ECB Deploys InfoTech Alliance Bank Services

ECB has signed an agreement with InfoTech Alliance Bank Services to implement the FIS integrated “HORIZON” banking system. The “HORIZON” flexible core banking solution featuring open architecture and advanced technology involves minimal risk and disruption to business operations and customers. InfoTech Alliance currently provides item processing services for ECB, which decided to extend its relationship to include HORIZON core account processing services and a host of other integrated technology solutions after a thorough evaluation. FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in over 100 countries worldwide.

Details

CRS & YESPAY

Canadian Retail Solutions (CRS) is now able to offer its flagship Retail Pro POS Software integrated with YESpay International’s end to end “EMBOSS” EMV Chip and PIN accredited and PCI-DSS Level 1 certified managed payment service. Canadian Retail Solutions (CRS) specializes POS Systems for small to mid-sized Canadian merchants operating in multi-store environments and chose to integrate with EMBOSS after extensive research and their own internal development of EFT solutions. Already integrated and rolled out with merchants in UK, Retail Pro is now available in Canada. Integrated with EasyV-Retail, Retail Pro now constitutes a unique proposition for inventory management as well as EMV Chip and PIN and magnetic stripe credit and debit card acceptance and processing for merchants operating from estates of all sizes.

Details

Bling Nation Inks 2 New m-Payments Agreements

American National Bank and Guaranty Bond Bank now offer Bling Nation mobile payments to their customers and the community with the “BlingTag” microchip sticker. The mobile payments service connects financial institutions, businesses and consumers through tap-and-pay for purchases at the POS. Customers with a checking account at either bank can easily sign up and, for each purchase, the consumer receives a transaction confirmation and account balance by text message. Since the “BlingTag” does not store any personal information, it offers more security than traditional plastic cards and reduces the risk of identity theft and fraud.

Details

DISPOSABLE INCOME

Among the British population, 35% disclosed their intentions to take more spending money on their holidays this year than last. Another 43% plan to spend the same and only 13% planning to spend less. These findings, according to a YouGov survey commissioned for “BreadFX Prepaid Euro” MasterCard, also showed 30% of GB adults either buy currency at the airport or at their destination or use their UK debit or credit card. The “BreadFX” MasterCard can be ordered online, is accepted at some 30 million outlets worldwide where the MasterCard Acceptance Mark is displayed and to draw cash from an ATM.

Details

July Bankruptcies Up 9% Since Last Year

July U.S. consumer bankruptcy filings were up 9% since the year ago period and totaled 137,698 nationwide, a 9% increase over the 126,270 consumer filings recorded in June 2010, according to the American Bankruptcy Institute (ABI). Data from the National Bankruptcy Research Center (NBKRC) showed chapter 13 filings constituted 28% of all consumer cases, the Bankruptcy Code available for an individual with regular income whose debts do not exceed specific amounts; it is typically used to budget some of the debtor’s future earnings under a plan through which unsecured creditors are paid in whole or in part.

BANKRUPTCY FILINGS
Jun 09: 116,345
Jul 09: 126,434
Aug 09: 119,874
Sep 09: 124,790
Oct 09: 135,913
Nov 09: 112,152
Dec 09: 113,274
Jan 10: 102,254
Feb 10: 111,693
Mar 10: 149,268
Apr 10: 144,490
May 10: 136,142
Jun 10: 126,270
Jul 10: 137,698
Source: ABI/NBKRC; CardData.com

Details

Consumer Confidence Drops to 4 Points on Index

The Conference Board Leading Economic Index (LEI) for The United States dropped off in July to 50.4 (1985=100). With this decrease, the Conference Board LEI for The United States was down from 54.3 in June. These results were thanks to those disclosing conditions are “bad” increased to 43.6% from 41.0%; those claiming jobs are “hard to get” increased to 45.8% from 43.5%, while those saying jobs are “plentiful” remained unchanged at 4.3%; the consumers expecting an improvement in business conditions over the next six months decreased to 15.9% from 17.1%; and those expecting more jobs in the months ahead decreased to 14.3% from 16.2%.

Details

ATMmarketplace.com Releases Study on mBanking

ATMmarketplace.com online trade publication released its “Mobile Banking: Future Trends and the State of the Industry” research report to help financial industry executives discover what people really want from mobile banking. The report also discloses how banks can use it to increase their ROI and what tactics are being used by competing banks and credit unions. It gives experts insight to what kind of investment financial institutions are making in mobile banking and how much they plan to invest in the future; how important mobile banking is to consumers when choosing a financial institution; what services consumers would be interested in receiving from a mobile banking application; and how to market mobile banking to customers.

Details

Chicago Has Little Faith in Economy

With the number of Chicago residents who feel that they are better off today than in September 2009 is up three points to 16%, 60% believe the economy has not yet hit bottom, compared with 62 percent nationally. This, compared to September when 52% believed we still had a ways to go and 34% said we had already hit bottom.Only 53% of Chicagoans believe that local business conditions will get somewhat (47%) or much (6%) better in the next 12 months – a 14-point decline since September. This, according to Citi, also shows 63% are somewhat (47%) or very (16%) optimistic that their own financial situation will get better over the next 12 months; 22% believe their local economy is good or excellent; 64% believe it is only a fair (30%) or poor (34%) time to buy a major household item; and 55% will not take any vacation at all this summer, more than 51 percent nationally. Additionally, 38% are somewhat (24%) or very (14%) uncomfortable with their current level of debt, a six-point increase since September, and five points higher than the country overall (33%).

Details

USA Technologies Cashless Vending Met with Praise

USA Technologies announced that over 20,000 ePort cashless payment terminals have been shipped or verbally committed to by customers under the “JumpStart” program. JumpStart was originally launched in January 2010 to help vending operators and bottlers acquire the ePort EDGE cashless terminal at no cost, paying only a low monthly service fee, and avoiding the need to make a major upfront capital investment. The ePort EDGE, which accepts swipe cards only, is the only one-piece cashless reader and controller combo on the vending market, with PCI Level One compliant security. The program was recently expanded to include the company’s top-of-the-line ePort G8 terminal, which accepts contactless cards in addition to traditional magnetic swipe cards as well as the Get One/Buy One (GoBo) option—which enables a customer to get an ePort under a rental agreement if they commit to buying one by December 31, 2010.

Details

FDIC Urges Stronger Debit Card Oversight

The FDIC has proposed guidelines its claiming could save financially
vulnerable American families millions of dollars a year in overdraft
fees. Encouraging banks to offer customers lower-cost overdraft
alternatives rather than charge unlimited high-cost overdraft fees, the
proposal would require banks to contact customers incurring six
overdraft fees within 12 months and offer—and explain—less costly
options. The banks also would be discouraged from re-ordering
transactions to maximize overdraft fees. Banks and credit unions
frequently promote their most expensive form of overdraft coverage,
which typically imposes a $34 fee per overdraft—twice the amount of the
typical debit card purchase that triggers an overdraft—rather than
reasonably priced options like a low-interest line of credit or an
affordable small-dollar loan. Financial institutions earn $24 billion
annually from these high-cost programs. Citibank has never charged
overdraft fees on debit cards, Bank of America is stopping the practice
but Wells Fargo continues to charge over a billion dollars a year in
debit card overdraft fees.

Details

Central Payment Launches New Processing Platform

Central Payment said it had added more than 11,000 merchants as new customers since it began offering the First National Merchant Solutions processing platform service. Through its arrangement with First National Bank of Omaha, sponsoring bank of First National Merchant Solutions, CPAY continues to offer complete debit and credit card processing to companies who accept transaction cards for payment. Among the new markets opened to CPAY by the agreement is the gasoline service station industry, which has more than 110,000 merchants nationally. The Company is on pace to add more than 20,000 total merchants in 2010.

Details