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« July 17, 2011 - July 23, 2011 | Main | July 31, 2011 - August 6, 2011 »

July 28, 2011

FinovateFall 2011 Demo Roster Revealed

FinovateFall 2011 140x40Jim Bruene and his Finovate team have announced the 60 handpicked companies will take the stage at FinovateFall 2011 in Manhattan on September 20-21 to demo their latest financial and banking technology innovations -- the lineup includes various payments companies we're not familiar with (ModoPayments) to others we are (MasterCard Worldwide).

Glenbrook's Bryan Derman will be in attendance as well, and plans to live blog what he finds new and interesting at the event.

First Data Introduces Information and Analytics Product Suite

First data logo 140pxFirst Data has introduced a new suite of product offerings from its Information and Analytics Services (I&AS) division, all of which draw insight based in part on First Data’s proprietary SpendTrend consumer spending and payments data.

Visa to Introduce Hybrid Pricing Scheme for Card Acceptance

Visa logo 60pxhOn yesterday's earnings call with analyst, CEO Joseph Saunders said that Visa would introduce a new "network participation fee" for all merchant acquirers in the US. While not yet fulling defined, various media outlets have what details are available and industry reaction: The new scheme is thought to give Visa more flexibility for capturing debit routing volume from merchants.

July 27, 2011

Visa Reports Fiscal 3Q 2011 Results

Visa logo 140pxVisa has announced financial results for the Company's fiscal 3Q 2011 ended June 30, 2011 with GAAP net income for the quarter of $1.0 billion on GAAP net operating revenue of $2.3 billion, an increase of 14% over the prior year. Fiscal 3Q 2011 highlights include:
  • Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2011, on which fiscal third quarter service revenue is recognized, was a positive 13% over the prior year at $862 billion.
  • Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2011, was a positive 13% over the prior year at $941 billion.
  • Cross border volume growth, on a constant dollar basis, was a positive 14% for the three months ended June 30, 2011.
  • Total processed transactions, which represent transactions processed by VisaNet, for the three months ended June 30, 2011, were 13 billion, a positive 11% increase over the prior year.
Client incentives, which are a contra revenue item, were $448 million and represents 16% of gross revenues. A webcast replay is available on the Visa investor website.

Mitek Systems Launches 'Mobile Imaging Cloud' Service

Mitek logo 140pxMitek Systems, a key technology provider for mobile check deposit, has announced the availability of the first Mobile Imaging Cloud, a new service for mobile application developers, systems integrators and businesses that want to a "fast, cost-effective way to create smartphone and tablet apps that use the camera as an input method for a wide variety of tasks."

Mitek’s extractive-imaging technology works with both paper and non-paper documents, including drivers’ licenses, gift cards, receipts, invoices, tax documents and many others.

Current Opportunities on PaymentsJobs.com

PaymentsJobs logo 140pxSeveral new positions for payments professionals have recently been posted to Glenbrook's payments industry job board in July: Is 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!

Consumers Made $72 Billion More in Credit Card Payments Than Purchases

TransUnion logo 140pxA new TransUnion analysis has found that consumers made an estimated $72 billion more in payments on their credit cards than purchases between the first quarters of 2009 and 2010.
"Many people in the financial services industry believe charge-offs have been the leading factor in declining credit card debt since the start of the recession," said Ezra Becker, vice president of research and consulting in TransUnion's financial services business unit. "In fact, some have stated that charge-offs account for the entire change in card balances over the past two to three years. In reality, the dynamic is more complex. Our analysis shows that consumers have made a concerted effort to pay down their credit cards during these uncertain economic times."

Citibank Launches iPad-Optimized Consumer Banking App

Citi logo 140pxCitibank has unveiled its first-ever consumer banking app designed specifically for iPad.
“Our iPad app is all about listening to our clients and understanding that they need their digital banking experience to be more engaging and dynamic – beyond the standard static tables you find with other iPad apps,” said Tracey Weber, Head of Internet and Mobile Banking, North America Consumer Banking, Citi. “We’re offering a whole new way of banking, with enhanced visuals and interactive tools. We’re focused on continually offering modern solutions that help put ease into our clients’ financial lives, wherever and whenever.”

Exploring the New Face of Retail Payments

Fed"At the Chicago Fed’s 2011 Payments Conference, held on May 19–20, participants discussed how changes in consumers’ behavior in the wake of the financial crisis and recession can translate into opportunities and challenges for both traditional and nascent payment providers. They also focused on the impact of payment innovations and new consumer protection regulations." This special issue of the Chicago Fed Letter is now online.

July 26, 2011

FinCEN Issues Prepaid Access Final Rule

FinCen logo 100pxThe Financial Crimes Enforcement Network (FinCEN) has issued its final rule that "amends Bank Secrecy Act Regulations – Definitions and Other Regulations Relating to Prepaid Access, amending the money services businesses (MSB) rules and establishing a more comprehensive regulatory approach for prepaid access. In summary, the rule puts in place suspicious activity reporting, and customer and transactional information collection requirements on providers and sellers of certain types of prepaid access similar to other categories of MSBs."

Jumio Turns Webcam Into Card Reader

Jumio logo 140x60ReadWriteWeb has a nice summary of new technology that turns a webcam into a card reader.
Payments company Jumio is today launching a new technology called Netswipe that turns any webcam into a credit card reader, both on the desktop and on mobile. The service aims to bridge the convenience of online and mobile shopping with the security inherent in face-to-face transactions. It also makes it incredibly easy to shop — you just hold up your credit card in front of your webcam to complete the transaction.
Jumio website is here. Watch the video for a quick summary of how it works.

July 25, 2011

Confident Technologies Unveils New Mobile Authentication Technology

Confident logo 140x40Confident Technologies has announced 'Confident Multifactor Authentication', a new approach to two-factor authentication that delivers an image-based authentication challenge to users' mobile phones for a more secure out-of-band authentication process.
Confident Multifactor Authentication provides a completely new and highly secure way to protect online businesses and their customers from fraud and Zeus-in-the-Mobile (Zitmo) attacks, by securing the second factor and verifying that it is in fact the legitimate user in possession of the mobile device and not another person who may have stolen the user's phone or is surreptitiously intercepting the authentication text messages.

Survey Says "Brand Protection" Drives Payment Security Investments

Survey graphic 140px"Findings from a new survey of eCommerce merchants released today by CyberSource and Trustwave show that nearly 70% of respondents cited the need to 'protect the brand' as the primary driver for tightening controls against hackers and other payment security risks." Only 26% said avoiding PCI compliance fines were the key motivator.

appMobi Secures Mobile Payments with 'cloudKey'

Appmobi logo 140x40appMobi has announced cloudKey, a new patent-pending technique for storing personal information locally, locked with secure keys delivered from the cloud:
The cloudKey technology takes a fresh approach to secure online commerce in which the user’s credit card information is stored only on the user’s device, never in an online database. The private data are stored using 256 bit Advanced Encryption Standard (AES) – the same encryption level approved by the NSA, widely regarded as “unbreakable.” Using a “distributed key” topology, cloudKey stores in the cloud only the decryption keys – information that is valueless without the user’s device and password.
appMobi also announced the integration of cloudKey into into appMobi’s 1Touch “single touch” payment system.

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