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November 30, 2010

FDIC Issues Final Guidance on Automated Overdraft Payment Programs

FDIC_logo_140px.pngThe Federal Deposit Insurance Corporation (FDIC) has issued final guidance to address the risks associated with overdraft payment programs. The guidance, effectively, bans bank sorting of checks and other items by amount in order to maximize bank revenues - effective July 1, 2011.

Next Issue Media Taps Vindicia as Billing Provider for Digital Newsstand

Vindicia_logo-140px.pngVindicia today announced that "Next Issue Media, the revolutionary digital publishing venture of Conde Nast, Hearst, Meredith, News Corporation and Time Inc., has selected its CashBox billing solution to power the sale of its interactive magazine and newspaper content to consumers worldwide. Options to be offered to consumers using the Vindicia CashBox solution will include digital subscriptions and single copy sales, as well as integrated print/digital bundles delivered across the consumer electronics and e-reading device landscape."

KreditFly Launches Innovative Mobile Payment Service in the US

kreditfly_logo_140px.pngA new startup called KreditFly has announced an "innovative and flexible mobile payment service today with a strong group of beta partners, which promises to fundamentally transform the way consumers use their mobile phones to make online purchases."

KreditFly seeks to transform the mobile payments industry with secure transactions using the mobile phone, flexible payment options, and use of short-term credit to eliminate pre-registration
The company led by Paul Kim, who was the founding CEO of BilltoMobile. The website is located at www.kreditfly.com.

American Express Reward Points Can Now Be Used To Buy Zynga Virtual Goods

Amex_logo_140px.png American Express and Zynga have announced that they have "entered into a strategic relationship that allows customers to use Membership Rewards points from American Express to pay for limited edition virtual goods, as well as physical and virtual game cards for Zynga's games."

November 29, 2010

Visa Offering International Online Shopping Solutions for Consumers

visa_logo-140px.jpgVisa has announced a series of promotions with two online shopping services - Borderlinx in 12 countries around the world and SkyBOX in more than 40 countries in Latin America - making it easier for Visa cardholders to shop on the internet for items from the United States this holiday season.

Mobile Money Service Comes to Haiti With "TchoTcho Mobile"

scotiabank_logo_140px.png digicel_logo_140px.png Digicel and Scotiabank have announced the launch of their mobile money product in Haiti. "TchoTcho Mobile allows Haitians to complete basic banking functions such as cash withdrawals, deposits and transfers safely and securely through their mobile phone and does not require them to have a traditional bank account."

Merchant Advisory Group Releases Recommendations for Move to Mobile Payments

The Merchant Advisory Group (MAG) has announced a high-level set of policy and technology recommendations for changing how U.S. payment systems work. "This 'Mobile Road-map' will be submitted to stakeholder groups in the payments business to help them understand merchant needs and preferences in transitioning to more secure and efficient transacting—especially with mobile devices."

The position paper is here (PDF). The key take away is the group endorses widespread use of Chip & PIN in the U.S.

U.S. Credit Card Delinquencies Continue to Fall to 1999 Levels

TransUnion_logo-140px-erin@glenbrook.com,EMc.jpgTransUnion has announced the results of its quarterly analysis of credit card industry trends.

The national credit card delinquency rate (the ratio of bankcard borrowers 90 days or more delinquent on one or more of their credit cards) decreased to 0.83 percent in the third quarter of 2010, down almost 9.8% over the previous quarter. Year over year, credit card delinquencies fell by 24.6%.
TransUnion's analysis also estimates that more than eight million consumers in the U.S. stopped actively using bank-issued, general purpose credit cards over the past year.

What's Up at Glenbrook

GP Logo Horizontal-140px.png Join Glenbrook's Payments Essentials Webinar on Local Country Payments for the eCommerce Payments Manager. Erin McCune talks through some of the complexities in understanding payments options in other countries - and provides an illustration of Glenbrooks' Framework for Understanding Local Country Payments. Tuesday, November 30th, 10:30AM PST - 11:30AM, $149. Register Now.

There are a few seats left for Glenbrook's December 8th and 9th Payments Boot Camp in Santa Clara, California. Register Now.

Visa Adds New Features to Rightcliq by Visa

visa_logo-140px.jpgVisa has announced a series of enhancements to Rightcliq by Visa that "add even more convenience and security to the online shopping experience. The enhancements will nearly triple the number of discounts available to online shoppers, make it even easier to track shipments to their doorstep and include support for the Google Chrome browser."

November 22, 2010

Survey Says 22% of Americans Have Opted-In for Debit Card Overdraft Protection

survey_graphic_140px.pngA recent national poll by the Consumer Reports National Research Center has found that 22% of bank customers holding an ATM or debit card have chosen to opt-in to debit card overdraft protection. "A large majority of poll respondents said they wanted the same right to choose whether to be covered by fee-based overdraft programs for check transactions."

JetPay Extends Secure Vault Payments Offering to Full Client Base

jetpay_logo_140px.png svp_logo_140px.png JetPay has announced that Secure Vault Payments will now be offered to their full client base. As a pilot participant, JetPay was the first eCommerce processor to join the Secure Vault Payments network along with their client, Apple Vacations.

Current Opportunities on PaymentsJobs.com

Several new positions for payments professionals have recently been posted to Glenbrook's PaymentsJobs.com job board in the last 30 days:

PaymentsJobs_logo-140px.jpgIs your company hiring? Are you in the market for qualified payments professionals? You can reach the best candidates here! Post your job openings for payments professionals on PaymentsJobs.com!

November 18, 2010

Global Payments and 'la Caixa' Form Merchant Acquiring Joint Venture in Spain

globalpayments_logo-140px.jpgGlobal Payments and "la Caixa," the largest retail bank in Spain, have announced they are forming a merchant acquiring and payment processing joint venture in Spain.

"la Caixa", headquartered in Barcelona, was founded over a century ago, and is the market leader in Spanish merchant acquiring with over 150,000 merchant outlets. "la Caixa" also has the largest consumer banking footprint in Spain with more than 5,000 branches, 10.5 million customers and a 21 percent market share in merchant acquiring.

BillingScore Launches Solution to Fight Premium SMS Fraud

billscore_logo_140px.pngBillingScore, a London-based mobile payments risk management firm, has announced the launch of its new service that will protect and insure SMS aggregators and service providers against fraudulent Premium SMS activity and artificially inflated traffic.

China UnionPay and American Express to Explore Opportunities Inside and Outside China

cup_logo_60pxh.png Amex_logo_140px.png China UnionPay and American Express have announced that they have "signed a memorandum of understanding that calls for both companies to explore the expansion of their current cooperative activities. For the past several years, China UnionPay and American Express have cooperated within China where American Express Cards run on the China UnionPay network. This new MOU will establish working teams to develop potential new areas of cooperation between the two companies within China and in markets outside of China."

Reminder: PayPal X Platform - Tuesday, November 23 - 10:30 AM Pacific

GP Logo Horizontal-140px.pngGlenbrook's next Payments Essentials webinar is next Tuesday from 10:30 to 11:45 AM PST. The topic for this session is the PayPal X Platform - what it is and where it fits in PayPal's strategy. Glenbrook’s Russ Jones participated in PayPal X Innovate 2010 and will be discussing PayPal's progress with its developers platform since it was launched in 2009. Registration ($149) details are here.

November 17, 2010

Who in the United States Sends and Receives Remittances?

The U.S. Census Bureau recently released its initial analysis of cross-border monetary transfer data.

Monetary transfers, commonly called "remittances," refer to personal transfers of money to and from relatives or friends who are living abroad. This report presents initial results on the occurrence, frequency and amount of transfers sent and received. This supplement is noteworthy because it was the first time questions on monetary transfers were included in a federally sponsored, nationally representative survey.
The report is available here.

USA ePay Joins the Secure Vault Payments Network

usa_epay_logo_60pxh.pngUSA ePay has announced they will join the Secure Vault Payments (SVP) network and offer the new online payment option to their more than 40,000 clients before the end of the year. “Gateways like USA ePay are a critical component to the growth of the Secure Vault Payments network,” said Richard Brierley-Jones, Executive Vice President of eWise.

VeriFone to Acquire Hypercom

verifone_logo_140px.pngVeriFone and Hypercom have announced a definitive agreement under which VeriFone will acquire Hypercom in an all-stock transaction valued at approximately $485 million.

"Consistent with our vision as a global leader in secure electronic payment solutions, we have placed strategic focus on replicating our North American success in key markets in continental Europe," said VeriFone CEO Douglas G. Bergeron. "Hypercom has established itself in a number of important European markets, and this acquisition is an excellent and complementary way for us to accelerate our overseas growth, increase innovation and build value for our shareholders."
A replay of the investor call will be available at VeriFone’s website (http://ir.verifone.com/) until November 24, 2010.

November 16, 2010

AT&T, T-Mobile and Verizon Wireless Announce Joint Venture to Build National Mobile Commerce Network in US

isis_logo.pngAT&T Mobility, T-Mobile and Verizon Wireless have announced the formation of a joint venture chartered with building ISIS, a national mobile commerce network that aims to fundamentally transform how people shop, pay and save.

Isis’ initial focus will be on building a mobile payment network that utilizes mobile phones to make point-of-sale purchases. By utilizing smartphone and near-field communication (NFC) technology to modernize the payments process, Isis intends to deliver new levels of competition and value to consumers and merchants. Isis expects to introduce its service in key geographic markets during the next 18 months.
Michael Abbott, formerly with GE Capital, has been named CEO of Isis. The website is www.paywithisis.com.

M-Dot Network Delivers POS-Enabled Digital and Mobile Coupon Program

mdot_logo_60px.pngM-Dot Network has announced that Hiller's Markets has "successfully launched the first digital coupon platform that does not rely on any additional in-store infrastructure or hardware within the store headquarters." The new POS Digital Coupon technology from M-Dot provides retailers with an enterprise platform for managing the issuance, precision marketing and real-time redemption of digital coupons and offers.

U.S. Bank Expands Mobile Capabilities with Innovative New Visa Payment Solution

USBank_logo-140px.pngU.S. Bank and Visa have announced they are partnering with DeviceFidelity, FIS and Monitise to introduce a mobile POS capability for Visa payWave contactless payment terminals.

Issued by U.S. Bank, a DeviceFidelity In2Pay™ microSD is inserted in the customer’s mobile phone or within a specially-designed iPhone case (In2Pay iCaisse™). Visa and DeviceFidelity recently introduced the patent-pending In2Pay microSD based mobile contactless technology and the associated In2Pay iCaisse solution. FIS and Monitise developed the application that enables customers to make mobile purchases and access account information as part of the U.S. Bank pilot.
The solution conforms to the industry standard for memory cards, microSD, and fits into the memory card slot found in many existing mobile devices.

PayNearMe Expands Cash Payment Network to Enable Mobile Payments

paynearme_logo_140px.pngPayNearMe has announced a mobile option for "consumers who prefer to pay cash for e-commerce purchases, loan re-payments, e-wallet loads and a wide variety of other everyday transactions." Using only their mobile phones and the new, free PayNearMe Card, consumers can complete transactions without requiring access to a printer. This video demonstrates the entire consumer experience.

In related news, PayNearMe also announced it has received another $16 million in venture funding and is expanding its board.

Visa Europe and Cornèr Bank Launch CodeSure Card

visa_logo-140px.jpgVisa Europe and Cornèr Bank in Switzerland have announced the commercial launch of Visa CodeSure. CodeSure-enhanced cards feature "an embedded PIN pad which allows consumers to generate a passcode by simply typing their PIN number into the card enabling security and convenience in the same device. The card makes Verified by Visa online transactions easier and more secure and can also be used in an ATM or point-of-sale device as usual."

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