FICO Stats Show Compelling Range

Research is now indicating the average age of the highest-credit-scoring-consumer (850) is 61 years old, having a birth year of 1950 while the oldest person to achieve perfection was born in 1922. The data revealed the average age of the credit file at exactly 30 years, with an average ‘In File Since’ year of 1981, at the national repository while the span of years between the oldest and most recent file was 36 years. This, according to SubscriberWise analytics-driven risk management and issuing credit reporting agency, also shows the oldest file was created more than a half-century ago in 1958, while the youngest file was created 17 years ago in 1994.

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Paymetric Announces Annual Customer Innovation Awards

Paymetric ntegrated and secure enterprise payment acceptance solutions announced the winners of the 2011 Paymetric Customer Innovation Awards. The annual awards honor the most exceptional and innovative achievements made by companies utilizing Paymetric solutions. They include “Best Use of Technology” to LEGO System; “Best Global Use of Technology” to Lenovo Group; “Best Use of Data Intercept Technology” to the Whirlpool Corporation; “Product Innovation” to LTD Commodities; “Client Services Collaboration” to Movado Group; “Solution Extensibility” to McKesson; and “Paymetric Advocate” to Victorinox Swiss Army.

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IDT Launches Clearinghouse for International m-remittance

IDT has established an international remittance clearinghouse (RCH) for mobile network operators. The RCH facilitates connectivity between traditional, cash-based, money transfer operators and mobile wallets utilizing IDT’s economical transaction settlement and foreign currency exchange services. These services will enable mobile network operators to expand their reach particularly into unbanked immigrant populations in developed countries. IDT will launch RCH services with Smart Communications and Globe Telecom in the Philippines. Smart and Globe serve about 69 million subscribers and nearly 10 million mobile wallets in aggregate. Utilizing IDT’s RCH, Smart Money account holders and Globe’s GCASH account holders will be able to receive proceeds from traditional cash based money transfer transactions and be able to use those funds to make payments or withdraw cash in minutes.

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Small Businesses Using ACH Direct Deposit Likely to Use ACH Direct Payment

Small businesses who already use Direct Deposit to pay employees are prime candidates for Direct Payment. Indicating Direct Deposit is a safer, more convenient way to receive a federal benefit payment than by paper check. Revealing strong preferences towards ACH payments and showing the potential for Direct Payment adoption, more than 44% of small business Direct Deposit users currently employ and plan to continue using other ACH services from their financial institution. Additionally, 37% of Direct Deposit users already pay at least a quarter of bills online and made 48 online or preauthorized bill payments in 30 days, two-thirds more than non-users. This, according to NACHA, concluded small business preferred Direct Deposit, many of whom were predisposed to current online bill payment activity, the use of deposit and cash management services, the number of bills paid, use of online banking services, and online banking activity.

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Mastercard Prepaid Fleet Card Focuses on Refuelling Ease

Typical fuel cards are brand-tied to a particular chain, so if a driver’s holding a fuel card for ‘Garage A’, but needs to fill-up in an area where the fuel stations are mainly ‘Garage B’, they could have a big problem. A prepaid card, such as the “Cashplus” prepaid Gold MasterCard, is the answer for many fleet managers and their drivers as these cards provide access to fuel from any petrol station that accepts MasterCard. The increased control should be a significant help in reducing the risk of fraud while the card could be set up to allow out of pocket expenses – such as garage, breakdown and recovery bills or even unexpected hotel bills if a journey has to be extended. The “Cashplus” prepaid Gold MasterCard are topped up with the company’s money, so there’s no interest to pay, no unexpected fees and no late payment penalties.

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InfoVista Unveils New Cloud Service Performance Assurance

InfoVista service performance assurance will introduce its new unified solution for cloud service assurance at TM Forum Management World in Dublin. Extending its flagship VistaInsight for Networks and VistaFoundation to support cloud-based technologies, InfoVista’s best-of-breed carrier grade performance assurance platform offers end-to-end performance assurance, visibility and reporting for Infrastructure as a Service (IaaS) and other private or public cloud-based applications and services. InfoVista’s solution provides comprehensive support for all virtualization technologies, including the Virtual Computing Environment coalition Vblock infrastructure packages, a collaborative development of Cisco, EMC, and VMware in concert with their vendor ecosystems that integrates virtualization, networking, compute, storage, security, and management technologies, accelerating the service provider’s time to market for launching cloud services.

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Commerzbank & Sentenial to Offer Sepa services

Commerzbank has partnered with Sentenial to deliver value added Sepa services to their Financial Institution (FI) customers. This agreement provides Commerzbank customers with a service to operate SEPA in a robust and scalable manner without changing their back office systems. Sentenial have worked in partnership with Commerzbank to create a detailed solution allowing complete SEPA direct debit compliance painlessly. Ease of use and simplicity is achieved through the product’s unique “SEPA Expert” system that protects and insulates FIs from the complexities of the SEPA direct debit scheme. SEPA direct plus offers a high value, low risk SEPA direct debit service.

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Avangate Teams & PayNearMe Penetrate US Market

Avangate eCommerce and partner-management solutions for software vendors integrated its payment application from the PayNearMe cash payment network. Allowing consumers to pay for software purchased online with cash at nearly 6,200 7-Eleven stores across the U.S., Avangate is the first eCommerce provider for the software industry to implement this payment method. This also makes it possible for software companies to provide products and services to a potential market of up to 60 million US households that do not have a debit or credit card or consumers who simply prefer to pay with cash.

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RBS introduces online Sepa direct debit payments

The Royal Bank of Scotland Group launched its Sepa Direct Debits via “Bankline,” RBS’s online banking service for UK clients. With this, organisations no longer require multiple bank accounts or a range of complex payment instruments to make cross border collections across Europe. Harlands Services Limited are a leading Bacs processing company and have for sometime been seeking expansion opportunities across Europe. Until SEPA, trading in any country other than the UK meant that they would need to adopt the legacy SEPA Direct Debits processing system in each country, which was operationally inefficient and limited business expansion plans. Moving to SEPA has improved Esendex’s cash collection process in Europe and means they can now offer a SEPA Direct Debit solution throughout the region without the need to apply for local bank facilities.

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Uncertainty In Recovery Continues to Unfold

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Bankruptcies were down 7% since the year ago figure, dropping along side credit card chargeoffs .43% to 7.88% of outstanding credit card volume in April. But not everything is just fine and dandy with said outstanding consumer credit now up 2.9% year-over-year, a first since November, just as the Conference Board…

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Younger Males Most Confident in m-Payment Use

Currently, 62% of Americans who use a mobile phone would be open to using their device to make purchases wherever their errands may take them, particularly, 18-34 year-olds. With 63% of 18-34 year olds at ease using mobile phones to make purchases versus the 37% of those 35 or older, 65% feel more naked without their phones than their wallets, compared to only 34% of the elder group. These findings, according to the latest survey by MasterCard Worldwide, also indicate more men than women (51% vs. 40%) would be at ease using it to make purchases; 49% vs. 45% would be more impressed by someone who paid a bill with a mobile application than with a credit card; women more so than men (50% vs. 36%) feel more exposed without their mobile device than their wallets; while 45% vs. 34% would rather have their phones than their wallets ‘surgically attached.’ Across the board, however, 54% agree someone’s phone is more telling of their personality than their wallet.

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New Bank Credit Card Originations Up 28% Y/Y

New bankcard growth is on its way back up, with year-over-year (YOY) total number of originations (Feb. 2011 vs. Feb. 2010) up by more than 28%. Notable within the data is that lenders continue to expand the subprime category with Feb. 2011 subprime bankcard originations up by more than 75% over Feb. 2010 numbers, and total new subprime bankcard credit up by more than 66%. These findings, according to the Equifax “April National Credit Trends Report,” also shows new bankcard credit limits are increased by more than 27% YOY; individual new bankcard average credit limit decreased slightly from the previous year (Feb. 2011 average of $4,008 vs. Feb. 2010 average of $4,086; and the average subprime bankcard credit limit has decreased slightly from $1,025 (Feb. 2010) to $977 (Feb. 2011).

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