Bank of America Launches Electronic Payroll Distribution

Bank of America Merchant Services payments processing and Money Network- First Data e-payroll distribution solutions- launched the “Money Network” payroll distribution service. This lets employers comply with complex payroll distribution laws, such as the need to offer a paper paycheck and free check cashing locations, while providing a safe and convenient pay alternative for employees who do not have access to a deposit or checking account. This streamlines payroll through more than 17,750 Bank of America ATMs and 43,000 Allpoint® Network surcharge-free ATMs and complete cash access at more than 5,700 Bank of America banking centers that offer a minimum of one surcharge-free withdrawal per pay period.

Details

ClearPoint Analytics Introduces Analytics for Underbanked

ClearPoint Analytics introduced three comprehensive levels of service pre-tailored to meet the analytics and risk management requirements of emerging, mid-stage and larger underbanked financial service providers. Each Analytics Executive-in-Residence service level includes an initial portfolio assessment, and varied access to experienced decision analysts for best practices risk management consulting. ClearPoint Analytics develops custom predictive models for each client to support marketing decisions, prevent fraud, assess risk, and to improve underwriting, return on investment and the overall performance of daily business operations.

Details

Amazon Launches Free Student Android App

Amazon.com announced that the free Amazon Student app is now available for Android, giving students with Android devices a way to shop for holiday gifts, get FREE Two-Day shipping, and trade in used textbooks for Amazon.com Gift Cards, all within one mobile app. College students also get FREE Two-Day shipping on millions of eligible products, from dorm essentials to holiday gifts. Amazon Student members also get access to exclusive deals. Students scan the items they no longer need, ship eligible items for free, and get an Amazon.com Gift Card, which can be used towards millions of eligible items, including holiday gifts for friends and family.

Details

Western Union Announces e-Affidavit

The Western Union Company launched its electronic Affidavit allowing permitted consumers to easily send money to family members and friends in Cuba from most participating US Western Union Agent locations. No longer only available from a limited number of Agent locations, the Western Union electronic Affidavit allows money transfer service to Cuba for an alternative to the manual and fax paperwork verifications, making the process faster and more efficient. Western Union has more than 220 Agent locations in Cuba.

Details

SelectCore Inks M&A Advisory Agreement

SelectCore has retained a Financial Advisor to act as an exclusive agent in connection with new potential merger / acquisition targets that have been presented to the Company.Due to the size, sensitivity and confidentiality of ongoing discussions, the Company is not at liberty to disclose the parties at this time.This engagement is not related to the Company’s proposed acquisition of a Canadian payment processor as previously announced on October 31, 2011 and November 21, 2011.

Details

Euronet & Ikano Bank Deploy ATMs in IKEA Stores

Euronet Germany completed its latest ATM outsourcing agreement with Ikano Bank GmbH, for which it will provide outsourcing services for the Ikano Bank ATMs exclusively located in IKEA Deutschland GmbH & Co. KG stores. This ushers in Euronet as the future ATM provider for deployments with the Company. The machines provide a 2D bar code reader, thermal receipt printer, contactless card reader for mobile wallet payments, extra cassettes for coupons to be dispensed with cash and the potential to add an additional 42 inch digital advertising screen above the ATM. Additionally, the IKEA FAMILY Bezahlkarte, a closed looped store card, will be accepted for cash withdrawals at the Ikano Bank ATMs.

Details

RDM Posts 4Q & FY/11 Fiscals

RDM Corporation specialized software and hardware products for electronic payment processing reported its financial results for the year and three month period ended September 30, 2011. For this, total revenue was $4.8 million in the fourth quarter of fiscal 2011, compared to $5.1 million in the fourth quarter of 2010 and $4.6 million in the prior quarter. The Company generated $987,000 in cash from operations during the quarter. Payment Processing Services revenue was $2.6 million up 4% over Q3 2011. Meanwhile, gross profit was $2.2 million or 46% of revenues in the fourth quarter of 2011, compared to $1.9 million or 37% of revenues in the fourth quarter of 2010 and net income, excluding special charges was $298,000.

Details

Jet Airways Partners Four New Brand Partners

Jet Airways’ JetPrivilege announced four new opportunities to earn JPMiles for its members with the addition of four new brand partners in the ever expanding retail, hotel and telecom categories. In the Retail category, Jet Airways has announced a partnership with The Bombay Store, a contemporary lifestyle store specialises in Indian artifacts & gifts and home products. It has also partnered with Helios – The Watch Store while in the Hotel category it partnered with Lemon Tree Hotels. Jet Airways’ “JetPrivilege” fourth telecom partner is Clay Telecom, a market leader in mobile communications, providing premier wireless services, International Postpaid & Prepaid SIM cards, Data Services & Global E-mail Services to travelers.

Details

Egyptian Consumers Want More Widespread Digital Payment

Nearly 48% of Egyptians said that as payment card machines are not available in most consumer outlets, this inhibits their use of electronic payment cards. Also, cash withdrawal from ATM machines remains the most common use of payment cards, in spite of the findings showing that 95% of respondents are aware their cards can be used for direct purchases. This, according to Visa, also shows 53% use debit or credit cards at least once a week. While 63% of respondents mentioned that greater availability of POS machines would make using payment cards more convenient for them, 27% suggested that branding at POS machines will make their payment card usage experience more satisfactory in addition to 24% who suggested they would be more satisfied if POS machines would function with no networking problems. Overall, 60% of mainly use credit cards while 39% use debit cards and 1% prepaid cards.

Details

SelectCore Advanced on Debt Facility

SelectCore prepaid telecom and financial services transaction processor for the under-banked consumer market announced an additional tranche of $500,000 (the “Additional Advance”) has been advanced to the Company pursuant to the terms and conditions of the long-term secured convertible debt facility (the “Facility”) with its senior lender Windsor Bancorp Limited Partnership (“Windsor”). The Additional Advance comes due on the same date as the Facility, which is September 2013, with the option of extending for two additional one-year terms. The Additional Advance will bear an interest rate equal to the prime rate charged by the Royal Bank of Canada plus 9% per annum.

Details

Payzone Site Offers Discount Card Terminal Rentals

Payzone payments acceptance network launched its new website dedicated to the highest quality, most affordable credit and debit card payment terminals available to rent. Payzone Cards incorporates Visa and Mastercard payment terminals into business services, allowing them to accept VISA and Mastercard credit and debit card payments at the best rates; with support from the highest quality customer service. Payzone boasts the lowest card charges in the industry, up to 50% cheaper than other credit card processing provider, while terminal fees remain capped for 5 years and you won’t pay a joining fee; saving you as much as £150 from the outset. More than 20,000 retailers currently use Payzone terminals.

Details