Gesa Credit Union Implements Fiserv Accounting

Gesa Credit Union of Richland, WA has chosen to implement the Fiserv “Acumen” account processing solution with in-house delivery. Gesa will also implement “Nautilus” from Fiserv for enterprise content management and “ATM Source Capture,” “Branch Source Capture” and “Teller Source Capture” solutions from Fiserv for item processing. The “Acumen” solution features an open architecture, advanced functionality and superior ease of use, plus the ability to cost-effectively scale as credit unions grow. Acumen is available via service bureau, in-house delivery or resource management.

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nFinanSe Launches Fred’s Reloadable Visa

nFinanSe launched its $3 Visa Reloadable Prepaid Debit Cards at Fred’s Hometown Discount Stores. The Visa Reloadable Prepaid Debit Card is issued by Palm Desert National Bank pursuant to a license from Visa U.S.A. nFinanSe is a registered ISO of Palm Desert National Bank. All cards funds are insured by the FDIC in accordance with the FDIC’s applicable terms and conditions.

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Shift4 Simplifies MI9 POS PCI-DSS Compliance

Shift4 Corporation payment gateway services and MI9 Intelligent Retail System have partnered to combine their “DOLLARS ON THE NET” and “MI9 Store” POS, respectively. With this, MI9 clients will no longer be required to store, process, or transmit sensitive cardholder data, nor will they need to maintain complex encryption keys, and will greatly simplify their PCI compliance. Shifting the data security burden onto “Shift4” will allow merchants to put more focus on their core business while “DOLLARS ON THE NET” users are likely to see overall cost savings thanks to advanced auditing tools.

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Ingenico strengthens its Management Board

Ingenico payment solutions has appointed Christopher Coonen and Michel Leger EVP Global Solutions Sales & Marketing and EVP, President EMEA Region respectively. Christopher Coonen holds a BS from Georgetown University and an MBA from the Northwestern University and brings with him experience gained at Paypal, most recently as VP and General Manager, Continental Europe. His prior experiences include working at Western Union International, and DHL worldwide Express CIS in Sales, Marketing and Development. Michel Léger is a graduate from the National Institute of Sciences of Rennes and brings with him 25 years of international experience in payments, most recently with Netsize m-payment as a General Manger. Prior to this he was with Schlumberger/Axalto as GM, POS business.

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Momentum Continues For Improving COFs

Losses and delinquencies for U.S. prime credit card chargeoffs still continue with positive momentum and ongoing improvements in delinquency from Summer 2010. Loss rates still remain high on a historical basis, which averaged just over 6% for much of the last 20 years, but chargeoffs fell below 9% for the first time in 20 months. Meanwhile, late stage delinquencies trended improved by six bps to 3.37% while 30+ day delinquencies increased 3bps to 4.54% having improved by 26% since last year. This, according to Fitch’s Prime Credit Card Chargeoff Index for December, which dropped to 8.99% for the period, shows a chargeoff index of now 238 basis points (bps) lower than the all time high of 11.37% set in February 2010 and is down 16% year over year. This compared to last month when charge-offs dropped two basis points (bps) to 9.20% to the lowest point in 19 months to stand at 55% above the long term historic average of 5.93% (Cardflash Library, 2010/12/08).

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Discover U.S. Spending Monitor Falls 4.3 Points

After reaching a 3-year high in November, consumer confidence slid in December with more Americans seeing economic conditions and personal finances as poor. Dropping 4.3 points to 87.5, the Discover U.S. Spending Monitor shows 56% of consumers currently rate the economy as poor, a 2-point increase from November, and only 29% feel economic conditions are getting better, down 2 points from November. Additional findings show 26% rate their finances as poor, up 3 points from November and the highest since the year ago period; 46% say their finances are getting worse, up a point from the previous month; 35% expect to spend less in January, compared to 18.5% in November; and 14% were planning to spend more on holiday gifts than the previous year; compared to only 10% in December 2009. Moreover,57% planned on spending less on holiday gifts this year, 7 points lower than in 2009; 47% spent less on gifts this year due to the high cost of gasoline while 43% said high gas prices did not affect how much they spent on gifts; and only 46% have money left over after paying bills, 3 points lower than November. Additional findings show 73% of those who do have money left over after paying monthly bills planned on having the same or more money left over than the previous month and 42% are expecting an income shortfall in the month ahead.

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SAFETYPAY Partners With BANRISUL for Intl. ePay

SafetyPay secure payment
facilitator and clearinghouse for online shoppers, online
merchants and banks worldwide has partnered with
Brazil-based Banrisul to provide the bank’s three million
customers the ability to pay
with their own currency worldwide online. Banrisul’s partnership with SafetyPay supports its ability to provide customers the
safest way to shop online.
To date, SafetyPay has partnered and integrated with 23 financial
institutions worldwide (with a combined customer base of 90 million).

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mopay Sees Predicts Major 2011 mPayments Growth

mopay payment solutions for online merchants is forecasting major growth for the mobile payments industry in 2011, especially in North America thanks to increased consolidation and lower transaction costs. In 2011, the opportunity for increased consolidation is plentiful with credit card issuers, handset manufacturers, telecommunications companies and Internet companies likely to acquire top mobile payment providers. Also, new forms of currency will continue to grow and social networking providers will continue to introduce their individual forms of currency or branded checkout system. Almost all m-payment providers are currently focusing their products and deals on virtual and digital goods merchants. This is about to change; mopay already supports the purchase of physical goods through its platform in 28+ countries, and expects this number to go up significantly in 2011 as the acceptance of mobile payments will grow rapidly. Korea and Japan, where mobile payments for physical goods is commonplace, are good examples of how mopay sees the payment future in the physical goods space. Finally, lower transaction costs will be available from all major U.S. carriers.

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Hitachi ID Launches ID management For PCI Compliance

Hitachi ID Systems has deployed its identity management suite to over 10 million users at over 800 organizations worldwide. In retail, Hitachi ID solutions help some of the world’s leading companies address challenges including PCI compliance, with which they are now required to comply. In doing so, they must implement the use of hard-to-guess passwords, effective controls over access to administrator accounts and more, and assignment of job-appropriate security entitlements. Hitachi ID Systems provides identity management solutions.

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ValidSoft Renews European Privacy Seal

Elephant Talk Communications business software and services to the telecommunications and financial services industries announced ValidSoft wholly owned subsidiary has renewed the European Privacy Seal for the “VALid-POS” fraud detection and prevention product. This renewal provides further validation that “VALid-POS” can fight fraud while maintaining full privacy and can save banks hundreds of millions of dollars a year by helping to determine whether credit and debit card transactions are legitimate or fraudulent. ValidSoft recently signed a contract with Visa Europe for their fraud detection and prevention solutions “VALid-POS” -which works by correlating the origination of a purchase or withdrawal using a credit or debit card to the proximity of the card owner through the card owner’s cell phone- and “VALid.”

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