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« September 22, 2013 - September 28, 2013 | Main | October 6, 2013 - October 12, 2013 »

October 04, 2013

Tabbedout Raises Series B Financing from NEA, Heartland and Morgan Creek Capital

Tabbedout logo 140pxMobile payment player Tabbedout has announced it has raised $7.75 million in an "oversubscribed Series B financing round." Financing came from existing investor NEA, Heartland Payment Systems and Morgan Creek Capital.

"To satisfy consumer demands and address hospitality needs, restaurants and bars are looking for easy, cost-effective ways to generate revenue growth for their business, and create a more secure and personalized relationship with their customers," said Rick Yang, principal at New Enterprise Associates.

"Tabbeout has created a truly innovative solution for the hospitality industry, giving merchants key insights into customer behavior and feedback, which greatly improves the consumer experience."

Tabbedout is available in thousands of locations nationwide and has integrations with over 70% of the US hospitality POS providers. When bars and restaurants “Prefer Tabbedout” for payment, their POS System automatically gathers customer purchase history and feedback, creating easy and comprehensive customer profiles and lists.

Headline News from PaymentsNews.com - October 4, 2013

On Twitter:

On the web:

On the wires:

  • BitPay Adds 10 Languages and 150 Currencies to its Bitcoin Checkout - "Merchants servicing international customers can now present bitcoin payment instructions in the buyer’s native language, allowing merchants to more easily conduct business in emerging markets."
  • City National Bank to Introduce FIS Cardless Cash Access at ATMs - "The solution enables consumers to interact with the ATM from the privacy and security of their mobile devices, stage a transaction before stepping up to the ATM and then receive an eReceipt for the transaction on their devices, eliminating paper receipts."
  • Sterling Bank Launches Prepaid Card Products - "...with prepaid cards, cardholders do not take on debt as they would with credit cards, and they are not linked to a deposit account like debit cards, meaning no overdraft fees can occur. These cards simply hold a balance of funds loaded onto the cards by the cardholders until purchases draw them down to a zero balance, at which point the cards can be reloaded with funds."

Updates from Glenbrook:

  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join us for our new series of Glenbrook Payments Boot Camps coming this October - 8th/9th in the San Francisco Bay Area and 23rd/24th in New York City!
  • Glenbrook's Allen Weinberg and Erin McCune will be at Money2020 in Las Vegas October 6-10 - please reach out to them directly to catch up in person or set up a briefing at the conference. Erin will be moderating an Invoicing, Billing & Collections panel with Bill.com CEO Rene Lacerte, Billtrust CEO Flint Lane and Billhighway Chairman Vince Thomas.
  • Glenbrook's Elizabeth McQuerry will be speaking at this year's NACHA Global Payments Forum on October 17-18 in New York City. She'll be speaking on the topic "Mobile Payments, Interoperability & Faster Funds Transfer".
  • Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

October 03, 2013

SUBWAY Selects Paydiant to Power Mobile Wallet

Paydiant logo 140pxWellesley, MA-based Paydiant has announced being selected by the SUBWAY restaurant chain to power a variety of mobile wallet capabilities, including mobile payment, in the upcoming release of the chain’s new mobile application.

“Paydiant offers the mobile platform that makes the most sense for our franchisees and our customers,” said Carman Wenkoff, Chief Information Officer for the SUBWAY® restaurant chain.

“Their mobile capabilities will be a key factor towards providing our customers with innovative services and an exceptional experience.”

Paydiant says the new mobile solution will begin rolling out to stores later this year.

Headline News from PaymentsNews.com - October 3, 2013

On Twitter:

On the web:

On the wires:

Updates from Glenbrook:

  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join us for our new series of Glenbrook Payments Boot Camps coming this October - 8th/9th in the San Francisco Bay Area and 23rd/24th in New York City!
  • Glenbrook's Allen Weinberg and Erin McCune will be at Money2020 in Las Vegas October 6-10 - please reach out to them directly to catch up in person or set up a briefing at the conference. Erin will be moderating an Invoicing, Billing & Collections panel with Bill.com CEO Rene Lacerte, Billtrust CEO Flint Lane and Billhighway Chairman Vince Thomas.
  • Glenbrook's Elizabeth McQuerry will be speaking at this year's NACHA Global Payments Forum on October 17-18 in New York City. She'll be speaking on the topic "Mobile Payments, Interoperability & Faster Funds Transfer".
  • Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

October 02, 2013

CFPB Releases Report on the CARD Act of 2009

Cfpb logo 140x60pxThe Consumer Financial Protection Bureau has released a new report detailing how the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) reduced penalty fees and made the cost of credit cards clearer to consumers. The report found that total cost of credit declined by almost two percentage points between 2008 and 2012 but that there are still areas of concern in the credit card market.

Visa Enhances Advanced Authorization Card Fraud Detection

Visa logo 60pxhAt its Visa Global Security Summit today in Washington, DC, Visa Inc. has announced enhancements to its Advanced Authorization technology that it says significantly improves the ability of its global processing network to detect potential electronic payments fraud.

Using Advanced Authorization, financial institutions can "more reliably know which transactions to decline in real time, potentially reducing fraud by billions per year, while more confidently approving legitimate transactions to remove friction from payments for merchants and consumers alike."

"Cardholders, merchants and issuers all want to have confidence in the convenience and the security of every Visa transaction," said Mark Nelsen, Head of Risk and Authentication Products, Visa Inc.

"The great improvements we've made in Advanced Authorization this year were designed to do just that: fight fraud and its costs to financial institutions and merchants, while also ensuring legitimate transactions are handled with the speed and convenience that consumers and merchants want."

Visa says it has increased the breadth of each account profile in the Advanced Authorization model by adding more transactional history data, along with additional neural networks to analyze that data. The account profile is a major component of the risk score assigned to a given transaction and provided to the issuer for them to make an authorization decision. The result is more robust performance and improvement of as much as 130% in detecting fraud in debit transactions and 175% for credit transactions.

Headline News from PaymentsNews.com - October 2, 2013

On Twitter:

On the web:

On the wires:

Updates from Glenbrook:

  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join us for our new series of Glenbrook Payments Boot Camps coming this October - 8th/9th in the San Francisco Bay Area and 23rd/24th in New York City!
  • Glenbrook's Allen Weinberg and Erin McCune will be at Money2020 in Las Vegas October 6-10 - please reach out to them directly to catch up in person or set up a briefing at the conference. Erin will be moderating an Invoicing, Billing & Collections panel with Bill.com CEO Rene Lacerte, Billtrust CEO Flint Lane and Billhighway Chairman Vince Thomas.
  • Glenbrook's Elizabeth McQuerry will be speaking at this year's NACHA Global Payments Forum on October 17-18 in New York City. She'll be speaking on the topic "Mobile Payments, Interoperability & Faster Funds Transfer".
  • Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

October 01, 2013

MasterCard, Visa and American Express Propose New Global Standard to Make Online and Mobile Shopping Simpler and Safer

Visa, MasterCard and American Express have announced a proposed framework for a new global standard to enhance the security of digital payments and simplify the purchasing experience when shopping on a mobile phone, tablet, personal computer or other smart device.

According to the companies, "the proposed standard would allow the traditional account number to be replaced with a digital payment “token” for online and mobile transactions. With a token, consumers will no longer be required to enter an actual account number when shopping online or on a smart device. Tokens provide an additional layer of security and eliminate the need for merchants, digital wallet operators or others to store account numbers."

“For more than five decades, the payments industry has relied on standards to safely and consistently process payments,” said Jim McCarthy, Global Head of Innovation and Strategic Partnerships, Visa Inc. “As more consumers make purchases with mobile phones, tablets and PCs, we are committed to showing industry leadership in the development of new standards that offer the same interoperability, reliability and security as traditional card payments.”

“This continued transition from plastic cards to digital is all about providing consumers with the ability to easily and safely make a purchase. They would no longer need to store their actual card account number when shopping online or with a smart device; the token would serve as that stand-in,” said Ed McLaughlin, Chief Emerging Payments Officer, MasterCard. “This proposed global standard builds on our track record of working across the industry to deliver safe and secure payment products. What we're introducing today is comparable to how the industry came together to develop and use the magnetic stripe, EMV and NFC on a global scale.”

“By working together to form a common global standard for online and mobile shopping, we will be able to provide enhanced security, interoperability and consistency for all participants within the digital payments ecosystem,” said Mike Matan, Head of Global Network Business, American Express. “In addition, we will be able to drive the rapid adoption and expansion of digital payments, delivering innovative new products and services that will allow consumers to realize the full potential of digital commerce in today’s world.”

Key elements of the proposed standard include:

  • New data fields to provide richer information about the transaction, which can help improve fraud detection and expedite the approval process
  • Consistent methods to identify and verify a consumer before replacing the traditional card account number with a token
  • A common standard designed to simplify the process for merchants for contactless, online or other transactions

Once a standard is agreed to and implemented, issuers, merchants or digital wallet providers would be able to request a token so that when an account holder initiates an online or mobile transaction, the token – and not the traditional card account number – would be used to process, authorize, clear and settle the transaction in the same way traditional card payments are processed today. Tokens can be restricted in how they are used with a specific merchant, device, transaction or category of transactions.

The three companies say that the proposed framework has incorporated the input of many stakeholders, particularly card issuers and merchants. Over the coming weeks, the framework will also be presented to other partners and independent industry bodies, such as The Clearing House, PCI Security Standards Council and EMVCo, to align and further advance the standard.

We're reminded that The Clearing House announced a similar dynamic credentialing initiative earlier this year.

Headline News from PaymentsNews.com - October 1, 2013

On the web:

  • Coming Soon? An Occupy Wall Street Debit Card - New York Times - "The idea, led by a group that includes a Cornell law professor, a former director of Deutsche Bank and a former British diplomat, is meant to serve people who do not have bank accounts, but it also aims to make Occupy a recognized financial services brand."
  • How Much Will Judge Leon's Decision Whack DDA Revenues? - Pymnts.com (David Evans) - "The only ray of sunshine here for non-exempt debit card issuers is that between an appeal, maybe the Supremes, and a new rule making it could be a while before any of these reductions hit DDA and consumer banking P&Ls."

On the wires:

  • Global Payments Names Jeffrey S. Sloan Chief Executive Officer - "Paul R. Garcia, Chairman of the Board, said, "Jeff is prepared to lead this company as its President and Chief Executive Officer. His decisive leadership and his deep experiences and knowledge across the entire business uniquely qualify him to successfully assume this role immediately. He is well respected throughout the industry and he embodies the company's core values."
  • Experian to acquire device identification leader 41st Parameter - "41st Parameter will strengthen Experian's global web fraud detection and risk-based identity authentication capabilities."
  • Leaf Closes $20 Million in Funding to Advance Open Commerce Platform and Mobile POS - "Leaf, creator of the LeafPresenterTM, a tablet specifically designed for commerce, today announced it has closed $20 million in its first round of institutional funding from Heartland Payment Systems, one of the nation’s largest payments processors and a leading provider of merchant business solutions."
  • TNS and AJB Introduce Simplified Payments for Merchants - "Large merchants across North America can now relieve the headache of operating a complex payments infrastructure while at the same time position themselves for future growth thanks to a new managed service solution from Transaction Network Services (TNS) and AJB Software (AJB)."
  • Adyen’s Global Mobile Payments Index Indicates 27 Percent Growth in Mobile Transactions in Past Four Months - "Adyen's Global Mobile Payments Index tracks the actual purchases on the platforms and can therefore also provide an insight into the monetization of mobile content by brand. iOS devices (iPhone and iPad) accounted for nearly 75% of all mobile transactions on Adyen’s platform (which equals 13.1% of all transactions, up from 11% at the end of April 2013) and Android devices were responsible for nearly 25% of mobile transactions (4.3% of all transactions, up from 3.1%)."
  • mopay Signs Global Agreement with Telefónica Digital - "Under this agreement, mopay will be granted direct access to Telefónica’s billing platform, thus connecting mopay directly to the telco’s subscriber base worldwide. Consumers using mopay can purchase digital goods and services frictionlessly in nine countries where Telefónica Services are currently available and charge the purchases to their phone bill."
  • Debit Card Swipe Fee Reform Lowered Prices - "A new economic report released today by the Merchants Payments Coalition shows that debit card swipe fee reform saved consumers and merchants billions of dollars in 2012, as anticipated by Congress when it passed debit reform legislation in 2010."

Updates from Glenbrook:

  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join us for our new series of Glenbrook Payments Boot Camps coming this October - 8th/9th in the San Francisco Bay Area and 23rd/24th in New York City!
  • Glenbrook's Allen Weinberg and Erin McCune will be at Money2020 in Las Vegas October 6-10 - please reach out to them directly to catch up in person or set up a briefing at the conference. Erin will be moderating an Invoicing, Billing & Collections panel with Bill.com CEO Rene Lacerte, Billtrust CEO Flint Lane and Billhighway Chairman Vince Thomas.
  • Glenbrook's Elizabeth McQuerry will be speaking at this year's NACHA Global Payments Forum on October 17-18 in New York City. She'll be speaking on the topic "Mobile Payments, Interoperability & Faster Funds Transfer".
  • Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

September 30, 2013

Headline News from PaymentsNews.com - September 30, 2013

On the web:

On the wires:

Updates from Glenbrook:

  • Join us for our new series of Glenbrook Payments Boot Camps coming this October - 8th/9th in the San Francisco Bay Area and 23rd/24th in New York City!
  • Glenbrook's Allen Weinberg and Erin McCune will be at Money2020 in Las Vegas October 6-10 - please reach out to them directly to catch up in person or set up a briefing at the conference. Erin will be moderating an Invoicing, Billing & Collections panel with Bill.com CEO Rene Lacerte, Billtrust CEO Flint Lane and Billhighway Chairman Vince Thomas.
  • Glenbrook's Elizabeth McQuerry will be speaking at this year's NACHA Global Payments Forum on October 17-18 in New York City. She'll be speaking on the topic "Mobile Payments, Interoperability & Faster Funds Transfer".
  • Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Find something interesting to share? Tell us about it: gotnews@paymentsnews.com!

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