DFC Global Settles with Regulator

DFC Global diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years announced its subsidiary Dealers’ Financial Services reached a settlement with the Consumer Financial Protection Bureau (“CFPB”) regarding certain aspects of its business. As previously disclosed, the CFPB conducted a review of the Military Installment Loans and Educational Services (“MILES”) program, an automobile finance program whereby the Company’s subsidiary, Dealers’ Financial Services, LLC, is a service provider for third party lenders. The CFPB cited violations by DFS of the Consumer Financial Protection Act for deceptively marketing the prices and scope of certain add-on products. Without admitting or denying any of the facts or conclusions of the review, DFS agreed to a consent order with the CFPB to amend its practices in line with recommendations made by the CFPB, and to provide financial redress in the form of a $3.3 million restitution fund to be distributed to past and current DFS customers. The Company established a reserve for the restitution fund in a previous quarter.

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Ingenico and Nets Launch Mpos Solution

Ingenico payment solutions entered into an agreement allowing Nets to launch new payment solutions for small merchants, including a mobile Point Of Sale (mPOS) solution, transforming smartphones and tablets into secure payment terminals. Nets and Ingenico will provide a fully operated solution from the secured card reader to the processing of the transaction. Nets will use the mobile commerce platform provider ROAM, an Ingenico subsidiary and leading mobile commerce platform provider, to implement the solution. Nets will offer a dedicated application and a secured pocket format card reader with Bluetooth connection to use with a smartphone or a tablet device.

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DBS Offers Visa P2P Payments

DBS and Visa have launched Visa Personal Payments (VPP) for quicker, more secure money sending from a bank account to any Visa cardholder around the world. To make a payment a user just needs the recipient’s name and their 16 digit Visa card number. The new service is accessible to all DBS/POSB customers in Singapore and is available through the bank’s iBanking and mBanking channels. DBS/POSB customers can now send money to over 1 billion eligible Visa cards globally, including funds transfers in near real-time (within minutes) to over 200 million Visa Debit, Visa Credit and Visa Prepaid cards. Transfers to a Visa debit card occur as a deposit to the underlying checking or savings account, transfers to an eligible Visa prepaid card occur as a top-up to the balance, and transfers to a Visa credit card will be applied to the outstanding balance with any surplus funds held in credit. For a limited period of time, customers can also enjoy low handling fees starting from S$2.50 and competitive foreign exchange rates.

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SumUp Launches plug and play POS

SumUp, the company that empowers merchants to take debit and credit card payments with their smartphones, has announced the launch of the SumUp Point of Sale Box plug and play package that allows merchants to quickly set up a POS. The Point of Sale Box has been designed by SumUp with the specific needs of small businesses in mind and will give merchants such as cafes, fashion boutiques and beauty stores access to an affordable and easy to use point of sale system. It will include a pre-configured iPad, an iPad stand, a receipt printer, a cash drawer and a Wi-Fi router and can be up and running in less than 15 minutes. The monthly rental price for the box will be €69.95 which includes a 48h turnaround replacement guarantee on any component of the Box as well as a full 30 day money-back guarantee.

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APR Sees Hiccup in Downward Trend

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Average credit card APRs saw the most change in June since January, dropping .04% to 14.95% after averaging a .04% change over the past year. This offers continued momentum to the ebbing 2013 APR credit card averages. Compared to 1H/12, when the monthly average dropped from 14.95%-14.87% from January to June,…

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Green Dot Class Action Litigation Dropped

Green Dot Corporation announced the United States District Court for the Central District of California dismissed with prejudice the federal securities class action that had been filed against the company, Steven W. Streit and John L. Keatley in July 2012. On May 2, 2013, the Court granted a motion to dismiss all of the claims asserted in that action, and the plaintiffs subsequently agreed to voluntarily dismiss the case with prejudice rather than amend their complaint. No payments were made to the plaintiffs in connection with the dismissal.

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WorldPay Inks Latest RiskGuardian Client

WorldPay payment processing, risk management and alternative payments extended its relationship with Kobo, a global leader in eReading, to implement RiskGuardian, a high specification risk management solution. Kobo, which had already successfully implemented WorldPay’s Payment Gateway and acquiring services, required an expert partner to ensure they were protected against fraudulent transactions and resulting chargebacks as the company continues to expand into the US market. Kobo offers more than 3.5- million eBooks, magazines and newspapers to millions of Readers in 190 countries. The company recently announced that it has grown its user base to 14.5-million, with 15% of its Q1 growth coming from the US. The company needed to ensure its transactions were secure.

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Prepaid Industry Leaders Set for Convention

The Prepaid Press Expo announced its slate of speakers for “The Prepaid Press Expo ’13” to be held at in Las Vegas August 12-13. Starting with a Keynote Address by Eric Dumois, Sr. Product Manager, Financial Services, MetroPCS. Dumois manages and executes the MetroPCS Financial Services portfolio, which includes general purpose reloadable products, mobile banking solutions and mobile commerce strategy. He has successfully created and launched numerous prepaid card products including personal use and gift cards, international long distance programs, and custom prepaid programs. Other sessions will include speakers from a diverse group of companies that bring first-hand expertise and knowledge of the prepaid market, including AccountNow, American Express, CARD.com, InComm, iSend, NetworkIP, Nielsen, Plastyc, Transaction Wireless, and many other prepaid providers and professionals.

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Jardon Bouska of Fiserv to Keynote NACHA Council

Fiserv financial services technology solutions announced Jardon Bouska, president, Biller Solutions, Fiserv will deliver the keynote address at NACHA – The Electronic Payments Association’s Council for Electronic Billing and Payment (CEBP) Meeting in Chicago. This will bring together industry members to share ideas and collaborate in an open forum while discussing developments and trends in electronic billing and electronic payments. Bouska will offer his vision of the future of digital billing and payments, sharing new consumer and industry data from Fiserv that is predictive of industry direction. He will discuss changes that will impact billing organizations, financial institutions and consumers in a rapidly evolving payments landscape and outline how innovations, such as wearable technology, will help create a new era in paperless, real-time mobile bill presentment and payment.

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MasterCard Announces Travel Currency Card

MasterCard Canada and subsidiary Access Prepaid Worldwide announced the launch of Cash Passport Prepaid MasterCard Currency Card. It allows users to pre-load travel money for safe and convenient use at millions of ATMs, shops and restaurants worldwide. For travellers, prepaid cards are a more secure alternative to the once-popular Travellers Cheque or large sums of cash. The card is secured with the latest chip and PIN technology and features straightforward pricing and up-front foreign exchange . Users can also use the reloadable card to withdraw local currency at millions of ATMs worldwide and use it wherever MasterCard is accepted.

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