VeriFone Systems announced that Richard A. McGinn will leave the board and be replaced by long-time retail and consumer financial services veteran Jane J. Thompson, effective immediately. Thompson has successfully led multi-billion dollar organizations in the financial services, home services, retail, and ecommerce industries. She served at the executive level of Fortune 50 organizations for more than two decades. Most recently, as a strategic consultant, Thompson helped drive strategy and growth for large corporations as well as small, fast-growth businesses. She is the former president of Walmart Financial Services and former executive vice president of Sears Credit and Home Services. Thompson has also served as partner at McKinsey & Co., and in brand management and marketing at Procter & Gamble. She is a member of the board for The Fresh Market and former board member of ConAgra Foods.Details
Universal Studios and American Express announced an expanded multi-year agreement that brings the strength of Universal’s theme parks and filmed entertainment together with its brand to create exclusive consumer benefits and experiences. Also allowing AmEx to acquire new Card Members directly through Universal theme parks and websites, this expanded partnership presents new and innovative marketing opportunities for both companies. The partnership will now include marketing opportunities that leverage Universal Pictures’ retail partners, consumer licensing and digital media platforms on a global basis. The partnership will continue to set the stage for ongoing offers and promotions for anyone holding an American Express Card, ranging from discounts at the theme parks to special once-in-a-lifetime entertainment experiences.Details
Merchant Warehouse payment technologies acquired Opticard provider of gift and loyalty programs for organizations worldwide. Merchant Warehouse will now offer deeper mobile and digital engagement opportunities for small and mid-sized businesses through an expanded suite of gift, loyalty and prepaid programs. For nearly 20 years, Opticard has offers solution processing for merchants, ranging from small businesses to Fortune 500 companies, completing more than 20 million transactions annually. Its prepaid offerings, including both gift card and loyalty programs, are designed to meet the unique needs of every retailer, enabling them to build lasting relationships with their customers, while simultaneously encouraging them to return and spend more. Through this acquisition, Merchant Warehouse will continue to invest in the Opticard platform to advance the suite of service offerings to both new and existing resellers and retail customers. Opticard employees will join the Merchant Warehouse team, will continue to invest in Opticard’s solutions, offerings and infrastructure, enabling continuous improvement and growth.Details
MoneyGram signed a global agreement with BICS to connect to HomeSend. HomeSend, a strategic business partnership between BICS and eServGlobal , is a global technology hub service that enables person-to-person fund transfers. Through the technology of the HomeSend hub, MoneyGram customers in more than 200 countries will be able remit funds to mobile accounts of HomeSend hub members across the globe. MoneyGram has 336,000 agent locations worldwide and also offers money transfer services through kiosks, along with online, mobile, and other channels. The agreement will enable MoneyGram customers and agents to further connect to HomeSend’s substantial network, which includes some of the largest tier one mobile operator groups. Today HomeSend has live deployments in more than 50 countries and commercial contracts with mobile network operators (MNOs) and money transfer operators (MTOs).Details
TSYS today announced that it has reached a long-term agreement to provide consumer credit processing services along with value- added capabilities for Virgin Money customers within the United Kingdom. Virgin Money selected TSYS’ market leading TS2® platform to support its UK cards portfolio. TSYS will provide a flexible and reliable card processing solution for Virgin Money with value- added capabilities being provided through various partners, including TSYS Managed Services EMEA.Details
Interac Association reported that Interac debit card fraud losses as a result of skimming are at a record low – decreasing to $29.5 million in 2013 from a high of $142 million in 2009.
Only 25% of losses in 2013, or $7.3 million , are the result of fraud exploitation. Total losses in 2013 represent 0.0093% of domestic Interac debit card volume (0.93 basis points) and the lowest volume of recorded fraud losses. As a result of this significant decline in fraud exploitation, the number of cardholders reimbursed by financial institutions fell to 72,200 in 2013 from 238,000 in 2009. Cardholders are protected from losses under the Interac Zero Liability Policy*. Criminals are increasingly migrating their payment card fraud activity to international exploitation in non-chip environments and card-not-present exploitation on credit cards and other networks’ debit products. Interac rules offer account holders the added protections of not allowing card-not-present, offline and signature transactions. Chip technology enables advancements like Interac Flash®, which is currently being rolled out across the country.
2C2P payment solutions and Myanmar Citizens Bank, one of the pioneer private banks in Myanmar, have officially announced the launch of the mPOS solution, iACCEPT, in partnership with Myanmar Hotels International Group, to accept MasterCard and Visa international payment cards. iACCEPT is a 2C2P owned innovative mobile solution that transforms iOS and Android smart phones into a mobile point of sales system. iACCEPT will allow Inya Lake Hotel and The Strand Hotel, both luxury hotels under Myanmar Hotels International Group, to accept payments through MasterCard and Visa inside the guest room, effectively providing in-room express check out facilities for guests. iACCEPT solution runs on the same backbone of 2C2P’s PCIDSS Level 1 payment platform, so it is as secure as a traditional POS terminal.Details
SIA and Orange Business Services have signed a collaboration agreement that will enable European and extra-EU banks and merchants to manage payments via mobile point of sale (POS) terminals. Orange Business Services will provide a managed M2M solution with global roaming services enabling remote terminals to automatically transmit data to the SIA technology infrastructure. The agreement will allow SIA to take a significant step forward in the creation of a single operating network at the European level which will collect payments traffic generated by wireless POS terminals and other channels of merchants and then deliver it securely and reliably to the authorization systems of banks, terminal operators and other acquirers. SIA has enabled almost 5,000 mobile POS terminals and plans to reach around 60,000 terminals by the end of the year. These devices can manage transactions coming mainly from European countries (including France, Germany, Hungary, Ireland, Italy, Luxemburg, Poland, Portugal, Romania, Slovakia, Spain, Switzerland, and United Kingdom) and extra-EU countries, such as South Africa.Details
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Payroll employment was up 175,000 units in February for a subsequent .1% change in the unemployment rate from January, which now sits at an impressive 6.7%. This was led by employment in construction, manufacturing, wholesale trade, and mining fields. The number of unemployed persons sits at 10.5 million showed little change…Details
The survey of U.S.-based financial industry professionals was conducted in March 2014 at BAI Payments Connect and reports that 44% of customer accounts have been compromised. More than 15% of financial institutions indicated recent breaches put more pressure on fraud operations resources to do more to protect themselves while 12% indicated that they experienced a negative impact on their brand. Over 75% of respondents said they are looking at additional resources to combat fraud in their organizations, of which 50% are looking to invest in fraud detection system technology, 15% are investing in more training for their fraud management teams and 10% are beefing up staff with new personnel. Although data breach-related fraud has a negative impact on the bottom line and on the industry in general, over 40% indicated their customers appreciate the proactive outreach and response to market events.Details
First Data payment technology and services solutions added Attra Infotech cards and payments services as its first Developer License Program member for the VisionPLUS and AccessPLUS suite of software products licensed by First Data globally. VisionPLUS, is a payment processing solution for financial institutions that enables the issuance and processing of credit, debit, commercial and prepaid cards, as well consumer loans, loyalty and merchant accounts on a single platform. Offered with VisionPLUS is AccessPLUS with a suite of business process management products that drives operational staff efficiency in servicing customers and supports portfolio parameter management. First Data’s Developer License Program further contributes to keeping the VisionPLUS and AccessPLUS suite of products flexible and up-to-date with new market trends and technology.Details
Acquirer Systems has been qualified by Discover Financial Services to supply D-Payment Application Specification (D-PAS) EMV certification test cards for Discover Network and Diners Club International acquirer testing. With this qualification, Discover and Diners Club International acquirers, merchants and industry partners can now source certified D-PAS test cards directly from Acquirer Systems using a simple and straightforward online ordering process. The D-PAS test cards are used to confirm POS terminal compliance during the D-PAS testing and certification process. The certification cards are based on the latest D-PAS 2.2 card image specification.Details