GLOBALCOLLECT

BODUM coffee and tea making products has chosen to partner with GlobalCollect, consolidating its payment processing needs. With this, GlobalCollect will provide the Campany a one-stop-shop facilitating credit card payments for its next generation of e-commerce platforms across the world. In doing so, it will be implementing GlobalCollect’s “Hosted Merchant Link,” ensuring compliance regulations regarding sensitive customer data; plus, the fully automated data exchange between GlobalCollect and BODUM results in lowering the cost-per-order substantially.

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Urban Outfitters & Starmount Launch mPOS App

Starmount connected commerce solutions has entered into an agreement with Urban Outfitters to develop an in-store mobile POS application. Deployed on the Apple iPod touch to deliver an easy-to-use interface, the application is aimed at improving personalized customer service, increasing floor efficiency and reducing transaction time and costs. The mPOS solution will provide store associates a tool to complete transactions where the point-of-decision is occurring. It will include full functionality of a fixed-base POS system as well as integration with in-store databases.

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SMARTPAY

Barclaycard is set to launch its “SmartPay” payment processing system this summer to help e-commerce customers manage cross-border payments. The system has been piloted throughout 2010 and will give organisations access to one single payment processing system to use across markets that can be tailored to provide a range of language and currency settings dependent on where the customer is paying from. The “SmartPay” solution will protect customers with a wide range of built-in fraud and risk tools, be PCI DSS compliant, and will appeal to merchants in key online sectors such as gaming, retail and travel.

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Discover Small Business Index Drops to 86.1

The two-month consecutive increase in small business owner confidence came to an end in June, having dipped to 86.1 on the Discover Small Business Watch. This is down from 87.4 in May as concerns grow over temporary cash flow issues, offsetting some improvement in the way small business owners see the climate for their own operations. Small business owners reporting temporary cash flow issues jumped to 51% in June, the highest since January, up from 45% in May; 45% reported no cash flow issues, down from 48% in May; and 4% were unsure. Additionally, 30% say economic conditions for their businesses are improving, up from 28% in May; 43% said conditions are getting worse in June, down from 44% in May; 34% said things are staying the same, up from 24% in May; 29% believe the overall economy is getting better, falling from 35% in May; 51% say the economy is getting worse, steady from the previous month; and 16% see the economy as the same, up from 12% in May.

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Guardian Credit Union Implements VSoft’s ASP Platform

The Guardian Credit Union has selected the VSoft “VServe” ASP platform to handle branch item capture, image exchange and research/archiving of its images. Guardian was previously creating and delivering costly paper cash letters for clearing and settlement, but now can eliminate paper cash letters and their associated daily courier runs and improved collection times. The credit union plans to add a series of remote deposit capture solutions to further reduce costs and maximize efficiencies, including home office, ATM and merchant capture. Additional benefits the credit union realized include; increased functionality for its branch tellers; the ability to capture, key, balance and handle reject/repair items with ease; and duplicate detection technology.

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Alliance Data Closes $1.5 Billion in Liquidity Facilities

Alliance Data Systems loyalty and marketing solutions has closed $1.5 billion in conduit liquidity facilities, resulting in an increase of $175 million in overall conduit capacity. It has renewed a $275 million conduit facility for its Utah industrial bank subsidiary, “World Financial Capital Bank,” while its private label credit card banking subsidiary, “World Financial Network National Bank,” has completed the renewal of its $1.2 billion conduit facility. The facilities fund both existing and new private label credit card programs, currently only finance less than $750 million in card assets, providing a large source of untapped liquidity to fund growth and/or portfolio acquisitions.

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APR DEBT

Credit card gross dollar volume remains flat sequentially, while credit card outstandings edged up by a mere 0.6 basis points year-on-year in April. According to the Reserve Bank of Australia credit card balances posted at A$47.1 billion for April versus A$44.1 billion one-year ago. Credit card volume came in at A$18.0 billion for April and and $21.0 billion for March, compared to A$17.4 billion in April 2009.

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Red Rocks CU Selects IMM’s Teller Item Capture Technology

CO-based Red Rocks Credit Union has deployed the Integrated Media Management (IMM) teller item capture solution. Having been a customer of the document output management and automation technology provider for several years, Red Rocks CU found IMM’s teller item capture product to complement its other check image capture processes. The IMM teller item capture provides significant benefits to credit unions, including automatically filling the checks deposited screen from the scanned deposited checks. This feature eliminates the need for the teller to manually enter the check data into the core processor, reducing keystrokes and errors.

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NRF Debit Card Swipe Fee Fix Approval

The National Retail Federation welcomed a House-Senate conference committee’s decision to include a fix for rapidly rising debit card swipe fees in the final version of the financial services reform legislation. This legislation was approved 27-16 and will put an end to retailers being forced to accept ‘Visa dollars’ that are only worth 98 cents when all fees are paid. The conference report would require the Federal Reserve to set regulations resulting in “reasonable and proportional” swipe fees for debit cards; take into account banks’ actual costs for processing the transactions; make it easier for merchants to offer discounts or other benefits for customers who don’t use credit cards, and to set minimum purchase amounts for credit cards. Interchange fees average between 1 and 2% for debit cards and 2% or more for credit cards.

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Jack Henry Rebrands Pemco Processing

Jack Henry & Associates integrated technology solutions and data processing services is rebranding Pemco Technologies as JHA Payment Processing Solutions. Having been acquired in October 2009, Pemco Technologies will operate as a division of Jack Henry & Associates. JHA Payment Processing Solutions will continue Pemco Technologies’ operations as a provider of payment processing solutions and outstanding client care and service. The products and services added through this acquisition strategically complement Jack Henry & Associates’ ATM and debit card solutions with proven credit and prepaid card solutions. JHA Payment Processing Solutions has launched an aggressive campaign to systematically communicate the new brand to existing and prospective customers, and to the financial industry at-large.

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Fitch Affirms 16 Classes of Credit Card ABS

Fitch Ratings has affirmed 16 classes of U.S. Credit Card ABS transactions. The Global SF Criteria and U.S. Credit Card ABS Rating Criteria were used to review the transactions. The affirmations are based on the performance of the trusts in-line with the expectation. A Stable Outlook indicates that, as a result of the continued positive performance trend for these trusts, Fitch expects the ratings will remain stable for the next two years. Fitch’s analysis included a comparison of observed performance trends over the past few months to Fitch’s base case expectations for each outstanding rating category. As part of its ongoing surveillance efforts, Fitch will continue to monitor the performance of these trusts.

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TNS & Verifone Strengthen Industry Payment Transaction Security

TNS Managed POS Encryption solution coupled with “VeriShield Protect” from VeriFone Systems is being implemented to eliminate the transmission of “clear” cardholder data within a client’s payment network environment. This is designed to protect its customers’ cardholder data from the POS terminal through to its payment processor, dramatically reducing risk exposure and simplifying the retailer’s ability to achieve PCI compliance. VeriFone’s “VeriShield Protect” is deployed at the retailer’s POS devices and using encryption technology to secure the information as the card is swiped. The TNS Managed POS Encryption solution transports encrypted transactions through to the TNS PCI DSS certified global backbone network. The solution then manages the decryption process, message formatting and secure delivery of the transaction to the retailer’s payment processor.

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