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August 10, 2007

Banks Test 'Text Messaging' Security

Investor's Business Daily reports on how banks are seeking a balance between convenience and cost when it comes to strengthening logon and transaction security. "As most people now have cell phones, financial firms are also considering simply sending users one-time pass codes by text message or automated phone call, eliminating the need for tokens. Passcode generators can also be built into cell phone handsets."

Purepay Acquires Remittance Solutions Provider Creditron

Purepay, a $100 million buyout fund focused on payments, banking and the financial supply chain, announced today that it has acquired Creditron, a Toronto-based remittance software provider focused primarily on middle market commercial customers in the U.S. and Canada. Creditron's existing management team will continue to direct the company on a day-to-day basis.


Headline News - August 10, 2007

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit Employers looking to hire payments professionals can post their job openings there as well.

August 09, 2007

Merchant e-Solutions Introduces Global Acquiring Platform

Merchant e-Solutions has announced the launch of its MeS Global Acquiring Platform - "allowing MeS merchants who have international customers to accept payments in the local currency of their customers. By allowing customers to make purchases in their own currency, merchants can increase sales."


First Data, mFoundry Team for Mobile Banking, Mobile Payments

First Data Corp. and mFoundry have announced they will be working together to deliver mobile banking and payment services to U.S. and international mobile subscribers. According to the two companies, "this newly forged relationship will leverage each company's respective strengths in order to offer mobile operators, mobile subscribers, merchants and financial institutions a flexible and easy-to-use solution for mobile financial services."


Visa IntelliLink Web Tool Provides Purchasing Card Information

Visa USA has announced IntelliLink - calling it "an intuitive, Web-based service designed to improve business efficiencies for government agencies by organizing data from commercial purchasing card programs into valuable business intelligence."


A Look at Bank Blogs

Javelin Strategy & Research has announced a new report titled "Financial Institution Blogs: How to Manage Your Brand, Engage Customers and Why You Can’t Afford to Wait" - saying it "shows why financial institutions must engage in blogging now, and provides specific steps for assessing this powerful new brand-building and customer-connection capability into 2008-10 strategic plans."


PayPal's Back to School Survey

PayPal has announced the results of a recent Back-to-School survey conducted by ACNielsen Customized Research. No surprise here - "parents and students continue to disagree over what constitutes a “must-buy” purchase for the coming school year." PayPal's also featuring promotions from some of its "off-eBay" merchants - just in time for back to school shopping.


Amdocs Mobile Banking Solution

Amdocs and Bankinter have launched a "joint solution to enable banks to offer mobile banking services. The Amdocs Mobile Banking Solution is installed at Bankinter and is based on Bankinter's mobility solution. The Solution gives banks a new, cost-effective customer communication channel by allowing customers to receive alerts, respond to targeted sales offers as well as access and manage their bank account information through a mobile device. Amdocs and Bankinter will work together to deliver the solution and associated professional services to banks worldwide."


New Google Checkout Back to School Offers

A few of Google Checkout's merchants are offering back to school savings of up to $20 when you shop any pay using Google Checkout at their stores. Google Checkout continues to stress the service's basic consumer value proposition: "Complete your purchase in seconds with one login, keep your credit card info confidential, and track all your orders in one place."

Interview with Obopay's Aditya Menon about Mobile Payments

PodTech has posted an interview with Aditya Menon, Chief Information and Technology Officer of Obopay India. "Will mobile phones be the future for cash payment? Will mobile payment usher in a cashless society? Are services like Western Union threatened by mobile payment? These are all the questions that Aditya answers in this podcast."

Who's News - Payments Professionals Management Changes

We have received news of the following recent management changes:

  • Joe Purzycki has been named chief operating officer of Barclaycard's U.S. credit card business. He joined Barclays as a managing director in charge of customer care and bank operations in 2005.
Announce yourself! Have you recently taken on a new position in the payments industry? If you'd like to share the news with your colleagues, be sure to tell us about it. Are you looking for a new payments-related job? Or are you needing to find someone great? Checkout the Payments Jobs job board.

August 08, 2007

A Look at U.S. Online Credit Card Services

comScore has released the results of a study of online credit card services that it says "revealed strong growth in the use of the Internet for credit card account management. The study found that customers visited their issuer's site 57 percent more often to service their accounts in 2006 than in 2005. This follows a 55 percent rise in 2005 over 2004. Strong growth in online servicing has continued in the first quarter of 2007, as the number of customer visits to issuers' sites jumped to more than one billion, an increase of 32 percent versus the same period a year ago."


A Look Inside PayPal Merchant Services

A friend sends along a suggestion that payments professionals interested in a look inside PayPal and its merchant services efforts may want to purchase a copy of a Harvard Business School case titled "PayPal Merchant Services".


FTC Stops Prepaid Stored-Value Card Sellers From Improper Debiting

The Federal Trade Commission has announced that a federal judge at the request of the FTC has temporarily halted an operation marketing Visa- and MasterCard-branded stored-value cards from making unauthorized debits from consumers’ bank accounts.


August 07, 2007

Capital One Acquires NetSpend for $700 MM

Capital One has announced that it has entered into a definitive agreement to acquire NetSpend Holdings, Inc., the parent company of NetSpend Corporation, a retail marketer of prepaid debit cards, for $700 million in an all-cash transaction.


Survey Shows Strong Growth Potential for Reloadable Prepaid Cards

The Network Branded Prepaid Card Association (NBPCA) has announced the "results of a survey on consumer attitudes towards reloadable prepaid cards. These cards generally carry the logo of Discover, MasterCard, or Visa and can be purchased by consumers or offered by employers, enabling cardholders to make purchases almost anywhere, pay recurring bills and get cash from ATMs. Survey respondents indicate that these products fill an unmet need and respond favorably to their benefits. In addition, early users of reloadable prepaid cards overwhelmingly have had positive experiences — good evidence these cards are easy to use, meet consumer expectations and offer solid value."


Visa Inc. Updates S-4 Registration Statement

Last week, Visa Inc. filed with the SEC Amendment No. 2 to its Form S-4 Registration Statement. Visa filed its original S-4 on June 22, 2007.

BankServ Powers Lending Club P2P Lending, Borrowing Platform

BankServ has announced that Lending Club's collaborative person-to-person (P2P) lending platform is built upon BankServ's Magex Payment Platform, ACH reporting and cash management solutions.


ClickandBuy Introducing Web Cash Payment to UK

ClickandBuy is introducing a new web cash service in the UK - saying it is "giving users the ability to physically deposit and spend with cash online, at thousands of top brand websites, like - iTunes, Skype, Disney and BT. Using cash online should be instantly familiar to millions who top-up their “Pay-As-You-Go” mobiles at convenience stores and newsagents up and down the country - as ClickandBuy has teamed up with payzone, the market leader in branded retailer payment outlets with 29,000 locations."


Sybase 365 Extends Mobile Banking Services to the Americas

Sybase 365 has announced its mobile banking services are available to financial institutions in the Americas, extending its reach from Asia and Europe. Additionally, the company commissioned a mobile banking survey across the United States, Canada, Mexico, Argentina and Brazil, demonstrating the growing mobile banking trend.


Banks and Innovation

James Gardner, Head of Innovation and Research in Group IT at Lloyds TSB in London, blogs about the "the first Innovations Forum, a meeting of people in banks who are involved in the innovation process," held yesterday in London. According to Gardner, "there were two topics on the table: driving an innovation culture, and managing the innovation process."

What's Important to Consumer Adoption?

Dave Birch reflects on a Facebook poll that we ran recently - about online payment preferences among 18-24 year olds - and concludes: "One crucial difference that might be apparent in the Facebook case is that these consumers don't distinguish between banks, non-banks and third-party offerings. They go by convenience, utility and brand. And brand is so, so important."

The GreenPay MasterCard Credit Card

Fintura Corporation has announced the GreenPay MasterCard credit card - calling it "a new eco-friendly rewards credit card in the United States where the reward proposition goes directly toward the purchase and retirement of carbon credit offsets. The GreenPay MasterCard enables conservation-minded consumers to fight global warming with every card purchase." The card is issued by MetaBank.


More Coca-Cola Vending Machines Enabled for Card Payments

MasterCard and USA Technologies have announced the "installation of a record number of cashless payment terminals into Coca-Cola Enterprises vending machines in several markets nationwide. Coca-Cola Enterprises Inc., the world's largest non-alcoholic beverage bottler, will install the new terminals in selected vending machines in the Atlanta, Boston, Chicago, Denver, Las Vegas, Miami, New York and Seattle markets." The enabled vending machines will accept both mag stripe and contactless payment cards.


A Look at Vivotech and Contactless Payments

Mark Schwanhausser writes for the San Jose Mercury News about contactless payments and Santa Clara, CA-based Vivotech, a major provider of contactless payment acceptance devices. Vivotech has announced closing a $22.5 million Series C financing round. Strategic investors in the round include First Data Corp. and NCR (here's the NCR press release announcing their participation in the financing).

U.S. Consumers Lose More Than $7 Billion to Online Threats

Consumer Reports has announced results from its latest "State of the Net" survey concluding that one million U.S. consumers lost more than $7 billion over the last two years to viruses, spyware, and phishing schemes and that consumers face a 1 in 4 chance of succumbing to an online threat and becoming a "cybervictim."

Citi Introduces the Citi CashReturns Card

Citi has introduced the Citi CashReturns Card - calling it "the only card that allows cardmembers to earn and redeem unlimited cash back -- automatically." The Citi CashReturns Card is also available with MasterCard's PayPass contactless technology.



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