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« August 17, 2008 - August 23, 2008 | Main | August 31, 2008 - September 6, 2008 »

August 29, 2008

Banks Will Spend Over $1 Billion on Online Bill Payment By 2010

Offering free online bill payment solutions to retail banking customers will cost the financial services industry $1 billion (USD) by 2010, according to TowerGroup estimates. "This aggregate amount represents spending on the portion of the service that financial services institutions (FSIs) outsource. While financial institutions traditionally accepted this expense as a cost of doing business, the “soft” revenue associated with online bill pay (enhanced customer retention, cross-sell opportunities, reduced call center activity, and higher profitability of online bill payment users) no longer compensates for the “hard” dollars institutions must spend to facilitate it." READ MORE »

First Data's GO-Tags May Replace Cash and Credit Cards

Steve Hamm writes for Business Week about First Data's GO-Tags for contactless payments - "demoed this week at the Democratic National Convention in Denver, where First Data is based. The company demonstrated its newest technology, called GO-Tag, by distributing small buttons to 5,000 journalists and delegates. When they tapped the buttons on electronic sensors at concession stands in Denver's Pepsi (PEP) Center, they got free snacks and drinks."

Headline News - August 29, 2008

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

August 28, 2008

James D. Aramanda Named CEO of The Clearing House

The Clearing House Board of Directors has announced that James D. Aramanda has been named the company's Chief Executive Officer effective September 8. He succeeds Jeffrey P. Neubert, who will retire from The Clearing House following a transition period. READ MORE »

An Interview with Alistair Lukies, CEO of Monetise

In the latest in his podcast series, Dave Birch interviews Alistair Lukies, Chief Executive Officer and co-founder of Monitise. Lukies talks about some of Monitise's recent partnerships including one with Carphone Warehouse to mobile-enable an open loop prepaid card in the UK and another with Made in Africa to mobile enable banking services in east Africa. If you're interested in mobile financial services, you'll enjoy this podcast!

Headline News - August 28, 2008

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

August 27, 2008

Prepaid Debit Cards Help Brooklyn, Chicago Buy Back 7,500 Guns

J.P. Morgan has announced that "Brooklyn and Chicago recently used J.P. Morgan prepaid debit cards in successful campaigns to take firearms off the streets. The gun buy back programs were sponsored by local law enforcement officials who offered citizens prepaid debit cards for working guns, no questions asked. More than 7,500 firearms were collected at community churches and other turn-in sites in the two cities." READ MORE »

Over Three-Fourths of Online Americans Bank and Pay Bills Online

According to a survey sponsored by CheckFree, "more Americans than ever, an estimated 63.1 million households or three-fourth of those online, are paying their bills online rather than writing paper checks. The 2008 Consumer Banking and Bill Payment Survey, the eighth conducted by CheckFree since 2002, highlights Americans’ growing use of online banking and bill payment services to help manage their personal finances." READ MORE »

PayPal Webinar: Reducing Shopping Card Abandonment

Today's PayPal webinar, last of the August webinar series, will focus on the topic of reducing shopping card abandonment. Patti Freeman Evans, research director from JupiterResearch, and Lewis Broadnax, director of e-commerce at Lenovo are participating. More info here - register here.

Building Mobile Payments in India - mChek's Sanjay Swamy

In a multi-part series, Sramana Mitra interviews mChek CEO Sanjay Swamy about his company's mobile banking and payments platform in India. Swamy comments: "It is very important to ensure there is a means of instant gratification. It may not expose you to all of the features and capabilities, but at least the customer can touch it now. That is what we had to do. We had to simplify the product and get it out there."

TrialPay Expands Advertising Options

TrialPay has announced the launch of a new Gifts & Gourmet category with the company saying that "top companies from the food industry have enlisted in this new advertising section, marking a milestone for the payment method widely used for digital goods and services." READ MORE »

August 26, 2008

MasterCard, Visa Comment on Court Ruling in Discover Litigation

Last week, Judge Barbara S. Jones issued a ruling narrowing the scope of Discover's antitrust lawsuit against MasterCard and Visa.

MasterCard commented: "MasterCard Worldwide said today it is pleased that Judge Barbara S. Jones narrowed the scope of Discover’s antitrust case against MasterCard by granting certain aspects of MasterCard’s summary judgment motion."

Visa commented: "As a consequence of these summary judgment rulings, Discover cannot challenge the legality of the agreements Visa has signed with its debit issuance partners. As such, it is unlikely the Discover litigation will have a significant impact on Visa's ongoing business operations."

A Look at Quicken Beam from Intuit Labs

Jim Bruene takes a look at Intuit's recently introduced Quicken Beam service - "the free service sends users text messages balance and activity alerts from most U.S. bank, credit card, and credit union accounts." Here's the press release introducing the service. Quicken Beam is one of the first services introduced by Intuit Labs.

Metavante Partners with Connect for Credit Union Solutions

Metavante has announced an alliance with Connect Software Solutions, an online banking provider for credit unions to bring Metavante’s bill presentment and payment solutions and Connect’s online banking platform together into a fully integrated online banking and bill pay product that will be delivered to the credit union market by Connect. READ MORE »

August 25, 2008

Glenbrook's Payments Education - Fall 2008 Schedule

We're delighted to announce a revised and expanded schedule for our Glenbrook Payments Education events for the fall season.
  • Glenbrook Workshops on Emerging Payments

    We've introduced a new, one-day Workshop on Emerging Payments. This advanced course will cover the newest developments in payments in the online, physicial point-of-sale, bill payment, and business to business arenas. The Workshop on Emerging Payments will be held twice this fall: in New York City on October 23 and in Mountain View, California on November 12. Registration for both Workshops is now open!

  • Glenbrook Payments Boot Camps

    We're also presenting two sessions of our very popular Payments Boot Camp this fall - in the San Francisco Bay Area on October 15-16 and in Denver on December 3-4. Registration for both Boot Camps is now open.

  • Private Payments Workshops

    In addition to these public sessions, Glenbrook also offers private payments workshops tailored and delivered at our client's locations. These workshops are individually customized to concentrate on the topics of most importance to you.

To learn more about Glenbrook's Payments Education series, contact Glenbrook's Carol Coye Benson.

Road Tolls Hacked

Duncan Graham-Rowe writes for Technology Review about the San Francisco Bay Area's FasTrak bridge toll system and the finding by a security researcher that "that the unique identity numbers used to identify the FasTrak wireless transponders carried in cars can be copied or overwritten with relative ease."

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