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American Express

Welcome to the News View for "American Express".

Here, on these archive pages, you'll find all of the articles on Payments News for American Express listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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April 02, 2014

Headline News from PaymentsNews.com - April 2, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 20, 2014

Headline News from PaymentsNews.com - March 20, 2014

On the Web:

On the Wires:

  • American Express Expands Benefits for Platinum Card® Members - "These benefits include complimentary, unlimited access to Wi-Fi hotspots provided by Boingo Wireless, a global market leader in Wi-Fi, as well as an application fee statement credit option for the TSA Pre✓™ program."
  • Small Businesses Get Paid Faster With QuickBooks Payments - "As part of the expanding QuickBooks ecosystem of online products and services, QuickBooks Online users who also use QuickBooks Payments get their invoices paid on average two times faster than those who don’t. When these small businesses email their invoices and allow their customers to pay online, they significantly reduce the time it takes to receive payment."

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 17, 2014

Headline News from PaymentsNews.com - March 17, 2014

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 10, 2014

Headline News from PaymentsNews.com - March 10, 201

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 05, 2014

Headline News from PaymentsNews.com - March 5, 2014

On the Web:

  • Target CIO Resigns Following Massive Data Breach - TechCrunch - "Target Corp.’s Chief Information Officer Beth Jacob is resigning, effective immediately..."
  • Sally Beauty Hit By Credit Card Breach - Krebs on Security - "Nationwide beauty products chain Sally Beauty appears to be the latest victim of a breach targeting their payment systems in stores..."
  • Stripe launches new Checkout - Stripe Blog - "Each site should not have to duplicate the work of device optimization and A/B testing. When you use Checkout, you have a team of Stripe engineers and designers continually optimizing your payment interface."
  • EBay CEO Reiterates Company Stronger With PayPal - Wall St. Journal - "EBay helps PayPal grow faster by creating a flywheel effect because PayPal is the primary and, in some cases, exclusive way to pay on eBay."
  • HCE: We're not in Kansas anymore - Mobile Payments Today (Cherian Abraham) - "There is a lot of potential in the closed-loop space with HCE, that retailers are ignoring due to a "scorched earth" approach toward contactless."

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

March 03, 2014

American Express Introduces the Amex EveryDay℠ Credit Card - No Annual Fee, EMV

Amex logo 140pxAmerican Express has introduced the Amex EveryDay Credit Card, calling it "a new no annual fee credit card that puts a twist on the traditional rewards program." The EveryDay Card will be available by April 2, 2014. The card has no annual fee, includes EMV smart chip technology and a rewards program incentive for both encouraging more frequent use of the card (20% kicker to rewards when used 20 times or more per month as well as double rewards when used for purchases at supermarkets.

Our goal is to be a more inclusive and welcoming brand by building new products for different lifestyles and spending needs, backed by the service and quality that has made American Express so successful,” said Josh Silverman, president, Consumer Products & Services, American Express.

“The average American uses their credit or debit card twice a day, and shops most within 20 minutes of their home,” added Silverman. “So we designed a card that doesn’t require you to change your daily ritual – but rewards you for where you already shop.”

American Express says that the new Amex EveryDay Credit Card was "designed with the multi-tasker in mind, like busy moms juggling family, work and their personal lives. The Card rewards Card Members at the places they already shop, and includes access to the retail protection, security and service expected from American Express."

Amex is using Tina Fey in its TV and print advertising along with photographs shot by photographer Annie Leibovitz.

Headline News from PaymentsNews.com - March 3, 2014

Glenbrook's Payments Insight Workshop series this spring focuses on three key topics for payments professionals: Bitcoin - Basics and Beyond (March 26), Data in Payments (April 22) and Innovation in Payments (May 8).

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

February 19, 2014

Headline News from PaymentsNews.com - February 19, 2014

The Kindle edition of our book "Payments Systems in the U.S. - Second Edition" - is now available in the Kindle Store as well as in an iBooks version for your iPad or Mac in the iBooks Store. The ebook versions are priced at US$9.99.

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

February 18, 2014

Headline News from PaymentsNews.com - February 18, 2014

The second edition of our book "Payments Systems in the U.S." has just been published. It's available in print from Amazon.com and in an ebook version for your iPad.

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

January 20, 2014

Headline News from PaymentsNews.com - January 20, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

On the Web:

On the Wires:

  • McDonald’s Launches McD App for Smartphones Throughout Northern Nevada Area - "McD App utilizes location-based services to provide consumers with deals and offers accessible direct from their mobile device and has the ability to tailor future offers and deals based on a user’s preferences and purchasing behaviors."

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

January 09, 2014

Headline News from PaymentsNews.com - January 9, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

January 07, 2014

Headline News from PaymentsNews.com - January 7, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

On the Web:

  • Explain Bitcoin Like I’m Five - Medium (nikSter) - "We didn’t need a third person there to help us make the transfer. We didn’t need to pull in Uncle Tommy (who’s a famous judge) to sit with us on the bench and confirm that the apple went from me to you."
  • Bitcoin Series 15 - The discontinuity that is bitcoin - Ledra Capital - "Bitcoin is like that. It won't replace the financial system, the Fed or the nation-state. It will supplement the financial system in a big and important way, push it to be more innovative and efficient and, finally, will merge with it, in the same way that IP delivery has crept into telephony and video infrastructure over time."
  • German Central Bank Official Issues Another Bitcoin Warning - CoinDesk - "He stressed that regulators and central bankers across Europe are discussing bitcoin and trying to raise public awareness, but so far no concrete action has been taken, apart from public warnings."
  • Bitcoin me: How to make your own digital currency - Guardian - "It turns out, though, that cloning bitcoin is actually harder than it looks."
  • Bezos-backed money transfer startup Remitly lands $5.5M - GeekWire - "A TechStars Seattle grad formerly known as BeamIt Mobile, Remitly has created a cheaper and faster method for individuals to send money across borders."
  • 8 Retail Predictions in “Store” for 2014 - VeriFone Blog - "As it is the start of the year we thought we would have a look at some of the issues that will be impacting retail stores in 2014 and try and predict some of the trends and challenges we’ll see along the way as retailers respond."

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 20, 2013

Headline News from PaymentsNews.com - December 20, 2013

Webinar: Managing Cardholder Data Security Risks in an Evolving Payments Landscape - Be sure to join Glenbrook's Bryan Derman, BakerHoestetler's Craig Hoffman and Mandiant's Marshall Heilman for this webinar on January 15 from 2-3:30 PM Eastern time. Registration is now open.

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 19, 2013

American Express Agrees to Settle US Merchant Class Action Litigations

Amex logo 140pxAmerican Express has announced that it has agreed to settle two antitrust class action lawsuits filed by U.S. merchants that challenged the company’s card acceptance agreements. The company says that "the settlement agreement will address certain merchant concerns, while helping to ensure that American Express Card Members are treated fairly at the point of sale. It will also limit the Company’s exposure to future legal claims."

Tim Heine, Managing Counsel of American Express, said:

We believe the terms of the settlement continue to balance the interests of Card Members and merchants.

“While the modification of our contract provisions gives merchants some additional flexibility, many merchants continue to believe, as we do, that surcharging is fundamentally anti-consumer. Few merchants have taken advantage of earlier opportunities to surcharge out of concern that it could risk alienating customers, and drive them to patronize competitors who do not surcharge.

"Merchants choose to accept American Express because we help them reach millions of customers who value the convenience, rewards, and world class service that our payment products provide. Unlike Visa and MasterCard, we do not have market power. We operate a competitive, dynamic business with a unique business model. Resolving these lawsuits will allow us to stay focused on helping merchants build their business and strengthen their customer relationships.”

The first lawsuit, In re American Express Anti-Steering Rules Antitrust Litigation, challenges the Non-Discrimination Provisions in the company’s merchant contracts. The second lawsuit, In re Marcus Corporation, challenges American Express’ Honor All Cards Provisions.

The changes to the Non-Discrimination and Honor All Cards Provisions will take effect after the resolution of any appeals to the final approval of the settlement, unless voluntarily implemented by American Express at an earlier date.

If the settlement terms are approved by the Court, all merchants who accept American Express cards in the United States will be bound by the changes to American Express’ Non-Discrimination and Honor All Cards Provisions and by the agreement not to make any future claims relating to these contract provisions for a period of at least 10 years after the changes are implemented.

November 20, 2013

U.S. Bank and American Express Announce Card-Issuing Agreement

USBank logo 140pxU.S. Bank and American Express have announced that U.S. Bank will offer credit cards accepted on the American Express network in 2014.

We actively listen to our customers and are focused on delivering the right financial solutions that best meet their needs,” said Pam Joseph, Vice Chairman of U.S. Bank.

“We believe that the American Express network provides a combination of benefits and services that many of our customers want. We’re proud to partner with American Express, a company with a rich history of service that’s dedicated to providing outstanding customer value.”

U.S. Bank is now working with American Express to design programs for U.S. Bank’s customers and expects to begin offering cards on the American Express network by fall 2014. The new American Express-branded cards will be available online, at U.S. Bank’s 3,088 branches and by phone.

November 18, 2013

American Express Introduces Use Points for Charges on Smartphones

Amex logo 140pxAmerican Express has launched a new Use Points for Charges feature available in the American Express mobile app that gives eligible Card Members the option to redeem Membership Rewards points for practically any purchase, from gas and groceries to clothing and manicures, all on their smartphones.

“We’re committed to making Membership mobile, recognizing a future where decisions on what, where, and how to buy increasingly happen through mobile devices,” said David Yoo, SVP Mobile Products and Services, American Express. “We want to be where our Card Members are so that they can get the most out of Membership every day, and we can do that by connecting our Card products to the mobile devices our Card Members rely on most.”

The company describes how it works:

  • Download or upgrade the free iOS or Android American Express mobile app
  • Make an eligible purchase over $1.00 using your eligible Card enrolled in the Membership Rewards program
  • Open the mobile app and select Use Points for that particular charge once it hits your statement
  • A credit in the amount of the charge is applied to your account

Unlike rewards programs that only allow customers to redeem from a pre-selected list of options, American Express says its Card Members now have the power to design their own rewards program and treat themselves by redeeming points for almost any purchase with an eligible American Express Card.

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

On Twitter:

On the web:

On the wires:

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 12, 2013

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.

November 11, 2013

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!

November 07, 2013

Headline News from PaymentsNews.com - November 7, 2013

On the web:

  • Bitcoin: A Primer - Federal Reserve Bank of Chicago - "Bitcoin is a digital currency that was launched in 2009, and it has attracted much attention recently. This article reviews the mechanics of the currency and offers some thoughts on its characteristics."
  • Bitcoin isn’t so broken after all - Freedom to Tinker (Ed Felten) - "In short, a coalition of ES-miners cannot form and will not survive."
  • Square Exploring 2014 IPO With Banks - WSJ Digits - "Technology entrepreneur Jack Dorsey is trying to pull off two high-profile initial public offerings in the span of one year."
  • Minting Cash: how Square designed a product with no design at all - The Verge - "One of Dorsey’s most critical directives during the process was that users shouldn’t have to come up with new usernames and passwords, because in real life, you don’t need a password to hand some money to a friend."
  • Does anyone care about Square? - Financial Services Club Blog - "We will soon live in a world without payments. As retailers integrate more of the financial transaction into their trade processes, the more we live in a world where payments become increasingly irrelevant."
  • Is Bitcoin Broken? - Bitcoin Foundation - "...I believe the paper’s assertion of a fundamental flaw is based on some over-simplified assumptions about how the bitcoin mining market works."
  • The Bitcoin Bubble - TechCrunch - "Bitcoin can have ‘value’ based not on any sort of government backing or the like, but it can provide short-term utility to all holders if it has use."
  • Bitcoin Climbs to Record on Wider Acceptance, China Trade - "If James Bond, Sergey Brin and Paul Volcker all got together and designed their ideal currency, it might look a lot like Bitcoin..."
  • Jumio unveils faster and smarter Netswipe 2.0, cements its standing as the most secure mobile payment verification option - PandoDaily - "Today Jumio announced version 2.0 of its Netswipe platform, making payment card scanning significantly faster and adding the ability to read not only credit card numbers and expiration date, but also, for the first time, the cardholder’s name."
  • BTCJam: P2P Lending via Bitcoin - NetBanker - "Case in point: BTCJam , a global P2P lending outfit with founders in Brazil and San Francisco, that lends in Bitcoins."

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 05, 2013

American Express Partners with ShopRunner for Free 2-day Shipping

Amex logo 140pxAmerican Express has announced the launch of a new free 2-day shipping benefit from ShopRunner, available to eligible U.S. Consumer and Small Business Credit and Charge Card Members. ShopRunner offers free 2-day shipping, currently valued at $79 a year, at more than 80+ popular online retail partners, including Neiman Marcus, Lord & Taylor, Brooks Brothers, Toys"R"Us, PetSmart, drugstore.com, and GNC, among others.

Shipping costs can really add up and are a major consideration for online shoppers. In fact, according to a recent survey from comScore, 55% of online shoppers abandon their shopping carts because of high shipping costs,” said Josh Silverman, President, American Express U.S. Consumer Services.

“With free 2-day shipping and free return shipping at 80+ online retailers through ShopRunner, our Card Members can enjoy a stress-free online shopping experience at many of their favorite places to shop.”

Starting today, American Express Card Members can enroll an eligible Card at www.shoprunner.com/americanexpress and enjoy ShopRunner’s free 2-day shipping on all eligible items at participating stores.

October 30, 2013

Headline News from PaymentsNews.com - October 30, 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 Elizabeth McQuerry will be speaking on New Payments Regulation in Brazil at the International Money Transmitter Conference in Miami, Nov 4-7, 2013.
  • 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 24, 2013

Headline News from PaymentsNews.com - October 24, 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 Elizabeth McQuerry will be speaking on New Payments Regulation in Brazil at the International Money Transmitter Conference in Miami Nov 4-7, 2013.
  • 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 21, 2013

Headline News from PaymentsNews.com - October 21, 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 Elizabeth McQuerry will be speaking on New Payments Regulation in Brazil at the International Money Transmitter Conference in Miami 4-7, 2013.
  • 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 17, 2013

Headline News from PaymentsNews.com - October 17, 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 us for our Glenbrook Payments Boot Camp on October 23rd/24th in New York City!
  • 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". Elizabeth will also be speaking on New Payments Regulation in Brazil at the International Money Transmitter Conference in Miami 4-7, 2013.
  • 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 11, 2013

Headline News from PaymentsNews.com - October 11, 2013

On Twitter:

On the web:

On the wires:

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!

October 08, 2013

American Express Serve Introduces New Features and Monthly Fee

Amex Serve 140pxAmerican Express Serve has announced a free nationwide cash load network and the addition of new money management capabilities to its full-service reloadable prepaid card accounts - along with a new monthly fee to begin in December.

The new features include: Direct Deposit, Bill Pay, Mobile Check Capture, Personal Financial Management Tools, and Reserve, which allows customers to put money aside for future expenses. American Express says these enhancements are "designed to meet the needs of the nearly 70 million Americans underserved by traditional financial services."

“Unfortunately, the traditional banking system is not easily accessible to large segments of the population, making managing money cumbersome and expensive for many,” said Dan Schulman, group president, Enterprise Growth at American Express.

“We launched Serve two years ago with the simple idea that consumers needed a better way to move their money. Today, we’ve added a number of new features to make the management and movement of money more affordable and convenient for everyone.”

Starting next month, American Express Serve customers will be able to take cash to the register at more than 14,000 participating CVS/pharmacy and 7-Eleven stores and add it to their American Express Serve Account. This is made possible through a relationship with InComm and its Vanilla Reload Network.

American Express Serve also announced it will start charging a monthly fee of $1 beginning December 3, 2013. The $1 monthly fee is waived if customers use Direct Deposit to load their account or add $500 or more to their account during a monthly statement period.

October 03, 2013

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 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.

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