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« August 5, 2007 - August 11, 2007 | Main | August 19, 2007 - August 25, 2007 »

August 17, 2007

A Look at Online Delivery of Credit Report Monitoring Services

Online Banking Report's latest issue titled "The Market for Fraud Protection, Identity Theft, and Credit Monitoring Services" recommends that "the time is right for ALL financial institutions to add identity protection/monitoring to their online offerings. The service has been optimized for Web delivery; it provides clear user benefits; it’s relatively easy to implement, and it can directly contribute to the bottom line in real, fee-based dollars, not nebulous intangibles.”

August 16, 2007

Nonbanks in the Payments System

The Proceedings are now available for the international conference "Nonbanks in the Payments System: Innovation, Competition, and Risk" hosted by the Federal Reserve Bank of Kansas City on May 2-4 in Santa Fe, N.M.

Google Checkout Explained

A friend emailed us today to point out Buy.com's comprehensive explanation of Google Checkout for shoppers on the www.buy.com site. Buy.com is also promoting Google Checkout on its individual item pages - see this one for an example of a $10 off offer for new Google Checkout sign-ups.

Gen Y (18-29) Value Multi-Channel, not Just Online Banking

Javelin Strategy and Research has announced results from a new nationally-representative study of 2,800 consumers titled "Generation Y Banking Behaviors and Attitudes: Expanding the Banking Relationship on Their Terms". Javelin says this report "dispels myths about the banking attitudes and behaviors of Generation Y (consumers ages 18 to 29). Despite the popular belief that Gen Y is primarily focused on alternative channels and technologies, Javelin found that this generation is actually more likely to choose providers and manage their finances through a mixture of traditional and new methods."

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APACS Reminds Consumers in UK to Protect Their PINs

Saying that its research shows that "20 per cent of cardholders ‘rarely’ or ‘never’ shield their PIN when entering it at a cash machine", APACS, the UK payments association, has published a new consumer advice guide - Protect your PIN (PDF) - to remind cardholders of the need to keep their PIN safe and secure at all times.

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Online Financial Innovations Announces FINOVATE 2007

Jim Bruene's Online Financial Innovations has announced a new conference, FINOVATE 2007, calling it "the first conference to demo the future of finance." FINOVATE 2007 will be held on October 2nd, 2007, in New York City with "twenty of the most innovative companies in the financial, banking and lending industries" offering a glimpse of the future of online and mobile banking and personal finance. See Jim's NetBanker blog post for more background on the conference.

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mChek Launches Mobile Payments in Sri Lanka

mChek has announced that its on-demand mobile payments solution, mChek/Payments, has been commercially introduced in Sri Lanka by Dialog Telekom, a telecom operator, in partnership with NDB Bank, one of the largest private sector commercial banks in Sri Lanka. mChek says that this deployment is "the first commercial launch of a Card Present mobile payment platform in the world."

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August 15, 2007

NACHA Voting Membership Approves International ACH Transactions Ballot

NACHA has announced that its voting membership has approved "an amendment to the NACHA Operating Rules that will require all international payments made via the ACH Network to be identified as International ACH Transactions using a new Standard Entry Class (SEC) Code--IAT. The new Rule will also require that IAT payments include specific data elements defined by the Bank Secrecy Act's (BSA) "Travel Rule (i)." The implementation date of the rule amendment is March 20, 2009."

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American Express Announces Small Business Agent Bank Deals

American Express has announced agent bank alliances with BankAtlantic and Harris Bank. The agent bank agreements call for the companies to jointly market small business charge and credit cards that carry the banks' and American Express brands.

New Name for I4 Commerce - Bill Me Later

I4 Commerce has announced that it has changed its name to Bill Me Later, Inc. The company says that its "new corporate name marks the culmination of years of work building a leading alternative payment service for retailers and consumers. The Bill Me Later name best reflects the company’s focus on enhancing the retail purchasing experience by enabling customers to shop without using a credit card and to be billed for their purchases at a later date."

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Online Small Business Banking Strategies of Large U.S. Banks

Aite Group has announced a new report that explores the key small-business online banking strategies of large U.S. banks. According to the report, "only 6% have achieved a small-business online banking adoption rate greater than 40%. With the help of aggressive technology deployment plans, and a better understanding of customer needs, 44% of these banks hope to achieve that goal by year-end 2008."

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PayPal Launches The PayPal Blog

PayPal recently launched a new blog - The PayPal Blog. PayPal CEO Rajiv Dutta says the new blog is a place "to have a conversation with the millions of customers and partners that use PayPal every day."

Who's News - Payments Professionals Management Changes

We have received news of the following recent management changes:


  • Kelley Knutson, former managing director of TSYS Europe, has been promoted to Group Executive of Global Services responsible for all international sales, client relations and operations outside of North America for TSYS.
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 14, 2007

Annals of Multi-Agency Transit Payments

In an article titled 'Glitches, spiraling costs may delay TransLink expansion", Rachel Gordon reports for the San Francisco Chronicle about the San Francisco Bay Area's Translink card - and concerns about the program's software, implementation, etc.

Payments in the EU

The European Central Bank (ECB) has published a report entitled “Payment and securities settlement systems in the European Union”, also known as the “Blue Book”. This report "describes the major payment and securities settlement systems operating in the Member States of the European Union (EU). The first such report was published in 1992 and described the systems which existed in the then 12 Member States of the European Community. The second and third editions were published in 1996 and 2001 respectively. This fourth edition updates this information, taking account of the fundamental changes which have taken place in the period from 2001 to 2007."

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A Look at Obopay

In an article titled 'Prepare to Lose Your Wallet", Conde Nast Portfolio's Sam Gustin profiles Obopay based on an interview with CEO Carol Realini. Gustin writes "Obopay's service is simple. For 10 cents, anyone with a cell phone can send up to $1,000 per week to anyone else with a cell phone. No bank account or credit card is required, and the company plans to raise the limit."

TJX Profit Down Sharply on Breach Costs

Mark Jewell, AP Business Writer, reports on TJX Cos. earnings report - including a "$118 million charge due to costs from a massive breach of customer data, mostly to build up a reserve to cover estimated future expenses." The full press release is here - with the company stating "This charge includes $11 million (after tax), or $.02 per share, for costs incurred during the quarter, as well as a reserve of $107 million (after tax), or $.23 per share, for the Company's exposure to potential losses." On January 17, 2007, TJX announced it had "suffered an unauthorized intrusion into its computer systems that process and store information related to customer transactions."

Consumer-Directed Healthcare Opportunity for Financial Services Firms

Diamond Management & Technology Consultants has announced results of a new report titled "Seismic Shifts in the Health/Wealth Landscape" that concludes that "the demand from consumers and employers for a better health/wealth experience -- from saving and paying for healthcare to making informed choices about treatment alternatives -- is creating $40 billion in new revenue opportunities for financial services firms and healthcare companies over the next five years.

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Bankrupt Profits

Katherine M. Porter, Associate Professor at the University of Iowa's College of Law, has written an article titled "Bankrupt Profits: The Credit Industry's Business Model for Postbankruptcy Lending" that "examines what the credit industry's behavior toward recently bankrupt families reveals about its internal profit models and the likely causes of consumer bankruptcy."

Yodlee, Andera to Deliver Online Account Opening and Funding Solution

Yodlee and Andera have announced "a strategic alliance that will unite best-of-breed technologies to provide retail financial institutions with the most comprehensive online account opening and funding solution in the market. Under the terms of the agreement, Andera will be the exclusive provider of account opening technology to Yodlee, and Yodlee will be the exclusive provider of account verification and funds transfer technology to Andera, with the combined solution being available from both companies to all financial institutions." Andera CEO Charlie Kroll provides more background on the alliance on his blog.

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International E-Finance Intensive - London - Nov. 5-6

Dave Birch blogs that he will be chairing a two-day International E-Finance Intensive organized by E-Finance & Payments Law & Policy taking place in London on the 5th and 6th November 2007. "The event will look at the key regulatory, policy and legal challenges facing today's payment professionals and will focus on all sorts of areas of interest ranging from prepaid and money transfer to SEPA and the PSD."

August 13, 2007

Only 5% of Kids Learn Vital Life Skill of Money Management in Class

A new survey released by Visa shows "that only 5 percent of adults learned about the vital life skill of money management in elementary or high school -- a surprisingly low number. The Visa survey of 1,000 cardholders also found that less than half of people (48 percent) learned about money management from their parents while 41 percent were self-taught or learned the hard way. "

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Using Google Checkout in a Facebook Application

The Google Checkout API Blog has a video interview with Renaud Visage, CTO of Eventbrite, about how he's monetizing a Facebook online events registration application using Google Checkout.

London Contactless Payment Launch To Test European Business Models

ABI Research has announced results from a study of contactless payments adoption concluding "worldwide demand for contactless hardware, software, and services to support contactless adoption will reach more than $1 billion by 2012, up from just $260 million in 2007." ABI also commented that the success of the upcoming trial of contactless in London "will rest on [the banks' and card associations'] ability to convince both retailers and consumers of the value of contactless payments."

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Moving Money

Yodlee has announced that "its inter-bank funds transfer solution – Yodlee FundsTransfer – launched in the market just nine months ago, has already moved more than $1 Billion and has initiated over 500,000 transfers."

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First Data International, Chordiant Hosted Offering for Cards Market

Chordiant Software has announced that it is working with First Data International to "develop a card servicing contact center solution as a service (SaaS) powered by Chordiant for First Data's global issuing customers. The offering will utilize Chordiant's Enterprise Platform, Decision Management Suite and Contact Center Advisor as the basis for this highly scalable, multi-tenant system."

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