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« February 3, 2008 - February 9, 2008 | Main | February 17, 2008 - February 23, 2008 »

February 16, 2008

Giddy Up!

Barron's cover story this weekend by Mark Veverka is all about Well Fargo. "Unlike most of its peers that have been badly dinged, the San Francisco-based bank doesn't have a big capital-markets operation exposed to credit derivatives, structured-investment vehicles, or mortgage-backed securities. It isn't slowed by a huge book of subprime residential-mortgage loans, and its balance sheet can withstand more bullets than most."

Industry Outlook 2008: M-Commerce

From an article by TowerGroup's Charul Vyas in RCR Wireless News: "Mention mobile commerce in North America, and the common response is a roll of the eyes. It’s not hard to guess why. Back in the heady days of the Internet dot-com bubble, mobile commerce was one of the many buzz words connected with e-commerce whose promise failed to materialize because the hype was premature. Today’s landscape is much different."

February 15, 2008

New Mobile Security White Paper from mFoundry

mFoundry has just published a new whitepaper on mobile security icon_PDF_small.gif. "What should financial institutions know about mobile security? What are the risks? What are the minimum safeguard requirements and what can FI's do to ensure that mobile banking efforts are as secure as other channels?"

Visa Inc. Updates SEC Filings

Visa Inc. has filed with the SEC Amendment No. 3 to its Form S-1 Registration Statement along with an amended Form 10-Q for the quarter ended December 31, 2007.

India's mChek Wins GSMA Award

mChek, an Indian company focused on mobile security and payments services, has announced that its mChek on Airtel postpaid bill payment service has won the GSMA Global Mobile Award 2008 for Best Billing and Customer Care Solution with Airtel at the 13 th Annual GSM Association Global Mobile Awards 2008 at Barcelona.

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Headline News - February 15, 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.

February 14, 2008

Pew Study of Online Shopping

The Pew Internet & American Life Project has released a new report on online shopping icon_PDF_small.gif - finding that Internet users like the convenience but worry about the security of their financial information. "Most online Americans view online shopping as a way to save time and a convenient way to buy products. At the same time, most internet users express discomfort over a key step in online shopping -- sending personal or credit card information over the internet."

Glenbrook Payments Boot Camp Update

Glenbrook's Payments Boot Camp next week (Tuesday-Wednesday) in Santa Clara, California is almost sold out. If you're interested in attending, please register right away! Our Payments Boot Camps provide a "deep dive" on U.S. payments systems - covering soup-to-nuts, basics through emerging payments. After Santa Clara next week, our next Payments Book Camp will be held in Atlanta, Georgia, on March 18th and 19th.

MasterCard Launches Priceless Search Advertising Campaign

MasterCard Worldwide has announced a new Priceless advertising campaign, "Priceless Search," that it says "will instantly award consumers who find winning envelopes in select Condé Nast publications and Sotheby's Preview magazine with one of three, exceptional and one-of-a-kind experiences."

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Mobile Commerce Gets Ready for the Next Big Step in India

Abhineet Kumar reports from Mumbai for livemint.com on the evolution of mobile banking and payments in India - including the regulatory oversight of that evolution. "Californian mobile payment service provider Obopay Inc. and Bangalore’s mChek India Payment Systems Pvt. Ltd are among a fast-expanding breed of mobile payment service providers which have planned offerings that work within the guidelines and bring the convenience of mobile transactions."

99Bill Launches Cross Bank Credit Card Bill Payment Services in China

99Bill Corporation, a third-party electronic payment services provider in China, has launched one-stop cross-bank services for credit card bill payment targeting 75 millions credit card holders in China.

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TSYS, Telrock to Provide Mobile Solutions in North America

TSYS and UK-based Telrock have announced they are "jointly developing a suite of integrated mobile solutions for TSYS’ North American clients. Telrock has been providing mobile solutions for TSYS’ European card processing clients for more than one year. The decision to extend the relationship to North America is based on the success of the European relationship and an increased interest in mobile account servicing and payment solutions in the North American card market."

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US Lawmakers Move to Grant Banks Immunity Against Patent Lawsuit

Jeffrey Birnbaum writes for the Washington Post about legislation that is pending in the US Senate that would "prevent a small Texas company called DataTreasury from collecting damages from banks for infringing on its patented method for digitally scanning, sending and archiving checks."

Payments Professionals Management Changes

We have received news of the following recent management changes:

  • Nasreen Quibria has been named Principal at Market Platform Dynamics. Prior to joining MPD, Nasreen was a key architect of the Federal Reserve Bank of Boston's Emerging Payments Research Group.
  • Charles (Chuck) Kelso, has been named Chief Operating Officer at Transactis, Inc. Prior to joining Transactis, Kelso was vice president of the Government Business Process Outsourcing practice at First Data Corp.
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.

February 13, 2008

Citi Is Exclusive Credit Card Partner of Live Nation

Citi has announced a strategic marketing alliance with Live Nation saying it will "deliver a uniquely comprehensive music experience to Citi customers in the United States."

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A Look at the Federal Reserve's G.19 Consumer Credit Stats

On the Credit Slips blog, Adam Levitin comments on the Federal Reserve's G.19 Consumer Credit Statistical Release (published monthly). He notes that "the G.19 statistic includes all balances outstanding, not just those that are accruing interest and fees--it includes balances from transactors, who pay off their statement at the end of the month, as well as revolvers."

Accertify Chooses Experian's Fraud Prevention Tool

Accertify and Experian have announced a strategic partnership to help e-commerce sites process orders quickly while reducing charge-backs and the total cost of fraud. Accertify will offer Experian's Credit Card Verification, an credit card authentication tool, to Accertify's customers. Credit Card Verification provides "robust consumer authentication and confirms the presence of a specific credit card account on a consumer's credit report."

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A Look at Yahoo!, eBay/PayPal Payment Partnership

in a story titled "Yahoo, eBay Payment Partnership Said Growing Faster Than Expected", Investor's Business Daily reports on the success of the Yahoo!/PayPal partnership launched last April. "Like Google Checkout, Yahoo PayPal Checkout aims to make it easier and safer to make purchase on a wide range of retail sites. The services store personal information such as name, address, credit cards and bank account numbers so users don't have to provide that info to an unfamiliar merchant."

MasterCard, USA Technologies Expand PayPass Vending Acceptance

MasterCard Worldwide and USA Technologies have announced the expansion of ePort cashless payment terminals to 17,500 vending machines nationwide, adding more than 4,000 new locations that accept MasterCard PayPass contactless payments.

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UK's Dedicated Cheque and Plastic Crime Unit

In the UK, there's a special police unit called the Dedicated Cheque and Plastic Crime Unit that's responsible for cheque and card fraud. APACS reports that the DCPCU was responsible for £107 million in estimated fraud savings in 2007 compared with savings of £130 million achieved in the five years following the Unit’s launch in 2002.

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Headline News - February 13, 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.

February 12, 2008

New Board Members for the Merchant Risk Council

The Merchant Risk Council, a trade association for supporting merchants in preventing online fraud and promoting secure e-commerce in global online payments, hase announced seven new additions to its Board of Directors and Advisors.

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Citi Makes Equity Investment in ViVOtech

ViVOtech has announced that it has secured an equity investment from Citi to develop mobile commerce technologies. Terms were not disclosed.

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mBlox Chooses ValistaPlus Payments

Valista has announced that mBlox will use ValistaPlus Payments globally to support mBlox's WAP billing system. Valista's payments platform will also support mBlox's PayforIt accreditation in the United Kingdom, "ensuring that consumers' payment experience is consistent, transparent and user-friendly, promoting a trustworthy environment when making one-off payments or establishing subscription services via their phone."

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ISO Publishes New Biometric Security Standard - ISO 19092

ISO has published a standard to increase the security of financial transactions over electronic media. The new standard, ISO 19092:2008, Financial services – Biometrics – Security framework, establishes the security requirements for the implementation and management of state-of-the-art biometric identification technology within the financial industry.

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Valimo Wireless' Mobile Signatures Combat ATM Fraud

Helsinki-based Valimo Wireless has introduced mobile signature technology that use mobile phones as a separate channel to add security to ATM transactions. For each transaction that relies on a magnetic stripe at the ATM, the cardholder would get a signing request to the mobile phone stating the amount and location of the ATM. The cardholder then returns a mobile signature via the mobile phone network.

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TransUnion and Edgar, Dunn Launch Revolver Model

TransUnion and Edgar, Dunn & Company have announced the Revolver Model, "the second scoring model to identify predictive credit behavior characteristics using survey-based data from the PaymentDynamics 2007 Preferred Payments Study. The Revolver Model helps financial institutions determine how consumers prefer to manage their credit card balances and enables banks to develop custom marketing offers accordingly."

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