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November 15, 2013

Headline News from PaymentsNews.com - November 15, 2013

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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!

November 14, 2013

Isis Mobile Wallet Now Available Nationwide

Isis logo 140x60pxIsis has announced the latest version of the Isis Mobile Wallet is now available to consumers for download in the Google Play app store and at thousands of AT&T, T-Mobile and Verizon Wireless retail stores nationwide. The Isis Mobile Wallet allows customers to pay at contactless payment terminals, and to save money through special offers and loyalty cards at participating merchants – all from their Isis Ready® smartphone.

Today's nationwide launch of the Isis Mobile Wallet is a milestone for consumers, merchants and banks. It's the start of a smarter way to pay," said Michael Abbott, chief executive officer, Isis.

"Together, with our partners, we've built a seamless mobile commerce experience. We're pleased to bring the magic and simplicity of the Isis Mobile Wallet to consumers across the U.S."

Starting today, customers with one of the more than 40 Isis Ready smartphones available from AT&T, T-Mobile or Verizon Wireless can receive a free enhanced SIM card from their wireless carrier and download the Isis Mobile Wallet for free from Google Play. The redesigned Isis Mobile Wallet features a simplified user interface with a clean, white background and easy-to-navigate toolbars. Integration with American Express Serve® makes it convenient for Isis Mobile Wallet users to load funds to their American Express Serve Account from a U.S. debit or credit card, bank account, or through direct deposit, as well as pay bills online and send money to friends and family using an American Express Serve Account.*

Headline News from PaymentsNews.com - November 14, 2013

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On the web:

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Updates from Glenbrook:

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!

November 13, 2013

Skrill to Offer Digital Wallet for Regulated Gambling in New Jersey

Skrill logo 140x60pxSkrill has announced that it has been "approved by the New Jersey Division of Gaming Enforcement (DGE) and will be the only company to offer a digital wallet for regulated gambling in the state of New Jersey." Skrill is now officially authorized to offer its services to gambling operators and enable online gaming in the Garden State. Neil Steinhardt, CEO of Skrill USA commented:
We’re extremely excited about the new opportunities opening up in the US market for gambling merchants and consumers. Skrill’s global reach aligned with local expertise makes us the perfect partner to work with businesses in this market. The Skrill digital wallet offers merchants a tailored solution to process deposits and withdrawals faster, increase conversion rates and provide full chargeback protection. For gaming customers, being able to conduct high-speed, high conversion payments on any device on the go is vital.”
Founded in 2001, Skrill is one of Europe’s largest online payment processors and among the world’s largest independent digital wallet providers. Skrill operates the largest online gambling wallet globally, with 40 different currencies and 100 payment options including debit cards, credit cards, peer to peer transfers, merchant payouts and automated clearing house (ACH) services. In the United States, Skrill operates as Skrill USA, Inc. - a registered money service business (MSB) and licensed money transmitter in the state of New Jersey and various other U.S. states.

Headline News from PaymentsNews.com - November 13, 2013

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  • Stress Test Prepares VisaNet for the Most Wonderful Time of the Year - Visa Viewpoints - "This year’s “mug number” – as we like to call it – is 47,000 transaction messages per second, which is a huge step forward from 2012’s peak capacity of 30,000 transaction messages per second!"
  • No plastic, no problem: Square does away with deposit limits for U.S. businesses - GigaOm - "Square is eliminating holds on funds taken from payments where no physical card is present."
  • How Big Banks Killed a Plan to Speed Up Money Transfers - American Banker - "The plan, known as Expedited Processing and Settlement, may not have been a step into 21st Century..."
  • EMV: America, What Took You So Long? - Emerging Payments Strategies (FIS) - "So why has the U.S. not embraced EMV sooner? Part of the reason is because our fraud problem, while significant, has typically been among the lowest rates in the world among highly developed economically mature countries."
  • What Android's KitKat means for NFC - Mobile Payments Today (Cherian Abraham) - "HCE means a lot more for private label issuers — who have a very inspired base of merchants looking to bridge the gap between private label cards and mobile — and now there is an alternative to clumsy, costly and complex orchestrations for provisioning cards."
  • The power of love - TMG Blog - "When I switched credit cards recently, I started feeling love the first time I logged into my personal account page. I noticed that things I had purchased only minutes before were already listed, which was something I’d never seen with my previous provider."
  • The challenge of being a Bitcoin trader - Financial Services Club Blog - "There is not attainable indication that the government understands Bitcoin correctly."

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 Glenbrook's Carol Coye Benson and Scott Loftesness for our Glenbrook Payments Boot Camp on December 10-11th in Palo Alto, California!
  • Glenbrook's Jacqueline Chilton will be speaking social media and payments at the W.net Northern California LINC Networking event being held November 14 at Google.
  • 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!

November 12, 2013

NACHA Invites Comments on Proposed Rules to Improve ACH Network Quality

NACHA logo 140pxNACHA has announced two proposed rules that it says are "complementary approaches to improving ACH Network quality by reducing the incidence of exceptions. As components of NACHA’s Risk Management Strategy, the proposed rules are intended to protect the safety, security and integrity of the ACH Network and the consumers, governments, businesses and financial institutions that move their money via ACH."

The NACHA Operating Rules provide for the safe, secure, and efficient exchange of electronic payments,” said Janet O. Estep, president and CEO of NACHA.

“These amendments provide new ways to reduce incidents of returned transactions and exceptions, thus increasing overall ACH Network quality. Through rulemaking efforts such as these, we look to continually improve our processes and strengthen ACH payments.”

The first proposal - the “ACH Network Risk and Enforcement” proposal - would improve NACHA’s ability to identify and enforce the Rules against “outlier” Originators that are responsible for the highest, and most disproportionate, levels of exceptions. The rule would also expand NACHA’s authority to initiate enforcement proceedings against Originators that introduce unauthorized transactions into the ACH Network. Further, the proposal would establish additional standards for the use of the ACH Network to collect debits returned for insufficient funds.

The second proposal - “Improving ACH Network Quality” - would establish economic incentives for Originating Depository Financial Institutions (ODFIs) and their Originators to improve origination quality, and provide partial cost-recovery to Receiving Depository Financial Institutions (RDFIs) for handling exceptions. By establishing economic incentives for specific types of exceptions, ODFIs would have direct incentives to implement processes and tools with their Originators to reduce the number of such returns and exceptions. ODFIs with the highest return rates would have the greatest incentives to work with their Originators to reduce those rates. By reducing exceptions in the ACH Network, the proposed rule would provide a cost-reduction benefit to RDFIs and improve their customers’ experience with ACH payments.

All NACHA Requests for Comments are open for public comment, and NACHA encourages responses from ACH Network participants, including financial institutions, service providers, business users, government entities, associations, and other interested parties. The comment period will last 60 days and end on January 13, 2014.

Bill.com Closes $38 Million in Financing Led by Scale Venture Partners

Billcom logo 140pxBill.com has announced that it has closed $38 million in financing led by new investor Scale Venture Partners (ScaleVP). The round also included participation from Bank of America, American Express, Fifth Third Bank, Pete Kight, founder of CheckFree, and Commerce Ventures, as well as all of Bill.com’s previous investors--August Capital, Napier Park Global Capital, TTV Capital, Jafco Ventures, Emergence Capital and DCM.

We like to invest in companies that take complex problems and make them easy. Bill.com takes the ease of use of consumer online bill pay solutions and adds enterprise features like workflow, access control and approval processes,” said Rory O’Driscoll, partner, Scale Venture Partners.

“Customers who use the product rave about it. It allows them to get a direct handle on cash, which is the lifeblood of any business.”

The company said that the new funds will be used for further investment in the Bill.com Banking Platform to support its rapidly growing banking channel; acceleration of the Bill.com Business Payments Network, which serves all of Bill.com’s subscribers and its partners; customer acquisition; and investment in the core product features and integration with third-party applications to better serve small to medium businesses (SMBs), accountants and bookkeepers.

Heartland to Offer American Express Merchant Financing

HeartlandPayments logo 140pxHeartland Payment Systems has announced that it will be the first processor to distribute American Express Merchant Financing - providing small businesses with access to highly price-competitive alternative financing solutions and be able to obtain loans based on their annual card processing volume.

The core of our business is to deliver solutions that empower our clients to be competitive and profitable,” noted Bob Carr, chairman and CEO of Heartland. “For nearly five years, small business owners have played defense trying to survive through the recession and now are beginning to feel optimistic about infusing new capital into their operations. With American Express’ Merchant Financing, small businesses will be able to obtain crucial financing to grow and compete with larger operations.”

American Express’ Merchant Financing is designed to provide immediate capital to finance short-term investments and be paid back over a 12-month period, thus avoiding long-term debt commitments. In contrast to traditional commercial lending vehicles, Merchant Financing provides convenient access to capital up to $750,000—enabling even more small business owners to finance their growth needs, stay competitive and enhance their businesses. Additionally, Heartland clients will have the flexibility to renew their loans one year after the initial disbursement, which allows them to account for economic conditions and business performance before making additional capital investments.

Headline News from PaymentsNews.com - November 12, 2013

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 Glenbrook's Carol Coye Benson and Scott Loftesness for our Glenbrook Payments Boot Camp on December 10-11th in Palo Alto, California!
  • Glenbrook's Jacqueline Chilton will be speaking social media and payments at the W.net Northern California LINC Networking event being held November 14 at Google.
  • 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!

November 11, 2013

First Data Merchant Solutions Achieves UK Payment Institution Status

First data logo 140x60pxFirst Data Merchant Solutions, First Data’s direct-to-market payment acceptance business, has announced that it has become a UK Payment Institution after successfully achieving independent membership of the UK Financial Conduct Authority (FCA) as well as the MasterCard and Visa card schemes. As a UK Payment Institution, First Data Merchant Solutions says it is now able "to provide payment acceptance facilities independently and without sponsorship from a bank partner."

Raj Sond, General Manager of First Data Merchant Solutions, commented:

Achieving UK Payment Institution status is great news for First Data Merchant Solutions and its clients. Not only does it lay the groundwork for further expansion in the retail payments space, it gives us greater agility as a business to bring new products to market, leverage our extensive industry relationships and work with an even broader range of merchants in the region.”

First Data has also announced a new agreement with Diners Club International that will enable First Data Merchant Solutions clients to accept all cards on the Discover Global Network including Diners Club and Discover transactions. Discover Global Network is comprised of Discover Card, Diners Club International, BC Global Card, DinaCard and Rupay.

Established in the UK in 2002 the business was re-branded in 2011 to First Data Merchant Solutions, creating FDC's first ‘direct to market’ merchant acquiring business outside of North America.

Headline News from PaymentsNews.com - November 11, 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 Glenbrook's Carol Coye Benson and Scott Loftesness for our Glenbrook Payments Boot Camp on December 10-11th in Palo Alto, California!
  • Glenbrook's Jacqueline Chilton will be speaking social media and payments at the W.net Northern California LINC Networking event being held November 14 at Google.
  • 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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