Over 3,300 financial institutions are now using Fiserv solutions for Remote Deposit Capture (RDC) serving a total number of end-users of more than 160,000, having processed nearly four billion items. The “Source Capture Solutions” from Fiserv are designed to enhance the reliability, versatility and scalability of image capture and check processing with a common web based platform. This solution set includes branch, merchant, teller, ATM and the increasingly popular consumer and mobile capture all on a common web platform that enable remote deposit capture.Details
Charlie Noreen, CFO, Henry Gage, Jr., VP, Product Management and Nevil Patel, VP, Operations have all recently been appointed to their respective positions at
i2c payment processing. Noreen brings with him over 25 years’ finance experience and is currently a partner at FLG Partners and has previously served as CFO for a number of companies. Gage brings with him over 20 years’ experience and will be responsible for i2c’s product roadmap and the distillation of ideas into products that add value to clients and consumers. Patel brings with him over 20 years’ experience as well and has assumed the role of VP, Operations. Before joining i2c, Patel served as COO at both S&L Solutions and Pi Sigma Group, IT consultancy and development companies.
Wells Fargo & Company has kicked off new features to its “WellsOne Commercial Card,” allowing customers to manage their accounts and capture expenses with smartphones using the “CEO Mobile” service. This lets cardholders add out-of-pocket expenses, view charges, and check available credit using a smartphones, while administrators can view and edit credit limits and review declined transactions. Additional features include the “Commercial Card Expense Reporting” (CCER), allowing program administrators to control employee spending and convenience while traveling.Details
Much of the recent growth in debit card transactions was thanks to increases in purchases for small dollar amounts, 64% of which are now for amounts under $25. Meanwhile, nearly 50% of all card transactions worth less than $15 are made with signature debit cards, while 41 percent of all card payments over $25 are made with general purpose credit cards. This, according to the latest Federal Reserve Payments Study of payments made between 2006 and 2009, also concluded approximately 60% of remittance checks are written by consumers to businesses; consumer-to-consumer checks have the highest average value of all consumer check types at $472; nearly 80% of checks are written for less than $500; of the approximately 18 billion checks cleared between banks, over 92% were cleared using electronic images in place of paper; nearly 50% of paper statements contained only itemized listings of transactions; fully electronic statements and image statements each represent nearly 25%; and statements with checks enclosed are at less than 1%.
The Fed study also showed growth in all payment types appears to have been slowed by the economic recession, with credit cards having averaged an annual decline in transaction value of approximately 3% from 2006 to 2009; prepaid card transactions increased the fastest of payment types by approximately 22% annually from 2006 to 2009, and the value of prepaid transactions increased nearly 23% per year. With 2.7 billion transactions in 2009, Private Label, or closed-loop, prepaid cards such as those issued by and used only at specific retail stores, are still the most commonly used type of prepaid card as was the case in 2006. This compared to Approximately 2 billion transactions made using Electronic Benefits Transfer cards, which are used to spend government benefits, and 1.3 billion were made using General Purpose, or open-loop, prepaid cards which carry one or another widely-accepted network brand in 2009.Details
Chase Card Services has partnered with the AARP Foundation to raise funds to help solve the problem of senior hunger in America and will automatically donate $0.03 for each purchase made with the AARP Visa Card from Chase and $1 for each new account opened up to $2 million each year to the AARP Foundation for “Drive to End Hunger.” The national effort to end hunger among older Americans is response to 50+ Americans impressions hunger is one of the most pressing issues facing our country today, which they are willing to act to combat. Of the 51 million Americans who face the threat of hunger, nearly 6 million are over age 60. In just two years, from 2006 to 2008, the percentage of older Americans struggling with hunger more than doubled.Details
The Los Angeles Business Journal announced its Top 50 Minority-Owned businesses in Los Angeles County this month. NationalLink, a leading provider of Automated Teller Machine (ATM) solutions from transaction processing to field service and repair, ranked No. 24 on the list, with an annualized growth rate of 14%. Information about the Los Angeles Business Journal Top 50 list is currently available on its website. NationalLink offers the latest in transaction processing, ATM fleet and portfolio management, armored car delivery and field service and repair. NationalLink has grown over the past 15 years to be a network of over 10,000 ATMs.Details
RewardsNOW, a leader in integrated, turnkey loyalty programs for financial institutions, is pleased to announce launch of its new website at www.rewardsnow.com. Making it unique is how the website highlights the RewardsNOW trademarked loyalty program process, Extended Rewards Network, and showcases services offered in support of a rewards program. RewardsNow is a provider of loyalty marketing services for the financial industry. RewardsNow designs, implements, and managers turnkey direct marketing and rewards programs for all banking products from credit and debit cards, to loan, deposits, and online banking.Details
The American Bankers Association has extended its endorsement with Trustwave information security and compliance solutions. ABA’s endorsement of Trustwave DataControl offers ABA members access to a unique solution that integrates data leakage prevention with Smart TagTM encryption. Smart Tags contain encryption and protection policies that stay with data as it travels from device to device, so data is consistently protected at all times and wherever it goes. Trustwave “DataControl” discovers where sensitive data resides across the organization based on criteria set by the financial institution, and then protects the discovered data by encrypting it.Details
The Electronic Funds Transfer Association is endorsing federal legislation seeking to delay the July implementation of Federal Reserve rules limiting how much banks can charge merchants for debit card services. Opposing requirements the Federal Reserve develop rules and standards for regulating debit card fees by April 21, the EFTA supports bi-partisan legislation (S. 575/H.R. 1081) sponsored by Sen. John Tester (D-MT) and Rep. Shelley Capito (R-WV). The EFTA demonstrated complying with the Durbin amendment could not begin until the Federal Reserve issues “clear and concise” rules and standards. Federal Reserve Chairman Ben Bernanke has already notified Congress that the Fed is sorting through 11,000 comment letters on the rule and will not make the April 21 deadline.Details
The U.S. Environmental Protection Agency (EPA) named Citigroup a 2011 ENERGY STAR Partner of the Year. This award honors organizations that have made outstanding contributions to protecting the environment through energy efficiency. Partner of the Year award winners are selected annually from more than 17,000 organizations that participate in the ENERGY STAR Program. The EPA will officially honor the 2011 winners at an awards ceremony in Washington, D.C. on April 12th. Citi’s ENERGY STAR Program reduced energy consumption by 7.3% and greenhouse gas emissions by 6.3% globally from 2009 levels across a real estate portfolio of 78 million square feet. The bank also earned the ENERGY STAR for 12 facilities in 2010, for a total of 67 facilities since 2008. Citi figured annual energy savings globally in excess of $10 million through operational efficiencies.Details
EZYield automated online distribution management solutions for the worldwide hospitality industry, has achieved third-party PCI-DSS Level 1 Certification for its entire end-to-end hotel reservations processing system. EZYield’s third-party PCI-DSS audit was conducted by Kenneth R. Rowe, vice president of Chief Security Officers, a technology security certification firm based in Scottsdale, Arizona. EZYield is the originator and industry leader of automated online distribution management solutions for the global hospitality industry.Details
The American Bankers Association (ABA) and BITS technology policy division of The Financial Services Roundtable have partnered to prepare the financial services industry for potential new financial generic Top Level Domains (gTLDs) and have teamed with VeriSign, the trusted provider of Internet infrastructure services for the networked world. The Internet Corporation for Assigned Names and Numbers (ICANN) new gTLD initiative could result in an unprecedented number of new consumer domains. As gTLD expansion progresses, BITS, ABA and Verisign will work together to protect the integrity of online financial services around the globe with the possible introduction of new financial services domains. ICANN has targeted June for the completion of the requirements and may begin accepting new gTLD applications by October, with the first approved gTLDs aimed for implementation in 2012.Details