ICICI Bank UK Intros eRemittance Solution

ICICI Bank UK announced the launch of a HiSAVE Remittance Account – an online savings account designed specifically for money transfers to India. HiSAVE is ICICI Bank UK PLC’s award winning range of online savings accounts and the new HiSAVE Remittance Account now joins this portfolio. This easy-access account offers the dual-benefit of far more convenient money transfers to India along with the opportunity to earn interest on the balance maintained. HiSAVE Remittance Account holders will earn 1.50% interest on any balance maintained in the account. They will also have the option to set a “Rate Block” on transfers to India, which means that customers can set a minimum exchange rate at which to transfer and ICICI Bank will ensure that money is sent only at that exchange rate or higher.

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Vietin Bank Implements Yalamanchili Virtual Prepaid Processing

Vietin Bank has chosen global payments solutions provider, Yalamanchili to provide the payment processing software behind its recently launched prepaid card, which, for the first time, enables consumers and businesses in Vietnam to make secure online purchases from any website that accepts Visa. The virtual ‘E-Fast On Visa Prepaid Card’ has been developed to meet a growing demand for a simple, secure and convenient way to pay for goods and services online from around the world. The ‘E-Fast On Visa Prepaid Card’, a one-time-load virtual card that can be purchased from the Vietin Bank website, answers this need. Consumers purchase the virtual card online using their existing credit or debit card, load it with their desired amount and can then make secure purchases via international websites, up to the value of the card. Vietin Bank’s virtual prepaid card is now available to a large percentage of the banking population in the country.

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Telefónica-MasterCard JV Deploys Gemalto EMV

Gemalto will supply prepaid EMV payment cards to Mobile Financial Services (MFS), the joint venture formed by Telefónica and MasterCard Worldwide. The launch is part of “Zuum”, a new payment service offered by Telefónica’s Vivo brand which aims to provide financial inclusion for the unbanked population of Brazil. Gemalto will also provide MFS with all the personalization services associated with EMV prepaid cards as well as tamper evident packaging and fulfillment to point-of-sale. Nearly 40 percent of Brazilians currently do not use banking services1. With “Zuum”, Telefónica’s Vivo customers will be able to set up a pre-paid account which can be accessed either through their mobile phone or a regular prepaid EMV MasterCard payment card, provided by Gemalto. “Zuum” will allow people to make secure, convenient financial transactions including peer-to-peer money transfers, merchant purchases, ATM cash withdrawal, bill payment, airtime top-ups and more.

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Access Prepaid Worldwide Launches British Airways Cash Passport

MasterCard subsidiary, Access Prepaid Worldwide announces a new partnership with British Airways to launch a new Executive Club Multi-currency Cash Passport. The partnership will allow British Airways Executive Club members to earn more Avios points, receiving one Avios point for every £1 loaded (or reloaded) onto the card. The travel card, which is available now, offers a more convenient way to make payments for Executive Club members who travel to different countries as only one card is needed for payment across certain continents and currencies. The Executive Club Multi-currency Cash Passport™ card works with the option to load up to seven currencies while locking in the exchange rate at a point in time. When used in market, the card intelligently selects the local currency to ensure the best rate. If the local currency is not on the card, funds are used from other currencies loaded to ensure the transaction is approved. The chip and PIN enabled BA Executive Club Multi-currency Cash Passport™ will hold seven currencies; EUR, GBP, USD, AUD, CAD, NZD, and ZAR.

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Cardholders Still Paying Down, Despite Unemployment Uptick

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] When superimposed over one another, unemployment and consumer credit outstanding swells and lulls indicate very positive correlation. With the total outstanding revolving US consumer credit down 2.4% in March to an adjusted $846B, it erased all positive momentum in April, springing to $849.8B. Meanwhile, payroll employment was up 175,000 in May…

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FreedomPay Announces Ben & Jerry’s Latest Cloud Client

FreedomPay announced that Ben & Jerry’s is deploying the FreedomPay Commerce Platform across their domestic US franchise scoop shop system. The cloud-based FreedomPay Commerce Platform puts Ben & Jerry’s on the fast track of technology innovation. FreedomPay delivers a high-performance, secure user experience driven from the cloud to any device, anytime, anywhere. The platform seamlessly bridges the gap across in-store, web, and mobile by interconnecting POS systems, transaction hosts, incentive engines, and other disparate systems to a cutting edge transaction superhighway. FreedomPay is an early leader in true Point to Point Encryption (P2PE) for MICROS point of sales systems including support for NFC, EMV and magnetic stripe in a single solution.

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USA Technologies Recognized at Connected World Value Chain Awards

USA Technologies wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries earned the top award for the vending category at the 2013 Connected World Value Chain Awards last week in Santa Clara, California. The Connected World magazine Value Chain Awards honor the most successful corporate adopters of M2M technology and connected devices as well as the solution providers that help make their technology adoption a success. The awards recognize the process of combining multiple technologies, such as device-connectivity hardware, network services, as well as application software and infrastructure, to create a winning solution for the end customer based on quantifiable results. Entries were judged by a panel of industry experts and analysts.

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Collis Contactless NIV Test Tool MasterCard Qualified

ULUL announced Collis Brand Test Tool, developed by UL’s Transaction Security team, has passed qualification by MasterCard for Contactless Network Interface Validation (NIV) testing. To correctly process PayPass™ transactions, acquirers need to validate their network interfaces with MasterCard. NIV testing checks that authorization and clearing interfaces are in accordance with the current MasterCard requirements. NIV Subset 7 ensures that acquirers send correctly formatted PayPass™ M/Chip authorization requests and successfully process the resulting response messages. UL Transaction Security has recently implemented the NIV Subset 7 in the Collis Card Simulator, which is an integral part of Collis Brand Test Tool. This new implementation includes two brand new card simulations related to mobile behavior (MCC_420 and MSI_420) to cover the NIV Subset 7. Now the Collis Brand Test Tool is now fully equipped to support acquirers in the full range of terminal and the network interface validations, as it is now qualified for both contact and contactless NIV testing.

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American Express Names New CFO, VP

American Express Company appointed Jeffrey C. Campbell executive VP and CFO to lead Finance organization and represent American Express to investors, lenders and rating agencies. To sit on the Operating Committee, as well, Campbell joins American Express from McKesson Corporation, where he was executive vice president and chief financial officer of the largest health care services company in the United States. Before joining McKesson, Mr. Campbell served as chief financial officer of AMR Corporation and its subsidiary, American Airlines, where he helped the business successfully navigate significant financial challenges. Prior to this he was a CPA with Deloitte, Haskins and Sells. He is a member of the board of directors of Hexcel Corporation and the San Francisco Chamber of Commerce. He holds an A.B. degree in Economics from Stanford University and an M.B.A. from Harvard University.

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UniCredit Implements Wincor Nixdorf Self-Service

Wincor Nixdorf UniCredit will be gradually procuring automated teller machines and cash recycling systems from Wincor Nixdorf’s new CINEO generation over the next three years, in a replacement project addressing almost 50 percent of its installed base of self-service systems. Wincor Nixdorf will also be providing services for the bank. All this is the outcome of a 36-month contract that the two companies signed effective March 31, 2013. The first self-service systems have already been ordered and installed and almost 2.000 new CINEO systems are expected to be delivered to UniCredit branches by 2015. Wincor Nixdorf will also be involved in the rollout and implementation of the systems while also providing services to ensure system availability.

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Visa Inks Latest Retailer to Digital Wallet

Visa Europe and WorldPay announced that from late 2013, customers of Dixons Retail will be able to make purchases on the Currys and PC World websites using the V.me by Visa digital wallet. V.me by Visa wallet service developed by Visa Europe will be available in the UK and Spain from the end of 2013. It allows consumers to complete online transactions through the internet browser on a PC, laptop, tablet, or smartphone in a simple and easy manner. Full customer card details are not passed on to the retailer, helping encourage consumers to feel safe when shopping online. In addition to the improved customer journey, the streamlined online checkout experience is also designed to reduce basket abandonment and, in turn, increase sales conversions for merchants.

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PayLane Signs New Bank Client

PayLane systematically expands the list of banks in its portfolio. Customers can choose to make a transfer from such banks as Bank Millennium, mBank, Credit Agricole, Alior Bank, MultiBank, PKO BP, Deutsche Bank, Alior Sync, Inteligo, Bank BPH (GE Capital Group), ING, KB Kredyt Bank, BZ WBK, Getin Bank. This now includes Nordea Bank (Pay with Nordea), Idea Bank and postal money order. The large number of banks coupled with other payment methods such as credit and debit cards or PayPal, makes it possible for the e-shop customers to find their favourite way of issuing payments. As PayLane received the status of a Payment Institution in May 2013, it is subjected to the regulations of Polish Financial Supervision Authority. Both the merchants and their customers can be sure the wire transfers are secure.

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