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« October 24, 2004 - October 30, 2004 | Main | November 7, 2004 - November 13, 2004 »

November 06, 2004

Bus Tickets in Cell Phones

The BBC reports on plans by Nokia to trial in Germany a proximity-based bus ticketing system that would allow riders to pay by waving their cell phone in front of a reader installed on buses.

UK Bankruptcies Hit Record Levels

Patrick Collinson reports in the Guardian that the number of individuals in the UK going bankrupt has hit a record high.

During the third quarter of 2004, 11,967 people were declared insolvent, up 31% on the same quarter a year ago, according to figures from the Department of Trade and Industry. Experts placed the blame on soaring credit card debt, with the typical bankrupt owing £50,000 on a variety of cards.

November 05, 2004

Standards for Federal Smart ID Cards

Government Computer News reports that the National Institute of Standards and Technology is preparing a new Federal Information Processing Standard for an interoperable government-wide ID card. FIPS 201 is expected to be released for comment on November 8th.

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Remittances - "On the Backs of the Poor"

Seth Lubove writes for Forbes about the fees immigrants pay for remittances to relatives back home, particularly to FDC's Western Union.

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Consumer Revolving Credit Grows in September

The US Federal Reserve reported today that US consumer revolving credit grew at an annualized rate of 10 percent in September -- from $742.1 to $748.3 billion.

Wells Fargo Launches Consumer Remittance to the Philippines

Wells Fargo Bank has announced a new consumer remittance service between the US and the Philippines. The new service is an account-to-ATM service that allows customers to send up to US$3,000 per day. Funds are available the next business day for pick-up at a network of over 4,000 ATMs in the Philippines. Receiving parties can withdraw up to US$400 per day using pre-sent ATM cards. Wells Fargo is charging $8 per deposit for the new service.

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MBNA Begins American Express Card Issuance

Forbes carries an AP story this morning on MBNA beginning its rollout of American Express-branded cards.

More details available from this MBNA press release.

Consumer response to initial pre-selling activities for the MBNA Affinity Rewards American Express Cards has been overwhelmingly positive. To date, MBNA has already issued more than 300,000 American Express-branded cards. Early consumer demand for these cards demonstrates clearly that customers want richer rewards on a product that represents their membership in an affinity organization.

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Identity Crisis Online?

ZDnet UK reports on comments by RSA Security's Andrew Nash in Barcelona regarding the threats of phishing and other issues affecting confidence in use of the Internet.

Pushing Plastic: Cross Country Bank

Mitchell Pacelle reports in this morning's Wall St. Journal in a page one story about subprime card issuer Cross Country Bank and the bank's CEO Rocco Abessinio.

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US Dataworks and Othenik Form Alliance

US Dataworks and Montreal-based Othenik Technologies have announced they have formed an alliance to bring Othenik's credit push technology to the US market.

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Next Estate Communications Launches WebSecret

Next Estate Communications, in partnership with Columbus Bank and Trust, has launched WebSecret, an online buying product designed to "protect consumers from identity theft and improper use of their personal information."

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PayPal Eyeing Mobile Micropayments?

Michael Singer reports on InternetNews.com about PayPal's posting to hire a mobile payments product manager.

November 04, 2004

LaunchPAD -- Pre-Authorized Debit

VeriFone, Mosaic Software and ID Data have announced LaunchPAD, an alliance to deliver pre-authorized debit (PAD) transactions.

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Visa Canada Reports Thousands of Canadians Are Victims of Phishing

The Globe and Mail is reporting today on the results of a study conducted by Visa Canada that reports that as many as 200,000 Canadians may have been unwittingly victimized in phishing attacks.

Visa Canada declared yesterday "Anti-Phishing" day as part of a public relations effort to increase consumer awareness of the issue. The full Visa Canada press release on phishing is available online along with a consumer brochure (PDF) on the subject.

Wells Fargo, S1 Introduce Private Labeled Online Foreign Exchange Service

Wells Fargo Bank and S1 Corporation have announced a new service that will allow banks to provide a full range of online foreign exchange services under a bank's own brand name.

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Overstock.com Extends CyberSource Relationship

CyberSource has announced that Overstock.com has extended its processing relationship including adding Bill Me Later acceptance.

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Bank of America Presents Consumer Strategy

Bank of America held an investor meeting in Boston yesterday to present the bank's strategy for doing business with consumer customers coast to coast. A webcast and the presentation slides from the meeting are available online.

November 03, 2004

Pamela Joseph to Head NOVA Information Systems

Richard K. Davis, president and chief operating officer of U.S. Bancorp, announced today that Pam Joseph has been named chairman, president and chief executive officer of its merchant payment processing subsidiary, NOVA Information Systems replacing Ed Grzedzinski.

The Bank of VW

Jennifer Saranow writes in the Wall St. Journal about banks owned by non-banks offering banking services to their customers -- including Volkswagen Bank/Audi Bank, Toyota Financial Services, GMAC Bank, BMW Bank, and Nordstrom Federal Savings Bank.

Strong Authentication a Hard Sell for Banks

Paul Roberts of IDG News Service reports on bank usage of strong authentication technologies to authenticate their online customers.

"The good guys can't keep up with the bad guys," said Litan of Gartner. "What we need is some kind of caller ID for the Internet. Someone has to stand behind Web sites and say, 'This is John Doe.' And right now nobody does that."

Cloudmark Introduces Anti-Phishing SafetyBar

Cloudmark has introduced the CloudMark SafetyBar, an anti-phishing solution based upon its earlier SpamNet toolbar.

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Visa USA Changes Debit Interchange

Lavonne Kuykendall reports in the American Banker this morning on changes Visa USA is making to PIN and signature debit card interchange fees.

Update on 401(k) Card

Amey Stone in Business Week updates an earlier Washington Post story about ING Bank intending to offer a credit card linked to 401(k) accounts.

Credit Scoring Myths

Liz Pulliam Weston reports on MSN Money about credit scores.

November 02, 2004

Verified by Visa Growing Rapidly

Visa USA has announced that Verified by Visa transactions in the third quarter of 2004 grew over 200% as compared to the same quarter last year. Through the first three quarters of 2004, Verified by Visa transactions totaled $5.4 billion.

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MasterCard Surpasses 200 Million Smart Card Milestone

MasterCard announced today that its customer financial institutions have issued more than 200 million MasterCard, Maestro and Cirrus smart cards globally. These EMV chip cards are now being accepted at approximately 1.5 million EMV-capable terminals worldwide.

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ActivCard Introduces Lower Cost Keychain Token for Authentication

ActivCard has announced the introduction of a new ActivCard Token intended for use by online banking customers.

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DE Technologies Sues Dell Over International Commerce Patent Infringement

William Bulkeley reports in today's Wall St. Journal (subs. reqd.) on a patent infringement lawsuit filed against Dell by DE Techologies of Blacksburg, VA.

Its founder and chief executive, Ed Pool, said that ultimately DE Technologies hopes to license its patent to multinational companies in return for a small percentage of the value of their international shipments -- a sum that could collectively amount to billions of dollars.

Our quick search of the Patent Database brought up the following patent: Universal Shopping Center for International Operation. The patent was filed in December 1997 and issued October 1, 2002.

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