eBay Acquires Zong m-Payment

eBay announced it completed its acquisition of Zong, provider of payments through mobile carrier billing, for total consideration of approximately $240 million. Zong leverages connections with more than 250 mobile network operators around the world, offering localized, secure and easy-to-use payments for digital goods and services in 21 languages and 45 countries. Consumers simply enter their mobile phone numbers, which Zong then verifies and clears the payment on the customer’s existing wireless service account.

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Reg E Overdraft Prices Remain Flat a Year Later

Monday, August 15th is the one year anniversary of the implementation of Reg E – opt-in for debit card & ATM overdrafts, meanwhile depositories have maintained the price for an overdraft transaction at a national median of $28 since the summer of 2010, according to Moebs $ervices. The study also found that Wall Street Banks lowered the price of an overdraft (OD) transaction to $34 in 2011, down from $35 in 2010. NSF return fees increased to $28 in 2011 up from $27 in 2010. In 2010 financial institutions had to comply with Reg E, which required them to get approval from consumers before covering a debit card or ATM overdraft. The Moebs study found over 77 percent of consumers opted in to allow their financial institution to overdraw their checking account when funds were not available for a transaction. The study also found that other overdraft services are fading.

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ValidSoft Technology Instantaneously Prevents Cyber Fraud

ValidSoft subsidiary of Elephant Talk Communications can now detect fraud faster and more accurately. With this, it uses real-time, high-precision Proximity Correlation Logic that operates at high speed within the transaction authorization, invisibly to the consumer. The ValidSoft platform is powerful enough to support up to 400,000 lookups per second. By correlating the cardholder’s mobile phone with the origination of an ATM or POS transaction, ValidSoft determines if the cardholder is in proximity to the transaction. With respect to privacy, ValidSoft operates an anonymous, encrypted service for which it received the prestigious European Privacy Seal (EuroPriSe).

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China Minsheng Bank Chooses FICO Compliance Initiative

FICO analytics and decision management technology has won an engagement with China Minsheng Banking Corporation (CMBC) to provide Basel II compliance consulting, analytic services and support. In addition to ensuring Basel II compliance, the project is part of CMBC’s initiative to focus on small and “micro” businesses by using data-based risk management tools and analytics. Through this initiative, CMBC is expected to reduce its capital reserve requirement. FICO’s assignment with CMBC includes testing and verifying the existing grading model; designing new grading models for application, transaction and collection in the small and “micro” business, retail and credit card businesses; conducting pool assignments of risks; and estimating PD, LGD, EAD and other risk indicators.

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GRG Banking Implements intelligent cash automation

GRG Banking deployed its first intelligent cash automation solution order for its P2801L AutoDepot bulk deposit ATM at RT Mart Taiwan, a large retail chain. GRG Banking is partnering with Intersys Taiwan self-service solution provider to implement the solution. The implementation will include the AutoDepot ATMs, CashierMaster platform tools and licenses, professional services, project management and cash-in-transit services. AutoDepot is a cash deposit automation system that automates the notes and coins deposit transactions by counting, identification, sorting and saving.

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NCR launching self-service bill pay kiosk hardware

NCR is launching its “SelfServ Bill Pay Kiosk” hardware, software and managed services payment solution with SIM card dispensing in the Middle East and Africa region, allowing users to purchase SIM cards, top up pre-paid mobile phones and pay bills by cash, credit or debit card. NCR also said it anticipates demand from tourists or migrant workers who opt to buy SIM cards for “unlocked” phones to be able to make calls when they are abroad, rather than incurring voice and data roaming charges from their home network operators.

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Secure POS Forges Lab Partnership With Witham Laboratories

The Secure POS Vendor Alliance (SPVA), a non-profit business organization founded by Hypercom, Ingenico S.A. and VeriFone, partnered with Witham Laboratories, a leading provider of information security evaluations with expertise in the payment industry. The consultant will serve as SPVA’s first Lab Network member and will focus on testing SPVA’s end-to-end encryption security requirements. The SPVA Lab Network is designed to facilitate the closing of gaps in security payment process compliance by ensuring certain aspects of technology and applied processes are subject to independent verification and standard guidelines. Witham Laboratories is to test data to be encrypted during transmission; key management; physical and logistical security of TRSM and key components; and encryption monitoring and management systems.

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UnionPay Beats Out Visa as Largest Card Association

China’s UnionPay is now the largest payment card scheme in the world, its brand appearing on three in every ten cards worldwide. Visa cards are still well ahead in terms of usage and spending, and the fact that most UnionPay cards are found in China. The global market is projected to expand from 8.0 billion in 2010 to 10.1 billion by 2015, as a slowdown in card issuance in the mature North American and western European regions is more than offset by rapid growth elsewhere. The prepaid and debit card sectors each grew by more than 10% in 2010, whilst the credit card sector contracted by 6%. Although debit cards make up 62% of the card base worldwide – a share that has risen by four percentage points since 2009 – there is still considerable potential for further growth.

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Vend POS provider raises funding, Set to Expand

Vend online pos software has secured a significant injection of capital from a European investment consortium led by Point Nine Capital to accelerate its international growth, expansion of its development team and opening a California sales office. Vend provides an intuitive and powerful web-based POS software that lets retailers process sales, track inventory, and manage customers. Vend now has thousands of users in more than 80 countries, less than a year after it was launched.

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Chargeoffs & Bankruptcy Improve Without Outstanding Balances

As consumers continue using credit cautiously, charging less and increasingly paying down balances this summer, total outstanding revolving credit edged up 7.9% to total $798.3 billion, reflecting a second consecutive month of increase. With credit card defaults having registered the second largest monthly decline since 2005 and now on par with historical averages, revolving credit…

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Citi Commercial Cards to Issue Chip & PIN Card

Citi launched its “Citi Corporate Chip and PIN” compliant smart card designed for U.S. corporate cardholders traveling abroad. The card includes an embedded microprocessor and was developed in direct response to clients’ needs to use their U.S. commercial cards while traveling to regions where merchants are more familiar with chip cards and for use at un-manned kiosks where an agent is not always available to run the transaction through a POS device. Citi has achieved its rapid expansion around the globe by providing clients with the consistent business experience that only a common unified technology platform and lack of reliance on bank partners can provide. As a result, Citi clients around the world benefit from consistent customer service, functionality, reporting, and innovative products such as the Citi Corporate chip and PIN card.

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MasterCard Names Managing Director, Access Prepaid Worldwide

MasterCard Worldwide announced Debra Janssen has been appointed managing director of MasterCard’s Access Prepaid Worldwide subsidiary. Janssen will oversee operations and continue to advance the Access Prepaid Worldwide business, which is focused on the management and delivery of consumer and corporate prepaid travel cards to business partners around the world, including financial institutions, retailers, travel agents and foreign exchange bureaus. She will add this position’s roles and responsibilities to her current purview as group executive, Integrated Processing Solutions (IPS) at MasterCard, given her experience as executive vice president of EFT Processing Services for Fidelity Information Services and president of Debit Services Group and the STAR Network at First Data Corporation.

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