Interchange Law Boosts eBay Stock

Shares of eBay rose 4% hours after the Fed voted to cut fees retailers pay to accept debit-card payments, which is expected to benefit eBay’s “PayPal” electronic payment service. With this, eBay shares now stand at $32.22. The Fed rule will shift billions of dollars in revenue from financial institutions to merchants. The fees that retailers are charged to accept debit-card payments would be trimmed to 21 cents plus a conditional charge of a penny and 0.05% of the transaction value for fraud prevention. eBay posted 1Q/11 net earnings of $476 million from the year previous figure of $398 million and revenue up 16% to $2.55 billion.

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TCF Requests Durbin Lawsuit Dismissal

The Eighth Circuit Court of Appeals affirmed a U.S. District Court ruling to deny TCF National Bank’s (“TCF”) motion for a preliminary injunction against the implementation of the Durbin Amendment. The decision was based mostly on the lacking clarity on the exemption effectiveness. This in conjunction with the Fed’s final rule on debit interchange led TCF to request the U.S. District Court in South Dakota dismiss the case without prejudice. TCF National Bank is a subsidiary of TCF Financial Corporation and has 442 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota.

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NEC Strengthens Retail and Service Solutions

NEC Corporation announced the global launch of its new “TWINPOS G Series” in addition to its “TWINPOS Series” POS terminal products to reduce total cost of ownership for customers through its exceptional serviceability, reliability and power conservation. The “TWINPOS G5″ touch screen POS terminal and the “TWINPOS G7″ compact POS console begin today throughout markets worldwide, including China, Southeast Asia, India, the Middle East, Central and North America and Europe. Shipment of the “TWINPOS G7″ and the “TWINPOS G5″ are scheduled to begin in July 2011 and October 2011 respectively. The “G Series” lineup of products is designed to meet an ever expanding range of market needs. The “TWINPOS G Series” that contribute to reducing TCO reduce maintenance costs through serviceability, high quality and high reliability.

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Citi’s U.S. Consumer Finance Unit Completes Rebranding

OneMain Financial ompleted the re-branding of its U.S. Full Service Network from CitiFinancial to distinguish its business with an identity that better represents who it is and what it does. OneMain will launch a multi-media advertising campaign comprised of television commercials, print advertisements, digital placements, and radio spots, focusing on their face-to-face solutions-oriented approach to meeting customers’ needs. Citi will continue to use the CitiFinancial name through its network of CitiFinancial Servicing Centers across the U.S. Each Center features extended hours, enhanced management support, and flexible payment options.

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Chase Offers Military Premier Checking Account

Chase launched its ‘Military Banking’ initiative to support military personnel with special benefits. The premium checking account benefits typically reserved for high-balance customers are now available to active duty Armed Forces servicemembers along with members of the Guard and Reserve. Current Chase military customers will be automatically upgraded to Chase Premier Plus with Military Banking Benefits on July 1. Military personnel qualify when they have their military base pay direct-deposited into their Chase account. This means; no monthly fee or balance requirements; no Chase ATM withdrawal fee for using non-Chase ATMs anywhere in the world; No Chase fee on incoming/outgoing wire transfers; and no fee for money orders, official checks and travelers checks at any of Chase’s 5,300 branches, and many more perks.

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Western Union Expands Ad Cash Payment Option

Western Union announced the number of countries has increased where the Western Union cash payment option is available for Google “AdSense” publishers to more than 60 in only 12 short months. The “AdSense” program for online publishers allows them to earn revenue by displaying relevant ads on a wide variety of content including website content, site search results, feeds and mobile websites. The Western Union payment option delivers cash payments quickly and conveniently to site owners and publishers who use AdSense. Check collection and clearing processes can be lengthy, especially when funds are sent internationally. With the publisher’s consent, Google communicates the name of the publisher, the amount to pay and country information to Western Union, which in turn processes a money transfer, and generates a money transfer confirmation number (MTCN) and makes the funds available at a participating Western Union Agent location in the destination country over the Google “AdSense” web system. The publisher goes to the location, presents their identification and picks up the funds.

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ScanWriter Awarded Gold Certification by Intuit

ScanWriter data entry automation technology designed to revolutionize the accounting industry, has been Certified Gold by Intuit. Personable released ScanWriter last fall and has gained notable praise from Accountants, Bookkeepers and Businesses internationally because of its technically savvy and inventive approach to data management. ScanWriter offers Data Entry Automation features which allow users the ease of converting financial documents into QuickBooks entries and supports over 30 QuickBooks transaction types including but not limited to: Bills, Checks, Credit Card Charges/Credits, etc. It automatically enters Account Coding, Customer/Vendor Name, Date, Memo Notes and much more into Quickbooks — allowing an increase of more efficient accountancy by 90%.

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First Credit Union Converts to Jack Henry Core Processing

First Credit Union is converting to a more efficient new “Symitar Episys” core processing system over the Independence Day Holiday weekend. Online account access will not be available during the conversion. Specifically, online bill pay, online banking, mobile banking and telephone banking will not be available starting close of business June 30 until the conversion is completed. Conversion communication to members included information on the First Credit Union website, printed and online Conversion Guide, member newsletter articles, in-branch posters and banners, direct mail, email messages, statement messages and t-shirts worn by employees.

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Diebold & SafenSoft Forge Alliance

SafenSoft security solutions for ATMs and other unattended devices partnered with Diebold, with plans to expand geographic focus over time. SafenSoft “TPSecure” was designed to secure unattended devices such as ATMs, POS systems, and eVoting machines to prevent unauthorized transactions and to prevent insider tampering with the device. The system is focused on maintaining system integrity rather than the resource-intensive, signature-based approach of many security solutions, and it ensures that only authorized personnel using authorized devices can access authorized data and applications.

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CARDTRONICS Subsidiary Puts Up Banner Numbers

Cardtronics’s UK-based Bank Machine, has recorded a banner first month providing ATM services at its new portfolio of busy commuter train station locations operated by Southern Railway in the South of London and England. Southern Railway, a wholly-owned subsidiary of GoVia Ltd., operates a fleet of 300 trains seven days a week, with 447,000 passenger journeys made every day. Bank Machine immediately set about making aesthetic improvements and ATM equipment upgrades. Efficiently executing the ATM site enhancements with a bare-minimum of interruption to ATM availability, Bank Machine assumed operational control of 20 ATMs spread across 12 train stations late in the first quarter. With April marking the first full month of ATM services provided by Bank Machine, ATMs at the entire roster of train stations, including two of Southern England’s busiest railway stations in Brighton and East Croydon, logged at least a 10 percent increase (same month, year-over-year) of cash withdrawal transactions. During the remainder of 2011, Southern Railway will look to Bank Machine to install ATMs at 10 additional train stations, with some housing cash machines for the first time.

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G&D Commences NFC m-Payment Trial

DnB NOR and Telenor have launched its “Tap2Pay” mobile payment trial based on NFC technology. Implementing Giesecke & Devrient (G&D) infrastructure, “Tap2Pay” also enlisted resources from MasterCard’s “MOTAPS” system and “PayPass” payment, as well as Nets payment solutions provider, wherein 250 consumers have been provided Samsung S5230 mobile phones equipped with NFC short-range wireless technology and a SIM card containing a complete G&D end-to-end payment app. The mobile phones are equipped with G&D’s ProxSIM Taurus SIM card 3G/GSM mini SIM card which supports NFC technology and offers special security features. Additionally, for the trial, G&D is installing the MasterCard “PayPass” payment app on the NFC-compatible SIM cards using its secure Trusted Service Manager (TSM) service, which is connected with MasterCard Mobile Over-The-Air Provisioning Service (MOTAPS).

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