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« October 22, 2006 - October 28, 2006 | Main | November 5, 2006 - November 11, 2006 »

November 04, 2006

Open vs. Closed Loop

Ameerah Cetawayo writes for the Bowling Green Daily News about gift cards - and provices a great, concise explanation for consumers about the differences between open vs. closed loop cards.

November 03, 2006

MasterCard's 40th Anniversary Celebration

MasterCard Worldwide has announced that today it celebrated its 40th anniversary, "marking the company's third significant milestone this year, following its successful initial public offering and new corporate brand launch."

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Banking Strategies - Nov/Dec Issue

The Nov/Dec issue of BAI's Banking Strategies is now available online. The cover story, titled Generating Customer Delight Across a National Franchise, is an interview with Liam McGee, president of global consumer and small business banking, discussing how Bank of America Corp. bases its national franchise on delivering a consistent level of service and being responsive to local markets. Also included is an article by Karen Epper Hoffman titled Payments Go Mobile.

FFIEC Internet Banking Guidance: Bank Updates

Glenbrook's Linda Elliott has been following the banking industry's efforts to comply with the FFIEC Internet Banking Guidance issued almost a year ago. We first posted her summary of bank strategies last September. Here's a link to the most recent update on what the industry has been doing since then.

November 02, 2006

Glenbrook Payments Boot Camp Update

Glenbrook's Payments Boot Camp in Denver next week is completely sold out. If you're interested in learning more about the "soups to nuts" of electronic payments at one of our Boot Camps, the next one will be held on Feb. 7-8, 2007 in Santa Clara, California. Registration is now open. If you've got a more urgent or customized requirement, contact Glenbrook's Carol Coye Benson about our Private Payments Boot Camps that allow you and your team to share a "deep dive" into the world of electronic payments in a private setting.

Bank of America Testing Cell Phone Credit Cards

Ted Griffith reports for the Wilmington News Journal about Bank of America's plans to conduct a 500 employee test of mobile phones as contactless credit cards.

New TI Contactless Chips Enable New Shapes For Payment Cards

A contactless payment key fob smaller than the keys on your keychain and a thin oval-shaped wristband are just two of the payment possibilities enabled by Texas Instruments ISO/IEC 14443 contactless payment chip and antenna packages. According to TI, "the release of the industry's smallest payment products, fully MasterCard PayPass certified, brings new versatility and convenience to the contactless payments industry, as issuing banks explore a range of form factors, from traditional cards to fobs and wristbands."

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IBM Receives Patent For Secure Credit Card With Near Field Communications

IBM has been awarded US patent number 7,128,274 titled "Secure credit card with near field communications" (PDF). The patent was filed by inventors Edward E. Kelley and Franco Motika.

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Visa Global Business Overview

When Visa recently announced its plan to restructure and pursue a public offering, it posted a Global Business Overview (PDF) presentation on its corporate web site that describes its global business in detail.

Visa Contactless Technology Arrives in Latin America

Visa International Latin America and Caribbean (LAC) region has announced it is bringing contactless technology to Latin America for the first time with the launch of its program in Guatemala, implemented by Visanet Guatemala, local banks Banco Cuscatlan, Banco Industrial and Banco Uno, and 100 fast-food and movie theater point of sale terminals.

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MasterCard Trials Personalized NFC-Enabled Mobile Phones for Payment

MasterCard has announced that, in partnership with Nokia and 7-Eleven, it is now conducting a consumer trial in Dallas, Texas, of Near Field Communications (NFC)-enabled mobile phones with MasterCard PayPass capability.

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Warburg Pincus Acquires easycash From First Data International

easycash, a German point of sale (POS) Network Service Provider, has announced that financial investor Warburg Pincus has reached agreement with First Data International to acquire 100% of easycash. First Data sold easycash in a competitive auction, which attracted the interest of both industrial buyers and financial investors. The completion of the transaction is subject to approval of the German Federal Cartel Office ("FCO"). The parties agreed to keep the terms of the transaction confidential.

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More Consumers Trust, Use Internet To Organize, Manage Finances

CheckFree has announced the results of a 2006 survey by Lieberman Research Worldwide on consumer bill payment behaviors. "The survey, a follow-up to a study announced in 2004 that first introduced Americans to six segments of bill-payer personalities, found that consumers today are more trusting of the Internet, particularly when it comes to financial management, and that there has been a significant, positive shift in several of the bill payment behavioral categories. The survey was conducted by Lieberman Research Worldwide, a Los Angeles-based firm that specializes in consumer segmentation research."

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Interview With Tim Jones

Dave Birch has posted on his Digital Money blog the first part of a two-part podcast with Tim Jones "drawing out key lessons from Mondex and Simpay."

Sterling National Bank Joins SVPCO Image Payments Network

SVPCO - Electronic Clearing Services has announced that Sterling National Bank is now participating in the Image Payments Network. Sterling’s first exchange partner is Bank of America.

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Visa Anticipates 7.5 Percent Growth In Holiday Spending

Visa USA has announced it estimates overall retail sales (excluding auto sales) for the 2006 holiday season will grow 7.5 percent, slightly lower than the growth rate of holiday sales in the previous two years.

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November 01, 2006

More On MasterCard's PIN-Debit Anti-Fraud Solution

Jaikumar Vijayan writes for Computerworld about the MasterCard Online Fraud Monitor that MasterCard announced recently being developed with Basepoint Analytics to address PIN-debit fraud.

Global Payments Announces Strategic Alliance With Ruesch International

Global Payments has announced a referral agreement with Ruesch International. a provider of business-to-business payment solutions. Under the terms of the agreements, Ruesch International will refer clients who have payment card processing needs to Global Payments; and, in turn, Global Payments will refer agent banks and business clients to Ruesch International for their cross-border payment processing and foreign exchange transaction needs.

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American Express Launches SimplyCash Business Card

American Express has announced the American Express SimplyCash Business Card which "gives cash back on virtually all purchases and automatically delivers the rewards each month as a statement credit."

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Survey Finds 2/3rds Of Consumers Plan To Buy Gift Cards For Holidays

The 21st Anniversary Holiday Survey of retail spending and trends, commissioned by Deloitte & Touche USA LLP, reports that "gift cards are expected to continue to be the top gift purchase, with approximately two-thirds (66 percent) of consumers planning to buy them, roughly the same as last year. However, holiday shoppers are planning on buying more of them: this year, consumers intend to buy an average of 4.6 cards, an increase from the 3.9 they bought last year." However, the survey suggests that gift cards may present a "mixed bag for retailers." "Our survey showed that, as a result of buying gift cards last year, 50 percent of consumers spent less time shopping during the holidays and 41 percent bought fewer spontaneous, spur-of-the-moment items," said Pat Conroy, vice chairman and national managing principal of Deloitte's Consumer Business practice. "Successful retailers can benefit from gift-card-and-product bundling, incentives for shoppers to buy additional products while in the store, and other strategies to upsell and cross-sell with gift cards."

MasterCard Reports Third-Quarter Financial Results

MasterCard Incorporated has announced financial results for the third quarter of 2006, reporting net income of $193 million on net revenues of $902 million, a 13.9% increase versus the same period in 2005. MasterCard reported growth in gross dollar volume (GDV), increasing 15.0%, on a local currency basis, to $502 billion and an 18.9% increase in the number of transactions processed. Worldwide purchase volume rose 17.2%, on a local currency basis, during the quarter to $365 billion with the company's customers having issued 818 million MasterCard cards, an increase of 12.6% percent over the same period in 2005. MasterCard held a conference call this morning to discuss the results and has also provided some additional materials online.

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October 31, 2006

TSYS Certified To Process Prepaid Cards On MasterCard Network In Europe

TSYS has announced it is now certified to support open-loop prepaid cards in Europe on the MasterCard network. The certification includes capability for chip-and-PIN processing on MasterCard's network.

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GE Money Security Analyst Meeting

GE Money (formerly GE Consumer Finance) is holding a security analysts' meeting today in New York City. Copies of presentations by Dave Nissen, President and CEO of GE Money, and other members of the senior management team are available online.

China: YeePay Partners with Dang Dang for Online Marketplace

YeePay has announced a partnership with the largest online retailer in China - Dang Dang, to provide exclusive payment service for Dang Dang Mall (mall.dangdang.com), a new online store hosting program that allows merchants to sell their goods through Dang Dang's network.

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US Bank Acquires Visa Purchasing, Corporate Card Portfolio From CIBC

US Bank Canada has announced it has acquired CIBC's Visa purchasing and Visa corporate credit card portfolio. U.S. Bank Canada is a division of U.S. Bank, which is a subsidiary of U.S. Bancorp, one of the world's largest issuers of Visa commercial cards.

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CIGNA HealthCare's HealthePass Health Care Payment Solution

CIGNA HealthCare has announced HealthePass, "a comprehensive new solution designed to simplify and improve payment processes to help patients anticipate and manage their health care costs, shorten provider revenue cycle and help address patient bad debt."

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Cardways.com Offers Customized Gift Cards

Cardways.com has announced the launch of its new Web site that offers consumers the opportunity to customize gift cards and greeting cards, allowing them to add their own personal touch to an already popular gift.

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