The VeriFone “VX Evolution” product family-the next generation of VeriFoneâs payment solutions line with market- has been validated as compliant with the new PCI Payment Transaction Security (PTS) 3.0 security requirements. The “PCI PTS 3.0” builds on existing requirements for increased security to expand the scope of the compliance program by adding three new modules for open protocols, integration and secure reading and exchange of data. The “VX 680” mobile system, desktop “VX 520” and PIN entry “VX 820” have all achieved the latest version of the PCI PTS requirements. PCI PTS 3.0 will ensure PIN entry devices using open security protocols and open communications protocols are not vulnerable.Details
Amazon.com has achieved Level 1 compliance with the PCI-DSS. This lets merchant customers use AWS cloud infrastructure, which has been validated Level 1 of PCI compliance, to build their cardholder environment and achieve PCI certification for their applications. To achieve a Validated Level 1 Service Provider Status, AWS commissioned a third party examination by a Qualified Security Assessor (QSA) to validate compliance with PCI DSS version 2.0. The Level 1 requirement applies to any provider who stores, processes or transmits more than 300,000 transactions annually. Amazon.com opened on the World Wide Web in July 1995 and today offers consumers millions of items across every shopping category.Details
Citi “ThankYou” Rewards loyalty program has expanded rewards by introducing gift cards and exclusive virtual products from Zynga social game developer. Zynga is producing a line of exclusive items available only to Citi ThankYou Rewards members, starting at just 600 ThankYou Points. Members can also redeem for both physical and virtual gift cards to enhance their gaming experience across popular games like FarmVille, FrontierVille and CafÃ© World. The Citi “ThankYou” Rewards offers other virtual rewards that can be redeemed instantly, including digital music downloads and restaurant certificates.Details
Dynamic Card Solutions (DCS) instant issuance and PIN selection solutions for banks, credit unions and retailers that issue magnetic strip, EMV compliant and contactless cards, has been granted a patent for proprietary instant issuance printing technology by the U.S. Patent and Trademark Office. Printing unembossed âflatâ financial cards, this patent is entitled âReal Time Card Printing Systems and Methodsâ and further enhances Datacard Groupâs portfolio of end-to-end instant issuance solutions. It describes the ability to produce at the branch level financial cards from blank card stock, including the ability to print unembossed financial cards instantly using reverse retransfer film with inhibitor panels using the CardWizard software platform. It is useful for issuing permanent financial cards, including debit, credit, ATM or prepaid cards, at the branch level.Details
The 90-day credit card delinquency rate at the end of 2011 is projected
to mark a 50.7% drop from the beginning of 4Q/07, at which point it was
1.36%, and will reach the lowest number since 1995. State-by-state,
Mississippi is expected to lead the drop by -13.67%; then North Carolina
by -13.09% and Kentucky by a -12.88% drop. This, according to
TransUnion, also shows Nevada, Florida and Mississippi will still have
the highest credit card delinquency rates at the end of 2011 while the
Dakotas will have the lowest at only 0.40%. This coincides with
Cardweb.com findings credit card charge offs now sit at
10.19% after having reached an unprecedented 10.93% in 1Q/10. For
complete details on credit card charge-offs and delinquency rates, visit
COF V DEL RATE
Mar/09: 8.7% 1.29%
Jun/09: 9.5% 1.15%
Sep/09: 10.1% 1.09%
Dec/09: 10.6% 1.18%
Mar/10: 10.93% 1.10%
Jun/10: 10.28% 0.92%
Nov/10: 10.19% 0.83%
Source: CardData (www.carddata.com)
nFinanSe has completed the development, certification and release of its mobile Customer Service Application for the General Purpose Reloadable Prepaid Card Industry. This gives cardholders access to accounts directly from their mobile devices, contact Customer Service or request a return call. Developed in-house and now available for free at the App Store at http://app-store.appspot.com, the nFinanSe Customer Service Application services the reloadable Prepaid Visa and Discover Cards feature. Also, nFinanSe does not charge additional fees for text message alerts regarding purchase and balance information.Details
Harland Financial Solutions has expanded through its acquisition of TN-based uMonitor. With this, Harland Financial Solutions will immediately begin integrating uMonitorâs solutions into its existing lending, Internet and mobile banking offerings. Terms of the acquisition were not disclosed.Details
If a brand doesn’t offer online shoppers electronic gift cards, they may just lose a few customers. As a matter of fact, with 54% planning gift card purchases this holiday season, 70% of online shoppers would shop a different brand if a retailer or restaurant does not offer an eGift card option. This, according to the CashStar “2010 Pre-Holiday Online Shopper Gift Card Survey,” also shows 71% agree buying personalized digital gift cards online is more convenient than buying plastic cards in a store while 89% would be more likely to purchase a gift card if they were given a purchasing incentive or perk. Additional findings show 41% are planning to shop online this year compared to 33% last year; 60% have used a mobile device to redeem coupons and 20% are interested in purchasing digital gift cards from their mobile phones. This coincides with Cardweb.com findings 39% of females and 30% of males are interested in purchasing gift cards this season. Also, 30% now feel it is nicer to give a gift than a gift card, 38% of whom are female. More 25 to 34 year olds and 55 to 64 year olds, 37 and 40% respectively, said that giving a gift is nicer. This, according to the NPD Group market research organization, also shows 22% say gift card availability is influential while 27% of those older than 65 say their availability is influential (CardFlash Library, 2010/11/22).Details
The 3M Company is pleased to announce their Non-Metallic Foil technology meets certification requirements for use in MasterCardÂ® branded credit, debit and gift cards.
âConsumers will love the appearance of cards printed with 3M Non-Metallic Foil technology while financial institutions will appreciate the opportunity to set themselves apart from the competition by offering new and existing customers transaction cards incorporating one-of-a-kind design aesthetics.â
â3Mâs Non-Metallic Foil technology allows banks, credit unions and other issuers to begin offering their customers transaction cards with this stunning, metallic-appearing finish,â said Mark Griffin, Global Business Manager for 3Mâs Payment Components Business. âConsumers will love the appearance of cards printed with 3M Non-Metallic Foil technology while financial institutions will appreciate the opportunity to set themselves apart from the competition by offering new and existing customers transaction cards incorporating one-of-a-kind design aesthetics.â
3Mâs Non-Metallic Foil technology uses proprietary 3M Multi-Layer Optical Film to give transaction cards a stunning, metallic-like finish. Because the technology contains no metals, it offers full ATM functionality and is safe to use in contactless cards. Cards using 3M Non-Metallic Foil technology are customizable with graphics and designs that meet an issuers specifications and can be printed using most existing production equipment. Already available in blue, 3M will introduce silver and gold finishes beginning in January 2011 with additional colors to follow later in the year.
3Mâs Non-Metallic Foil technology will be on display in booth 4-L-018 during Cartes and IDentification 2010 at the Paris Nord Villepinte exhibition center. For more information on 3Mâs Payment Components Business, visit www.3m.com/pcb.
A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3Mâs core strength is applying its more than 40 distinct technology platforms â often in combination â to a wide array of customer needs. With $23 billion in sales, 3M employs 75,000 people worldwide and has operations in more than 65 countries. For more information, visit www.3m.com or follow @3MNews on Twitter.Details
On Track Innovations, a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, eID Systems and other applications, is introducing a new mobile payment system which enables existing mobile phones to support Near Field Communication (NFC) functionality and contactless payments. OTI is already in advanced discussions with several mobile operators.
OTI’s COPNIâ¢ (Contactless Payment and NFC Insert) brings innovation, creativity and unique know-how to this market with a true post-market mobile payment solution for mobile operators, banks, merchants and subscribers. COPNI is an add-on to mobile phones’ SIM cards with a flexible antenna and is based on OTI’s intellectual property and patents. The mobile payment system is independent of the handset type and model, and enables users to have one device that is both a mobile phone and a mobile wallet. It is compatible with carriers’ current infrastructure.
Mobile phones equipped with COPNI can be used in a broad range of payment applications simply by tapping the phone near a contactless reader. Payments are automatically confirmed and deducted from consumers’ bank accounts, credit cards or pre-paid accounts.
The system will be shown at the international CARTES & IDentification 2010 conference (booth #4 L 092) being held in Paris from Dec. 7-9.
“OTI’s new mobile payment system will allow consumers to easily add NFC functionality to their current mobile phone,” said Oded Bashan, chairman and CEO, OTI. “Our patented technology provides mobile operators and financial institutions/issuers with a quick-to-market NFC solution using the existing infrastructure. It offers them a way to get into the mobile payment market while expanding their customer base and generating increased revenues.”
COPNI supports existing contactless payment applications from major card associations, mass transit ticketing (with MIFARE support) as well as loyalty programs and other proprietary programs. Potential applications include:
Mass transit ticketing – instead of presenting cash or swiping a card at the turnstile, consumers just tap their phone near a contactless reader to proceed through the turnstile
Information retrieval â gives consumers the ability to view the current balance of their mobile wallet, and also allows their mobile handsets to receive and instantly download information from their surroundings (retail store, museum, etc.)
E-coupons – coupons downloaded to their wireless phone can be redeemed in retail stores at checkout
Editor’s Note: An image of OTI’s new mobile payment solution is available online at http://www.otiglobal.com/Form_Factors
Established in 1990, OTI (Nasdaq:OTIV) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking, loyalty programs and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards.Details
FIS banking and payments have kicked off a low-cost, prepaid electronic financial account solution that enables consumers to make electronic deposits and payments as an alternative to a traditional demand deposit account (DDA) or general-purpose reloadable (GPR) prepaid card. FISâ prepaid electronic financial account offering is funded in advance by deposits and value-loading transactions and provides simplified financial services to a variety of consumer segments, including the unbanked and underbanked. Because it is not tied to a checking account, this FDIC-insurable account can be offered by both financial institutions and non-financial organizations, such as leading retailers. The electronic account exclusively supports all forms of electronic payments and eliminates costly paper documents such as monthly statements and account opening documentation. The prepaid electronic financial account can be accessed via the most common self-service channels including online, POS, ATM, interactive voice response (IVR), call center and mobile.Details
Recombo Inc., the global leader in Contract Management Software, announced the appointment of Tony Abruzzio as Vice President, Global Electronic Payments and Banking. In his role, Mr. Abruzzio is responsible for leading all customer facing resources which support Recombo Merchant Card Services and Banking customers.
Prior to Recombo, Mr. Abruzzio was Senior Vice President Emerging Technology / Business Development for Global Payments Inc., one of the largest worldwide electronic payment processors. With more than 30 years of experience developing, implementing, and managing business change, Mr. Abruzzio has held several key executive roles at leading card services organizations including GO Software, Inc., the market leader in POS (point-of-sale) payment processing software. Under Mr. Abruzzioâs leadership, GO increased revenue by an annualized rate of over 20 percent and increased product installations from a few thousand to over 250,000. In addition, he led GO to sustained profitability and facilitated the sale of GO to VeriFone Holdings.
“We are very fortunate to have Tony join our team. To have someone of his extensive knowledge and strong reputation within the card services vertical join Recombo reflects our growth and reputation as global leaders in the banking industry,â said Recombo CEO, Mike Gardner. “Tony is a highly respected executive and well positioned to lead our continued efforts in realizing many future opportunities for Recombo.â
âI am very excited to join Recombo,â said Mr. Abruzzio. âThey have already forged impressive success in the electronic payments market with their contract management software platform, Agreement Express, and I look forward to bringing my experience and expertise to Recombo, as we rapidly move forward providing customers in the financial services industry with world-leading technology and robust products to help them achieve their business goals.â
Mr. Abruzzio is an active leader and in demand as a speaker at events, in the electronic payments community. He has led industry association committees. He was Chairman of the Electronic Transaction Association (ETA), Technology and Best Practices Committees. Currently, he sits on the Strategic Networking Forum Planning Committee.
Recombo is a global leader in contract management software that helps organizations streamline business processes, improve productivity, and reduce operational costs by 75% annually by automating their contract workflows. Agreement Express by Recombo is a paperless contract management software platform that materially improves operating margins within days by replacing paper-intensive business processes. Agreement Express is revitalizing the contract management software market with technology that is powerful, affordable and rapid to implement. Agreement Express is built around a document management system that enables users to efficiently manage contracts as they flow through each step of the contract approvals cycle from contract creation, distribution, signing, error-checking, and monitoring through to storing and retrieving. A robust set of built-in workflow automation features enables organizations to rapidly automate even the most complex paper-process. Agreement Express can automate all types of processes that require a number of forms to be completed and various internal and external signatories to sign & approve, in applications such as insurance, wealth management, debt settlement and merchant card service application forms, employee on-boarding, and equipment lease agreements,. Agreement Expressâ flexible integration engine enables contract data and completed contracts to be exported and imported to and from any internal or external back-office systems including CRM and websites. Customers include Deloitte, Questrade, Billing Tree, HUB International, M&T Bank.Details