Card Penalty Fees Soften Again in 2012

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Penalty fees paid by consumers last year took another dip. After rising predictably year/year for most of the last decade, 2010 saw the first penalty fee decline, down from$23.9B to $22.5B, with 2011 showing a further drop to $19.4B, and 2012 dropping again to $17.8 B, according to the R.K. Hammer…

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Compass Plus Posts HP Benchmark

Compass Plus electronic payment solutions and retail banking systems has completed scalability and performance tests on HP servers for their “TranzAxis” Open Development Banking Platform. A specialist, integrated platform created for the development and support of cards and payments, transaction switching, retail banking and other systems and applications in the domain linked to the automation of retail banking activities, “TranzAxis” was tested through a simulated issuing and acquiring setup that required it to drive 20,000 terminals (10,000 ATMs and 10,000 POS devices). TranzAxis also acted as an issuing system that included 10 million accounts with overdrafts and 10 million cards linked to them. The platform reached a sustained peak of 1066 transactions per second (TPS) during testing and remained stable at that high capacity.

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Commerce Bank Launches Chip Visa Signature Card

Commerce Bank made available to its Visa Signature Credit Card holders more convenience and safety when traveling, launching the chip-enabled Visa Signature Credit Card. Embedded with a Europay, MasterCard and Visa (EMV) microchip, the card provides greater acceptance at international merchants where chip card terminals have become the standard. The chip-enabled credit card includes elements that offer each transaction an additional layer of security for regular purchases in stores as well as those made at unattended terminals such as automated ticket dispensers commonly found in European train stations.

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Cardtronics Announces New CIO & CISO

Cardtronics announced the appointment of Jerry Garcia to the newly created Chief Information Security Officer position. Having spent the last 10 years designing and developing the information technology systems Cardtronics uses to run its business, Garcia will now focus exclusively on Cardtronics’ information security program as chief information security officer (CISO). Also, Mike McCarthy has joined Cardtronics as its new CIO and is to oversee the company’s IT infrastructure, design and implementation of high-availability IT solutions.

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MasterCard Strengthens US EMV Commitment

MasterCard is making some of the company’s proprietary technology solutions available to other U.S. debit networks to provide an option to support debit EMV transactions and reinforce the company’s continued support of the U.S. migration to the EMV standard. MasterCard will allow acquirers to brand transactions originating from the Maestro AID (application identifier) for all debit networks within the United States. This is part of the MasterCard initiative to advance the future of electronic payments in the U.S.

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Virtual Piggy Announces New Ecommerce Partner

Virtual Piggy safe youth payments has added its youth-friendly payment system to Popar Toys’ ecommerce website. Allowing parents to set up a monthly allowance for their children, Virtual Piggy promotes financial management while empowering youth under 21 to make purchasing, saving and other money management decisions for themselves, within the boundaries setup by parents. Popar Toys uses Augmented Reality (AR) technology to create an immersive reading experience that will allow the user to see incredible virtually “real” 3D objects that will pop off the book or cards.

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MasterCard in Africa Advances Financial Inclusion

Ajay Banga, President and CEO of MasterCard Worldwide affirmed the company’s commitment to extending financial inclusion across Africa. Collaborating with local government officials, financial institutions, businesses and citizens, he shared his thoughts on a cashless society and vision of a world beyond cash. Banga addressed Central Bank of Nigeria (CBN) officials and other business leaders, acknowledging CBN’s Cashless Policy as the driving force behind the reform in the country’s electronic payments sector over the past two years. He also attended a signing ceremony in Nairobi, Kenya to announce an agreement between MasterCard and Equity Bank of Kenya to issue five million MasterCard-branded debit and prepaid cards. By 2013, 15 million grants will be given to 10 million recipients, mostly those who are unbanked, Resulting in $375 million savings by SASSA on operational costs alone.

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Azimo Secures Expansion Funding

Azimo remittance announced angel investment of GBP300,000 to expand its operations from a number of high net worth individuals. Serial banking disruptor Cooper played a key part in revolutionising how credit cards are issued in the UK at Capital One, where he led the UK section of the business from start-up to two million customers, generating revenues of over £275m and employing over 2,000 people. Azimo’s service lets users transfer money to more than 125 territories around the world for a minimal charge – usually around 1-2% of the transaction. Users will see exactly how much the recipient will actually receive before the money is sent.

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American Express Q4 Net Income Down 47% Y/Y

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] American Express reported 4Q net income of $637 million, down 47% from the year ago figure of $1.2 billion. Net income from the quarter included the restructuring charge, rewards expense and cardmember reimbursements that were announced last week. Consolidated total revenues net of interest expense were $8.1 billion, up 5% from…

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Onebip Intros Recurring Payment Android Platform

Onebip mobile payments service from Neomobile launched its subscription payment service for Android devices, having released its first subscription service in 2005 and has successfully managed recurring payments for top global online dating and networking sites since 2008. To celebrate this milestone, Onebip has further enhanced its offering by introducing Onebip Android in-app for subscription payments. Onebip has successfully helped merchants worldwide build their user base and monetize by optimising the opt-in user experience and recurring billing technology. Onebip’s Subscription payments allows online dating, social networking and gaming merchants and is available in more than 70 countries worldwide.

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EVO Payments Appoints New CFO

EVO Payments International announced Kevin M. Hodges is new its CFO, where he will be responsible for the company’s expanding global financial operations. He will oversee Finance, Accounting, Treasury, Tax, Human Resources, and Corporate Communications. He previously held various senior financial leadership positions at Global Payments Inc. and worked at Deloitte & Touche. Hodges holds the Chartered Financial Analyst designation and is a CPA.

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VocaLink Announces Senior Appointments

VocaLink payment provider announced Nick Millar joins as Strategy and Customer Insight Director, Jim Wadsworth as Product Development Director and Phil Harrison as Commercial Director, Alternative Payments. With 20 years’ experience, Millar joins VocaLink from Visa Europe, where he was Head of Strategy. In his new role, Nick will lead the Strategy and Customer Insight team, developing VocaLink’s corporate strategy to maximise the value of core infrastructure capabilities and support emerging payment models. Wadsworth brings over twenty years’ experience working with market leaders in the payments sector and joins VocaLink from Accourt, where he led its mobile and digital payments practice and advised a wide range of international clients. Harrison joins the company from Clairmail Mobile Solutions where he was Managing Director for EMEA, bringing with him more than 25 years’ experience in retail banking and payment technologies.

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