Visa Showcases ‘Future of Payments’ at 2012 Olympics

Visa announced during the London 2012 Games it will showcase the latest payment innovations, namely payments via mobile phone and chip-enabled payment cards. During the London 2012 Olympic and Paralympic Games, Visa and its partners are enabling Visa sponsored athletes, trialists, and visitors to experience the new solution. To make purchases, consumers select the Visa icon on the Samsung device and hold the phone to a contactless payment terminal to pay. The application also users to manage their spending by checking account history and balances real time. There are around 37 million Visa payWave-enabled credit, debit and prepaid cards in circulation across Europe. Contactless cards will enable visitors to the London 2012 Games to make “wave and pay” purchases at thousands of retailers. PIN or passcode is not required for purchases below £20 (limits vary by country). By the end of 2012, Visa Europe expects to have more than 50 million Visa payWave cards in circulation in Europe.

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Late Card Payments Hit Record Lows

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] U.S. credit card performance continues to excel as delinquencies are hitting record lows to an 18-year record low of 1.78%. The June charge off rate of 1.89%- meanwhile- is the second lowest ever recorded and he chargeoff index is down to 5.09%. Given this, charge-offs are not expected to top 6%…

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MasterCard Index Shows Small Business Outperforms Overall Retail Sales

MasterCard Advisors released its SpendingPulse index in partnership with Wells Fargo indicating June spending at small retailers was up 8% from the year ago figure, higher than the overall U.S. retail growth rate of 6.9%. Each MasterCard SpendingPulse for Small Business report includes information about current retail sales (excluding autos and gasoline), year-over-year growth in total retail sales (excluding automotive sales), as well as views with and without food services. The report provides valuable information for all stakeholders who support or work with small businesses, including merchants who sell to small retailers, advertisers, and economists.

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TSYS Inks Multi-year Bank of America Processing Agreement

TSYS completed master services agreement, with a minimum six year term, with Bank of America to provide processing services for its consumer credit card portfolios in the U.S. and will continue to process Bank of America’s commercial credit card portfolios in the U.S. and Internationally. For this, Bank of America will utilize TSYS’ “TS2” core payments engine and its customized processing solutions to include risk and financial management and business intelligence delivered through a dedicated support team. TSYS currently processes Bank of America’s commercial and small business card portfolio on its TS2 platform, and that relationship will continue under the new agreement, and plans to complete the conversion of Bank of America’s consumer card portfolio from its in-house processing system in mid-2014.

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Elan Launches Edward Jones MasterCard

Elan Financial Services partnered to deploy the Edward Jones MasterCard personal and business credit card products and services. The “Edward Jones MasterCard” lets cardholders earn Loyalty Points for net dollars spent that can be redeemed for travel, merchandise, gift cards, charitable donations or ChoiceInvest. ChoiceInvest is a new option which allows clients to redeem points for cash that may be directly deposited into their Edward Jones account.

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Dynamics Now MasterCard Certified for Card Production

Dynamics next-generation payment cards has been certified as a payment card production vendor for the MasterCard payment network to offer consumers a battery-powered MasterCard-branded card. This will provide spending, security, and personalization options. Dynamics has pioneered the creation of battery-operated payment applications that integrate full computer architectures, which may include buttons and displays, into the cards to provide new features.

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i2c Payments Platform Serves 216 Countries & Territories

i2c payment processing and emerging commerce solutions issuing processing platform, MCP, now processes payment transactions for consumers in 216 countries and territories. MCP is a global payment processing platform from which companies can launch and manage card-based, virtual and mobile payment products. The company, which is certified with Visa and MasterCard for global processing, most recently helped clients in Latin America & the Caribbean, Africa and Asia go to market with new payment products. Last month i2c announced plans to bring a new data center online in Shanghai, China.

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SunTrust Bank to Deploy NCR Single-Slot ATM Technology

SunTrust Bank is deploying ATMs from NCR Corporation, having already installed more than 1,200 NCR SelfServ ATMs equipped with Scalable Deposit Module (SDM) technology, allowing customers to deposit both cash and checks at the same time through a single deposit slot. SunTrust expects NCR will be the sole provider of deposit automation ATMs at the bank, which the bank began deploying in the Atlanta metro area and has replaced older NCR and non-NCR models at branches in Washington, D.C., Maryland, Florida, Georgia and other major metropolitan markets throughout the past year. ATM users can deposit up to a total of 50 checks and notes in any orientation at the same time.

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NACHA Profiles Business Practices for FFIEC Authentication

NACHA Electronic Payments Association, released a resource to support financial institutions to refine implementation of the provisions of the Federal Financial Institutions Examination Council (FFIEC) Supplement to Authentication in an Internet Banking Environment. Developed by NACHA’s Risk Management Advisory Group, the release identifies sound business practices that financial institutions could use to create internal policies and procedures in response to guidance in the Supplement. The guidance requires financial institutions to complete periodic risk assessments, establish layered security controls, and educate customers on various forms of potential fraud.

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Boardwalk Fresh Burgers and Fries Deploys Cardagin mLoyalty and Rewards

Boardwalk Fresh Burgers and Fries has implemented Cardagin Networks Mobile Relationship Management (MRM) platforms to power the company’s mobile customer loyalty and rewards program. With this agreement, Cardagin will produce the first-to-market customized enterprise version of its highly successful MRM platform for Boardwalk. Boardwalk Ventures, LLC., will lead the program roll out exclusively in Southern California and Texas stores this year to complement the brand’s coast-to-coast expansion beginning at the end of July in Hermosa Beach.

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Orange Joins NFC Patent Licensing Program

Orange is now a strategic licensor for the France Brevets NFC Patent Licensing Program launched with Inside Secure. The operator has been a long-standing leader in the development and now the adoption of NFC technology, and, through their impressive research capabilities, filed many patents. Within the NFC Patent Licensing program, such patents will become available at reasonable and non-discriminatory conditions.

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Neyva Bank Dispenses Pre-paid Cards Through ATMs

NEYVA BANK launched its virtual prepaid Visa card for issuance via its ATM network. The process of card issuing is completely automated and done in an online mode. The customer can choose between three different currencies for their card and activate an SMS notification service to receive instant messages for every transaction. Virtual prepaid Visa cards will become a convenient tool that can be issued in any NEYVA BANK ATM by putting the money on the card in cash (all of the bank’s ATMs are equipped with a cash-in function and accept cash) or by transferring it from an already existing Visa card from any bank.

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