Fundtech Announces Hosted Global CashPlus

Fundtech transaction banking solutions launched a hosted version of “Global CASHplus” (GCP) cash management solution. The On-Demand service will allow banks to reduce the costs of hardware, installation, maintenance and manpower while focusing on their core competencies and growing their business. The GCP On-Demand is designed for mid- and small-tier banks looking to offer standardized cash management services such as balance and transaction reporting, payables, receivables and financial supply chain to their corporate customers. This is an extension of GCP, Fundtech’s market-leading cash and treasury management solution offered by banks to their corporate customers. Fundtech operates as an application service provider in North America for payments and cash management services and, through its BBP subsidiary, operates the world’s largest SWIFT service bureau supporting more than 250 clients.

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Younger Consumers Prefer Cash/Debit to Credit

Younger consumers are showing a preference for debit cards and cash as their main method of payment over credit, according to Auriemma Consulting Groups (ACG). Debit card usage has become an ingrained habit in younger consumers, as the recession and tightening of lending standards left them unable to obtain credit that fully meets their needs. 44% of younger consumers said they had no interest in using credit cards as their main method of payment. All consumer segments are showing preference to cash because they perceive it to be more convenient than alternatives.

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Nationwide Solution Hits 3mm ATM Transactions Milestone

Nationwide Building Society hit 3 milllion transactions for its ‘favourites’ ATM function to save its customers time. Having collaborated with i-design Group to help make repetitive ATM transactions quicker and easier with an automatic favourites option, the Nationwide function will save customers time and energy when using an ATM has been rolled out across the Society’s entire ATM estate of over 2,000 machines. Customers will be presented with their most used transactions automatically once they have entered their pin and adapts to a customer’s changing transactional habits.

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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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