Union First Market Bankshares Name Change

Union First Market Bankshares Corporation announced that it has officially changed its name to Union Bankshares Corporation. The name change does not affect Union First Market Bank or StellarOne Bank and does not affect any of the other non-bank affiliates of the company. In May 2014, StellarOne Bank will merge into Union First Market Bank. The combined bank will continue to operate under the name Union First Market Bank until the second half of the year.

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Ukash Partners ProfPay eCommerce

ProfPay has deployed Ukash online cash payment provider to help Ghanaians and Nigerians play online games, pay and shop on the web. The new agreement offers access to easy, international, online payments from Ukash, without the need for traditional banking information – a key step for Africans keen to embrace the online world. ProfPay operates a multi-method payment gateway and an Online Mall, designed to remove the barriers African consumers face when transacting online – whether it’s playing games or shopping or paying for services. Figures suggest that the ecommerce market in Africa will grow to $75 billion by 2025, making it 10% of all retail sales*. However, today Africans encounter huge issues participating in the online world due to concerns about security and a lack of bank accounts and postal addresses.

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Yoyo mPayments Announces Latest App Client

Imperial College London has become the UK’s first university to allow people to pay for goods on campus without cash and receive rewards – just by using an app on their mobile phones, eliminating the need to carry cash and loyalty stamp cards. Yoyo, a London-based mobile payment and loyalty app, is accepted across the university’s entire South Kensington campus, following a partnership with Imperial College London and nationwide EPoS company, pointOne. The app serves over 20,000 students and staff within 32 retail outlets and counting, including cafes, bars and shops. Announcing a partnership with Yoyo, pointOne EPoS is a nationwide EPoS company that develops its own solutions and offers support and installation services.

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Govt Help Recover Misdirected Payments

Banks and building societies have put in place standard central processes and defined maximum timescales to help customers recover money. When a customer notifies their bank or building society that they have made an electronic payment to the wrong account, action will commence on the customer’s behalf within a maximum of two working days. If a bank is unable to reclaim funds immediately – for instance if the recipient disputes its return – the customer will be notified of the outcome of their bank’s investigation in a maximum of twenty working days from the point of enquiry and in many cases much sooner. If funds cannot be recovered through the standard central process customers will be given clear and accurate information on the options they have available to them – such as court action against the recipient. Banks and building societies will ensure the design of online, mobile and telephone payment channels reduce the risk of a customer making a mistake. This might involve: customers being asked to input account details twice; extra warnings about using the correct account details; or prompting customers to check payment details that have not been used for some time so that they can be updated or deleted as necessary.

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Major V/M Q1 Outstandings

First quarter End-of-Period (EOP) outstandings for the big four U.S. Visa and MasterCard credit card issuers declined 2.0% Year-on-Year (Y/Y) and 5.3% Quarter-on-Quarter (Q/Q). The sequential decline reflects the seasonality of the U.S. bank credit card business, but the Y/Y decline is noteworthy. All of the top issuers: Chase, Bank of America, Capital One and Citibank, posted Y/Y and Q/Q declines in Q1 EOP outstandings.

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2Checkout Attracts $60Million

2Checkout announced today they have closed on the final tranche of a $60 million investment round, led by Chicago Growth Partners and Trident Capital with participation by management and strategic individuals. Having bootstrapped its way to profitable growth, 2Checkout has become one of the world’s leading e-commerce payment providers. 2Checkout, founded in 1999, serves more than 22,000 merchants worldwide. 2Checkout’s payment processing service is used by merchants to sell to every visitor to their website, regardless of the visitor’s country of origin.

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IndiSoft and Bluefin Partner

IndiSoft and Bluefin Payment Systems have partnered to offer a fully integrated payment and security solution for IndiSoft clients. Through the integrated partnership, IndiSoft clients using the company’s RxOffice® platform will have access to Bluefin’s PayConex™ payment processing platform which includes tokenization and transparent redirect security features, as well as Bluefin’s PayConex™ point-to-point encryption (P2PE) solution.

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USAePay Integrates Zuza POS

USAePay is proud to announce the integration of Zuza POS, a customizable point of sale solution, with the company’s secure payment gateway. Ensuring end-to-end security by integrating with the USAePay payment gateway, Zuza also takes pride in setting merchants apart from competitors with added features on their POS software. Along with white-label options, Zuza offers loyalty programs, an informative backend filled with tutorials, and award-winning customer support.

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AllianceData Signs UK’s Largest Home Shopping Retailer

Alliance Data Systems Corporation today announced its Retail Services business, which manages more than 130 private label and co-brand credit programs, has signed a multi-year agreement to provide private label credit card services in the U.S. for three brands of JD Williams (www.jdwilliams.co.uk), the U.K’s largest multi-channel home shopping retailer. The brands include women’s apparel brands Marisota (www.marisota.com), Simply Be (www.simplybe.com) and men’s apparel brand Jacamo (www.jacamo.com).

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PAAY Partners with USAePay

PAAY and USAePAY today announce a partnership to deliver a safe, fast, and simple online payment service to hundreds of thousands of merchants. PAAY will streamline merchants’ online transactions, allowing consumers to use the wallet to bypass the often lengthy online checkout process. Consumers simply enter their number into the PAAY widget at checkout and the transaction is pushed to their phone where they will review the order and accept by inputting their personal pin.

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