Chase Paymentech Introduces Payment Security

Chase Paymentech merchant acquirer and payment processor has introduced its “Safetech” Fraud and Security Solutions suite, deployed separately or as a group to ultimately protect from POS global online fraud and data breaches. The Suite, which is primed to grow in the coming months, currently includes “Safetech” Fraud Tools and “Safetech” Encryption. The tools suite addresses the necessity to retain legitimate sales while preventing fraudulent transactions, which reached in excess of $3 Billion last year alone. The “Safetech” Fraud Tools combines Chase Paymentech’s transaction processing and scale with the patented technologies of Kount fraud detection technology. The “Safetech” Fraud Tools are useful on all currency and payment method.

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New West Intros Cloud POS and Inventory

New West Technologies has developed its mobile POS and inventory solution operated from the cloud, designed to scale and control handheld POS and Inventory units on demand. The “Mobile X” web portal acts as a control panel for the mobile registers, performs transactions, tender sales, updates inventory, and customers. Items, customers and configuration are all maintained and reported against in real-time from the web. The “Mobile X” updates and maintains the essential variables concerning POS and inventory management reporting in real-time, web based. This solution gives you and your staff control over multiple areas of your business with the freedom and versatility of a mobile device.

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ValidSoft Deploys Four-Factor Authentication

With card skimming having risen over 750% in the last 3 years given how easy scammers can copy the magnetic strip of a debit or credit card for use just as a legitimate debit or credit card, ValidSoft announced its 4-factor protection. Belgian debit cards will now only be accepted in 56 countries within and around Europe that use Chip and PIN enhanced security while ValidSoft electronic fraud detection and prevention solutions is pointing to its own “VALid-POS” solution. Correlating the origination of a purchase or withdrawal using a card to the proximity of the card owner through the card owner’s cellphone in less than half a second so banks can check the legitimacy of the transaction before it completes, “VALid-POS” stops suspected fraud immediately.

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Cardlytics SVP Awarded TAG 2010 Tech Marketing

Technology Association of Georgia (TAG) has named Cardlytics’ SVP, Rod Witmond, a winner of its 2010 top Marketing Awards. Recognizing Georgia-based technology marketers that demonstrate proven results and a track record of marketing innovation, the TAG Award commends Witmond, SVP, Product Management and Marketing as “Corporate Marketer of the Year” for his work with Cardlytics. He is responsible for driving the company’s branding and marketing, as well as managing the company’s media and analyst relations. Cardlytics has grown its portfolio significantly and is now providing millions of offers to consumers throughout United States through their banking relationships under Rod’s watch.

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77% of Merchants Expect 2011 eCommerce Revenue to Climb

UK merchants predict positive eCommerce growth in 2011 with only 2% expecting a decline. On average, 1.9% of 2010 orders accepted later resulted in fraud (compared to 1.6% in 2009), although this figure does vary by market sector. Furthermore, 59% of respondents expect fraud management budgets to remain stagnant in 2011, with 10% expecting to have less available. Meanwhile, merchants continue to expand with nearly 60% of UK merchants now accepting online orders from abroad. This, according to the seventh annual “UK Online Fraud Report” survey by Visa’s “CyberSource,” also indicates 59% of merchants say a delivery address is a good indicator of suspicion while 58% are more concerned about the IP address.

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MoneyGram Shows Americans Outpouring in Recession

Nearly half of U.S. residents said they donated cash to international disaster relief efforts over the past two years, with 43% having donated cash to fund international disaster relief efforts. Of these, 87% gave to relief efforts related to the earthquake in Haiti while 22% donated to the Chilean earthquake/tsunami that struck in February 2010. This, according to a national poll commissioned by MoneyGram International, also shows 72% will donate about the same or more to international relief efforts in 2011; 48% referenced for donating to international disaster relief efforts was “impact on children”; 27% of men and women between 18 to 34 indicated they will give more to international relief efforts in 2011, which is 10% higher than any other age group. Haiti was the leading relief effort for respondents ages 18 to 34 at 95%, and ages 45 and older at 80%.

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eLayaway Adds New CIO

Larry Witherspoon has been named Chief Information Officer with eLayaway payment processor. Responsible for helping establish the Company’s payment system as a widely recognized brand name in alternative payments for consumers and merchants, Witherspoon most recently acted as an advisor to the Company. In this role he assisted existing management solidify an operational foundation that is scalable. Before this, Witherspoon was CEO of Tickets.com where he was responsible for the company’s overall direction and strategic plan.

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FinArch Planning Tool Awarded by Chartis

FinArch international software provider of truly integrated reporting, finance and risk has been selected as winner of ‘Risk and Finance Integration’ by Chartis Research in their “RiskTech100 2010” report. The accumulation of changes to capital and liquidity, increased compliance requirements around reporting, monitoring, documenting, data capture and modeling is already creating significant new pressures for banks. Chartis, therefore, highlights credit risk management, operational risk & GRC, Liquidity Risk & ALM, market risk and real-time intelligence as some of the key drivers for risk technology expenditure in the following years. With this, the FinArch “Finance Resource Planning” (FRP) concept provides integrated solutions for IAS/IFRS, General Ledger, Sub-ledger, Trading Ledger, Liquidity Risk, ALM, Basel II Basel III, E-Cap, regulatory reporting as either discreet components or as a totally integrated solution.

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Worldwide Interactive Delivers Item Capture

VSoft global information and technology provider of process improvement solutions for financial institutions has partnered with Worldwide Interactive Services to offer its Teller and Home/Office Item Capture services to its “CUtopia” core credit union customers. CUtopia’s e-Suite banking core software solution was developed to provide credit unions with a highly functional, reliable and fully compliant in-house system with VSoft’s proven RDC solutions. These let credit unions reduce operational costs and effectively compete with larger institutions. VSoft’s teller capture solution allows credit unions to capture deposits at the teller window, or behind the teller line in the branch back office, depending on strategy, branch footprint and deposit mix. Its Home/Office Item Capture solution enables credit unions to further extend their services by providing added convenience for personal of small business accounts.

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Main Street Softworks Adds Card Data Reporting

Main Street Softworks secure payment processing for retail POS, e-commerce, and embedded applications has added Enhanced Data (“Level III”) Reporting features to its “Monetra” PA-DSS validated payment transaction processing software. Enhanced Data reporting enables merchants to submit detailed, receipt-level information when processing transactions with Visa or MasterCard, whom generally qualify for significantly reduced credit card transaction fees. Other Main Street offerings include the “CardShield” suite of data protection tools providing “tokenization” and P2P encryption features for high security and rapid PCI compliance.

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Chase Card Division Generates Over $1B 4Q/10 Income

JPMorgan Chase reported fourth-quarter 2010 net income of $4.8 billion, an increase of 47% compared with $3.3 billion for the fourth quarter of 2009 while full-year 2010 net income was $17.4 billion, an increase of 48% compared with $11.7 billion for the prior year. For the Card Services division, net income was $1.3 billion, compared with a net loss of $306 million in the prior year, and total merchant processing volume was $127.2 billion on 5.6 billion total transactions processed. Meanwhile, end-of-period loans were $137.7 billion, a decrease of $25.7 billion, or 16%, from the prior year and an increase of $1.2 billion, or 1%, from the prior quarter. Average loans were $135.6 billion, a decrease by 17% of $27.6 billion from the prior year and $4.5 billion from the prior quarter. With this, net revenue was $4.2 billion, a decrease of $902 million, or 18%, from the prior year. The provision for credit losses was $671 million, compared with $4.2 billion in the prior year and $1.6 billion in the prior quarter, thanks to lower net charge-offs and a reduction of $2.0 billion to the allowance for loan losses due to lower estimated losses.

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Global Axcess Completes ATM and DVD Acquisitions

Global Axcess independent provider of self-service kiosk solutions has purchased the assets of a portfolio of 140 ATMs from a privately held nationwide network of automated financial service terminals, effective December 1, 2010 to expand its ATM and DVD kiosk businesses. It also completed the acquisition of Tejas Video Partners (“Tejas”) unattended DVD rental kiosk business and its 260 DVD rental kiosks to now control about 600 units, primarily at U.S. military facilities. The Company’s total DVD kiosk portfolio will be located at a combination of highly attractive grocery store chains and highly sought after locations on U.S. military bases. Global Axcess Corp was founded in 2001 to emerge as the leading independent provider of self-service kiosk services in the United States and now manages or operates approximately 5,300 ATMs and other self-service kiosks in its national network spanning 43 states. Back in August, the Company reported a 2Q/10 revenue of $5.5 million, a 3% increase year over year. The Company’s core revenue from ATMs was $5.4 million while DVD rental revenue was $60,000. ATM and DVD kiosk operation generated income of $625,000 and a loss of $293,000, respectively (CardFlash Library, 8/22/10).

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