accepted at over 19 million worldwide locations, including at more than 627,000 ATMs in the Visa Global ATM Network. Visa’s Internet address is http://www.visa.com.Details
First Ecom.com, Inc., a global provider of electronic payment processing solutions, and uniView Technologies Corp. , a world leader in innovative Internet communication solutions, announced plans to jointly develop and market Internet credit card payment solutions for the uniView digital set top box deployments using First Ecom’s payment processing solutions.
Through this agreement, the uniView STB can be configured to work with First Ecom’s payment gateway, meaning all types of e-payment transactions conducted through the enabled STBs will be completed utilizing First Ecom’s processing solutions to provide real-time authorization and settlement. These First Ecom Enabled STBs will be available to all of uniView’s existing and future clients, making First Ecom uniView’s transactional provider of choice.
STBs can be equipped with a smart card / credit card slot, into which the consumer will insert the card when payment is required. This feature further reduces consumer fraud since the card will actually be “read” by the merchant. As a result, banks will be able to offer merchants a lower discount rate for transactions conducted using STBs. This attribute, in addition to First Ecom’s extended security features, will facilitate safe and reliable e-commerce transactions through STBs.
“The addition of First Ecom’s e-payment solution to our set top boxes further strengthens our commitment to make advanced Internet technologies and online shopping / e-commerce accessible to everyone,” said Patrick Custer, President and CEO of uniView Technologies. “The availability of e-payment enabled STBs will facilitate the growth of e-commerce by offering the convenience of at-home shopping without the need for a computer, creating an alternative channel of communication for store-based shopping.”
“We are very excited about this agreement with uniView and the chance to expand our service offering to include STB consumers,” said Harold Hutton, President and CEO of First Ecom. “This partnership further fulfills our commitment to provide safe and reliable e-commerce transactions and offers us the means to introduce our solution to the U.S. market.”
About uniView Technologies
Dallas based uniView Technologies Corp. is recognized as a global leader in digital set top box technology focusing on broadband connectivity, such as DSL. It has aggregated a unique architecture of key companies offering competencies and expertise in video on demand, set top solutions, computer telephony integration software, innovative customer care applications, e-business solutions, consulting services and interactive broadband connectivity. The companies market their products and services both domestically and internationally focusing on multi-level marketing, hospitality, utilities, banking, telecommunications and fortune 1,000 companies. uniView’s four companies include Advanced Systems Group, Network America, uniView Softgen and the Products Group. More information on uniView is available at www.uniView.com.
About First Ecom
As a global provider of electronic payment processing, First Ecom provides secure, easy-to-implement and low-cost online payment processing services to banks and their merchants worldwide. Through strategic partnerships with banks, ISPs, e-commerce product suppliers, system integrators and storefront solution providers, First Ecom will process credit card transactions made over the Internet in multiple currencies, either domestically or offshore in a tax-neutral jurisdiction.
For more information, visit www.firstecom.comDetails
MasterCard announced Tuesday the MasterCard ‘Enhanced Merchant Data Reporting System’. The new MasterCard system closes a longstanding gap by enabling merchant data from small, minority- and women-owned businesses to be thorough, current and accurate for government agencies. The technology can be accessed through the Internet, on CD or in customized reports and will be available in the fall of 2000. The technology will allow government agencies to track and obtain credit for spending with small and disadvantaged businesses.Details
Verza, Inc., a Dutch-American Internet payment services provider, announced a new solution yesterday that enables merchants on four continents to open their online businesses in just five minutes. The latest version of Verza’s ‘Risk Management Solutions’ integrates shopping and payment processing, fraud protection and marketing services for merchants in North America, Europe, Asia and Australia. Verza says its service is targeted at tiny online merchants who find it expensive, and sometimes impossible, to set up a credit card merchant account. The company says the key ingredient to its solution is its anti-fraud infrastructure that can trace an IP address against the address information the buyer is required to provide and confirm that the actual card owner made the purchase. While there is no charge to sign up for the service, Verza charges merchants a 99-cent processing fee plus 4.9% of the purchase transaction.Details
RocketCash and Coca-Cola have teamed up to launch a long-term, national marketing program that offers ‘RocketCash’ via bottles of Sprite. Through 2001, more than one billion caps on 20-ounce, 1-liter and 500-ml bottles of Sprite will be marked with special codes that can be redeemed for ‘RocketCash’. Consumers log into Sprite.com and enter the codes found under Sprite caps to determine the denomination of ‘Sprite.com-RocketCash’ they have won, anywhere from 20 cents to one dollar per cap. Consumers who activate a ‘RocketCash’ account at Sprite.com and enter the currency codes from 15 caps during the first five months of the program will automatically get a $5 bonus in their accounts. RocketCash is an online payment system designed for teens that is funded by money orders, personal checks, or credit card deposits.Details
David R. Schneider, a nationally recognized and widely respected attorney practicing in the financial services industry, has been named executive vice president and general counsel of the PULSE EFT Association.
A former partner in the Houston office of the prominent international law firm of Fulbright & Jaworksi L.L.P., Schneider will join the PULSE executive management team September 1.
The announcement was made by Stan Paur, president and CEO of PULSE, who said that the association’s board of directors has charted a carefully planned, long-range program of strategic growth for the Houston-based not-for-profit corporation, and bringing Schneider on board full-time is a key element of the plan.
“PULSE has benefited from Dave Schneider’s counsel for a number of years, and the addition of his expertise to the executive staff will be an invaluable asset as the association continues to expand its membership and services to meet the needs of financial institutions and the evolving electronic funds transfer marketplace,” Paur said.
In addition to his 15 years experience with electronic funds transfer networks and payments systems issues, Schneider is an acknowledged expert in federal and state regulation of financial institutions, and corporate and project finance. He is an honor graduate of both Tulane University and the Georgetown University School of Law.
“After working with PULSE for a number of years and watching the network distinguish itself as a truly unique leader in the financial industry, I am proud to join such a remarkable organization,” Schneider said. “I look forward to being part of an exciting future.”
PULSE is one of the nation’s leading shared electronic funds transfer networks, serving more than 2,000 banks, credit unions and savings and loans. The system links an estimated 45 million cardholders with more than 46,000 ATMs and 271,000 point-of-sale terminals throughout the United States.Details
A new study released Monday found that more than one third of consumers who have purchased a product online in the past six months have had a bad experience while shopping online. Common bad experiences include: credit card fraud, not receiving an item in time, never receiving the product, and/or receiving merchandise that wasn’t as expected. The study, conducted by NFO Interactive, also discovered that respondents that experienced credit card fraud specifically or know of someone that has, about half have become selective about the Web sites where they would make purchases. NFO also found that 14% of the online purchasers aware of credit card fraud have stopped shopping online.Details
Ireland’s Trintech Group has acquired Checkline plc, a privately held UK company providing secure payment solutions for transaction processing. Under terms of the deal, Trintech will pay approximately U.S.$44 million for Checkline. The consideration includes U.S.$10 million in cash and a two-year performance earn-out of approximately U.S.$5 million. Checkline has nearly 15 years of secure payment experience. The company combines expertise in software, communications and systems integration to provide a range of secure payment solutions for transaction processing; integrated merchant transaction management; eCommerce and the emerging U.K. mCommerce market, including electronic prepay top-ups for mobile phones. Checkline’s product range also includes the U.K.’s first bank-approved mobile payment system to use GSM phone technology. Among Checkline’s major clients: American Express, HSBC, Bank of Scotland, Heathrow Express, the UK Post Office, BUPA and Equifax.Details
Peregrine Systems, provider of exception management and e-Business software for electronic payments, has changed its name to Exceptis Technologies. The company has been renamed to highlight its market position as international leader in the field of dispute resolution and to support the development of its brand internationally. The transition to Exceptis Technologies brings with it a new corporate identity and web site.
Speaking at the launch of the company’s new identity, Terry McWade, CEO said, ‘The name is designed to appeal to our growing and broadening customer base of issuers, acquirers, processors, and merchants and emphasises our unique focus on exception management. What we required from our re-branding project was a name that defines both our business and the space we occupy in the market today. I believe Exceptis Technologies communicates our commitment to the area of exception management.’
Exceptis is working with banks, processors and merchants to manage both the cost and service implications of disputes. This focus has led to the development of a series of products designed specifically for the e-Commerce market, the first of which, Merchant WebLink, was launched last month.
McWade said, ‘The name change is the latest element in our plan to position the company for continued growth. Exceptis reflects our core capability of exception management and will help us as we grow beyond payment card disputes into new areas. We’re delighted with our new image and I am confident that our next generation of products and services will thrive under the global brand’.
Exceptis recently announced a number of senior appointments and partnerships to enable the company’s e-Commerce strategy. About Exceptis Established in 1992 and headquartered in Dublin, Exceptis (formerly Peregrine Systems) is the leading provider of exception management solutions to the card payments industry. The company focuses on ‘Making Payments Pay’ enhancing the profitability of card programs with innovative software solutions. Its product suite includes ICS (Issuer Chargeback System), ICS/Fraud, MERCS (Merchant Chargeback System) and Merchant WebLink. Exceptis Technologies’ professional services division offers a comprehensive program of consultancy, training, implementation and support services to its international customer base.
In the past three years, Exceptis has achieved an average year on year growth rate of over 100%. Exceptis serves it clients from Ireland and the UK and through a global network of strategic alliances. Clients include over 50 major financial institutions worldwide.Details