Target Closes Credit Card Sale to TD Bank

Target sold its entire consumer credit card portfolio to TD Bank Group for $5.7 billion, part of a seven-year program agreement under which TD will also underwrite, fund and own future Target Credit Card and Target Visa receivables. With the agreement, TD will control risk management policies and oversee regulatory compliance and Target will continue to perform account servicing functions. Target will maintain the current deep integration between its financial services operations and its retail operations. The agreement does not have any impact on Target’s 5% REDcard Rewards program and will have minimal impact on Target’s current cardholders.

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Inside Secure Introduces Duel-Interface NFC Tag

Inside Secure launched its NFC tag for interactions between smartphones and medical, communications, entertainment and other electronic devices. The INSIDE dual-interface NFC Forum Type 4 Tag also provides a unique one-wire interface that allows the tag to provide a low-cost wireless communications bridge between two devices, opening the door to an array of exciting new NFC applications. Now a single tap of an NFC phone to a Bluetooth wireless headset containing one of these tags can initiate the pairing operation. The tag detects the NFC field on the contactless interface and sends a pulse over the one-wire interface to the controller inside the headset to start the pairing process.

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Digital River to Partake in E-Commerce Payments and Risk Conference

Digital River will be sponsoring, speaking and exhibiting at the 2013 Annual E-Commerce Payments and Risk Conference, Mar. 25-28 in Las Vegas. Digital River World Payments experts will talk about how to manage e-payments in Brazil. The first session titled, “Ok, You Are in Brazil, Now How Do You Optimize?” will precede “Exploring BRIC.” The 2013 Annual E-Commerce Payments and Risk Conference is hosted by the Merchant Risk Council (MRC), a globally focused trade association that aims to make online and mobile payments efficient and safe. Badran is a member of the Merchant Risk Council’s Americas Advisory Board.

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Discover Forges International Alliance with Interswitch

Discover Financial Services (DFS) and Interswitch payment processing and Verve card network promoter forged their strategic alliance. This will allow Discover and Diners Club International (DCI) card acceptance at Interswitch-enabled ATM and POS terminals. This also allows Verve cardholders to have access to Discover, Diners Club International and PULSE networks for international purchases and cash access internationally. The partnership will focus first on enabling about 20 million Verve cards on the PULSE global ATM network, followed by acceptance opportunities for Discover and Diners Club cards and then the acceptance of Verve cards across the Discover global network. The Discover global network, which includes Diners Club, PULSE and other partner networks, provides acceptance in more than 185 countries and territories.

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ElectraCard Services Inks G-able Partnership

ElectraCard Services (ECS) payment solutions and services partnered G-able to promote and distribute ECS’ electraiTx suite of payment products. G-ABLE systems integration and professional services firm serving both private and public sector enterprises has built knowledge and expertise to provide solutions for the banking and financial industry. ECS’ “electraiTx” suite provides payment processing capabilities to acquirers and issuers of credit, debit and prepaid card programs including banks, retailers, exchange houses, remittance agents, in-country processors and telcos.

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Western Union Facilitates Government Payments

Western Union global payment services now plans to help facilitate the “last mile” and bridge the gap between government payments that need to be disbursed and the people who receive them. Initially, the Western Union service will enable parents with school-age children, university students and senior citizens to access government and emergency payments at more than 600 Western Union Agent locations across Haiti. Future plans may include offering a wider array of pay-out options including: bank accounts, mobile phones or prepaid cards.

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Swift Announces New Service Center

SWIFT financial messaging opened its new Corporate Services Centre in Malaysia for its growth strategy in Asia Pacific. The SWIFT Kuala Lumpur Corporate Services Centre offers a wide range of services such as IT development, qualification testing, support, business operations, accounting and finance analysis and transactional functions. It works closely with functional teams in the U.S. and Europe centres to serve SWIFT’s offices around the world. SWIFT has been in Asia Pacific for over 30 years, starting in Hong Kong and Singapore. Three regional offices have been opened in Asia since 2005, bringing the total to eight commercial and support offices.

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Nationwide Deploys Experian Credit/Fraud Data

Experian renewed its strategic partnership with Nationwide Building Society, by which it will provide credit reference and electronic authentication services for at least the next three-years. Nationwide will use Experian’s credit bureau data, to better assess new applications for credit, manage existing customers’ access to credit and lend responsibly throughout. The building society will continue to use Experian’s Delphi for Customer Management (DCM) software, Delphi for New Business scores and Delphi Data Block – a set of credit variables enabling clients to help build bespoke scorecards using Experian data. All three include highly predictive models and event monitoring to identify changes in the credit behavior of customers, enabling the organisation to make better customer credit management decisions. In addition, Nationwide will verify, validate and authenticate customers’ identities, as well as prevent fraud through Experian’s online authentication services. Nationwide will also migrate to Experian’s “ExPin” credit bureau platform to help companies gain the most comprehensive view of each customer.

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Mainstay Implements Aptys Payment Exchange

Aptys Solutions payments network provider for financial institutions nationwide, offering the industry’s only unified platform to support all aspects of payment processing, announced Mainstay Group, a management consulting company whose unique expertise in revenue enhancement and cost reduction drives significant benefits for their clients in the financial industry, has chosen Aptys Solutions as their ASP payment exchange solutions provider. Aptys Solutions’ “PayLOGICS” flexible, scalable solution offers Mainstay technology using one unified platform that automatically applies least-cost routing, so it can take advantage of economies of scale and drive out costs for clearing transactions.

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TSYS Announces mCommerce White Paper

TSYS announced the publication of a white paper entitled “Lessons Learned from Business Travel Study: Best Practices for Getting Ahead of the Mobile Wave.” Based on the findings of The Connected Business Traveler Study, an innovative survey of business travelers conducted jointly by TSYS, Mercator Advisory Group and Commercial Payments International (CPI), the report combines the survey’s findings with analysis of how the evolution of mobile banking and payments for consumers signals an opportunity for greater mobile solutions and innovations geared toward commercial card customers. One conclusion from the paper is that mobile connectivity and communications can be leveraged to digitize the paperless shift that will benefit businesses and corporate credit card-carrying employees, just as they have by consumer cardholders.

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