Chase Changes Policies Regarding Payday Lenders

JPMorgan Chase announced that it is making policy changes that will protect customers when payday lenders and other billers seek inappropriate payments from Chase’s consumer deposit accounts. Chase will only charge one returned item fee to customers in cases where a biller presents items that are returned to them due to insufficient funds in the customer account more than once in a 30-day period Chase is working to proactively identify potential misuse of the Automated Clearing House (ACH) system – including misuse on the part of payday lenders or other companies – and report such practices to the National Automated Clearing House Association. Chase will work with NACHA to try to strengthen their own policies to disallow excessive presentments. Chase will also make it easier for customers to close their accounts when there are open pending charges, including payday lender payments. If we believe those pending charges are inappropriate, we won’t honor them.

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B+S Card Services Expands Beyond Boundaries

B+S Card Service acquirer and a one source solution for electronic payment processing launched in the UK. Founded in 1989 B+S is part of the German Savings Bank Finance Group, and has become one of Europe’s most experienced service providers for acquiring, payment acceptance and point-of-sale terminals for electronic payments. B+S focus on delivering reliable and trustworthy solutions which has made it the provider of choice for more than 227,000 customers across 14 European countries. This experience has enabled B+S to develop an understanding of several local payment markets in Europe. In addition to CUP acceptance B+S is experienced in cross-border acquiring offering excellent knowledge of international payment processing including multi-currency settlement that offers merchants payment in native currency as well as additional ones including the US Dollar, the Japanese Yen and the Euro.

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Consumers Button Up On Paying Down Cards

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Fitch’s Prime Credit Card Chargeoff Index declined 30 basis points (bps) in February to a six year low of 3.88% from 4.18%. Chargeoff rates improved to 26% lower from the same period last year while delinquencies declined to 1.61%, the lowest level since index inception. Meanwhile late stage delinquencies are 65%…

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Fitch Projects Positive U.S. Credit Card ABS Metrics

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Fitch Rating projects strong performance metrics to continue to support rating stability for credit card ABS. Master trust performance data for the February reporting period indicate that our prime credit card indices for gross yield, charge-offs, and 60+ day delinquencies are likely to be flat to slightly positive for the month.…

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BlueSnap Pushes Beyond Card-only Subscription Bounds

BlueSnap’s industry leading Smart Subscriptions platform has helped thousands of merchants to create, manage, and optimize their recurring payments for many years. Now, BlueSnap has responded to the evolving needs of customers with an expanded offering that dramatically increases a merchant’s capacity to provide subscriptions using almost all payment types. BlueSnap’s new Automated Subscription Reminder feature fully supports almost any type of payment method as a subscription option beyond just card based transactions. As a result, merchants can optimize recurring payments for local payment types as well as wire transfers to capture more recurring revenue.

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Mogreet Unveils Multimedia Mobile Marketing Platform

Mogreet mobile messaging launched Mogreet Express self-service text messaging platform for small- and medium-sized businesses (SMBs) to use text and multimedia messaging to communicate with their customers on mobile devices. Mogreet Express is an extension of Mogreet’s enterprise text marketing solution, offering SMBs an innovative way to communicate with their customers. Mogreet’s platform – which is able to reach 2 billion consumers and used by major retail and entertainment brands – will now give SMB owners the ability to use the same trusted services to effectively reach their consumers. Using Mogreet Express, businesses can build a mobile customer database and drive sales with branded promotional offers.

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Akimbo Debuts Pre-Paid Remittance Card

Akimbo remittance is now accepting enrollments. Combining electronic money transfers with the Akimbo Visa Prepaid Debit Card, users can send funds instantly for use at ATMs and POS anywhere Visa is accepted. Akimbo also enables sharing via Facebook, email, and text (SMS). The recipient must enroll for an Akimbo Card to collect the money, but once the account is created they are sent a pre-loaded card. Akimbo’s iPhone app also lets you add photos, notes, and ratings to purchase transactions. Akimbo provides more than just convenient money transfers. At its core, the Akimbo Card is a full service bank account alternative, offering direct deposit capabilities, transfers to and from other bank accounts, and even bill pay functionality.

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Evolution1 Announces Successful Fiscal 2012

Evolution1 electronic payment, on-premise and cloud computing healthcare solution grew in 2012 to now serve nearly 500 third-party administrators, financial institutions, health plans, and software providers across the country, providing healthcare and other reimbursement account services to more than 75,000 employers and more than 9,000,000 consumers. Evolution1 grew the number of consumers on its platforms by nearly 40 percent. As in prior years, the top-performing Evolution1 Partners grew an average of 88%, saving customers and their employees more than $2 billion in 2012 through annual healthcare cost reductions and tax savings. Additionally, Evolution1 saved its Partners more than $80 million in annual operating costs through claim and payments automation.

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GlobalCollect Grows Asia Pacific Presence

GlobalCollect announced the further expansion of its Asia Pacific operations with the opening of their Shanghai office, with plans to expand to Beijing, as well as into Japan and Australia. These offices are in addition to the regional headquarters opened by GlobalCollect in Singapore in 2008. The expansion into the People’s Republic of China is in support of GlobalCollect’s commitment to customer advocacy and its mission to deliver outstanding customer service. GlobalCollect is the preferred payments partner for hundreds of international Tier 1 brands including regional companies like Air China, Hainan Airlines, Lightinthebox, DHgate, DinoDirect and SmartBuyGlasses.com Optical Group. GlobalCollect contributes to the growth of these companies through its broad global portfolio of more than 150 local payment methods, enabling transactions in more than 170 countries around the globe through a single contract and technical interface.

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BPC Branches Out with Visa payWave

BPC Banking Technologies Open System e-payment solutions launched Visa payWave products in Ukraine. Powered by BPC’s SmartVista, the Bank’s customers can enjoy the speed and convenience of contactless payments at POS devices. Low value transactions can be completed in less than a second, without the need for a PIN or signature. The entire project took only three months to complete, including the certification process by Visa. The deploying bank, Credit Dnepr, has been using SmartVista to power its payment business since 2007. BPC’s SmartIssuer, part of the SmartVista suite, supports full card management including extremely rapid product development, streamlined application processing, comprehensive cardholder servicing and, in conjunction with SmartPro, card personalization and production for all card types, including EMV.

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Mobeam, Samsung Deploy Barcode Reader

Highlighted during the Samsung Unpacked event in New York City this evening, mobeam proudly announces that the new Samsung Galaxy S4 smartphone will be the world’s first mobile device to integrate its light based communications (LBC) technology so it can beam traditional 1-D barcodes. With embedded mobeam technology, the Galaxy S4 will be able to engage in mobile commerce at millions of locations worldwide without requiring retailers to make changes to their existing POS systems or technologies. Mobeam’s patented technology solves the key problem that has limited the progress of mobile commerce: the vast majority of existing POS systems are unable to communicate with smartphones. Mobeam converts barcodes, coupons, loyalty cards and gift cards into a beam of light that can be read by every one of the estimated 165 million laser scanners in use today by retailers worldwide. With mobeam’s technology, the Galaxy S4 can beam traditional 1-D barcode data to any laser scanner with no new equipment, such as optical scanners or backend systems, required by the retailer.

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SelectCore to Issue PrePaid MasterCards at Fashion Week

SelectCore prepaid payment solutions announced it will issue prepaid MasterCard cards for the World MasterCard Fashion Week to be held in Toronto March 18th thru 22nd. SelectCore will be issuing personalized prepaid MasterCard Cards onsite to VIPs and visitors at this year”s event. Using Datacard Group”s instant issuance printers and SelectCore”s proprietary, real-time card load and activation platform, original cards designs featuring event-related photography will be personalized onsite and provided to attendees seeking to capture the Fasion Week experience in a unique way. World MasterCard Fashion Week is an ever evolving platform that seamlessly connects designers with buyers, press and consumers.

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