EastPay Awards its First Leadership in Payments

EastPay has presented its first-ever Leadership in Payments Award to Richard R. Oliver, Executive VP and Director of the Retail Payments Risk Forum of the Federal Reserve Bank of Atlanta. This recognizes his 38-year career consisting of his leadership in the advancement of electronic payments, having focused on providing efficient, effective, and secure e-commerce. The award was presented at EastPay’s Information Interchange 2011 conference. His early involvement in the ACH system led him through several trailblazing roles, and ultimately to a position that since 1998 has included leadership of the Fed’s check and ACH services nationwide. In this role, Rich has been an innovative guiding force, leading the Fed in its provision of efficient and reliable check and ACH services. Through the partnership he has developed with the NACHA community, he has helped the industry adapt to the growth and fast-evolving dynamics within the current ACH environment.

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Bill.com Launches Receivables Feature

Bill.com paperless bill management and payment has launched its “Bill.com Receivables,” available to all existing and new users looking to better manage their day-to-day financial operations online. Receivables more than doubles the business processes capable with Bill.com, letting users send custom invoices, collaborate with customers and receive electronic payments. This lets users email personalized invoices and send automatic reminders; create a branded “payment portal” for each customer, letting them make payments; and lets customers add bank account information to make ePayments and set up recurring payments. Customers can also pay via credit card.

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Fiserv Acquires Credit Union On-Line

Fiserv financial services technology solutions has acquired Credit Union On-Line (CUOL) credit union service organization that runs an outsourced version of the Fiserv “XP2” account processing solution. CUOL has been providing data processing solutions for credit unions since 1980. Most recently, it has focused on offering a hosted, ASP version of the latest release of the XP2 account processing solution. It is the first data center to leverage XP2 in a service bureau environment and has developed proven techniques to maximize the efficiency of delivering the advanced account processing solution in this model.

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ControlScan Furthers Commitment to PCI Compliance

ControlScan PCI compliance solutions is renewing involvement with the Electronic Transactions Association (ETA). The ETA Certified Payments Professional Item Writers Task Force is responsible for developing, reviewing, editing and approving test questions for the Certified Payments Professional credentialing examination. Over the course of four-six months, the committee will work under the direction of a professional certification expert to develop and beta test sound, valid and reliable exam questions. Meanwhile, its Education Committee is responsible for identifying, developing and reviewing program content for seminars, training sessions, workshops and ETA University curriculum.

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Heartland Payment Offers Acculynk Internet PIN Debit

Heartland Payment Systems has partnered with Acculynk to provide “PaySecure” Internet PIN debit solution to its Internet merchants. The software-only service lets customers use his/her debit card and bank-issued PIN to pay for online purchases. Available to existing and prospective Heartland merchants by 2Q/11, the service uses its graphical PIN-pad for the secure entry of a consumer’s PIN. Transactions are processed using a merchant’s existing payment processor connections.

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VSoft Enters Second Decade of Credit Union Service

VSoft Corporation process improvement solutions for financial institutions has entered its second decade of providing payment solutions to credit unions. Its solutions enhance credit union efficiency throughout branch networks, remote deposit channels, and central operations. Over the past 10 years, VSoft has partnered with both credit unions and credit union processors. These long-term partnerships have resulted in VSoft solutions serving more than 1,500 credit unions and their members nationwide.

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Groupe Aeroplan Bets on Premier Loyalty & Marketing

Groupe Aeroplan has completed the second tranche of its minority investment in Mexico-based Premier Loyalty & Marketing’s “Club Premier” coalition loyalty program. The investment of US $11.8 million follows the signature of the co-branded credit card agreement between PLM, Aeromexico and Grupo Financiero Banamex. With this, Groupe Aeroplan will now account for its investment in PLM under the equity method.

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TIO Bill Pay App Makes Top 50 List of Free Apps

TIO Networks bill payment processor through its bill payment platform has processed over $1million dollars of bill payments since taking its first transaction on December 18, 2010. TIO’s first mobile bill payment “app” is in the top 2% of Apple’s “best selling” free finance apps,(approximately 3100) on the apple app store. It was recently ranked as one of the top 50 “best selling” free finance apps. Also, as of last week, the mobile platform had processed well over 5000 transactions, indexed over 5000 different bills and enrolled approximately 10,000 members who have initiated the application approximately 50,000 times.

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Transat Adds Second Card Processor For Credit Card Transactions

Transat has signed a new agreement with a second credit card processor. Valid until February 28, 2015, the contract is in accordance with the agreement entered into with its principal credit card processor whereby Transat can transfer up to 20% of its annual Canadian credit card transactions to another credit card processor. The Company is required to maintain a minimum unrestricted cash and cash equivalents position at the end of each quarter as well as an obligation to maintain financial leverage ratio comparable to its bank agreement. A failure by Transat to comply with these covenants could result in a variety of adverse consequences, including an obligation by Transat to provide this new credit card processor with a letter of credit according to a predetermined formula based on the quarterly dollar volume of credit card transactions done by this new credit card processor.

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Misys Completes Sophis Acquisition

Misys UK application software has acquired Sophis. With this, the combined businesses will service 19 of the top 20 capital market organisations and 13 of the top 20 global asset managers. Accordingly, Misys can now give give capital market clients unparalleled flexibility and scope and depth and breadth across not only size of financial institutions but also asset classes.

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CARD Act not to Blame For Rate Hikes

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The interest rate hike was not a result of the new Credit Card Accountability Responsibility and Disclosure Act, rather from the effect of a rough economy as financial institutions having controlled credit and raising interest rates for risk coverage and revised credit qualifiers. The CARD act did not affect rates or…

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Paymetric & b2b2dot0 Forge Referral Partnership

Paymetric integrated and secure payment acceptance solutions has entered into a referral partnership with b2b2dot0 SAP eCommerce solutions to promote each other’s solutions to their respective SAP All-in-one customers. Paymetric will provide industry leading enterprise payment processing and secure tokenization solutions for b2b2dot0’s roster of clients in the manufacturing and wholesale distribution industries. The partnership will provide new sales opportunities for Paymetric and will provide b2b2dot0 with an enhanced service offering and additional revenue. In addition, Paymetric’s rapidly growing client list will also benefit from this partnership by being given access to b2b2dot0’s On-Demand B2B eCommerce solutions. b2b2dot0’s eCommerce solution extends client’s SAP solution and real-time data to the online ordering process, giving customers that place orders on the Web accurate and personalized information about pricing and product availability.

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