Andrew Ong has been appointed Group Head, Global Person-to-Person (P2P) Payments with MasterCard Worldwide. He will oversee identifying and evaluating new P2P payment solutions that will continue to displace cash and check payments to grow MasterCardâs overall transaction processing and gross dollar volume. In his most recent position at Western Union, he served as Regional VP and Managing Director in their North Asia region and board member of the Western Union Foundation. Andrew was also a key member of the Executive Committee for Western Union’s APAC region. He holds an MBA from Golden Gate University, Graduate Diploma in Marketing Management from the Singapore Institute of Management and received his B.A. from the University of British Columbia.Details
Card processor ProPay has added encryption and tokenization of Automated Clearing
House (ACH) data (bank routing and account numbers) to its suite of
ProtectPay services. The addition of this functionality illustrates
ProPayâs proactive approach to helping organizations protect sensitive data.
Like other ProtectPay services, ProPayâs ACH encryption and tokenization
solution removes the need for organizations to store, transmit, or
process sensitive ACH payment data on initial and subsequent
transactions. After ProPay captures, encrypts, and processes the ACH
data, the data is replaced with a token which organizations can use for
future transactions against the data. ProPayâs ACH encryption and tokenization services can be used to collect
payments and disburse funds via the ACH network. Organizations can use
ProPayâs online interface, batch file processing, or Application
Programming Interface (API). The ProPay API enables organizations to
easily integrate the service into their existing platform or website.
Payment solution provider J&B Software
will demonstrate its accounts payable (AP) and accounts receivable (AR) automation solutions
at FUSION 2010, TAWPI’s Annual Forum& Expo. J&B’s AP automation solution converts paper invoices and associated
documents into electronic images. Advanced optical character recognition
(OCR) technology adapts captured invoice fields into usable data using
ERP information, sophisticated algorithms and an extensive knowledge
base. Following capture, the invoices and data are submitted to an
appropriate staff member for review. The automated distribution of discrepancy items for review is based on a
sophisticated business rules engine that is configured according to
individual company requirements. Once
invoices have been verified and completed for payment, they are exported
to the back-end ERP or accounting system for posting and easy access.
J&B’s AR automation solution reduces manual processing, increases
transparency and automates workflow so staff can focus on error and
exception handling. The solution consolidates payments and remittance documentation from a
variety of complex paper and electronic input channels into a single
portal. The captured data is then verified against existing ERP payment
data with an advanced cash application rules engine that decreases
manual processing and helps avoid errors such as misapplied payments.
After data has been verified or exceptions have been resolved, the
system transfers the applied cash and associated transaction for posting
by single or multiple ERP or back-end systems.
On Track Innovations contactless microprocessor-based smart card solutions announced 1Q/10 total revenues of $14.4 million, a 71% increase from last year. Additionally, gross margin increased to 57% vs. 51% last year; non-GAAP operating expenses were $7.1 million, a 19% increase compared to $5.9 million last year; non-GAAP operating profit was $1.2 million, compared to operating loss of $1.6 million last year; and net cash provided by continuing operating activities of $9.5 million. OTI designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. OTI applications include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking and loyalty programs.
1Q/09: $8.4 million
2Q/09: $16.9 million
3Q/09: $26.3 million
4Q/09: $8.6 million
1Q/10: $14.4 million
CT-based market specific printer supplier TransAct Technologies
has reported 1Q/10 revenue of $14.2 million, an increase of
16% compared to $12.2 million in the prior-year period. Gross margin
was 36.5%, compared to 33.8% in the prior-year
quarter as the Company experienced a favorable sales mix.
Operating expenses were $4.2 million,
an increase of $0.3 million from the prior-year period, driven largely
by increased selling and marketing expenses, primarily from higher sales
commissions and travel expenses resulting from higher sales volume. The
Company recorded net income of approximately $0.6 million, compared to
net income of approximately $0.1 million in the prior-year period.
TransAct provides a
complete range of supplies and consumables items used in the printing
and scanning activities of customers in banking, retail and gaming.
Variety Wholesalers (VW) has successfully completed the roll-out of
RTC’s “StoreMS POS” solution on 1,300 IBM
registers in a total of 287 locations including 116 Roses stores and 171
Maxway/Super 10 stores. The implementation included not only “StoreMS
POS”, but also RTC’s
HTP-Link iSeries Communication solution for polling stores and ISD’s
Transaction Management software. RTC’s Consulting Services Group
performed the integration between “StoreMS POS” and JDA’s “Merchandise
Management System”. With the installation now complete, “StoreMS POS”
improved VW’s throughput at checkout, enhanced their customer service,
and streamlined their store operations. This investment provides VW with
a solid platform on which they can continue to build upon in the future.
The successful rollout at Variety Wholesalers is an excellent example of
RTC’s ability to deliver software and technology with advanced features
across a large organization efficiently, cost effectively and within the
With mobile banking still in its infancy, and only 13% of the population claiming to use it at least occasionally, the majority of users are between the ages 18 and 25. Younger bankers drawn to mobile banking are not yet a very profitable segment for bankers, but will be users for the rest of their lives. With this in mind, the younger m-banker demographic will begin to generate more profitability for banks as they accumulate wealth and investments with age, according to Auriemma Consulting Group (ACG). ACG based its findings on a survey of 535 cardholders in March 2010. ACG full-service management consulting firm serving the payments and lending industries since 1984.Details
ChamberofCommerce.com has signed an exclusive online marketing partnership with Merchant Warehouse to offer more than one million ChamberofCommerce.com small businesses credit card processing services. Merchant Warehouse was founded to offers merchant accounts and credit card machines at reasonable prices. They have received multiple awards for service and innovation including the Electronic Transaction Associationâs (ETA) first annual âISO of the Year Awardâ for 2009. In addition to its merchant account solutions, Merchant Warehouse also provides businesses with credit card machines from leading brands like VeriFone and Hypercom along with their own free processing solutions for smartphones, POS and Ecommerce platforms. Merchant Warehouse provides over 80,000 merchants later technology payment initiatives.Details
CA-based Skytalk Communications has selected B2B Soft’s Wireless Standard as its retail management system.
Wireless Standard is being implemented in all of Skytalkâs 80+ locations in 5 markets. Skytalkâs
Atlanta, Dallas, and Los Angeles dealers will launch Wireless Standard
in May, June, and July of 2010, respectively, with Detroit and New York
locations to follow shortly thereafter. The system will bring
consistency of process, from payment processing integration to
streamlined POS, as well as powerful reporting and increased visibility
across the enterprise for the Skytalk management team. Currently more
than 1700 MetroPCS dealers use Wireless Standard for their Point of Sale
NJ-based fuel analytics provider KSS and systems integrator consultant FuelLogix have teamed to
integrate POS data. Reports generated from FuelLogixâs
Agility solution with KSSâ PriceNet fuel price management solution will
create an enhanced fuel pricing system for convenience and grocery
retailers. “Agility’s” sophisticated, easy-to-use retail automation
platform captures data and daily reporting from the POS
through the auditing process, to the financial statements, providing
retailers a cost-effective and efficient solution all across a Web browser.
“PriceNet” pricing solution supports key tasks, including capturing
field-based intelligence at the site level, the generation of price
proposals via comprehensive pricing rules or price optimization and
Hypercom Corporation is launching its “L5000” product family of customer-facing, multipurpose, multimedia payment terminals. With a range of functional and communication capabilities, the “L5000” family of terminals will connect to any POS register system with any communications protocol and enables multiple in-store use. Offering in-aisle product locating, barcode price checking, health insurance card processing at the pharmacy, gift card loading and wedding registry processing at kiosks the “L5000” features an integrated ADA compliant keyboard, a side lit keypad, braille characters and a headphone jack. Additional features include a full VGA color display; hardened glass capacitive touch screen; a modular contactless reader; and a cradled, cordless Wi-Fi or Bluetooth(R) hand-over device. The “L5350” and “L5200” will be available early next year.Details
Enterprise-wide transaction and payment solutions provider
J&B Software will demonstrate its accounts payable (AP) and accounts receivable (AR) automation solutions at FUSION 2010, TAWPI’s Annual Forum & Expo. J&B’s AP automation solution converts paper invoices and associated documents into electronic images. Advanced optical character recognition (OCR) technology adapts captured invoice fields into usable data using ERP information, sophisticated algorithms and an extensive knowledge base. Following capture, the invoices and data are submitted to an appropriate staff member for review. The automated distribution of discrepancy items for review is based on a sophisticated business rules engine that is configured according to individual company requirements. This speeds approval workflows while providing proper documentation and audit trails. J&B’s AR automation solution reduces manual processing, increases transparency and automates workflow so staff can focus on error and exception handling. Many organizations have departments that operate in silos, which make it difficult to integrate processes and deliver a complete set of documents related to a specific transaction. The solution consolidates payments and remittance documentation from a variety of complex paper and electronic input channels into a single portal. The captured data is then verified against existing ERP payment data with an advanced cash application rules engine that decreases manual processing and helps avoid errors such as misapplied payments. After data has been verified or exceptions have been resolved, the system transfers the applied cash and associated transaction for posting by single or multiple ERP or back-end systems.