August Payment Rate Drops 62 Points Y/Y

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The August Fitch Prime monthly payment rate (MPR) performance faltered, dropping 62 bps from July to 21.14%. Primarily comprised of general purpose portfolios originated by Bank of America, Citibank, Chase, Capital One and Discover, the Index’ levels remain well above the index average of 16.3% while gross yield slipped below the…

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US Airways Launches NCR m-boarding pass

US Airways is offering customers mobile boarding pass technology from NCR, allowing them to receive an email containing a digitally signed and encrypted 2D bar code, which they can then scan from their smartphone at the kiosk, bypass check-in lines and head straight to the security checkpoint. The NCR “Mobile Pass” is now available in 14 U.S. airports, including LaGuardia International Airport in New York and Ronald Reagan Washington National Airport in Washington, D.C., and plans to further expand the offering in 2011 are underway. This is in response to findings showing 48% of U.S. travelers who use their mobile phone for travel information and transactions also use their mobile phone to check-in for flights, 45% access itineraries and reservations and one in every seven bar-coded boarding passes worldwide will be delivered to passengers’ mobile devices within two years.

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AmEx Welcomes Virgin America to Its Rewards Program

American Express announces that Virgin America will join the industry-leading Membership Rewards program, allowing American Express Cardmembers enrolled in Membership Rewards to transfer their points into Virgin America Elevate points and redeem for any unsold seat on any Virgin America flight at any time. Virgin America’s rapid growth is closely aligned with where American Express Cardmembers live and where they want to travel. The award-winning airline services top travel markets such as New York, Los Angeles and San Francisco, and recently expanding to Dallas-Fort Worth and Chicago. The Virgin America Elevate program offers Web-based redemption with no blackout dates and has grown to over 1.9 million members since the carrier’s 2007 launch.

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Chase Paymentech to Provide Payment Processing for Marketron

Marketron business software solutions and services for the media industry selected Chase Paymentech as its preferred partner to enable the 7,000 media clients using Marketron solutions to accept credit card and electronic payments from their advertising customers. Marketron clients will benefit from the Chase “Paymentech” credit card and electronic payment acceptance. This arrangement will provide direct benefits to media entities by reducing days sales outstanding (DSO) and collection costs, increasing operating efficiencies and providing convenient payment options for their advertisers. Marketron customers can utilize Chase Paymentech’s processing services as a standalone service but also have the ability to integrate those services with Media Connect, a Mediascape service.

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American Express Intros Online Fashion Shopping

American Express partnered with Style.com and NET-A-PORTER.COM to launch the “NY Street Seen” shopping experience. Allowing fashion lovers to shop instantly for their favorite looks worn by the attendees of Mercedes-Benz Fashion Week until September 30, and captured by renowned street-style photographer Tommy Ton, NET-A-PORTER will host a custom storefront featuring the looks available for purchase at netaporter.com/amexstreetseen. American Express Cardmembers can unlock an exclusive NET-A-PORTER.com offer on Facebook to get a $100 statement credit when they spend $500 or more. To get this and other special offers, Cardmembers can visit amexfashion.com.

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U.S. Bank Deploys On-The-Go Banking Services

U.S. Bank is introducing its “Mobile SinglePoint,” connecting customers to their account information from their mobile device, extending the Bank’s “SinglePoint” web portal and “SinglePoint Essentials” suite of services for small businesses. The “Mobile SinglePoint” uses the same security standards and policies as SinglePoint and SinglePoint Essentials. U.S. Bank piloted “Mobile SinglePoint” to a select group of customers, confirming efficiency and convenience. U.S. Bancorp is the fifth-largest commercial bank in the United States and operates 3,086 banking offices in 25 states and 5,086 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

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eLayaway Joins the Secure Vault Payments Network

eLayaway is set to join NACHA’s & eWise’ Secure Vault Payments (SVP) private online payment network network and offer SVP to their customer network of over 100,000 members in the fourth quarter of 2011. Secure Vault Payments is the only online payment system designed specifically for the unique security and convenience requirements of online payments and ecommerce. Secure Vault Payments brings value to consumers, financial institutions, merchants and billers in a closed loop payment chain. Secure Vault Payments provides real-time authorization with guaranteed payment of ACH transactions at costs typically more cost-effective than existing solutions while lowering risk.

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Payvment introduces developer platform

Payvment Facebook ecommerce platform launched its “Open Payvment” development platform that enables application developers and service providers to integrate their offerings with Payvment and build new apps using Payvment’s social commerce infrastructure. Payvment-enabled applications will gain immediate exposure to more than 100,000 registered sellers using the Payvment social commerce platform. The new solution targets companies that want to add on or create new services using the Payvment platform and companies that want to integrate their products and services with Payvment. The “Open Payvment” platform allows third-party software to pull Facebook order data into their system and give sellers the ability to manage the lifecycle of an order from one location and provides Real-time Orders Notification.

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i2c to Provide Card Processing for Sodexo Solutions

i2c prepaid card processing and payment solutions has entered into an agreement to provide prepaid card processing services to Sodexo Motivation Solutions Quality of Daily Life Solutions. Sodexo Motivation Solutions will implement i2c’s “My Card Place” (MCP) global prepaid processing to administer their General Purpose Reloadable (GPR) and incentive gift card programs, Esteem Pass and Ultimate Pass. Esteem Pass, a Restricted Access Network card, and Ultimate Pass, an open-loop card, are offered to Sodexo Motivation Solutions’ clients as part of a comprehensive portfolio of reward solutions.

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TSYS Announces Journal Online and Editorial Board

TSYS announced the redesign and new online format for n>genuity journal (www.ngenuityjournal.com), the thought leadership journal of the global payments industry published by TSYS for executive level and other payments industry professionals. The site provides new user-friendly features, a crisp, modern design and intuitive navigation and sorting features. In addition to becoming a more sustainable publication, the paperless format will result in more frequent publishing of payments news, commentary and all-new research from leading experts in the industry.

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BluePay Offers Advanced POS Card Processing

BluePay retail credit card processing solutions include advanced POS systems, credit card terminals and software for accepting multiple types of payments quickly and safely. BluePay’s retail credit card processing services allow merchants to authorize credit cards seamlessly with advanced POS systems such as Aldelo, Micros, Aloha and Squirrel. BluePay can even integrate retail payment processes with merchants’ existing accounting software for simplified, accurate reporting. Other payment solutions from BluePay include virtual terminals, mobile and wireless capabilities, secure hosted payment forms, and e-commerce processing. BluePay is a one-source solution for merchant account needs in compliance with PCI standards.

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Ping An Bank Implements Fiserv Funds Transfer

Fiserv announced Ping An Bank has implemented the Fiserv solution for asset/liability management, liquidity management and funds transfer pricing. Ping An Bank required a bank-wide daily liquidity and interest-rate risk management solution that would also handle its regulatory reporting. In addition, the bank chose to replace its in-house funds transfer pricing solution, which lacked key functionality such as forward funds transfer pricing projection and analysis.

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