EPDIRECT

Earthport cross-border electronic payment services has made available its payments services through “epDirect” online interface. Allowing payments in more than 200 countries for a flat per-transaction fee, “epDirect” transactions are facilitated through Earthport’s “epClearing” infrastructure. It is designed to serve small-to-medium size businesses with cross-border transfers of lower value, for which other payments services are often not cost effective or suitable. Transfers via “epDirect” are funded directly from the client’s own bank account and validates beneficiary and bank data, maximizing straight-through processing (STP) rates while minimising enquiries and exceptions.

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BancVue and TSYS to Serve Community Banks

BancVue and TSYS outsourced payments have forged agreements stipulating BancVue will provide the TSYS electronic payment services to community banks. GA-based TSYS employs the latest equipment and systems to provide production output for its clients in a variety of programs, including credit, debit, commercial, private-label, prepaid and loyalty. BancVue offers products, marketing, and consulting solutions to nearly 700 community financial institutions nationwide, allowing them to compete against the megabanks and direct banks.

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Cap One Launches Financial-Health-Promoting Website

Capital One Bank has launched its “EndangeredSavers.com” interactive Web site for people seeking money-saving tips and strategies (www.endangeredsavers.com). Offering easy-to-use online tools that can be shared with their entire network of friends and family, “EndangeredSavers.com” encourages responsible savings with such features as the “Saver Quiz” to determine the users’ classification as a ‘High Roller,’ a ‘Cost Cruncher’ or a ‘Cash Coach’ based on their feelings and behaviors towards money in everyday life situations. Additionally, the site offers ‘Sound Advice’ from personal finance experts on topics ranging from saving for a first home to creative ideas for dating on a budget; “Vital $tats” providing statistics on American’s financial habits may surprise people; and “Endangered Savers” videos, challenging consumers to a series of money-related obstacles and trivia. As added incentive to keep saving, Capital One Bank is giving away prizes valued up to $5,000 to visitors of the Web site who enter the sweepstakes and to those who share the Saver Quiz, Sound Advice, Vital $tats or one of the videos with a friend.

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MasterCard & BlackBerry Launch P2P Remittance

MasterCard has introduced its “MoneySend” P2P remittance service for BlackBerry Smartphones. By securely combining the power of a mobile device with a banking relationship, “MoneySend” allows users in the U.S. to send or request money via their BlackBerry through participating banks and credit unions or when they create a virtual prepaid account through Bancorp Bank. Available for free download on BlackBerry App World (www.blackberry.com/appworld), the service allows users to link existing payment cards or bank checking accounts to the new virtual prepaid account and begin sending money via their BlackBerry Smartphone. Users can accept debit and credit card payments; send money to family members; pay for informal goods and services; request money from debtors; and manage their “MoneySend” transaction history from their BlackBerry.

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ViVOtech & DeviceFidelity Launch mContactless Payment

ViVOtech NFC m-payments, loyalty applications and contactless NFC readers has partnered with DeviceFidelity microSD based m-contactless solutions have partnered to make available contactless mobile payment, loyalty, transit, ticketing and coupon redemption on select smartphones. Designed for use on multiple Blackberry models and iPhone 3Gs, the joint solution allows ViVOtech’s mobile wallet software, OTA provisioning solution, and coupon issuance/redemption software to be deployed with DeviceFidelity’s NFC-enabled “In2Pay” microSD and “In2Pay Case” for iPhone technology. This allows consumers to plug the “In2Pay microSD” into their smartphones, download multiple credit and/or debit cards securely to their handsets, and use their phones to perform contactless transactions. Users can also request electronic coupons and discount offers, store them in their mobile wallets, and electronically redeem them at time of purchase.

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CMI Up to 53.3 After Falling For 3 Months

Keeping up with the constant fluctuation seen since December 2009, the latest “Credit Managers’ Index” was up for the month of August to 53.3, after having fallen 1.1 points to 53.0 in July. The “Index” showed a dramatic decline from the levels in April, since which point the “index” has been on a slide. Indicators did gain remarkably since the year ago figure of 48.1, struggling to reach the all-important 50 mark. The reduction in credit applications, however, indicates that there is less willingness to lend and that companies seeking credit are being put through more hoops than in the past. The number of additional disputes and delinquencies also suggests that some sectors of the economy are still struggling. NACM noted the credit system has not healed and it may be some time before there is a sense that the biggest issues are behind the economy. There are some shoes left to drop, most notably the commercial property sector.

AUG 09: 48.1
SEP 09: 49.8
OCT 09: 51.0
NOV 09: 52.3
DEC 09: 52.9
JAN 10: 55.1
FEB 10: 55.2
MAR 10: 55.7
APR 10: 56.5
MAY 10: 55.9
JUN 10: 54.1
JUL 10: 53.0
AUG 10: 53.3

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SunTrust and eBillme to Host Alternative Payments Stream

eBillme will be sponsoring an industry Webinar titled How Banks and Merchants can Leverage Alternative Payments for a new Revenue Stream on Thursday, September 16. Contribution will come from the First Vice President of the Enterprise Payments Strategy Group at SunTrust Bank, who will share some of the highlights of their alternative payments pilot program with eBillme, online shopping allowing users to pay with cash using online banking and walk-in locations. Financial institutions and online retailers will learn why SunTrust pursued alternative payments; the objectives and results of the SunTrust and eBillme pilot program; revenue sharing opportunity for banks; and pportunities for online retailers to increase sales at the checkout.

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Paymetric Launches Card Industry Blog

Paymetric integrated and secure enterprise payment acceptance solutions has launched its “Payments U” blog for the payments industry. Having assembled a cabinet of select industry experts that will write about the latest payments industry news, trends, regulations and solutions, as well as engage in ongoing dialog with readers, Payments U include industry notables from Maritz; the Double Diamond Group; Morris Advisors; Optimized Payments Consulting; ThoughtKey; Merchant360; VeriFone; and High Bit Security. Paymetric provides integrated and secure enterprise payment acceptance solutions that enable companies to streamline the order-to-cash process, reduce the scope and financial burden of achieving PCI compliance and improve return on electronic payment acceptance.

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CITOPAY

Citopay Internet Payment Service Provider has renewed its PCI (Payment Cards Industry) certification for the years 2010/ 2011. For accepting online credit card transactions, including refund, void, capture and recurring transactions; Card data needs to be sent only once to Citopay’s Secure Payment Gateway, when submitting the transaction to Citopay’s Payment Gateway the first time, Citopay will send (on request) a “Unique Transaction ID” back to the online merchant which can be used for further transaction billing. By receiving this “Unique Transaction ID” we identify the merchant’s online merchant account, the consumers personal data and the consumers credit card information.

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Cap One & Discover Lead Increasing Industry Stability

Capital One and Discover are able to release capital from loan loss reserves indicating a positive shift for lenders. Loan loss reserves are still high but are trending downward. Improved credit policies are providing stability now but the repercussions of federal financial reform are making the future an uncertain one for credit card companies. As a result of this, companies lobbyist spending the first half of the year surged by about 25%. Lobbying spending has been aimed at refining some of the rules being finalized. Credit card fees for debit and credit transactions are among the key legislative points that concern credit card companies.

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ADITYA BIRLA MINACS

Aditya Birla Minacs has been certified as PCI-DSS compliant as a Level 1 Service Provider. Minacs is now in a select group of about 15 entities globally that are deemed certified and listed as such across multiple jurisdictions. This current certification spans both North America and the Asia Pacific regions. Aditya Birla Minacs business solutions company partners with global corporations in the manufacturing, retail, telecom, technology, media and entertainment, banking, insurance, healthcare and public sectors through 16,000 Minacs experts across 3 continents and 32 centers.

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Credit Card Use Projected to Fall Below 50% of Payment

The recession has produced a risk-adverse cautious consumer whom prefer to pay-now with cash, checks, debit, prepaid and gift cards at a higher rate. This leaves credit card use plummeting, given among the 11% of consumers with an increased ability to save, 46% have decreased the use of their credit cards and 51% have decreased their spending on discretionary goods. This, according to the Javelin Strategy & Research report “Payment Card Issuer Strategies 2010: The Rise of the Cautious Consumer,” also shows credit card use among consumers decreased 31% between 2007 and 2009 from 87% to 56%, respectively, and is slated to fall below 50% while 80% of consumers cited “no annual fee” as the most important criterion when choosing a new credit card.

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