Network International Acquires Majority Stake in TimesofMoney

Network International payment solutions signed a partnership agreement with Times Internet Limited to acquire a majority stake in TimesofMoney for cross-border remittances and domestic payments. TimesofMoney was owned 100 per cent by Times Internet Limited, which is one of the highest remittance receiving countries in the world, estimated at US$64 billion annually, and that the value of the GCC-India remittance corridor is valued at approximately US$25 billion annually. Overall, the cross border remittance market is estimated at approximately US$415 billion globally. TimesofMoney’s flagship brand, Remit2India, is a pioneer in online remittances to India with over a decade of expertise in facilitating money transfers from non-resident Indians (NRIs) across the globe. This acquisition is seen as a major enabler of Network International’s strategy to expand its product offering and geographic coverage.

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MasterCard, Comviva and Tutuka Launch mMoney

MasterCard Worldwide, Comviva Technologies and Tutuka forged a strategic collaboration that combines Comviva’s mobiquity mobile payment platform, Tutuka’s prepaid processing platform and MasterCard’s global electronic payments network to further extend financial inclusion to millions of consumers across Africa. This will enable customers to purchase goods and services at millions of physical and online retailers worldwide where MasterCard is accepted, as well as transfer funds and pay bills. The new solution offered by this collaboration will be available to both Comviva’s existing and new mobile money implementations across Africa, with the potential to benefit over 750 million consumers across the continent. Mobile Money addresses the needs of consumers in developing markets through a readily accessible device, the mobile phone while the partnership is a result of a global initiative called the MasterCard Mobile Money Partnership Program launched by the company in February 2012.

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Standard Bank Deploys Gemalto Contactless Payment

Gemalto digital security is providing Standard Bank a multifunction EMV contactless payment card enabling users to pay for transit fares and other goods and services with one digital wallet. Standard Bank customers can now use the new MasterCard debit card to wave and pay directly at the gates in the public transport stations, without needing to carry cash or a separate travel card. The Muvo card initiative will help cardholders gain greater convenience while at the same time provide competitive advantages to Standard Bank and reduce the burden of managing cash on public transportation in the city of Durban. The Muvo card complies with the exacting requirements of the National Department of Transport (NDoT), which mandates the combination of payment and transport in one single application. This offers considerable potential to acquire new customers. These will include many who previously have been excluded from mainstream banking.

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Card Delinquencies Up First Time in 12 mos, COFs Continue Decline

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] U.S. credit card delinquencies for the first time in a year increased, according to the latest Fitch Ratings Credit Card Performance Index. This immediately follows a new five-year low in October as late stage delinquencies were up two basis points to 1.71%. Regardless, late payments have remained well below the 3%…

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American Express & TV networks Offer Cardmembers ‘T-Commerce’

American Express announced a line-up of unique media partnerships designed to create seamless and engaging shopping experiences for consumers that turn curated content into commerce. American Express is enabling digitally minded shoppers to find inspiration, connect to fashion and products and, for American Express® Cardmembers, receive exclusive offers. Fox Broadcasting Company (FOX) has partnered with American Express to offer a first-of-its-kind “T-commerce” (Television Commerce) program, allowing consumers to shop in real-time while watching “New Girl.” Available “New Girl” give Cardmembers exclusive offers to receive a one-time $35 statement credit if they use an eligible American Express Card that has been synced with their Facebook account to make a purchase of an exclusive item seen on the show. AmEx forged similar partnerships with NBCUniversal & Zeebox.

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Compass Plus Implements Instant EMV Card Issuance

Compass Plus global payments software provider launched its Instant Issuance solution based on TranzAxis open development banking platform. TranzAxis Instant Issuance allows financial institutions to issue EMV and magstripe cards in-branch in a matter of minutes. This encourages customer loyalty, increased card activation rates and decreased distribution costs. Compass Plus has embarked upon a project with Mühlbauer, the top manufacturer of high-end personalization equipment, in order to promote TranzAxis in the global market while enabling Mühlbauer to further expand its business into the banking sector, particularly instant card issuance.

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Payza Now Licensed for Inbound Remittance Processing

Payza online payment processor has received the first license issued from Bangladesh Bank for inbound foreign remittances entering Bangladesh via Online Payment Gateway Service Providers (OPGSP). The license allows Payza to facilitate a significant portion of the more than $14 billion USD in remittances that enter the country annually based on Bangladesh Bank’s projected total for 2012. Payza became the first online payment processor to be licensed by Bangladesh Bank to provide Bangladeshis with a convenient and affordable way to receive international bank transfers. The purpose behind Payza’s introduction to Bangladesh was to provide localized bank transfer services to the more than 10,000 freelance software developers, who collectively earn approximately $15 million USD annually.

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Conference Board LEI Gaining Momentum, Positive 2mos Running

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Conference Board Leading Economic Index (LEI) for the U.S. increased 0.2% in October to 96.0 (2004 = 100), keeping in conjunction with a 0.5% increase in September, but a 0.4% drop in August. The LEI still indicates modest economic expansion in the near term. Over the last six months, improvements…

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Coastal FCU Intros NCR mCheck Deposit

Coastal Federal Credit Union, a $2 billion not-for-profit member-owned financial cooperative serving North Carolina, has extended its members’ mobile banking experience by enabling them to use their mobile device camera to scan and deposit checks using mobile software from NCR Corporation (NCR). Coastal Federal was one of the first financial institutions to launch mobile check deposit integrated into APTRA Mobile Banking. NCR APTRA Passport Remote Deposit Capture software with the mobile banking app offers a range of core banking functions on their mobile device including balances, transaction history, bill pay, and funds transfers – and now deposit checks without leaving their home. Members just choose a “deposit check” option where they will be prompted to take a photo of the front and back of the check. After confirming the value of the check, the check image will be transmitted for processing.

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AmEx Unveils Receipt Capture App

American Express has launched a new app for Android and iPhones that uses the mobile’s onboard camera to snap and store receipts for later reconciliation with account statements. The “ReceiptMatch” solution can be used by company employees to capture images of receipts on the go and add a note to the transaction. The captured images are automatically matched to the corresponding transaction on account statements.

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INSIDE Secure to Acquire ESS Security Specialist

INSIDE Secure has entered into an agreement to purchase Embedded Security Solutions (ESS) high expertise business which designs and develops encryption-related security hardware intellectual property (IP) and software for a variety of industries, including the mobile and networking markets. This acquisition will enable INSIDE Secure to reinforce its position as a key player in the fast-growing security solutions market. ESS brings to INSIDE Secure complementary offerings for a complete security architecture, as well as additional solutions for securing both content (Digital Rights Management or “DRM”) and data exchange (Virtual Private Network or “VPN”); ESS complements INSIDE Secure’s know-how with a talented team of 79 highly qualified employees located in Europe, Asia and in the US, as well as its extensive and highly regarded security intellectual property and technology portfolio, which aligns with INSIDE’s long-term strategy to generate its own IP licensing revenue; and this will allow INSIDE Secure to access a wider customer base in the mobile, content provider and network industries that serve a variety of application markets.

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