TSYS & U.S. Bank to Process Corporate Card Payments

TSYS forged agreements to provide core processing services to Elavon Financial Services Limited, a subsidiary of U.S. Bank, to begin issuing corporate cards in Europe this summer. For this, TSYS will implement its “TS2 Commercial Card” platform. The “TS2” is capable of serving a client’s portfolio across more than one continent, facilitating rapid, international growth. U.S. Bank announced in March 2011 that it would begin issuing corporate cards to European-based employees of its North American multinational customers through Elavon Financial Services Limited, a wholly-owned subsidiary of U.S. Bank parent company U.S. Bancorp. The cards will meet European technology standards, including full chip and PIN capability.

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Conference Board Examines How Employed Manage Time

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] In 2010, 82% of employed persons worked on an average weekday, compared with 35% on an average weekend day. These employed persons worked an average of 7.5 hours on the days they worked, but more average hours were worked on weekdays than on weekend days (7.9 hours compared with 5.5 hours).…

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CEO Dismissal Rate Up with Poor Performance

S&P 500 CEOs are being dismissed at an increasing rate subsequent to disciplinary actions in recent years, while 25 percent of boards of directors facing a chief executive succession have opted for an outside hire. In 2010 alone, 51 CEOs in the S&P 500 left their post for a total succession rate of approximately 10%, which is also the average annual succession between 2000 through 2009. These findings, according to the Conference Board, also indicated in the 2000-2010 period the succession rate of CEOs of poorly performing companies ranged from 21% in 2002 to 10% in 2009 while the rate for better performing companies varied from 7-12% (also in 2002 and 2009, respectively) while the probability of CEO succession is higher for CEOs who are at least 64 years of age.

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PCI m-payments guidance updates standards

The PCI Security Standards Council (PCI SSC) offered some clarity on what type of payment applications are eligible for PA-DSS validation and listing, including an update on the applicability of PA-DSS to mobile payment acceptance applications. With its “Which Applications are Eligible for PA-DSS Validation? A Guiding Checklist,” merchant retailers can streamline the understanding and process of identifying payment applications that fall under the PA-DSS program. One of the major risk factors determined is the environment the application operates within and the ability of that environment to support the merchant in achieving PCI DSS compliance. The Council has classified mobile payment acceptance applications into three separate categories based on the type of underlying platform and its ability to support PCI DSS compliance, and identified which can now be considered for review and listing as PA-DSS validated applications.

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VocaLink appoints transaction services director

Marc Terry has been appointed VocaLink Managing Director for the Transaction Services Division. Responsible for the leadership and development of Transaction Services business and is in charge of managing the company’s core contracts for Bacs, Faster Payments and the UK Government, Marc brings with him over 20 years’ experience in both the Cards and Payments Industry holding positions in sales, marketing and business development. Prior to joining VocaLink Marc spent 17 years working at ACI Worldwide international payment systems for both EMEA and the Americas. He was also Managing Director of EMEA for Clear2Pay, leading the company through growth and securing contracts with organisations such as Standard Bank SA, PBS, Santander and CEDICAM in France.

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InteliSpend Motivates Employees to Get Healthy

InteliSpend Prepaid Solutions is teaming with Virgin HealthMiles employee wellness program to provide wellness expertise, program design and program delivery for InteliSpend clients. Both companies are focused on helping lower health care costs for employers and employees. This at a time a recent MasterCard survey concludes for every dollar spent on wellness, medical costs fall by about $3.27 and absenteeism costs fall by about $2.73. Wellness programs work to improve the health of employees, reducing healthcare costs for both employers and employees. InteliSpend Prepaid Solutions is an issuer and reseller of American Express- and Discover-branded prepaid products, and a program manager for MasterCard and Visa. InteliSpend provides businesses with prepaid solutions, including stored-value cards, online reward management technology, and program management.

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ViVOtech closes series c funding round extension

ViVOtech NFC software and systems has closed $24 million in a multi-stage extension to its Series C round of funding to drive its growth and accelerate expansion into more countries. The extension featured notable new investors Singapore’s EDBI, SingTel Innov8, and Motorola Solutions Venture Capital, which were joined in the round by ViVOtech’s current financial and strategic investors Alloy Ventures, Citi Ventures, Draper Fisher Jurveston, DFJ Gotham, First Data Corporation, Miven Ventures, Motorola Mobility, Nokia Growth Partners and NCR.

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Intuit Buys Mobile Money Ventures Platform

Intuit has acquired mobile Web banking technology assets from Mobile Money Ventures, or MMV, next-generation mobile financial solutions. This transaction bolsters Intuit Financial Services’ position as a leading online and mobile technology provider to financial institutions. The acquired assets will also help the company bring new innovations to financial institution customers faster. Intuit also provides text message and downloadable application solutions to enable financial institution customers to conduct their critical banking tasks from virtually any mobile phone. Intuit also gains a small team of employees with significant mobile expertise and a strong history of deploying mobile banking solutions to financial institutions to continue to help existing and new customers on the mobile web banking platform.

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Silver Bullet to Ship with Canon Check Scanner

Silver Bullet Technology announced that Ranger is now available for Canon’s imageFORMULA CR-80 and CR-50 Compact Check Transports. Ranger will ship worldwide with every scanner. The CR-80 and CR-50 provides a flexible, high-performance, production-level check processing platform that delivers Canon’s extraordinary image quality in an efficient, countertop design. Ranger is a universal check scanner interface which allows banks to use virtually any item processing software with virtually any check scanning hardware. Ranger offers financial institutions maximum control over their system configurations with minimal integration efforts.

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Bankwest extends 7-Eleven ATM partnership

Bankwest extended its partnership agreement with 7-Eleven, adding an additional 250 ATMs to the existing 403 already in place in 7-Eleven stores, enhancing its broader ATM network. Bankwest has been in partnership with 7-Eleven since 2006, providing bank-branded, ATMs that allow the withdrawal of cash at any time, day or night, in safe and secure locations, throughout the entire 7-Eleven store network along the east coast. This grants access to a total of 650 ATMs in all of 7-Eleven’s locations, allowing Bankwest and Commonwealth Bank customers to conduct transactions without incurring a fee.

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Mobibucks Presents on MENA Success

MENA Managing Director of Mobibucks mobile marketing and payment solutions presented at the MPD Payments Innovation Institute on June 23 and 24 at Harvard University in Cambridge, MA. The focus of this year’s Institute, one of the leading forums in the payments industry, was on the role of mobile and social commerce in driving innovation in payments. For this, Mobibucks showcased its next-generation mobile payments, marketing and rewards solutions. The company also showcased its recent mobile payments service launch at Abu Dhabi Commercial Bank (ADCB) in Abu Dhabi, UAE. ADCB is the first bank to offer this unique mobile payment service.

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IndusInd Bank to add 400 branches by March 2014

IndusInd Bank plans to open about 400 branches over a period of three years to expand its presence in the country. With this, the branch network should go up to 425 by the end of March 2012 and the bank is expecting credit growth of about 25% and deposit growth in the same range. IndusInd Bank also signed a Memorandum of Understanding for issuing salary accounts to personnel of all ranks of the Army with host of benefits. The salary account is tailor-made and provides various concessions on fee and interest to army personnel while inward remittance would be free and users are issued a lifetime free credit card.

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