IRS to Track Credit and Debit Card Purchases More Closely

To help combat underreporting, banks and credit card payment providers are now required to report gross annual payments processed by credit or debit cards to both the Internal Revenue Service (IRS) and to merchants on Form 1099-K, “Merchant Card and Third Party Network Payments.” Small business owners may want to evaluate their bookkeeping and accounting practices to ensure there are adequate and effective systems in place to reconcile the information reported by banks and credit card payment providers with their own records. Any discrepancies in reporting should be addressed to ensure that accurate tax returns are filed with the IRS.

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Fiteq Dynamic Authentication Now on Mag-Stripe

FiTeq Technologies launched the first payment card that incorporates an approved EMV payment applet in combination with the FiTeq Energizer Stripe enabling a unique cryptogram (FiTeq Transaction Specific Code) to be created within the magnetic stripe data packet for each transaction. This solution ensures dynamic authentication whether the card is used at EMV terminals or legacy magnetic stripe terminals. Regarded as the optimal means to prevent losses from skimming and Account Data Compromise (ADC), both of which can result in counterfeit account usage, Dynamic authentication will potentially save institutions billions of dollars per year by providing a fraud protection solution that is unparalleled in the payments industry. FiTeq is privately held and has their licensed patented technology already in each of the over 100 million U.S. contactless cards already in use by American Express, Discover, MasterCard and Visa.

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USA Cash Now Offers Debit Cards for Payday Loans

USA Cash Services announces a new platinum debit card for Nevada payday loans and Utah cash advance services. The first card is free for loan customers. The company has partnered with a national debit card company to offer the debit card, which is accepted at over 1 million merchants worldwide. Merchants accepting the debit card include STAR and PLUS ATMs, grocery stores, fast food restaurants, gas stations, the post office and more. The debit card partner does charge usage fees but USA Cash Services will give the customer $1.50 with every approved debit card loan.

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P2P Cash and Gust Win Startup Challenge

SWIFT financial messaging provider announced that P2P Cash Technology and Gust have been awarded “Top Startup” and “Top Innovator” from the inaugural Innotribe Startup Challenge Regional Showcase. P2P Cash Technology won the title of “Top Startup” with innovation in financial transactions, having developed a highly scalable mobile financial services solution that brings secure, low-cost banking functions to the unbanked consumer via the mobile phone and proprietary cash management system. Gust won the title of “Top Innovator” with innovation in the sourcing and managing seed and early-stage equity investments.

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NatPay Extends Hours for ACH Customers

In order to accommodate a thriving West Coast customer base as well as provide valuable processing time to customers in all time zones, NatPay (National Payment Corporation) recently adopted a new operating schedule that gives payroll administrators more time to process their payroll. NatPay is better able to accommodate growth into larger segments of the payroll processing ACH market. NatPay is one of the nation’s largest independent Direct Deposit service providers and is one of the nation’s leading providers for all ACH distribution solutions.

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Proxama and ARM Partner on NFC mWallet Platform

Proxama NFC mobile commerce solutions is working with ARM to create secure future payment mechanisms for mobile handsets. The collaboration will focus on marrying ARM “TrustZone” technology with the Proxama Mobile Wallet on a highly secure environments for NFC mobile contactless payments and mobile internet payments. It’s predicted that the amount spent worldwide on NFC payments will surpass $100 billion by 2016.

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Hanse Orga and IdenTrust Complete eBAM testing

Hanse Orga AG fully embedded financial software solutions and IdenTrust have completed the first phase of eBAM testing. The particular focus was on the exchange, validation and processing of ISO 20022 XML messages generated by the Hanse Orga’s FinanceSuite eBAM solution and received by IdenTrust Trust Prime eBAM application. Hanse Orga’s FinanceSuite eBAM solution is now capable of providing full integration and compatibility with the IdenTrust digital identity and eBAM solutions for bank customers.

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Payment Card Spending Rebounds

New Zealand consumers in January commenced spending on their credit and debit cards as the value of total transactions advanced 1% to a seasonally adjusted $5.45 billion. This after monthly declines in the previous two periods. Spending on core retail industries was also up 1% to $3.37 billion. The figures come after Paymark data showed a 3.5% increase in electronic card spending last month, which account for nearly 75% of New Zealand’s electronic card transactions. Unadjusted spending rose 5.4% to $5.3 billion from the year ago period as the number of transactions rose 3.9% to 100 million.

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LCH.Clearnet FY Revenue Up 16% Y/Y

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] LCH.Clearnet Group Limited (LCH.Clearnet) announced its full year net revenues were up 16% to EUR387.2 million from the year ago figure of EUR335.0 million. Additionally, profit was up 81% to EUR106.9 million from the 2010 figure of EUR58.9 million; clearing income was up 16%; net investment income was up 21%; and…

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Postal Provider Issues Clear2Pay MasterCard PayPass

Clear2Pay next generation payment solutions Management Consulting unit has co-operated with the innovative national postal provider bpost to launch the MasterCard PayPass prepaid card, “bpaid.” The Clear2Pay strategy allowed bpost’s card issuance program to launch in less than 15 months. The bpaid card has been equipped with MasterCard PayPass technology and will be available at all bpost post offices from the 13th of February. The bpaid card itself will not be personalised to the cardholder, allowing bpost to issue and activate the card immediately for use within minutes of purchase.

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