Reliant Security Advances MPS Redbox

Reliant Security PCI-DSS marketer has enhanced its “MPS Redbox” and is set to showcase its latest version. The “MPS Redbox” virtualized security platform comprehensively addresses the requirements of PCI DSS cost-effectively. The “MPS Redbox” now delivers other innovative applications to multitask the appliance in retail environments. Its enhancements include Enhanced Dynamic Configuration; Wireless Intrusion Detection; Hosting Payment Applications; Redbox Music Player; and VPN Connectivity.

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2010 Card P/L Under Pressure Despite Growth

Dollar amounts for the 2010 P/L revenue and expense streams for the
credit card issuing industry calculated by investment banker/analyst
R.K. HAMMER indicate 2010 revenue streams totales $163.3 Billion total
for ’10 vs. $166.5 Billion in ’09. This was thanks to interest Income
having totaled $84.9 Billion for ’10 (52% of total revenue), down from
$87.6 Billion in ’09 and fee Income having totaled $78.4 Billion for
’10 (48% of total revenue), down from $78.9 Billion in ’09. Meanwhile,
2010 Expense Streams totaled $144.8 Billion total for ’10 vs. $152.9
Billion in ’09 thanks to operating expense having reached $45.6 Billion
(31.5% of total expense), down from $46.4 Billion in ’09; blended cost
of funds totaling $12.3 Billion (8.5% of total expense), down from
$17.3 Billion in ’09; and net charge offs posting $86.9 Billion (60.0%
of total expense), up from $59.2 Billion in ’09. Finally, the 2010 Net
Pre-Tax Profit reached $18.5 Billion, up from $13.6 Billion in ’09.

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VeriFone and Gemalto Advance Partnership

VeriFone Systems and Gemalto announced further developments in their broad strategic partnership, which will feature cooperative efforts in EMV chip card solutions, Verifone taking control of Gemalto’s POS solutions business and Gemalto’s appointment as the preferred supplier of Machine-to-Machine (M2M) wireless modules and related solutions for VeriFone payment systems. With this, they will introduce EMV chip and pin solutions for the U.S. market as U.S. banks, retailers and card networks increasingly acknowledge chip card and contactless technologies as a core component of a comprehensive security infrastructure. The partnership EMV smart card solutions will offer expertise for both issuing and accepting smart cards for a ready infrastructure to advance the U.S. market towards a much more secure and convenient payment method. Gemalto has been designated VeriFone’s preferred supplier of M2M wireless modules and related solutions. For VeriFone’s planned European expansion campaign, the partnership will operate out of France and serve as an ideal initial step. This expansion came within days of VeriFone having taken-over Hypercom. This only after unsolicited September 24th, 29th and 27th proposals Verifone made to acquire Hypercom outstanding shares for $5.25 per share in cash for a total of $290 million, all unanimously rejected by the Hypercom Board (Cardflash Library 2010/10/21).

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Fiserv Appoints New VP & COO

Mark Ernst has joined Fiserv financial services technology solutions as executive VP and COO, effective January 3, to provide leadership in integrated product delivery, service quality, and operational effectiveness. Most recently Deputy Commissioner for Operations Support for the Internal Revenue Service, where he was responsible for technology, operations, shared services, human resources, and the chief financial office, Mark was also CEO of Bellevue Capital private investment. Prior to this he served as COO with H&R Block for three years and as Chairman, President and Chief Executive Officer from 2001 through 2007 and in senior management positions with American Express. With a total of more than 25 years in the financial services industry, Ernst’s advanced education includes master’s degree in business administration from the University of Chicago Booth School of Business and a bachelor’s degree in accounting and finance from Drake University.

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Payment Systems & Onformonics to Kick-Off PCI DSS Seminar

Payment Systems Consulting is teaming up with Onformonics PCI DSS Training Seminars to offer the 2 day PCI DSS Compliance Best Practices Seminar on Jan.31-Feb. 01 at the Amwaj Rotana hotel in Jumeirah Beach, Dubai, UAE. Organizations who accept or process credit/ debit cards payments such as Financial institutions, service providers, Merchants and generally any organisations falling under the ‘store, process or transmit’ remit, are required by the leading payment brands to comply with the PCI DSS standard in order to mitigate the risks associated with security breaches resulting in data compromises which they inherently carry as a result of handling such sensitive cardholder information. The course will be conducted by Martin Petrov, a Visa PCI DSS Principal Trainer.

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Xmas Gift Cards Encourage Bedroom Furniture Sales?

People are realizing that their gift cards can be used online to purchase some of the larger items on their wish list. The problematic weather is also having an effect on consumers going to the stores. Since the best sales are right after Christmas, many consumers are turning to online stores to use their gift cards right away and have found that they can purchase things like that metal headboard that they have been eying. Gift card sales totals for the cards will rise nearly 5% to $91 billion in 2010 after falling for the past two years, with the need to cash in on those gift cards is in high demand. This, according to the Tower Group research firm, also shows consumers prefer the variety available in bedroom decor and accessories over other room-designated furniture.

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Pier 1 Imports and Chase Forge Card Agreements

Pier 1 Imports, through a subsidiary, and Chase Bank USA, N.A. have entered into a new agreement, replacing and shortening their 2006 marketing and servicing agreement for the operation of the Pier 1 Imports private-label credit card. With this, Pier 1 Imports will receive a lump-sum payment from Chase in December 2010 and will continue to receive ongoing payments based on credit card sales. Pier 1 Imports is the original global importer of imported decorative home furnishings and gifts.

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Public Savings Bank Introduces New Secured Visa

Public Savings Bank’s kicked-off its “Open Sky” Secured Visa Credit card at https://www.PublicBankCard.com, featuring a new lower $200 credit limit. The new card offers transparent card pricing, US-based customer service, and tools for building credit. As always, Public Savings Bank reports to all three credit bureaus — but does NOT run credit checks when customers apply. By lowering the minimum credit limit to $200 and billing the annual fee to the card, Public Savings Bank has made the card accessible to the huge population of customers hungry to improve their credit and move on with their lives. Public Savings Bank launched its “Classic Secured Visa Credit Card” in 2009 and has proven to be a leader at helping customers rebuild credit with its secured credit card.

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Dollar Financial Updates on Latest Acquisition

Dollar Financial financial services serving primarily unbanked and under-banked consumers for over 30 years updated the status of the previously-executed share purchase agreement between its wholly owned U.K. subsidiary, Dollar Financial U.K. Ltd., and the shareholders of Folkia AS. Dollar Financial U.K. Ltd. has informed the sellers’ representative that the conditions precedent to closing have not been satisfied and at this time, the Company cannot provide any assurances that the Folkia transaction will be completed.

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TechProcess Certified PCI DSS Compliant by ControlCase

ControlCase announced that TechProcess Solutions has achieved PCI-DSS Certification for its “BillJunction Payments” online payments business. TechProcess Solutions Limited (TPSL) is one of India’s leading providers of business solutions, with expertise in the areas of Payments, Back Office Management & Technology. TPSL has experienced a 25% growth over the past year in average transaction volumes for its online payment business and is currently integrated with over 500 of India’s major web merchants & 24 leading banks to effect payments through credit / debit / cash cards & net-banking. US-based ControlCase is a global provider of Governance, Risk and Compliance (GRC) software, professional services, managed compliance and security services and IT GRC Software as a Service (SaaS) solutions. It is also a Qualified Security Assessor (QSA) as certified by PCI Security Standards Council and an Approved Scanning Vendor (ASV).

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Western Union to Acquire a European Agent

Western Union has forged agreements to acquire Europe-based Angelo Costa S.r.l. money transfer network agents. Angelo Costa manages relationships with over 7,500 subagent locations across several countries in Europe. Western Union currently owns 30% of the company, and will acquire the remaining 70% for a cash purchase price of EUR100 million. The transaction is subject to regulatory approvals and satisfaction of closing conditions, and is expected to close in the first half of 2011.

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