EFT Canada to Acquire Credit Card Gateway

EFT Canada entered into a Letter of Intent to acquire the technology assets of Linterna Technologies for a total purchase price of $650,000. The acquisition is expected to close on August 19th, 2011 and is subject to certain customary conditions, as well as the completion and signing of a definitive agreement and approval by the TSX Venture Exchange. LTL operates mainly as an electronic transaction processing consulting firm specializing in operational processes, banking relationships and fraud related controls. The java based software provides its users a web-based point of sale interface that merchants can utilize to accept server to server credit card transactions and the ability for a variety of mobile e-wallet options. In addition, the technology has a built in rules based fraud detection system that is integrated with a number of third-party services that will allow EFT Canada to expand its product offering beyond just financial transactions. LTL will be paid by EFT Canada $0.05 per credit card transaction processed for a period of three years following the closing date. Such payments shall not to exceed an aggregate of $330,000.

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Apriva & Open Solutions Launch EMV Offering

Apriva end-to-end wireless transaction and secure information solutions forged its strategic initiative with Open Solutions to deploy EMV-compliant contactless debit and credit card acceptance technology for vending machines and unattended devices. Open Solutions is a Direct Connector member of the Interac Association, a national payment network that allows Canadians to access their money through ATMs and point-of-sale terminals across Canada. Introduced in 2010, Apriva “Vend” is an end-to-end cashless vending solution that enables operators to accept card-based payments at vending machines.

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Phaedrus Inks Cypherbridge Distribution Agreements

Cypherbridge Systems appointed Phaedrus Systems safety-critical and high-integrity tools and services its UK distributor. With this, Phaedrus will be distributing Cypherbridge products, such as “uSSL Software Stack,” a portable ANSI C software stack implementing standards based SSL, PKI, crypto, hashing, and network protocols; “uLoad” Boot Loader and Installer, a portable ANSI C secure boot loader, image installer and key management; “uSSH Embedded SSH Server,” a portable ANSI C SSH server for interactive shell and tunnelled TCP/IP security layer; and “uCard ISO-7816” card services middleware and drivers for contact and NFC contactless applications, POS terminals and payment applications.

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Eckoh Processes GBP3.2mm transactions in first 3 months

Eckoh, the UK’s leading provider of customer service solutions using speech recognition, is pleased to announce that the EckohPAY solution for RCI Financial Services, which was announced on 1 November 2010, has already processed transactions worth GBP3.2 million since its launch in April 2011. RCI Financial Services (RCI), the specialist motor company provides finance solutions to Renault and Nissan customers of new and used cars and light commercial vehicles and provides funding to the Renault and Nissan dealer networks. RCI prides itself in offering top quality services that its customers have come to expect. Eckoh proposed its real-time PCI DSS compliant payment solution, EckohPAY combined with EckohID, an automated solution that captures and validates a caller’s details, to securely authenticate the caller.

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Unemployment Rate Still Showing No Fluctuation at 9%

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The unemployment rate was once again stagnant in June as the U.S. Bureau of Labor Statistics posted a rate of 9.2%, up slightly from 9.1% in May. This equates to 14.1 million unemployed persons and has climbed a total of 545,000 since March. Meanwhile, the number of involuntary part-time workers sat…

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Bankers Cautiously Optimistic about Consumer Credit

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The outlook on the U.S. economy is a mixed bag, with bankers remaining optimistic about the financial health of consumers but indicating that the “credit gap” for small businesses will grow. Moreover, 38% of bankers expect credit card delinquencies to remain flat, while 31% expect them to fall and only 30%…

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ScanSource Quarterly Sales up 25% Y/Y

ScanSource distributor of AIDC (automatic identification and data capture), POS, communications and physical security products for the reseller market, announced sales results for its quarter ended June 30, 2011 are expected to be in the range of $724 million to $734 million, compared to $582 million for the same period one year ago. On our August 18, 2011 quarter- and fiscal year-end conference call, ScanSource executives will provide sales results by geographies and product areas, net earnings, and a forecast for the following quarter. This reflects ScanSource’s normal reporting practice whereby quarterly sales results are disclosed in a release at a practicable date soon after quarter-end.

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Aptys Solutions Introduces Same-Day Settlement

Aptys Solutions payments network provider for financial institutions nationwide announced that the automated clearing house (ACH) functionality within its “PayLOGICS” payment platform now allows customers the ability to manage and perform same-day settlement (SDS). With “PayLOGICS'” design, customers can take advantage of the service offered by the Federal Reserve through their SDS services and extend that benefit to respondent customers. The settlement functionality within PayLOGICS is customizable, designed out of the box to provide the built-in flexibility for operators to adapt to today’s changing payment landscape. The “PayLOGICS” solution lets adjust to the shifting demands of customers.

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Merchant-Funded Rewards Programs Deep Revenue Stream for Banks & Merchants

Javelin Strategy & Research announces its latest research report Evolving Rewards Strategies: How Merchant-Funded Programs Will Usher in a New Era of Loyalty for FIs.” In it, Javelin highlights incentives for financial institutions to jettison their traditional payment card-based rewards programs in favor of merchant-funded rewards that reduce costs, generate revenue, and build customer loyalty, allowing merchants access to FIs’ transactional data to develop highly targeted marketing campaigns. Based on data from three surveys totaling more than 15,000 consumers, changing payments and rewards environments, presents the key strategic ways merchant-funded rewards programs can be a win-win for both FIs and merchants, and recommends how FIs should evaluate, implement, and promote these programs. Javelin predicts that Durbin and Regulation E together will create up to a $16.4 billion loss of annual revenue for debit card issuers.

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StillSecure Delivers Managed Multi-Factor Authentication

StillSecure network security solutions and certified compliance company announced the immediate availability of the StillSecure Managed Multi-Factor Authentication (MFA) Service for organizations seeking a higher level of security and those currently struggling with PCI DSS compliance. The service can reduce the incidence of network security breaches by requiring multiple factors to properly identify a user and to ensure they are who they say they are. StillSecure’s MFA service, based on RSA SecureID technology, provides an added layer of defense to existing network security. It allows network administrators to access the StillSecure Radar Portal by entering a highly secure password and a random code generated by a token keychain held by the user.

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Global Payout Launches Military Payroll Debit Card

Global Payout is introducing a payroll debit card specifically developed for active military personnel and their families. In addition, anyone with a valid U.S. address and proper identification is eligible for the card. As a reseller for the Tyburn Group, Global Payout will be marketing the military card through various direct marketing channels. The “TrustCard” is a payroll card designed to support the daily needs of armed services families and is backed by a leading national bank, with deposits guaranteed by the FDIC. It ultimately allows cardholders’ pay direct deposited to so he/she and family members can buy groceries, go shopping, pay utilities, withdraw cash, or set up automatic bill pay.

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Sprint App Platform Eases Business M-App Management

Sprint is launching its “Sprint Biz App Marketplace” at http://marketplace.sprint.com. The self-service portal gives customers the ability to browse and purchase a variety of applications targeted specifically to address businesses’ mobile application needs. Businesses can discover and acquire applications that Sprint has vetted as trusted and appropriate to a business customer, including those for location, navigation, fleet asset and time tracking, wireless payments, workflow and productivity. To quickly guide customers towards solutions that are relevant to them, users can find applications by industry or search by type, keyword or provider. Mobile business applications are available through Sprint Business, which is composed of sales, support, marketing and operations personnel solely dedicated to enterprise, small- and medium-sized business and public sector customers.

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