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September 30, 2009

Microsoft Survey Finds Less Trust or Optimism in Banks

The Microsoft “Millennials in Financial Services” survey, conducted by KRC Research of Washington, D.C., found that millennials born between 1981 and 2000 have less trust in banking and investment firms since the bailouts of AIG and global banks a year ago.

Millennials surveyed also believe that the U.S. financial industry is out of touch with the way they would like to communicate with their financial institutions. Based on the findings, millennials would prefer to communicate with their financial institutions through new channels including live online chats with banking representatives, personalized Web portals and financial applications for smartphones. READ MORE »

VeriFone Increases Investment in Semtek, Acquires Option to Purchase

VeriFone Holdings has announced that it has signed an agreement to become the lead investor in a Series B financing of Semtek Corporation - saying it "has doubled its investment in the security technology developer and acquired an option at a future date to purchase the remaining shares in Semtek." READ MORE »

The Evolution of WaMu's Credit Cards

In an article titled "Chase Cards Today: No Wamu DNA", Maria Aspan writes for the American Banker in Thursday's edition about how Chase Card Services has been handling the Washington Mutual credit card portfolio it acquired when Chase took over WaMu earlier this year. Bottom line: Chase is much more risk averse and decided to exit much of WaMu's higher risk cardholders.

Aspan notes: "If there is one issuer from which JPMorgan Chase is taking lessons these days, it is all the way at the other end of the spectrum from Wamu and Providian: American Express Co. ..."

Bankrate.com Survey Finds Bank Fees Rise to New Records in 2009

Bankrate.com has published results from a new study of bank fees showing that the costs of checking accounts have risen again this year to an all-time high. Bankrate's 2009 Checking Study details the average fees associated with using and maintaining an interest bearing account, including bounced check fees, ATM surcharges, and monthly services fees, plus tips on how to avoid them. READ MORE »

Visa Launches Global Commercial Card Info & Spend Mgmt Platform

Visa has announced Visa IntelliLink Spend Management – calling it "a new global information tool that provides extensive reporting and expense management capabilities for organizations of all sizes on a single scalable platform." READ MORE »

New on PaymentsJobs.com

Here are two new job postings now available on PaymentsJobs.com:

Are you hiring? Be sure to post your job openings on PaymentsJobs.com!

Fiserv's New Fraud Risk Mitigation, Anti-Money Laundering Solutions

fiserv_logo.gifFiserv has announced the availability of Fraud Risk Manager 4.6, the newest version of its multi-channel fraud detection and management solution. Also available is AML Manager 4.6, the market-leading anti-money laundering solution.

"Both Fraud Risk Manager and AML Manager from Fiserv are designed to enhance and optimize financial institutions’ financial crime risk management operations, by delivering best-in-class fraud and anti-money laundering (AML) transaction monitoring solutions, integrated with a common platform for automated alert intelligence and investigation, case management and regulatory reporting." READ MORE »

Fed Proposes Amending Credit Card Provisions of Regulation Z

FederalReserve-130px.jpgThe Federal Reserve Board has proposed rules amending Regulation Z (Truth in Lending) "to protect consumers who use credit cards from a number of potentially costly practices."

"This proposal is another step forward in the Federal Reserve's efforts to ensure that consumers who rely on credit cards are treated fairly," said Federal Reserve Governor Elizabeth A. Duke. "The rule bans several harmful practices and requires greater transparency in the disclosure of the terms and conditions of credit card accounts." READ MORE »

Fiserv Holds Investor Day

Yesterday, Fiserv held an Investor Day in New York City. The presentation materials are available online.

FiservPresentation.png

Headline News - September 30, 2009

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.

September 29, 2009

A Look at Revolution Money

Over on PaymentsViews.com, Glenbrook's Allen Weinberg reports on his recent interview with Jason Hogg, CEO of Revolution Money. READ MORE »

A Busy Day on PaymentsViews.com!

PaymentsViews_logo-140px.jpgToday was a very busy day for us over on our sister web site, PaymentsViews.com. Beginning with Carol Coye Benson's update on mFoundry yesterday, today's posts include multiple updates from Bryan Derman live from Finovate2009 and a new interview with the CEO of Revolution Money, Jason Hogg by Allen Weinberg.

Be sure to visit PaymentsViews.com regularly for more of this kind of analysis from your friends at Glenbrook - while we continue to cover the news for payments professionals here on PaymentsNews.com!

MasterCard Challenges 7-Eleven Consumer Campaign Over Fees

In a press release this afternoon, MasterCard said that "three quarters of respondents in a new consumer survey believe the fees merchants pay for accepting credit cards are just a cost of doing business, and that merchants should pay those fees. These consumers recognize that merchants receive significant benefits from accepting payment cards, and that merchants should pay for those benefits."

MasterCard went on to question 7-Eleven's recent consumer petition campaign that encouraged consumers to support new legislation to regulate interchange fees paid by merchants. READ MORE »

ClairMail Announces Version 4 of Mobile Banking Platform

clairmail-logo.gifClairMail has announced Version 4 of its mobile banking platform designed to help financial institutions realize the strategic potential of mobile banking. According to ClairMail, "this new release of the product delivers game changing capabilities in the three most critical areas of mobile banking solutions, the ability to use mobile to drive to 100% coverage of the bank's customers, the ability to proactively deliver personalized content to deepen customer engagement, and the need for a simple, yet powerful, converged customer experience to deliver comprehensive services and technology through a unified and streamlined customer interface." READ MORE »

How Financial Institutions Can Help Consumers Manage Their Finances

fiserv_logo.gifFiserv has announced survey results on how consumers' financial activities have been impacted by the prolonged recession and how financial institutions can help them gain a greater sense of control of their finances. Overall, consumers surveyed indicated a desire for robust online banking functionality that allows them to closely monitor and manage their finances, combined with proactive alerts and reminders from their financial institution. READ MORE »

Yodlee 10 Personalized Financial Management Platform

Yodlee is previewing Yodlee 10, its next-generation, personalized finance platform today at the Finovate event in New York City. As the solutions provider for more than 85% of all online PFM users today, Yodlee is helping banks and portals move PFM to the center of online finance, deepening customer relationships and driving new revenue. READ MORE »

American Express Joins GlobalPlatform

GlobalPlatform, the international specification body for smart card infrastructure, has announced that American Express has joined as its newest Full Member. Amex’s initial focus will be to participate in GlobalPlatform’s current standardization efforts to support the convergence of the payment and mobile technical landscapes. READ MORE »

Live Blogging from Finovate2009

Glenbrook's Bryan Derman is attending the Finovate2009 conference today in New York City. Bryan will be live blogging throughout the day over on PaymentsViews.com.

Billeo's Offer Assistant Provides Real-Time Shopping Discounts, Rewards

Billeo has announced the launch of Offer Assistant - calling it "a patent-pending, free service that for the first time, delivers real time shopping discounts and rewards directly to the consumer within their unsponsored search engine results.   Billeo also announced a partnership with UPside Visa Prepaid Card that offers consumers redeemable points for purchases made with their card."

READ MORE »

September 28, 2009

eCommLink Closes $10 Million in Additional Funding

eCommLink, a value-added prepaid processor, has announced that its investors, led by Syntek Capital, have provided $10 million in additional funding to support eCommLink’s domestic and international growth plans. READ MORE »

The Phone is the Wallet: A Look at mFoundry

Over on PaymentsViews.com, Glenbrook's Carol Coye Benson takes a look at mFoundry with her interview of CEO Drew Sievers.

Carol writes:

In the short-term, the killer app for mFoundry will be frequent-use, closed-loop stored value cards – delivered not by NFC but by the use of 2D bar codes. The Starbucks test announced last week is the first of what Sievers claims will be multiple announcements coming from mFoundry in the near future. 

Lloyd Constantine's Priceless Begins Shipping This Week

Lloyd Constantine's new book "Priceless: The Case that Brought Down the Visa/MasterCard Bank Cartel" will be in stock and shipping from Amazon.com later this week. The book is quite a read - hard to put down - and highly recommended for payments professionals. See Glenbrook's Carol Coye Benson's comments on the book.

INTERAC, China Unionpay Collaborate for Canadian ATM Access

INTERAC, Canada’s national debit network, and China Unionpay, China’s national bank card payment network, have announced the launch of a new service that will give China Unionpay cardholders traveling in Canada the ability to withdraw cash from ATMs of participating acquirers in Canada. READ MORE »

$90.2 Trillion in Global Commercial Spending for 2008

Visa has released its annual global Commercial Consumption Expenditure (CCE) index estimating that global commercial spending grew to $90.2 trillion in 2008. The annual Visa CCE report provides standardized tracking of business and government spending globally and is recognized as an industry benchmark for measuring commercial spending. READ MORE »

Diners Club International Signs Acquiring Contract with Elavon

Diners Club International Ltd., a business unit of Discover, and Elavon, a wholly-owned subsidiary of U.S. Bancorp, have announced the signing of a merchant acquiring agreement. Under the terms of the agreement, Elavon will add Diners Club card acceptance to its portfolio of payment processing services. This relationship will create more acceptance opportunities for Diners Club and Discover cardmembers, who eventually will be able to use their cards at Elavon merchants in the U.K. and western Europe. READ MORE »

September 26, 2009

The Rage at Overdraft Fees

The rage around bank overdraft fees continues with an article titled "Overdraft 'Protection' Is Anything But" by Michelle Singletary in today's Washington Post.

She writes: "Clearly, people should be more responsible. But once again, financial services institutions have crossed the line of fairness. And to be honest, the federal government has helped them along. The federal agencies that regulate the industry determined several years ago that overdraft protection programs were not extensions of credit, a ruling that was ridiculous."

Mobile Coupons Interest More Merchants

In an article in DMNews, Dianna Dilworth reports on JCPenney's pilot program for mobile coupons in the Houston area. Using the coupons presented on their mobile phones, consumers earn discounts on purchases. For its program, JCPenney is using San Jose-based Cellfire to manage the mobile coupon efforts. Cellfire claims they are seeing redemption rates of 10% to 20% for mobile coupons - resulting from much better targeting of offers as compared to traditional paper coupons.

Dilworth also reports that Starbucks is using 2D bar code as well with its new Starbucks Card Mobile iPhone application now in pilot. She says that Starbucks is using technology from Codilink to read the 2D bar codes generated by the application on the iPhone.

How to Find a Credit Card Processing Merchant Account

TransFS_logo-140px.jpgIn an article titled "TransFS Launches Comparison Site for Credit Card Processing Fees", TechCrunch profiles TransFS - one of a new breed of websites designed to help businesses comparison shop among various merchant acquirers and ISOs for the best deal that matches their needs. TransFS collects information from the merchant and then gathers bids from providers to present back. The TransFS blog provides a steady stream of helpful, merchant-related articles as well.

Payments-R-Us_logo-140px.jpgAnother new entrant into this space is Payments-R-Us (www.paymentsrus.com) that focuses on online merchant payment solutions. Unlike the auction process managed by TransFS, Payments-R-Us offers a free "suggester" based upon the merchant answering some basic questions about their business. Payments-R-Us also has a collection of reference materials helpful to online ecommerce merchants.

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