BPC Banking Technologies today announced the launch of a new, innovative solution designed to improve the profitability of ATM networks in the U.S. marketplace. With its new cash management and forecasting solution, deployed as part of the Company’s SmartATM offering, operators can dramatically reduce ATM network costs. SmartATM provides all the capabilities needed to monitor, automate and manage ATM networks of all sizes, including ATM driving, marketing tools, EMV migration and complete support for a sophisticated set of products and services. With SmartATM, clients have achieved savings of $2,000 per ATM annually which translates into $2 million in savings each year for an ATM network of 1,000 machines.Details
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] UL is pleased to announce that the Collis Brand Test Tool is confirmed by Visa to simulate the newest test cards included in the Contactless Device Evaluation Toolkit (CDET). The newest Visa CDET test cards (version 2.1) are now simulated by the Collis Brand Test Tool (version 4.6.2). Also the associated…Details
Based on Visa Global Chip Card Personalization Validation Requirements (GCCPVR), Galitt has updated VisuCard® GPVT, its Global Card Personalization Validation Tool, to reflect these evolutions. The new version of Galitt tool has been presented to Visa, which just confirmed that Galitt’s VisuCard® is the first to allow card and mobile personalization validation according to GCCPVR version 2.1.1.Details
Interac Association, which operates the Interac network, Canada’s largest debit payment network, had a banner year in 2013 processing more than 4.5 billion transactions. Last year also saw continued strong growth of Interac Flash, a secure contactless enhancement of Interac Debit allowing Canadians to pay for items instantly with their Interac chip debit card at a reader that supports Interac Flash. Interac Association also reported that skimming fraud on its debit card transactions dropped to its lowest level in fourteen years. The Interac network enables Canadians to access their money through Interac Cash at 60,000 Automated Banking Machines and Interac Debit at 766,000 point-of-sale terminals across Canada.Details
FreedomPay announced the addition of payments industry veteran Brian Voigt to its executive team as Senior Vice President of Strategic Partnerships. Bringing nearly 25 years of payments industry experience, Voigt has proven success in building relationships and product innovation that bring key partners and customers to the table. He will be responsible for engaging, recruiting and establishing product-complementary and revenue-generating relationships with global partners engaged in the commerce ecosystem. Voigt joins FreedomPay after serving 18 years in strategic executive roles at Bank of America Merchant Services (BAMS), with a focus on defining mobile Point of Sale (“POS”) and mobile commerce strategies. He has also held executive positions with First Data and Chase Paymentech.Details
ACI Worldwide announced Genesis Financial Solutions implemented its Bill Payment Solution electronic bill payment system for customer loan payments. Genesis Financial Solutions, a leading U.S. consumer finance company, was using multiple legacy systems across different lines of business and funding sources. As its business grew, the complexity of managing multiple systems increased. The company needed a more efficient and integrated way to manage its bill payment processing across multiple payment channels. Genesis Financial Solutions selected ACI’s Bill Payment Engine to power its mobile, web, IVR (interactive voice response), call center and eLockbox (consolidated remittances) payment options.Details
Monitise plc announces the acquisition of Pozitron Yazilim A.S., a privately-owned mobile technology company based in Turkey, delivering mobile banking, payments and commerce solutions to businesses in its home market, the Middle East and internationally. Istanbul-based Pozitron, a leading business in Turkey’s Mobile Money space, powers next generation Mobile Money solutions for more than 30 leading enterprises acrossbanking, telecoms, retail and pharmaceuticals, including Turkish Airlines, eBay, ING,TEB, which is part of BNP Paribas,GlaxoSmithKline and Hepsiburada.com, Turkey’s equivalent to Amazon.Details
OTI cashless payment solutions announced its PetroSmart, its wholly owned subsidiary and a global Value Added Reseller (VAR) of petroleum equipment, has introduced an innovative new smart vehicle ‘Moon Tag’ that expands the use of its ‘EasyFuel Plus’ system to the consumer market. OTI’s petroleum payment solutions have already been deployed in 43 countries, more than 1,600 gas stations and over 100,000 commercial vehicles. EasyFuel Plus provides Automated Vehicle Identification (AVI) services with its contactless smart read-write tag mounted around the fuel inlet of the vehicle. When a fuel nozzle fitted with the OTI contactless reader is inserted into the vehicle’s fuel inlet, contactless communication is established automatically. Once the vehicle’s payment card details are verified, fuel can be dispensed. The ‘EasyFuel Plus’ system served commercial fleet owners by automating the fuel payment process, saving time and preventing fraud. This next evolution of the system expands into the private sector so consumers can settle payment automatically without swiping their credit card or paying in a convenience store. Additionally, loyalty points can be awarded automatically per each refueling. The Moon tag also incorporates a mechanism to tune the reading range between the RF nozzle unit (RFN) and the tag to ensure that fuel can be dispensed only to the specific vehicle’s fuel tank and to avoid any option for a fraudulent ‘side fueling.’Details
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] MasterCard posted 4Q/13 net income of $684 million, up 13% from the year-ago period. Including the special item, a $61 million after-tax charge related to the opt-outs in the U.S. merchant litigations, the company reported net income of $623 million. Net revenue for the fourth quarter of 2013 was $2.1 billion,…Details
While credit card charge-offs among the top U.S. issuers have fallen to seven year lows in 2013, there are some scattered clouds on the horizon as early stage delinquency (30+ days) headed north in the second half of 2013 by six basis points. However, late stage delinquency (90+ days) was down three basis points from 2Q/2013 but up three basis points sequentially in Q4/2013. Historically, delinquency rates are slightly depressed in the fourth quarter due to the higher level of outstandings, driven by holiday spending.Details
Heartland Payment filed a federal lawsuit against Mercury Payment Systems for false advertising, unfair competition, intentional interference with contractual relations, and intentional interference with prospective economic advantage. The suit alleges that Mercury is illegally competing against Heartland with deceptive trade practices and that Mercury is effectively misleading merchant customers by deceptively hiding its excess profits in the interchange fees charged by credit card networks and their issuing banks, in violation of the Lanham Act.
The suit seeks to stop Mercury’s routine deceptive pricing practices to secure new retail customers and maintain their existing merchants. The suit also seeks to recover full value for each merchant and prospect Mercury has wrongfully taken from Heartland by deceptively falsifying pass-through interchange costs and other illegal methods. Heartland explains that the fees charged by credit and debit card issuers – the issuing banks plus card brands such as Visa and MasterCard – are collectively known as network, or interchange, fees. Interchange fees are set by the card brands, and are typically adjusted twice a year. The complaint also alleges that Mercury imposes significant costs and barriers for changing providers, falsely informs merchants that they are the only processor that supports their point-of-sale card swiping equipment, and falsely represents their company in commercial advertising and promotions as guaranteeing the best rate, among other charges.
Visa plans to provide companies a simplified way to pay by Visa through their Visa Commercial issuer using the SAP Financial Services Network. The new payment solution is expected to help corporations more easily automate and process their invoice payments without the need for significant investment in custom software, and is planned to be available summer 2014. The new solution is expected to help corporations who want to move toward electronic business-to-business payments. This new offering will be designed to allow corporate clients of participating Visa Commercial issuers to route payment instructions to Visa via the SAP Financial Services Network. For more information on Visa Commercial Solutions, visit visa.com/commercial.Details