Wright Express Joins PCI Security Standards Council

Wright Express fleet payment processor has joined the
PCI Security Standards Council. As a
Participating Organization, Wright Express will work with the Council to
evolve the PCI Data Security Standard (DSS) and other payment card data
protection standards. As a Participating Organization, Wright Express will now have access to
the latest payment card security standards from the Council, be able to
provide feedback on the standards and become part of a growing community
that now includes more than 500 organizations. Adhering to the PCI DSS represents an
entity’s best protection against data criminals. The PCI DSS is endorsed by American Express, Discover Financial Services,
JCB International, MasterCard Worldwide and Visa.

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STPAY

SolidTrust Pay is now offering payment options, including online credit card processing, direct bank transfers, and a Visa/Debit card program facilitated through First-Pay.com and Globewallet, which allows members to withdraw their funds directly from their STPay accounts onto a prepaid debit card for use anywhere VISA is accepted. Their growing international customer base has allowed SolidTrust Pay to open up numerous options for customers outside of North America – including cheque deposit options in 50 countries. STPay is MLM, network affiliate, and new business friendly, and makes every effort to offer credit card merchant processing and e-wallet services that allow merchants to accept payments from customers around the world. Through continuing efforts to provide hassle-free processing for businesses who may not qualify for accounts with some of their leading competitors, SolidTrust Pay has developed a large module of merchant tools and upgrades that allow merchant account holders to customize their processing! In the past year, SolidTrust Pay has introduced such options as the Transparent API, instant credit card processing, and the Corporate account level which offers protection against chargebacks and online fraud. SolidTrust Pay endeavors to offer merchants account services they need at prices they can afford.
SolidTrust Pay (STPay) has established a customer base approaching 150,000 members from around the world. The company was established in an effort to provide alternatives for those seeking online payment processing and e-wallet services. As customers and business people themselves, they understand the need to bridge the gap between merchants and clients in a seamless manner and have worked tirelessly to provide that service.

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LMI Consumers See Little Change in Spending Y/Y

Low-to-moderate income (LMI) consumers have not significantly changed their overall spending patterns during the last 12 months and are still being affected by the financial recession. LMI consumers are spending the largest percentage of their funds in the “Finance” category (31.13%) which includes cash withdrawals and rent payments, according to the quarterly “Spending and Savings Index” prepared by NetSpend Corporation unbanked consumer services. Based on cardholder data from more than one million US NetSpend customers, among this income demographic, 15.92% of funds are spent on Home; 14.51% on utilities; 10.86% on groceries; and 8.39% on Auto/Gas/Transportation. Although relatively flat, the biggest LMI spending gains were seen mainly in Finance (1.33%), Auto/Gas/Transportation (.78%) and Home (.7%). The largest declines were in the categories of Utilities (-1.78%) and Travel & Entertainment (-.91%). Spending on Food, Personal & Professional Services and Groceries remained largely unchanged.

NetSpend Spending/Savings Index Y/Y
Category 1Q/09 1Q/10
Finance 29.80% 31.13%
Home/Apparel 15.21% 15.92%
Utilities 16.29% 14.51%
Groceries 10.46% 10.86%
Auto/Transport 7.62% 8.39%
Personal Services 6.91% 6.69%
Travel/Entertain 6.70% 5.80%
Food 4.37% 4.10%
Average Savings $47.97 $55.93
SOURCE: NETSPEND

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Capital One Launches Small Business Rewards Card

Capital One has launched its “Venture for Business” premium rewards credit card. Offering small business owners double miles on every purchase, up to 15,000 bonus miles within the first three months and a flexible redemption without typical restrictions, “Venture for Business” card provides cardholders a one-time 5,000 mile bonus when an employee card is activated within the first 60 days. With the new program, there are no limits on when, where or how double miles are earned, no retailer specifications or spending categories, no separate rewards enrollment or re-enrollment requirements, and no limit on the number of miles cardholders can accumulate. When redeeming for travel, cardholders multiply the cost of the purchase by 100 to determine how many miles are needed. Additional “Venture for Business” features allow cardholders 2 miles per dollar on all net purchases, every day; no rewards expiration; no special spending categories; no separate rewards enrollment requirements; 10,000 bonus miles when $1,000 is spent on the card in the first three months; free flight on any airline, any time, with no blackout dates; redmption for travel, cash back, gift cards, merchandise or charitable donations; and no foreign transaction fees.

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Discover Launches Nationwide Teamster Card

Discover Network has launched American Union Financial Services (AUFS) and Amalgamated Bank of Chicago (ABOC) Discover card, initially offered nationwide to select Joint Council Teamster local union members and their families. The AUFS/ABOC Discover card provides cardholders with benefits such as no annual fee, a low annual percentage rate, AmalgaMiles travel rewards, and zero liability on fraudulent transactions. Amalgamated Bank of Chicago was founded in 1922 by the Amalgamated Clothing Workers Union and has always been dedicated to serving America’s working people. As Amalgamated Bank grows, it provides new banking products and services to better serve our customers – unions and union members across the US.

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UVeritech Now Authorized Reseller of L-1 Identity Solutions

Multi-layer fraud prevention solutions provider UVeritech
is now a reseller of the “B-5000 scanner” and “Documetrics Database” by L-1 Identity Solutions secure
credentialing. The agreement authorizes UVeritech to resell the B-5000 scanner and
Documetrics Database to commercial customers in North America expanding
its product offerings of state-of-the-art image and identity data capture.
Documetrics Database incorporates both ID-Passport and
ID-License. ID-Passport is a comprehensive database of International
Civil Aviation, Organization (ICAO) Machine Readable, and Travel
Documents (MRTD) consisting of worldwide passports, e-passports, visas,
national IDs, and alien card information. UVeritech is a leader in multi-layer fraud
prevention and counterfeit money detection solutions such as UV
scanners, automated currency detection, image capture, verification and
authentication.

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MaxID Intros MaxIDentity Software

VA-based security provider MaxID has introduced “the MaxIDentity Suite” of software applications to verify
identity and government-issued credentials including smart cards, driver’s license’s and passports.
The “MaxIDentity Suite” contains a series of ready-to-use applications to
read PIV, PIV-I, TWIC, FRAC and CAC smart cards as well as passports,
ePassports, Seafarer ID cards and driver’s licenses.
The product can be purchased using the Software-As-A-Service (SaaS)
model, so organizations can pay a low monthly fee for the application
suite as an alternative to purchasing outright. The suite will be
available on the MaxID line of multimodal products including the iDL500,
iDL520, and iDL750 offerings. Beginning on September 1 a trial version
of the product will be included with each multimodal computer shipped
from MaxID which allows the user to try the application suite for 60 days before signing up for a subscription.
MaxID Corp maintains a global research and
development team. It’s advanced biometric handheld devices are
manufactured in the United States and are distributed worldwide. More
than 25,000 identity devices are being deployed worldwide by customers
such as the US Department of Defense, the US Department of Homeland
Security, border and law enforcement agencies, and power generation and
maritime facilities. The MaxIDentity Suite was jointly developed by MaxID Corp and RILEEN
Innovative Technologies, Inc. a member of MultiModal ID, LLC.

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CHINA PAYMENT CONFERENCE

China is strongly focusing on the improvement of payment system, environment and regulation. The 4th Annual Payment China Conference in Beijing May 10-11 brought together officials from payment services, the World Bank, European Central Bank and the Bank of China to discuss the evolution of and innovations in payments in the world’s fastest growing consumer economy. Online payment platform provider mPayy CEO Conrad Sheehan moderated a panel discussion entitled “Alternatives in Global Payment Networks: Disruption, Efficiency, and Security,” on Tuesday May 11th. The panel covered disruptive innovations, including mobile payments, contactless NFC payments, and the manner in which new companies are driving enhanced consumer convenience and security and material cost savings and fraud reduction for merchants.

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First Republic Bank in Los Angeles Appoints Citi Exec

Al Paisley has joined First Republic Bank private banking. Bringing with him more than 25 years’ financial services experience, Paisley will work with First Republic’s team to provide business banking services such as lending services, deposit services, cash management, foreign exchange, online banking, and business escrow. He most recently comes from Citibank, where he was VP for the past 15 years. Paisley earned a Bachelor of Science degree in Finance/Accounting from University of Southern California. Founded in 1985, First Republic Bank has offices in San Francisco, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Seattle, Boston, Greenwich and New York City.

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INSIDE MICROPASS

INSIDE Contactless has shipped over 200 million MicroPass intelligent payment platform product with production volume doubling in the 18 months since reaching 100 million units in November 2008. MicroPass is designed to power open standard contactless and dual-interface bank card payments along with other value-added applications in all global regions. Based upon a RISC architecture and optimized to the demanding requirements of contactless transactions, each of the MicroPass family of products is designed to meet the demands of issuer organizations in the bank card and mobile payments, transit, ID and access control markets. Consumers enjoy added convenience, speed and ease of use afforded by contactless payments, while issuers and merchants enjoy faster transaction times, increased spending per transaction, lower operational costs and penetration into the cash payment market.

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MoBeam Launches Loyalty Data Storage Device

CA-based MoBeam has launched its first
product,the “nümi key”, designed to loyalty/frequent shopper cards on one digital device.
The nümi key’s patented technology converts any bar
code to light that imitates a bar code when beamed into any existing
laser bar code scanner. The nümi key has very successful read rates with
bar code scanners. In contrast, smartphones that generate an image of a
bar code often have less than 50% successful read rates at bar code
scanners. The average US household has more than 14 loyalty/frequent shopper cards
and it is growing.

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