Chase & LivingSocial Award 12 Small Businesses $250K

Chase and LivingSocial announced the 12 small businesses that will receive grants of $250,000 each through “Mission: Small Business” grant program. To increase awareness of the important role small businesses play in local communities, “Mission: Small Business” is supported by the U.S. Chamber of Commerce. Moreover, nearly 70,000 small businesses registered and 3.1 million while consumers showed voted for their favorite small businesses. Participating small businesses from across the country were evaluated based upon their applications which were required to demonstrate a feasible growth plan, creativity, overall passion for their business and the potential to make a positive impact within the local community. Chase will offer grant recipients access to a Chase Relationship Manager who will provide guidance for utilizing the grant efficiently and effectively. Chase and LivingSocial also partnered with the U.S. Chamber of Commerce to help announce the program and drive small business engagement and participation.

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Cleartouch from Fiserv Sees Popularity Growth

Fiserv announced that six financial institutions have recently chosen “Cleartouch” from Fiserv for account processing. Related solutions for this service include online banking, risk management, check capture, mobile banking, document imaging, card production, bill payment and accounting. These institutions include Mansfield Bank, a $372-million bank headquartered in Mansfield, Mass; The Home Building & Loan Company, a $43-million bank in Greenfield, Ohio; Kennebec Federal Savings & Loan Association in Kennebec, Maine; Magyar Bank, headquartered in New Brunswick, N.J.; Webster City Federal Savings Bank, a $91-million bank in Webster City, Iowa; and Winchester Savings Bank in Winchester, Mass.

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Avangate Receives PCI DSS Certification

Avangate eCommerce service has obtained PCI DSS certification and added compliance capabilities for secure data-management. A mandatory standard for all banks, processing centers, financial organizations and merchants working with payment brands, the PCI DSS certification reflects the continued evolution of security standards. Avangate’s SkyCommerce solution includes industry-leading features that secure credit card data in dynamic transaction environments and in data centers adhering to strict compliance rules. The new Level 1 Certification comes as part of the company’s dedication to make global sales for software vendors as simple and as secure as possible.

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Monitise Projects Even Break Ahead of Schedule

Monitise technology and services company delivering mobile banking, payments and commerce networks worldwide, announces a trading update ahead of the announcement on 4 September 2012 of its financial results for the year ended 30 June 2012. As Monitise continues to enhance its reputation for delivering bank grade secure services for its customers, be it mobile banking, mobile payments or mobile commerce, the opportunities to enhance shareholder value continue to grow. The Company has invested significantly in its Monitise Enterprise Platform and technology over the past few years and is also delighted to have completed four major customer launches during June and July. The Company has a strong pipeline of future deployments. The Company is pleased to bring forward EBITDA breakeven guidance by a full quarter to September 2013. Revenue in the year grew by approximately 140% from £15m to £36m and thom £15m to £36m and the EBITDA loss reduced from £12m to £10m.

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VeriFone Sees Order Wave Through Cash-Less Initiative

VeriFone Systems has received orders to date for 80,000 units of its VX 520 payment solution as banks and merchants seek to meet the requirements of the Central Bank of Nigeria’s (CBN) “Cash-Less Lagos” initiative. Orders for VeriFone solutions represent more than half of the 150,000 total systems that the central bank expects will be deployed by the end of this year to comply with its mandate. CBN is driving modernization of Nigeria’s payment system in line with its goal of joining the top 20 economies by 2020. VeriFone’s VX 520 features a GPRS capability, extended battery life, dual SIM- which allows merchants to switch cellular networks quickly and easily- thereby overcoming issues of erratic network coverage.

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Delinquency Lows Show Record-Breaking Month

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Delinquencies for U.S. credit card ABS fell for the 30th straight month for unprecedented positive performance, according to Fitch Ratings. After peaking in January 2010 at 4.54% delinquencies currently stand at 1.82%, five basis points above the record of 1.78% set in August 1994. Additionally, the Fitch Prime Chargeoff Index is…

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Discover Offers Cardmembers Google Wallet Solution

Discover is partnering Google to offer cardmembers means to input their credit card directly into Google Wallet by logging into the online Account Center at discover.com/googlewallet. This will give Discover cardmembers the ability to tap and pay for purchases in-store in conjunction with the Google Wallet application on a compatible NFC smartphone and make purchases online. Cardmembers using Google Wallet to pay for items with their Discover card will continue to earn Cashback Bonus® rewards. The credit card will automatically sync to the Google Wallet application for those that have a compatible NFC smartphone.

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Fifth Third Bank Launches EMV Chip Technology for Commercial Cards

Fifth Third Bank launched its Europay, MasterCard, Visa (EMV) compliant chip for commercial cards that will allow business clients to authorize transactions more efficiently while traveling abroad and help improve the security of international transactions. This new offering will help commercial card users facilitate authorizations in Canada, Europe and other countries that are EMV-compliant and help reduce the risk of counterfeit and stolen cards through more secure chip and Personal Identification Number (PIN) technology. Fifth Third’s new EMV chip card has a microprocessor chip programmed according to the global EMV standard for offline processing between the card and the terminal in a secure manner. The EMV-compliant chip card is available as part of Fifth Third Bank’s Commercial Card solutions.

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Fundtech Hits Payment Benchmark

Fundtech global transaction banking solutions released results for its benchmark test conducted in conjunction with IBM for a Tier 1 global bank. This demonstrates Global PAYplus Services Platform (GPP-SP) running on an IBM software and hardware stack is able to far exceed the Bank’s current and future performance targets for processing mass payments. Mass payments refers to consumer and business low-value payments (such as ACH or SEPA transactions) that are typically processed in very large quantities, and therefore require a highly scalable system. In the benchmark test, Fundtech’s GPP-SP was able to process 20 million payments in under two hours, less than half the time established as the benchmark by the Bank. In variations of the test, GPP-SP processed double and even triple the volumes in the target timeframes.

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Fico Implements Savvis for Debt Manager Solution

Fico has selected Savvis to deliver Fico “Debt Manager” as a service in the cloud to lenders and collection agencies. The “Debt Manager” solution transforms collection and recovery processes for credit card accounts, secured and unsecured loans, mortgages and deposit/current accounts with game-changing adaptive control capabilities, and a flexible architecture that aligns with business needs. FICO “Debt Manager” is now optimized for Savvis data center services and Savvis Symphony Dedicated Cloud, an enterprise-class cloud computing solution. Lenders can now deploy the solution faster, cut collection costs, improve productivity and collect more from delinquent customers.

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Braintree Acquires Venmo mPayment

Braintree payments platform for online and mobile commerce acquired Venmo mobile and social payment application that makes it seamless for consumers to make and share payments with their mobile phones. The Venmo mobile payment application allows consumers to make purchases on their mobile device and allow Braintree to allow e-commerce companies to accept payments on mobile devices. Braintree has stored over 30 million credit cards from consumers who’ve purchased at merchants using Braintree’s payment gateway and vault. Consumers who have stored their payment information at one of the thousands of online and mobile applications that use Braintree will soon be able to utilize the Venmo digital wallet to pay merchants in just one click. Braintree powers payments for innovative online and mobile merchants including Rovio/Angry Birds, Uber, Airbnb, HotelTonight and OpenTable.

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Capario Streamlines Patient Payment Processing

Capario revenue cycle management solutions launched its integrated patient pay solution through its relationship with TransFirst transaction processing services and payment enabling technologies. Capario identified a need for a patient payment solution due to the difficulties providers face when determining a patient’s financial responsibility and collecting from patients at the time of service and once they leave the office. According to a recent report entitled “Perspectives on Patient Payments” by MGMA Connexion, 30 percent of patients leave the physician’s office without paying. For unpaid bills turned over to a collection agency, providers recover on average $15.77 for every $100 owed. Capario’s new patient pay solution allows providers to collect patient payments quickly through the Capario portal at check in and check out with credit card swipe technology; create paper or electronic statements to be sent to patients after insurance has paid; maintain a practice-branded patient payment portal where patients can easily view their statements and pay their balances online; and accept and post checks received in the mail using ACH check conversion.

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