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« November 18, 2012 - November 24, 2012 | Main | December 2, 2012 - December 8, 2012 »

November 28, 2012

Bank of America to Pilot V.me by Visa to Its Online Banking Customers

Visa logo 60pxhVisa announced that Bank of America has agreed to offer Visa’s digital wallet service called V.me and has begun piloting it to its online banking customers.
“We look at everything through the lens of the customer and continue to prioritize security, privacy, and fraud protection above all else,” said David Godsman, Online and Mobile Solutions executive, Bank of America. “We believe our customers shouldn’t have to forgo security for convenience when using a digital wallet. V.me offers customers a greatly simplified and secure checkout process when shopping online without sharing their financial information.”

November 27, 2012

CFPB Proposes to Change Remittance Rule and Extends Its Effective Date

Cfpb logo 140x60pxThe Consumer Financial Protection Bureau announced today that it intends to propose certain limited adjustments to our rule on international money transfers, as well as a brief extension of the date the rule would become effective.
Some regulated entities identified issues that pose practical challenges in implementing the new law. To address these issues, next month we will propose a narrow set of changes to the remittance rule. We’ll work on a fast track to finalize changes to the rule. The proposed changes would improve implementation of the new law while keeping the important new protections for consumers intended by the Dodd-Frank Act.

New NACHA Rule Supports Electronic Health Care Claims Payments via ACH

NACHA logo 140px NACHA announced that its membership has adopted a new health care payments rule as part of the NACHA Operating Rules.
“Any health care provider with a bank account will be able to receive a health care electronic funds transfer (EFT) via ACH, just like a Direct Deposit,” said Janet O. Estep, NACHA president and CEO. “Providers will benefit from faster deposits and access to funds, and cost savings from not having to deposit paper checks. Payers will also benefit from replacing the printing and mailing of paper checks with electronic payments via ACH.”

The rule supports health plans’ and health care providers’ use of the ACH Network for electronic health care claims payments, and the electronic “reassociation” of these payments with electronic remittance advices (ERAs).

U.S. Bank Acquires FSV Payment Systems

USBank logo 140pxU.S. Bank announced that it is acquiring Florida-based FSV Payment Systems, a prepaid card processing company known for its expertise managing a broad range of prepaid programs for companies, governments and other financial institutions.
“The prepaid market has been a strategic focus for our business over the last decade and we are pleased to expand our capabilities and offer a fuller suite of prepaid services,” said Tony Vuoto, executive vice president of U.S. Bank Retail Payment Solutions. “FSV Payment Systems is one of the few integrated platforms developed specifically for the prepaid market and has the flexibility to serve our growing customer base.”

November 26, 2012

New Visa Consumer Authentication Service Combats eCommerce Fraud

Visa logo 60pxhVisa announced a new solution in its information products line up to help issuers reduce the risk of eCommerce fraud using real-time, risk-based transaction analysis.
Visa Consumer Authentication Service authenticates the consumer prior to the authorization process, adding a powerful layer of protection against fraud. As the consumer begins the online checkout process, the solution performs a real-time risk assessment of the transaction based on numerous inputs including device and transaction information and historical spending patterns. The result is that issuers can complete lower-risk eCommerce transactions without requiring consumers to go through the extra step of entering their passwords or other verification. The solution minimizes disruption and abandonment at the point of purchase, while also helping issuers and merchants reduce fraud losses.

The Visa Consumer Authentication Service supports Verified by Visa and is available in all Visa Inc. markets immediately.

Vindicia Bridges Physical and Digital Economies for Online Retailers

Vindicia logo 140pxVindicia has introduced a new capability that allows online merchants to sell access to online content via Vindicia's in store displays at physical retail locations.
"By providing online merchants a way to sell their virtual goods and subscription services at retail locations, we've given them access to a massive customer buying platform," said Gene Hoffman, Chairman and CEO of Vindicia. "Whether an impulse buy, a seasonal shopper or savvy consumer, we're able to increase the value of a traditional retailer by expanding offerings. For the retailer with a loyal customer base, this is done with zero inventory overhead and wide margins and profits."

This new capability allows retail stores to sell digital content subscriptions via on-premise end cap systems, checkout lanes or self-checkout.

New Boston Fed Report on Mobile Payments Technology

Boston fed logo 140pxThe Federal Reserve Bank of Boston has released a new report entitled, "Mobile Phone Technology: 'Smarter' Than We Thought".
This report examines in detail how near field communication (NFC) and cloud technologies address security for mobile payments at the retail point-of-sale (POS). It also provides a brief overview of security for two other mobile technology platforms, QR code, and direct carrier billing (DCB). Each technology manages and processes information uniquely; hence security practices and issues will vary with the technology deployed by each payments platform provider.

The full report is available here.

BlackBerry App World Expands Integrated Carrier Billing To 50 Carriers

Rim logo 140x60pxRIM has announced that more than 50 carriers have now implemented integrated carrier billing on the BlackBerry App World storefront for their customers.
Integrated carrier billing enables a customer to purchase apps or digital goods on their BlackBerry smartphone, and simply and conveniently have the purchases put directly on their regular monthly bill from their carrier. Integrated carrier billing is also integrated with the BlackBerry Payment Service, which enables developers and content providers to offer in-app purchases (such as additional levels in a game), as well as supporting one-off and recurring (subscription-based) purchases, without interrupting the customer's app experience.

Bango is the bill-to-mobile payment platform behind the new BlackBerry App World features.

WEX Partners with Higher One to Launch VendorPay for Higher Education

Wex logo 140x60pxWEX announced it has partnered with Higher One to launch VendorPay, a customized virtual payment solution for higher education institutions.
“As the pioneer in developing a virtual payment solution more than 10 years ago, we are continually looking for ways to bring our technology solutions to markets where there is a real need, like higher education,” said Jim Pratt, vice president of corporate payment solutions at WEX. “Higher One’s deep knowledge and experience in delivering efficiencies and cost savings to universities and colleges across the country makes it the ideal partner to offer the new VendorPay service.”

MasterCard and FiftyOne Partner on Merchant Offers for Global Cardholders

MasterCard logo 140px MasterCard and FiftyOne Global Ecommerce have announced a partnership that will provide exclusive online shopping offers from top U.S. merchants to MasterCard cardholders outside the United States.
“Fueled by growing emerging economies, broadband penetration and access to information, consumers all over the world have developed a ‘global mindset’ with vast brand recognition and a desire to buy these brands, whenever and wherever,” said Geoff Iddison, Group Executive, Global E-commerce at MasterCard. “MasterCard recognizes this trend, and is working with customers and partners like FiftyOne to provide cardholders an enhanced global shopping experience that is a safe, simple and frictionless.”

The promotion will run from November 22 to December 10, and is available to MasterCard cardholders in 14 markets.

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