ACH Alert granted fraud prevention patent

ACH Alert announced it has been granted a patent for its fraud mitigation system. The ACH “A.L.E.R.T.” patented automated processes provide real-time protection for commercial and individual clients, simplifying the identification of trusted trading partners for the client independent of bank involvement and making the dispute resolution process a “lights out” proposition for the financial institution. Commercial, mid-size and small business accounts are all subject to the same limited return window of one to two days if they are victims of an unauthorized ACH debit. ACH Alert’s patented process’ real-time detection and immediate response to an unauthorized ACH transaction prevent financial loss. The more restrictive ACH debit block results in a systematic return of any ACH debit that is presented and provides complete protection against unauthorized ACH debits. In doing so, filters provide some flexibility but require a business to obtain the company ID that a trading partner will use in their ACH transactions.

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BancVue Partners With Alaska Option Services

BancVue deposit products, internet marketing strategies, online account opening systems and credit card programs to over 1,300 community financial institutions, announced a strategic alliance with Alaska Option ATM/POS network services as well as credit card, debit card, and ATM Services. BancVue Payment Systems introduces a first for community financial institutions”blended network and processing fees that allow for significant cost savings over traditional network-plus-processing fee structures. BancVue Payment Services’ new card payment solutions can be purchased individually or bundled as needed. Alaska Option Services Corporation was founded by financial institutions to provide shared electronic funds transfer (EFT) services to its member banks and credit unions and now offers a full range of card processing, ATM services and card production services to financial institutions throughout the U.S. Visit www.akaskaoption.com.

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HyTrust to Host PCI DSS Compliance Webinar

HyTrust announced programs to further educate and advance industry awareness of issues involving the use of virtualized infrastructure in environments subject to PCI compliance. Through the virtualized datacenter, the controls that need to be implemented to achieve PCI compliance will be addressed in a webinar sponsored by HyTrust in collaboration with SANS Institute will be offered. It will be led by the co-leads of the PCI SSC virtualization special interest group (vSIG)-Kurt Roemer, Hemma Prafullchandra, Mark Weiner and Phil Cox. Second, security professionals and members of the QSA (Qualified Security Assessor) community are invited to attend a workshop on assessing virtualized PCI environments. The workshop will be held on August 28th, 2011 in Las Vegas and features an overview of the new guidelines and case studies that involve previously-audited environments. Register here: http://info.hytrust.com/QSA_course.html

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GAPWise Joins Provider Exchange Network

Provider Exchange Network (PEN), a division of Open Dealer Exchange launched an integration project with GAPWise to offer dealers the ability to rate and contract for Wise F&I products. GAPWise® is one of the oldest and longest running GAP insurance companies in the United States. This connectivity enables F&I Aftermarket Product eContracting directly from dealer software. Embedded into the system, eContracting functions eliminate the need for the dealership user to access multiple applications or have to re-enter critical deal data in order to complete the transaction. Currently, ADP Menu -previously MenuVantage – and The Impact Group Fusion menu integrate to PEN.

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ACI Worldwide Launches Advanced Payment Server

ACI Worldwide international provider of payment systems released its “Retail Commerce Server,” integrated with ISD Corporation’s In-Store suite of products. ACI is now a pre-eminent provider of a truly comprehensive retailer payment solution, serving 14 of the top 25 U.S. retailers. The combined offerings of ISD and ACI Worldwide give merchants a complete payment processing and value add solution; from driving the point of interaction devices in the stores, through to authorization and settlement, while reducing scope of PCI compliance. This offer includes the additional Retail Commerce Server self-managed solutions, such as gift cards, loyalty, check management, and refund management.

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Revel Systems Launches iPad POS

Revel Systems releases an iPad POS KDS to help restaurants go green in the kitchen. The Kitchen Display System is designed to increase efficiency and save paper. The iPad Kitchen Display System (KDS) has 3 modes: Kitchen View, Expedite View, Fryer view. This system displays food orders to chefs, provides feedback about the status of each order and captures service times for management reporting. The KDS provides a higher level of management control and customer service options. Less hardware equals less cost, commonly used KDS systems require a flat panel display and a bump station.

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CSFI Releases pre-paid card regulation Recommendations

The Center for Financial Services Innovation released a set of policy recommendations for the CFPB aimed at extending consumer protections to General Purpose Reloadable (GPR) prepaid cards. CFSI has supported the development of GPR prepaid cards and now recommends all GPR prepaid card providers are required to list the fees for their products in a standardized and easy to understand fee disclosure box; all GPR prepaid cards are required to have FDIC insurance protection; and to ensure consumers have routine access to information about the money in their GPR prepaid cards and that they have protections on their funds like those that are afforded to traditional accounts.

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Targeting Underbanked and Unbanked Gains Priority

Some banks are beginning to test alternative financial services (AFS) products and reevaluate their product offerings in order to reach the population of underbanked and unbanked Americans, according to Underbanked and Unbanked Consumers in the U.S.: Successfully Targeting Consumers of Alternative Financial Services by market research publisher Packaged Facts. P One product that is attractive to unbanked consumers and that financial institutions can leverage is the general purpose reload (GPR) prepaid card, for consumers willing to direct deposit their paychecks to a card account. BB&T became the first large U.S. bank to offer a prepaid debit card linked to a full bank branch and ATM network. The Federal Deposit Insurance Corporation (FDIC) has found that nine million households are unbanked (8% of all U.S. households) and have no checking or savings account with a financial institution.

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YESpay Evolves brand identity

YESpay International just launched a complete rebranding of its corporate and payment products and services, including a new logo along with website and product brochures. This was to add a fresh, new direction to the business in alignment with YESpay’s long term growth strategy. With a solution offered as a SaaS (Software as a service) model, YESpay drives a change in the market due to its ability to mitigate the merchants need to certify their retail systems to EMV Chip and PIN standards. This enables the merchant to fast track the deployment of fully approved point-of-sale (POS) systems and e-commerce websites in a matter of weeks at low monthly subscription fees. In addition, YESpay’s Payment solution, EMBOSS, significantly reduces the burden related to PCI-DSS compliance, as YESpay removes any sensitive card details from the merchant’s environment.

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CRITERIA USED MOST OFTEN BY CARD PORTFOLIO OUTSOURCERS

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] R.K. Hammer has been involved in 148 card portfolio outsourcing deals over 20 years, ranging in value from $10,000,000 to over $1,000,000,000. Prices have ranged from barely above Par Value to over 37% premium. From those deals and over time we have identified several key elements of proposals that outsourcers liked…

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American Express 2Q/11 Revenue Up 12%

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] American Express posted 2Q/11 income from continuing operations of $1.3 billion, up 27% from $1.0 billion a year ago while net income totaled $1.3 billion, up 31% from a year ago. Consolidated total revenues net of interest expense were $7.6 billion, up 12% from $6.8 billion a year ago thanks to…

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