Dashen Bank Now Accepts UnionPay Card

Dashen Bank launches electronic banking services for UnionPay Card holders this week using its 90 ATMs and 717 POS terminals. While briefing local media journalists at the Sheraton Addis on the last year’s performance of the bank yesterday evening (October 18, 2011), he stated that Dashen Bank is the first African bank to sign partnership agreement with UnionPay, which at the moment has some two and half billion clients across the world. UnionPay will be the third card for Dashen Bank which has been providing services for Visa and MasterCard users. In order to cut the foreign currency each bank spends to import ATMs separately, all private banks have now established a company called ET Switch, which will enable all to use the same machine which accepts cards of all banks.

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Filipino Remittances Up 11.1% Y/Y

MONEY sent home by Filipinos working abroad was up 11.1% to reach $1.7 billion in August to $1.5 billion compared to the year ago period, says Bangko Sentral ng Pilipinas. The August inflows brought the eight-month tally up 6.9 percent to $13 billion, with cash transfers from land- and sea-based workers growing by five and 14.4 percent, respectively. The top 10 sources of remittances include economically troubled nations such as the US, Japan and Italy, as well as Canada, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Germany and Norway. Combined flows from these countries represented 84.9% of total remittances reported by banks, the BSP said.

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Ariba Acquires b-process Electronic Network

Ariba collaborative business commerce solutions closed the acquisition of b-process, a privately-held provider of electronic invoice network. With this, Ariba further expands its global footprint and extends its leadership position in the market for e-invoicing solutions. Certified by an independent accounting firm to handle value-added tax and invoicing regulatory requirements in 24 countries, b-process delivers solutions for e-Invoicing that are used by large buyer customers across industries, which accept invoices in any type of structured format files, including positional, EDI, XML and PDF, allowing buyers and suppliers to quickly and easily connect to the b-process commerce network and begin processing invoices.

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ACCOUNT HACKERS IMPLEMENT ‘REVERSE-ENGINEERING’ ATM SOFTWARE

Sophisticated criminals are using ‘reverse-engineering’ techniques to gain access to individual bank accounts and to banking software systems, giving rise to a threat of widespread theft and fraud. Highlighted by Automated Teller Machine Industry Association (ATMIA) in its recent report examines the threat of ‘reverse-engineering’ of ATM software by criminal gangs. ATMIA sees evidence that criminals are targeting ATM software as a new frontier of fraud. Software reverse-engineering (RE) will be highlighted as one of the most dangerous threats in ATMIA’s new ‘Best Practice Manual’ to be published on 20 October.

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Increases in ATM fraud thanks to Cash trapping

EAST (the European ATM Security Team) posted a 69% increase in ATM related fraud attacks thanks to a surge in reported cash trapping activity across eleven countries. Total incidents increased from 6,649 in the first six months of 2010, to 11,220 for the first six months of 2011 (of which 6,756 were due to cash trapping). During a cash trapping attack criminals prevent cash from a genuine transaction being dispensed – and then remove it when the cardholder has left the ATM. Over the same period incidences of card skimming fell by 33% to the lowest level since 2008.The majority (77%) of ATM related card skimming losses continue to be international (losses outside national borders by criminals using stolen card details) with most occurring in countries outside of Europe.

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MasterCard Rebrands World Signia

MasterCard rebranded its “World Signia” affluent customer solution “World Elite” across Europe. With this, the Company expanded its merchant-supported “World Elite Privileges Program” to include global travel, more than 5,000 luxury hotels, two leading car hire companies, private jets and lifestyle experiences – including spas, golf and fine wine – from major global brands. With this, “World Elite” cardholders can tap exclusive offers from over 40 Privileges partners, including The Savoy London, Mandarin Oriental and Raffles Hotels & Resorts. World Signia cards are currently issued by RBS, NatWest, Coutts and Barclays in the UK.

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Mint Unveils Remittance Subsidiary

Mint Technology has formed its “Mint Money” (“M-Money”) subsidiary, established to address the opportunity within Mint’s existing cardholder base for Money remittances within the UAE and internationally. Mint’s core business is in the UAE and is the largest non-bank financial firm servicing over 400,000 foreign labor employees with a payroll card. Mint will first launch its Microfinance program in Q1 2012 followed closely by its Money Remittance and Mobile top up programs.

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Average Credit Card APR Breaks 15%

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Enter the recession, average credit card APRs hit 16% before dropping to a record low 12.64% back in 2010. Since January 2011, however, rates have been consistently trending upward to now sit at a record high 15% for October, up .04% from last month and .17% since January. With this, low…

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Ignite Sales and Diebold Partner, Focus on ATM cross-sales

Ignite Sales customer-centric bank product sales and marketing solutions partnered with Diebold integrated self-service, security systems and services to offer Diebold customers its Sales Product Recommendation Guides. The Ignite Recommendation Guides Software-as-a-Service solution matches and recommends the most relevant bank products to a specific client’s need, enabling banks to more easily and cost effectively upsell and cross-sell products while increasing customer satisfaction. The engine extracts information from data and uses it to predict future trends and behavior patterns, using quantitative methods to derive insights from data and then drawing on those insights to create profiles of propensities-to-buy.

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Business Bank of Texas Implements Jack Henry e-payment

Jack Henry & Associates technology solutions and payment processing services for financial services organizations and its iPay Technologies division is supporting the Business Bank of Texas with its “iPay Biz 2.0” online bill payment suite. Business Bank of Texas is a four-year-old bank focused solely on business banking in Austin, Texas. It leverages the Web as a virtual branch, offering small- to multibillion-dollar businesses and entrepreneurs 24-hour service. Unlike traditional retail bill pay solutions, iPay Biz 2.0 offers a true business-driven solution that strategically enhances the bank’s existing treasury cash management offerings. Can now manage multiple accounts and set multi-user entitlements that designate fully customizable access, payment thresholds, and PIN changes. Biz 2.0 also features recurring payment options, P2P (person-to-person) payments, B2B (business-to-business) payments, and the ability to send payroll deposits to multiple accounts.

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Harland Clarke Card Services Achieves PCI DSS

Harland Clarke Marketing Services at its production facility have received PCI DSS certification with Verizon Business assessment required for certification. Harland Clarke’s Card Services business also received an Attestation of Compliance with PCI standards from Verizon Business. Within Harland Clarke implements a defense-in-depth strategy, which combines physical control measures with logical control measures, uses a layered security model to provide end-to-end security of client and customer information, and mitigates risk across the supply chain.

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