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January 29, 2010

NYCE Names Neil Marcous as President

NYCE has announced that Neil Marcous has been named President of NYCE Payments Network, LLC, and will lead FIS’ Payment Network Solutions business. Frank D’Angelo, executive vice president, FIS Payment Solutions Group, said “The nationwide NYCE Network is a critical component of our end-to-end, industry-leading payments strategy at FIS and continues to present tremendous growth opportunities for our organization. Neil’s extensive leadership experience and vast knowledge of the payments space will help us execute on our strategic vision for NYCE. I’m confident Neil and his team will continue to drive growth and market leadership for this key business line.” READ MORE »

January 28, 2010

Verifi, Kount Partner on Risk Management for Card-Not-Present

Verifi and Kount have announced a partnership to jointly deliver a "next-generation technology solution to equip merchants with a powerful set of risk mitigation and business management capabilities. The partnership integrates Kount’s Multi-Layer Device Fingerprinting™ and predictive scoring technology into Verifi's platform, expanding the breadth of the Device Intelligence™ component of Verifi's innovative Intelligence™ Suite. Merchants are able to identify, track and defeat fraudulent users by linking suspect orders in real time, across the shared database." READ MORE »

January 27, 2010

Apple Introduces the iPad

If you haven't heard (!), earlier today Apple introduced the iPad - a new "magical and revolutionary device" that extends the iPhone/iPod touch platform to a new, larger size form factor. Beginning at a $499 price point, the iPad includes WiFi connectivity with 3G access as an optional feature via the AT&T network.

What are the implications of this new device for the world of banking and payments? Chatting around the Glenbrook water cooler this afternoon, we came away thinking we'll end up seeing iPads in unusual places - perhaps as POS devices, as kiosks in stores, etc. The 1024x768 pixel display would seem to the new design point for online banking user interfaces, bill presentment, receipts, etc. The iPad lacks a built-in camera - so it's not suitable for remote deposit capture out of the box. But, having 125 million payment credentials already on file is most impressive!

How about you? What are your banking/payments-related application ideas for the new Apple iPad? Comment here.

January 26, 2010

Barclaycard's Contactless Video

Be sure to check out Barclaycard's rollercoaster video - featuring contactless payments. (I always loved that song by Boston! - and it's great in this video!) Is contactless cool?

And, there's another video about how the roller coaster video was made!

USAA's Deposit@Mobile Available on Android-powered Phones

USAA has announced that its bank customers using mobile devices on the Android platform now can deposit checks using their phones. USAA’s Mobile App for Android, introduced over the weekend to the Android Market, offers access to banking, insurance and stock-trading services as well as USAA’s popular Deposit@Mobile feature. That feature allows eligible members to instantly deposit checks simply by submitting an image of the front and back of an endorsed check via the phone. READ MORE »

NFC Forum Announces New Specifications

The NFC Forum has announced the release of the Logical Link Control Protocol (LLCP) specification supporting bi-directional communications between NFC-compliant devices. The organization jas also announced the new NFC Signature Record Type Definition (RTD) candidate specification defining how to digitally sign data records in NFC Data Exchange Format (NDEF) messages. Both specifications are available to the public for download at no charge at: http://www.nfc-forum.org/specs/. READ MORE »

Smart Card Players Developing Open Standard for Transit Applications

Smart card manufacturers Giesecke & Devrient (G&D) and Oberthur Technologies, and chip suppliers Infineon Technologies AG and INSIDE Contactless have announced the launch of an industry initiative to provide "a new security solution for next-generation smart card based public transport applications. The solution will build on an open standard now being implemented by the four partner companies, which will eventually be governed by an independent body. Companies active in the smart card arena - providers of chips, smart cards, application-specific operating software, reader devices and transportation systems - are invited to join the initiative for the advancement of more secure public transportation applications." READ MORE »

Headline News - January 26, 2010

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.

January 25, 2010

Discover Partners with Korea's BC Card

Discover Financial Services has announced an agreement with BC Card, a Korean payment network, that will enable BC Card cardholders to utilize the Discover, Diners Club International and PULSE networks for international purchases and cash access outside of Korea. READ MORE »

Discover Small Business Watch Jumps in January

Disover reports that "small business owners expressed higher economic hopes in January, largely due to increased expectations that conditions for their own businesses would improve in the next six months, according to the Discover® Small Business WatchSM. The Watch index jumped to 85.5 from 77.0 in December." READ MORE »

January 22, 2010

American Express Launches LoyaltyEdge

American Express has announced the launch of LoyaltyEdge - a new line of business that will "work with strategic business partners and merchants to create, implement, and/or enhance their customer loyalty programs in order to help attract and retain customers, thus driving incremental business growth. Long-time strategic partner, Delta Air Lines, is the first to utilize the services of LoyaltyEdge." READ MORE »

Headline News - January 22, 2010

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.

January 21, 2010

Leading the Charge: Mobile Check Deposit Capture

Torrance Community Credit Union (TCCU) of Torrance, California has announced that it will enable its members to "deposit checks directly to their accounts through their iPhone camera devices, effective immediately. Checks will be processed electronically, end-to-end, through the credit union’s partnerships with Eastern Corporate Federal Credit Union (EasCorp) of Burlington, Massachusetts and Innovative Technology, Inc. (INTECH) of Omaha, Nebraska. Torrance Community CU becomes one of the first financial institutions in the United States to offer this service." READ MORE »

American Express Reports 4Q2009 Financial Results

American Express has announced financial results for the fourth quarter of 2009. Amex reported billed business on its cards grew 8% globally to $172.6 billion in the quarter with most of that growth occuring outside the US. Average cardmember spending increased 15% to $3,209. Total cards in force declined 5% to 87.9 million. The average merchant discount rate declined from 2.53% to 2.51%.

Javelin Study: End-to-End Encryption, Tokenization, and EMV in the US

Javelin has announced a new report titled "End-to-End Encryption, Tokenization, and EMV in the US: Vendor Analysis of Emerging Technologies and Best Hybrid Solutions" that "assesses the capabilities of end-to-end encryption, tokenization, virtual terminals, magnetic-stripe security and the EMV standard as solutions to combat payment-related data breaches." READ MORE »

Heartland Payment Systems: Lessons Learned from a Data Breach

The Payment Cards Center of the Federal Reserve Bank of Philadelphia has published a discussion paper titled "Heartland Payment Systems: Lessons Learned from a Data Breach" by Julia S. Cheney.

From the abstract: "This paper summarizes discussions from a workshop hosted by the Payment Cards Center on August 13, 2009. The workshop examined the changing nature of data security in consumer electronic payments. The center invited the chairman and CEO of Heartland Payment Systems (HPS), Robert Carr, to lead this discussion and to share his experiences stemming from the data breach at his company in late 2008 and, as important, to discuss lessons learned as a result of this event. The former director of the Payment Cards Center, Peter Burns, who is acting as a senior payments advisor to HPS, also joined the discussion to outline HPS's post-breach efforts aimed at improving information-sharing and data security within the consumer payments industry."

Snapshots - Consumer Credit and Consumer Payments

The Payment Cards Center of the Federal Reserve Bank of Philadelphia has created a new section on its website providing easy access to a variety of statistics concerning consumer credit and consumer payments. The data come from a number of sources including the Federal Reserve, the U.S. Census Bureau, and industry sources.

Citi Cards Adds Citi Mobile for the iPhone

Citi has announced that "millions of Citi credit card customers in the U.S. can now manage their card accounts via the downloadable Citi Mobile application for the iPhone device." READ MORE »

January 20, 2010

A Look at PayPal's 4Q2009 Financial Results

PayPal's parent eBay announced financial results for the fourth quarter 2009 today.

eBay's Payments segment (including PayPal and BillMeLater) revenue was $795.6 million in revenue for the quarter, an increase of 28% year over year. Net total payment volume (TPV) for the quarter was $21.4 billion, an increase of 34% year over year. Active registered accounts reached 81.0 MM, up 15% year over year. PayPal's revenue ("transaction revenue rate") was 3.54% with a transaction processing expense rate at 1.14% and a transaction loss rate of 0.20%.

Bill Me Later's volume for the quarter was 1% of the total Payments segment payment volume. Net chargeoffs in the BML portfolio were 11.14%, down from 11.53% in the prior quarter.

Fed Announces Plans Update to Payments Study

The Federal Reserve Banks have announced plans to conduct another series of studies to determine the current volume and composition of check and electronic payments in the United States. These studies will build on information gained from similar studies conducted by the Reserve Banks in 2001, 2004 and 2007. READ MORE »

The Future of Everyday Payments in Europe - Visa Europe

Visa Europe has published a new white paper titled "The Future of Everyday Payments in Europe - Who Cares?".

From the introduction: "Our overriding contention is that, to enable and accelerate further development everyday payments, more innovation will be essential. But we use the term “innovation” in its broadest sense. In some instances a big, sweeping change may be necessary. More often, a small tweak or a minor calibration can pay huge dividends."

Bank of America Reports 4Q2009 Financial Results

Bank of America has announced its financial results for the fourth quarter of 2009. For its Global Card Services business, BofA reported a net loss of $1 billion for the quarter, the same as in 3Q2009. It reported that total retail volume increased 4% from 3Q09 and 2% compared to 4Q08. Retail credit card volume was up 3% from 3Q09 and down 3% from 4Q08 while debit card volume was up 4% from 3Q09 and 8% from 4Q08.

Glenbrook at Merchant Risk Council's Annual e-Commerce Risk Conference

The Merchant Risk Council's annual e-Commerce Payments and Risk Conference is being held this year on March 16th-18th in Las Vegas. Glenbrook's Allen Weinberg and Carol Coye Benson are teaching a special workshop on eCommerce Payments Management on the afternoon of March 16th. The workshop fee is $189 for MRC Members and $400 for non-members . Registration and other information is available at the conference website.

Thales, Voltage Security Announce Partnership for Payments Security

Thales and Voltage Security have announced a "technology integration and partnership centered around delivering end-to-end encryption and key management solutions for the payments industry and broader enterprise security applications. Through the partnership, the two companies have worked together to integrate Voltage SecureData technology with Thales hardware security modules (HSMs) for customers, Heartland Payment Systems being an example." READ MORE »

Headline News - January 20, 2010

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.

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