ValidSoft CEO Interviewed by CEOLive

On CEOLive, ValidSoft CEO Patrick Carroll touted the company’s “privacy by design” features as positioning the company well to respond to worldwide concerns over fraud and privacy. Carroll also pointed out that the growth of NFC and “tap and go” payments using cell phones rather than credit cards would lead to a five-fold increase in electronic transaction volumes and favors ValidSoft’s multi-factor authentication approach to fraud prevention. ValidSoft’s Card Fraud prevention and detection authentication, designed to take place in 400 milliseconds, includes “something you have” (a mobile phone) coupled with “somewhere you are (or not).” ValidSoft’s fraud prevention solutions are attractive due to the fact that their privacy considerations are “built-in, by design” and help protect against the most sophisticated security attacks by being globally organized, multi-layered, and effective 24 hours a day/7 days a week, while remaining invisible to users.

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Bank of Ireland Appeals to Students

Third level students who open an account with Bank of Ireland this year can avail of free day-to-day transaction banking, interest free loans and a free European flight as part of a comprehensive student package launching in branches nationwide this week. The package is designed to help students deal with the inevitable cash-flow challenges during college years and includes a student overdraft, a credit card and other benefits such as discounted foreign exchange. Parents too can benefit from initiatives such as a new college fees loan to fund the payment of increased college registration fees. The package includes free banking on day-to-day transactions; 9 months interest free grant advance overdraft; 9 months interest free travel loan; Discounted student loans at 11.9% APR; student credit card offering 0% interest on purchases for 6 months; and an ATM/Laser card for worldwide access to cash.

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AsiaPay expands its payment services and technologies

AsiaPay launched its “PayDollar” advanced, secured and comprehensive online payment services and technologies to banks, merchants and payment service providers. AsiaPay established its tenth sales and service operation in Kuala Lumpur. AsiaPay Malaysia is able to support merchants in processing credit card transactions with four leading banks as well as direct debit payments. AsiaPay is a certified International 3D-Secure vendor for Visa, MasterCard, JCB, and American Express, and has been PCI DSS compliant since 2006.

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CPM’s Pan European Contact Center attains PCI DSS

CPM’s Pan-European, multi-channel contact centre of excellence is delighted to announce they have just received the accolade of full PCI DSS accreditation. The operation is located in the heart of Barcelona and is now one of the only call centres across the region to provide a fully secure, credit card payment processing solution to its clients. Achieving complete Payment Card Industry Data Security Standard compliance has not only enabled CPM to enhance the service provision for three of its existing global hospitality and FMCG accounts; it provides prospective clients with a fully accredited and secure PCI environment from which to undertake a range of international projects requiring online payment processing capabilities; whilst simultaneously being able to take advantage of one of the richest and financially attractive, multi-native labour pools across Europe.

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Xsilva Systems rebrands as LightSpeed, opens API for custom apps

A new open API that will drive the development of creative custom Point of Sale applications and a powerful eCommerce connector that supports the market-leading Magento platform, are the major new features of LightSpeed version 3.5 released today by Xsilva Systems. The company also announced it is rebranding as LightSpeed to capitalize on the worldwide reseller network, extensive user base and broad brand-name recognition it has established for its acclaimed retail technology since launching in 2005. Additionally, version 3.5 updates LightSpeed Mobile and is ready for the new Mac operating system, Lion. The opening of the API makes LightSpeed a dynamic POS platform that caters to the store owner, developer or IT manager looking to build custom add-ons to the platform, while still remaining an easy-to-use, well-priced and richly functional out-of-the-box system that is attractive to small- to medium-sized retailers.

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Collective POS to Implement Hypercom POS

Collective Point of Sale Solutions payment processing services has selected and will deploy at least 2,000 Hypercom “Optimum T4220” countertop point of sale terminals with the SPOS32 magnetic stripe and EMV software application. Collective POS has also selected Hypercom’s “Term-Master” Suite terminal management software system to streamline terminal set-up and management. Hypercom’s PCI-approved and Interac-certified “Optimum” fixed countertop and mobile payment terminals for Canada include the “Optimum T4220” (Ethernet with dial), “Optimum T4210” (dial), “T4230” (GPRS with dial) countertop and “M4230 GPRS” and “M4240 Bluetooth” mobile card payment terminals.

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UAE Exchange Awarded Superbrand for the third time in a row

UAE Exchange global remittance and foreign exchange brand has been awarded the Superbrands status for the third consecutive time, considered to be a stamp of quality and innovation. It is awarded based on market dominance, longevity, customer loyalty and other related criteria. UAE Exchange was chosen as one of the most preferred and strongest brands in the UAE during 2009 and 2010 too and has more than 520 direct offices spanning over 24 countries across five continents. The strong correspondent banking relationship with over 150 global banks further adds to its strength to reach out to over 3.5 million customers with the best service.

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National Employment-Credit Use Correlation Counter

Of the total $2.432 trillion in outstanding US consumer debt, total outstanding revolving credit edged up in May by 5.1% to total $793.1 billion. Unfortunately, so to did unemployment, albeit an unremarkable increase to 9.2% of the US population. Current outstanding revolving credit compares with the April figure of $789.8billion, down 1.3%, and runs counter…

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Consumers Saved $4.3 B in Late Fees with Expedited Bill Payment

More Americans used expedited bill pay services in 2010, saving $4.3 billion in late fees. Javelin Strategy & Research “Expedited Payments: Consolidator Originated Routing Solutions May 2011” study shows that two-fifths of Americans used an expedited payment service to pay a bill and avoid late fees but that expedited payments services, such as PreCash’s “Billocity,” are currently not available through most banks and other financial institutions. Data also showed 58% of consumers who never made an expedited bill payment at their bank’s website”but have made an expedited payment at a biller site in the past 12 months”indicated they would like to use a bank site to make an expedited payment in the future. Additional conclusions show demand for expedited bill payment services is growing and consumers are expected to reap $6.3 billion in savings by 2015. A 2009, National Foundation for Credit Counseling survey found 58 million U.S. adults pay their bills late, and consumers spent a staggering $20 billion in credit card bill late fees in 2009.

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Fremont Bank Deploys First Data chip debit cards

Fremont Bank full-service community bank will now offer offer clients state-of-the-art secure chip debit cards. The technology featured in the new debit cards will provide an advanced level of data security for Fremont Bank’s clients and will be available to an initial group of approximately 400 of its debit cardholders during in 3Q/11. Fremont Bank’s new debit cards will use STAR “CertiFlash” chip application developed by First Data’s “STAR Network” that uses one-time card number technology to advance security at the point of sale. The STAR CertiFlash technology eliminates the consumer’s card data from the payment transaction, which is programmed onto a chip that is embedded within a payment device, such as a debit card. Real cardholder data from the STAR CertiFlash transaction is not stored in the merchant’s systems or transmitted when the transaction is processed.

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NCR to Acquire Radiant Systems

NCR signed definitive agreements to acquire Radiant Systems POS and managed hosted service solutions to the hospitality and specialty retail markets for an equity purchase price of $1.2 billion. NCR and Radiant Systems currently anticipate the transaction will close during the third quarter of 2011, subject to regulatory approval. The transaction accelerates NCR’s strategy of expanding into core industry adjacencies and will allow it to create a third core industry vertical, after its Financial and Retail lines of business, and establish category leadership in the hospitality and specialty retail markets. The tender offer is expected to commence on or before July 25, 2011. The offer will be open for a period of not less than 20 business days from its commencement and will be conditional upon, among other things, valid acceptances of the offer in respect of shares representing more than 50% of the outstanding Radiant Systems shares on a fully diluted basis as well as satisfactory completion of other customary closing conditions, including regulatory approval. NCR plans to raise approximately $1.1 billion of new funded debt to finance the transaction. The financing will enable NCR to maintain a strong liquidity position post transaction. J.P. Morgan, RBC Capital Markets, BofA Merrill Lynch and Morgan Stanley provided committed financing to NCR for the transaction.

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Heartland Financial renews Fiserv debit processing

Fiserv financial services technology solutions is set to process signature and PIN debit transactions for seven of the nine banks that make up Heartland Financial USA, all of which will continue their membership in Fiserv’s ACCEL/Exchange PIN debit network. Heartland has been a Fiserv customer since 1998. Heartland Financial uses Fiserv’s “Prologue” Signature bank platform, “Accounts Payable,” “Prologue General Ledger” and “Output Solutions.”

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