U.S. Government Migrates SS Benefits With ePayments Option

The Center for Financial Services Innovation (CFSI) and Hudson Institute released the “Double Duty: Payments Cards as a Doorway to Greater Financial Health” report. Illustrating the potential e-payments to help government benefit recipients improve their financial health and capability through access to more information about their benefit payment, the report shows in January over 62 million consumers received Social Security or Supplemental Security Income benefits. Of this figure, 90.8% used direct deposit, 3.6 percent used the Direct Express prepaid card, and 5.6 percent received a check. Virtually all 22.3 million recipients of the Supplemental Nutrition Assistance Program (SNAP) receive their benefits via monthly loads to payment cards. About 8.2% of U.S. households (17 million adults) do not have a bank account. When recipients are required to receive their benefits electronically, those who cannot choose direct deposit receive the default choice instead”a prepaid debit card.

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MoneyGram Partners Univision MasterCard Prepaid Card

MoneyGram signed an agreement with Univision Enterprises, a division of Univision Communications media company for a MoneyGram link on Univision’s MasterCard Prepaid Card “Tarjeta Prepagada” page. With this, Univision’s Prepaid MasterCard account holders can easily and directly connect to MoneyGram to complete money transfers and expedite bill payments using their Univision Prepaid MasterCard. This agreement leverages the resources of Univision with the world’s second-largest global money transfer company. The MoneyGram network currently has more than 310,000 locations in 197 countries.

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Western Union Launches SME-Friendly Solutions

Western Union Business Solutions global payment services launched Currency Options and a new cash management tool designed to assist small and medium-sized enterprises (SMEs) engaged in international trade. Its “GlobalPay Cash Management” dashboard will give SME clients an immediate overview of their total payments exposure. Users will be able to calculate their FX risk based on the amount of money and currencies they are trading in at current market price, allowing them better to manage their international risk and cash flow. Business owners and corporate treasurers will now be able to set a forward exchange rate at a specified date and then choose whether to use the pre-agreed amount or to reconsider given current market conditions. This gives SME owners the security of knowing the absolute most that they will be required to pay for a transaction, regardless of currency volatility. Western Union Business Solutions enables companies of all sizes to send and receive international payments and manage foreign exchange, creating unique solutions tailored to suit their individual needs.

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Net Element Expands mPayments Business

Net Element International electronic commerce and mobile payment processing entered into an Agreement with NTH AG to broaden the reach of TOT Money’s (“TOT”) mobile messaging and mobile payments operations to additional markets, now available to customers and content providers across 39 countries. NTH Group is a leading AISP (Application and Infrastructure Service Provider) in European markets for interactive telecom and media services with an extensive coverage map with premium mobile and voice connectivity in more than 70 countries worldwide. Net Element International announced its proposed acquisition of Unified Payments, expected to position and diversify Net Element International’s TOT Money business and expand its global presence in the payments market.

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HKMA Announces Study on NFC mPayments Infrastructure

The Hong Kong Monetary Authority (HKMA) released a study on the NFC mobile payment infrastructure to identify the appropriate approach for establishing a safe and effective NFC mobile payment infrastructure that will achieve interoperability among all NFC mobile payment services along. This is to allow the ability to download multiple payment services from different banks and payment service providers onto a single NFC-enabled phone; payment service continuity despite switching from one mobile network operator to another operator; payment service continuity despite changing one’s NFC-enabled phone; and the high level of security in line with international standards and relevant regulatory requirements.

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Fiserv Partners Eutron on Cash and Logistics Solutions

Fiserv partnered Eutron Invest Romania to provide the entire Cash and Logistics solution portfolio from Fiserv to the Romanian market to focus on the “Device Manager” Integrated Currency Manager cash management system and “CorPoint” end-to-end cash management system. Fiserv offers integrated currency and self-service device management solutions that reduce costs and optimize efficiencies. Solution areas include currency forecasting, device management, decision support, enterprise track and trace, automated invoice validation and reconciliation and web base business intelligence reporting.

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AmEx Deploys Serve for FDIC Insurance with Wal-Mart

American Express and Walmart announced expanded security and funding capabilities to Bluebird, a debit and checking alternative that provides Americans with a better way to manage and control their everyday spending. Bluebird “Accountsi” will now be eligible for FDIC insurance, providing an extra layer of security. As a result, permanent Bluebird Accounts will now have the ability to receive direct deposit of government payments, such as social security payments, military pay, and tax refunds. Customers can also balance their Bluebird checkbook in real-time with pre-authorized check writing, add checks to their Bluebird Account by mail and add funds up to $100,000 annually. Bluebird is built on American Express’ “Serve” platform and is in addition to existing premium features such as the ability to add checks via smartphones, family sub-accounts and no fee access to cash at 22,000 ATMs for Bluebird members who have enrolled in direct deposit. To preauthorize a Bluebird check, users simply obtain a unique authorization code online or through the Bluebird mobile app. The payee can confirm that sufficient funds are available by calling American Express.

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UnionPay Targets Online Merchant Acceptance with Acculynk

Acculynk “PaySecure” user-authentication for e-commerce partnered UnionPay International to provide e-commerce authentication (UPOP) service to US based merchants. UnionPay International is a subsidiary focusing on international business of UnionPay, a global bankcard network with over 3.5 billion UnionPay cards issued worldwide. A single PaySecure implementation on the merchant’s e-commerce site also provides the capability to generate sales lift from new PIN-debit customers in North America, Asia-Pacific, Latin America and the Caribbean. Acculynk provides a flexible, customizable online- and mobile- authentication technology that meets local needs and regulatory requirements in international markets. Country-specific authentication changes can be incorporated without disrupting the merchant or acquirer. The “PaySecure” solution two-factor authentication provides online merchants with a secure, low-cost, guaranteed funds payment in which the merchant also benefits from a 100% shift of fraud chargeback liability.

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Credorax and payworks Partner on chip and PIN mPOS

payworks white label mobile payment processing platform for payment providers implemented Credorax as an acquirer for its Chip & PIN mobile payment processing platform. Subsequently, payment providers can implement mobile POS market quickly without having to make major investments in a processing gateway, system integrations as well as meeting certification requirements. Credorax, a Principal member of Visa and MasterCard Europe and a PSD-licensed financial institution, will serve as a digital acquirer for merchants that process EMV transactions through the payworks compliant white label mobile payment processing platform.

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Bluefin Payment Announces Partners Commerce Science

Bluefin Payment Systems secure payment gateway technology to integrated software vendors partnered Commerce Science Corporation (CSC) to integrate their “PayConex” payment gateway with its “eStoreXpress” software platform. The “eStoreXpress” platform allows CSC customers to provide their members, franchisees, customers or dealers with a personalized online eStore where they can sell products and services to their clients, without purchasing or managing inventory, processing orders or having any IT support to operate the eStore. Bluefin Payment Systems focuses on enabling full-service payment solutions to software platforms offered by companies in a diverse range of verticals, including business management, health/fitness, medical, legal, transportation and more. Commerce Science will integrate Bluefin’s payment gateway into “eStoreXpress,” allowing any customer to quickly and easily process electronic payments directly within the eStoreXpress interface.

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Card Rates Remain Unmoved

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Average credit card APRs are holding steady, showing no signs of a drop off, which historically trends from January to February. Holding at a steady 14.96% March average, notably higher than the year ago figure of 14.87%, after a nearly 0.50% jump in October and hardly any fluctuation-either way- since. Meanwhile,…

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hyperWALLET Launches New Payment Services on Expanding Global Network

hyperWALLET global payment solutions made available new payment services and increased global payment network reach. hyperWALLET has added faster payment services, or same day clearing, in the United Kingdom, Europe and Mexico through financial partners in the UK, Germany and Mexico using the SPEI network. This is part of the hyperWALLET international expansion it is experiencing worldwide.

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