FinCEN Adopts Final Rule on Prepaid Access

The Financial Crimes Enforcement Network (FinCEN) has published in the Federal Register its long-awaited final rule on “prepaid access” (formerly known as “stored value”). The result was worth the wait, with substantial improvements that should significantly reduce the regulatory burden the proposed rule would have created. The rule includes Issuers, sellers, and redeemers of prepaid access are no longer exempt from anti-money laundering (AML) requirements, which are only established for prepaid access products that (1) limit maximum value, and daily loads and transactions, to $1,000, and products that are funded solely through wages and employee benefits, so long as such products cannot be used internationally, do not permit person-to-person transfers, and cannot be reloaded from a nondepository source. This is effective September 27.

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AmEx Refines Delta SkyMiles Card Perks

American Express and Delta Air Lines improved priority boarding and in-flight savings for eligible U.S. Consumer and Small Business Delta SkyMiles Credit Cardmembers, beginning September 1. With this, Gold and Platinum Delta SkyMiles Credit Cardmembers will enjoy priority boarding on Delta flights, giving them early access to overhead compartments. Reserve Delta SkyMiles Credit Cardmembers will continue to use the Sky Priority lane and have access to Premium Security lines where available. Gold, Platinum and Reserve Delta SkyMiles Credit Cardmembers can also now check one bag for free and extend the benefit to others traveling in their reservation on every Delta flight.

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Restaurant Chain Deploys SonicWALL Network Security for PCI-DSS

SonicWALL intelligent network security and data protection solutions announced DavCo Restaurants deployed SonicWALL Network Security Appliance (NSA) 4500 firewalls, a Secure Remote Access (SRA) 4200 appliance, 154 SonicWALL TZ 210 firewalls and a SonicWALL E-Class Universal Management Appliance (UMA) EM5000. The company operates 154 restaurants in the Mid-Atlantic region, including Baltimore, Washington D.C. and Northern Virginia and selected SonicWALL to speed up its daily POS downloads to corporate headquarters for its 154 distributed Wendy’s locations. To become PCI DSS compliant and securely transmit credit card transactions over the Internet, DavCo deployed paired NSA 4500 firewalls at its corporate headquarters with a SRA 4200 appliance and 154 TZ 210 firewalls in all its locations.

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Text2Pay Announces Direct Billing Offering Expands

Online mobile payments provider Text2Pay announced Rogers, Bell, Fido and Telus customers, can now use its mobile billing platform to pay for virtual goods and online content from participating merchants, safely and easily. Customers’ mobile phone accounts are billed securely, using a two-factor PIN/ZIP code authentication for each transaction. Not only is this transaction method convenient and easy to use, the use of Text2Pay is more secure than using a credit card transaction. The Text2Pay mobile payment platform enables merchants and mobile developers a simple, effective way of monetizing their online offering or adding depth to their current payment options. With no credit card details required, merchants are able to access a wider range of customers and can expect their conversion rates to soar across all customer segments.

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SafetyPay Gets European Payment Directive License

SafetyPay secure payment facilitator and clearinghouse benefiting online shoppers, online merchants and banks worldwide has been granted a license as a Payment Institute through the Payment Services Directive (PSD), which enables the company to offer cross border payments throughout Europe. SafetyPay has earned one of only 15 licenses issued throughout Europe, affording it validity in all European Union countries. The PSD provides requirements regarding payment services and a detailed list of rights and obligations for both Payment Service Providers and users in the European Union. SafetyPay must adhere to a vast array of compliance regulations set forth by the PSD in order to ensure secure transactions.

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S1 2Q Revenue Up 22% Y/Y, FY Revenue Up 20%

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] S1 Corporation payments and financial services software solutions posted its 2Q/11 results, with total revenue having increased 22% to $63.3 million from the year ago figure of $51.8 million. Meanwhile, 1H/11 revenue was up 18% to $121.2 million from $102.9 million in the six months ended June 30, 2010 thanks to…

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First Data Protects Internet Banking Clients With IronKey

First Data electronic commerce and payment processing will now refer clients of its “Internet Banking” to IronKey’s “Trusted Access” to help them protect customers from potential hack attacks. The IronKey “Trusted Access” secure browsing solution allows financial institutions to provide Internet banking customers defense from criminal attacks and malicious ZeuS, SpyEye, Sunspot, and OddJob software and will assist First Data clients who choose the service in meeting Federal Financial Institutions Examination Council (FFIEC) guidelines for new online security controls. Trusted Access provides a secure Web browser protected in a fully virtualized, read-only environment tailored to protect online banking sessions from known and unknown crimeware. Even if a computer is infected with malware, the online banking session should remain safe, secure, and private. Unlike other approaches, Trusted Access assumes a client’s computer is infected with the latest zero-day attack that would go undetected by anti-virus and other software technologies.

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First Data Introduces Information & Analytics Suite

First Data electronic commerce and payment processing launched its suite of product offerings from its Information and Analytics Services (I&AS) division, providing analytics and insights on its proprietary “SpendTrend” tools to merchants. Its “Business Track” portal provides key information for credit, debit, prepaid/gift card and check data while “First Data Alerts” lets merchants keep on top of deadlines and avoid unnecessary chargeback losses. The new Data File Manager application brings a best-practice approach to this often time-consuming process, with a focus on flexible, self-service capabilities so merchants get just the data they need when they need it. Lastly, the First Data “Prepaid Advisor Benchmarking Toolkit” lets prepaid card program managers access the competitive insight they need to understand how their program is performing compared to industry peers.

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American Express Unveils US Open Initiative

American Express announced two programs designed to support tennis and give Cardmembers increased access to playing and experiencing the game as part of its “Next Contenders” program. Teaming up with Chris Evert to provide Cardmembers and tennis fans everywhere with insider information on what is happening on and off the courts leading up to the US Open, the program will rally fans to support their favorite Next Contenders as they train, strive and contend to be the future of the sport at this year’s US Open on Twitter @ChrissieEvert and at usopen.org/nextcontenders. AmEx is also launching the annual Fresh Courts program, investing in the renovation of existing tennis facilities in need of repair across the U.S. in La Mesita Park in San Diego, Calif., Jefferson Recreation Center in Washington D.C., North Avondale Courts in Cincinnati and Astoria Park in Queens, N.Y.

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Element Named a 2011 Best Channel Product

Value Added Resellers (VARs) and Independent Software Vendors (ISVs) participating in Business Solutions’ annual survey ranked the Element “Express Processing Platform” as a leading payment processing technology. Subsequently, the Element platform is being honored with the ‘2011 Best Channel Products’ award, the fourth consecutive award for Element Payment Services from Business Solutions magazine since the survey debuted in January 2010. The Element “Express Processing Platform” is a purpose-built payment engine, architected for an evolving industry with a Service Oriented Architecture (SOA). ISVs can easily integrate software applications with Express, incorporating its robust suite of PCI compliant technologies which include P2P encryption and tokenization.

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BBVA Compass Deploys Fiserv P2P payment

BBVA Compass is now offering customers the “ZashPay” P2P payment service from Fiserv. This allows BBVA Compass customers to send money easily to anyone with a U.S. bank account using only the recipient’s e-mail address or mobile number, which is deducted directly from the sender’s banking account and deposited into the recipient’s account. The “ZashPay” service makes Simple Personal Payments a great option for a wide variety of our customers’ payment transactions, from large expenses, such as rent payments, to smaller transactions between family and friends. The service makes it turnkey for a parent to supply a college student with additional funds or to contribute money to a teacher’s gift fund, without needing checks, stamps or cash.

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