USA Technologies wireless non-cash transactions has received written subscription agreements from institutional investors in the amount of $1,815,003.90 and has received orders from its customers for an additional $663,104.70, for a total of $2,478,108.60 (82.6%) of its previously announced public offering of up to $3 million. As a result, based on the subscription agreements and the customer orders, only $521,891.40 (17.4%) remains available for sale. USA Technologies expects to use the net proceeds of the offering for general corporate purposes, including working capital and providing financing for the manufacture of its e-Port cashless payment products for the Jump Start Program. The company has engaged Source Capital Group as placement agent for the public offering.Details
Operation HOPE (HOPE) Founder John Hope Bryant travels to Tanzania to participate in the 2010 World Economic Forum on Africa and the 7th Annual Young Global Leaders Summit. This year’s gathering centered on “empowering change” and focuses on reinforcing the three pillars of the YGL community: community building, generating insight and undertaking collective action.
Noted for his recent bestseller LOVE LEADERSHIP, Bryant was tapped to lead discussions that focused on “The Role of the Private Sector in advancing high quality education in Africa.” YGLs specifically looked at the lack of funding public schools receive in Africa and searched for ways that the private sector can help support them. Operation HOPE is America’s leading nonprofit social investment banking and financial literacy empowerment organization. With more than 400 private sector partners, 3500 nonprofit organizations and schools, and 100 government partners in 69 major U.S. cities and six provinces in South Africa, HOPE has raised more than $500 million in its pursuit of educating, assisting and inspiring the next generation of global stakeholders in financial literacy, economic empowerment and silver rights.
Capital Access Network’s Data Services Division released its 1Q/10
Small Business Credit Sales Report (SBCS Report) indicating both the
restaurant and retail sectors slowed the rate of year-over-year card
sales decline to 6.31% and 11.67%, respectively, from 1Q/09. This
represents the second quarter year-over-year credit sales declines
slowed. Same store credit and signature debit card sales posted their
tenth consecutive quarter of year-over-year decline by 9.16% since the
year-ago period. The Q1 2010 figures seem to be
consistent with the Federal Reserveâs Statistical Releases, G.19,
Consumer Credit, published on April 7, 2010 and March 5, 2010, which
showed revolving consumer credit in the U.S. contracting at 13.1% and
2.25%, respectively. The monthly figures show a year-over-year
accelerating positive trend. January 2010 showed a 12.42% decline in
card sales from January 2009. February 2010 showed a 10.90% decline from
the February 2009 levels. In March of 2010, the card sales decline
slowed to 4.83% from March 2009. The strongest performing segment in the
data was Restaurants with average tickets of less than $25. In that
category, March 2010 was essentially flat to March 2009, showing only a
0.51% decline. During the 2010 Valentineâs Day period, defined as
February 12â16, restaurants showed a year-over-year card sales decline
of only 2.90%, compared to the entire month of February 2010, which
experienced a decline of 6.34% versus February 2009.
The Smart Card Alliance has introduced an additional smart card
certification program, “The Certified Smart Card Industry
Professional/Government (CSCIP/G) designation and announced its first
two CSCIP/G exams, which will be held on June 29th and November 19th,
2010 in Washington, DC. Part of the Allianceâs Leadership, Education
and Advancement Program (LEAP), CSCIP/G is an extension of the Certified
Smart Card Industry Professional (CSCIP) designation. The body of
industry knowledge covered by the CSCIP/G certification includes the
same fundamentals as the CSCIP certification, and adds in-depth content
about U.S. government identity credentialing programs and technologies.
These educational modules prepare applicants for the CSCIP/G exam
administered by the Smart Card Alliance. The CSCIP/G certification exam
will cover: smart card fundamentals and security features; smart card
application and data management; smart card usage models;FIPS 201 and
common identity, security and privacy requirements; PIV card, physical
attributes, data elements, logical credentials and cryptographic
specifications; PIV card issuance and lifecycle;FIPS 201 and biometrics;
use cases for physical and logical access and Federal PKI infrastructure.
Javelin has released its “Annual Card Issuerâs Safety Scorecard” which
reviewed 26 card issuers on a total of 50 research-derived criteria
within the categories of fraud Prevention, Detection, and Resolution
with Bank of America taking the overall top honors for the fourth
consecutive year, followed closely by Discover and U.S. Bank. In the
individual areas, U.S. Bank took top honors in Prevention, leaders in
detection include Bank of America, Discover, Wells Fargo and HSBC and
Bank of America, Discover, Navy Federal Credit Union and State Farm tied
for top issuers in Resolution. Javelin added more stringent criteria
this year and allotted 45% of the overall score to fraud prevention.
The greatest majority of legislatures are in compliance with Red Flags
rules and fraud has dropped by more than half. As a result of the
requirement to alert a consumer when an address change is made, physical
address changes are no longer the top method of taking over an account;
criminals have shifted to adding a registered user to the account.
Javelin created the scorecard criteria based on their annual Identity
Fraud Survey report and developed scores for each issuer through mystery
shopping an average of six customer service reps (CSRs) from each of the
top 26 card issuers and compiling publicly-disclosed information
provided by each issuer. The report is also derived from in-depth
interviews with several security professionals and expert Javelin
industry analysis and focuses on features that work in partnership with
the customer that include: policy leaders must adapt their fraud
mitigation systems rapidly, addressing the specific areas that criminals
have now moved on to; issuers improved in fraud resolution, but need to
step up their efforts in fraud prevention and detection and two-thirds
of consumers rate alerts as an extremely or very useful tool to mitigate
Cyveillance and Opie Marketing Group, owners and operators of Protection Power, have announced a strategic alliance to bring Cyveillance’s advanced detection of compromised credentials on the Internet through Cyveillance Identity Theft Protection to Canadian consumers for the first time, further strengthening Protection Power’s service offerings and its position as Canada’s top consumer identity theft protection service. Cyveillance technology comprehensively monitors the open Internet to discover leaked or stolen personal information. As sensitive personal data is discovered, Cyveillance Identity Theft Protection provides the updated intelligence to Protection Power that, in turn, alerts members to take proactive steps to combat and minimize the damage of the fraud. Cyveillance Identity Theft Protection provides real-time access to the same intelligence used by many of the top credit card issuing banks and credit unions. This intelligence enables organizations to reduce fraud-related losses through the proactive detection of high-risk transactions and empowers consumers to take steps to protect themselves before fraud occurs.Details
Trustwave information security and compliance solutions has made available its “Data Privacy Program,” comprised of security services to help businesses protect customer personally identifiable information (PII). With data privacy laws in 46 states and legislation designed to protect PII is currently pending on the federal level, Securing sensitive consumer data has become a required process. Indirect costs such as brand damage can result in loss of business and deterioration of market value. The Trustwave “Data Privacy Program” offers assistance in developing applicable security policies for the protection of personal information; discovery and classification of personal information stored in the corporate environment; encryption of personal information at rest and in transit; identification of asset vulnerabilities and employee education regarding computer system and personal information security. Key components of Trustwaveâs program focus on Physical Data Privacy (PDP) and Electronic Data Privacy (EDP).Details
NY-based ransaction processor TransFirst and merchant cash advance provider
CA-based American Finance Solutions are set provide
small- and medium-sized business access to the
working capital they need. Through a joint referral relationship,
TransFirst expands its product portfolio to include American Finance
Solutions’ Merchant Cash Advance product, helping
clients’ access capital quickly, despite tightening credit markets.
American Finance Solutions is a provider of Merchant
Cash Advances to small- and mid-sized businesses. Since 2006, American
Finance Solutions has made over 10,000 fundings, providing business
owners in all 50 states with working capital. TransFirst offers
innovative products and
services designed with financial institution, independent sales
organization, healthcare, eCommerce, government and merchant customersâ
unique needs in mind.
MasterCard Europe has announced its first quarter 2010 operating results for the Europe region. For the first quarter 2010, the European region reported MasterCard gross dollar volume for Europe increased 11.9%; purchase volume grew 13.1%; purchase transactions increased 14.1%, and cash transactions increased 9.1%, compared to the first quarter 2009.
From 1 January through 31 March, European cardholders made more than 1.8 billion purchase transactions with their MasterCard-branded cards, including those made online.
As of 31 March 2010, 201 million MasterCard cards (excluding Maestro and Cirrus) had been issued by MasterCard customer financial institutions across Europe, an increase of 4.7 % compared to the same quarter in 2009. European cardholders could use their MasterCard cards at 8.9 million acceptance locations in the region and at30.2 million acceptance locations worldwide.
In addition, the Maestro brand mark appeared on 303 million cards. Consumers can now make point of sale purchases with their Maestro cards at 7.1 million merchant locations throughout Europe and at 12.3 million merchant locations worldwide.
New devices and services create new barriers for people with disabilities and new technology is often not designed with their needs in mind. A study conducted by the Neil Squire Society looked at four types of M-Payment systems: voice activated, web-based, text messaging, and a combination text messaging and web based style applications. The use of M-Payments in North America (United States and Canada) is expected to rise to $26.9 billion by 2013, a Compounded Annual Growth Rate (CAGR) of 98%. In addition, North America will account for 24% of the world market share for Mobile Payments by Gross Transaction Values. An important change in how consumers buy goods is underway.
The Canadian Radio Television and Telecommunications Commission (CRTC) recently recognized that the issues of people with disabilities are not being fully addressed by the wireless telecommunications industry. They have issued directives to encourage industry to address these issues, but industry has traditionally been slow to respond. The merging of financial services and telecommunications combine two services that consumers consider fundamental to how they go about their every day activities. Without a proactive approach by all stakeholders, people with disabilities will be severely marginalized. This study was funded by the Government of Canada’s Social Development Partnership Program – Disability Component.
ThinkingMoney reports on the longest closure of UK airspace since the end of World War Two cost hundreds of thousands of pounds in credit card fees have been racked up by UK cardholders abroad as they withdrew money to pay for food, water and travel expenses. Many travelers were forced to stay extra nights in hotels, paying with their card and incurring fees in the process. Of all these people, it will be those who used an MBNA credit card that will be the happiest, as the card provider has announced it will be refunding any foreign currency exchange charges and cash advance fees that it’s customer incurred while stuck abroad due to the volcanic ash cloud.
The Bank of America subsidiary is the first UK credit card provider to announce a refund policy of this nature, which stands to benefit a great many people. MBNA is the UK’s largest credit card provider with around 6 million customers and a further 1 million across Europe. The move will see potentially tens of thousands of pounds refunded to cards that were used abroad during the six days that British air space was closed.
Having completed its merger with Bonfire Productions, C$ cMoney has named a new executive management team. With this, Lawrence Krasner is to serve as president and CEO. A veteran of the financial services industry, Krasner brings with him over 23 years’ experience to the company. In his new role, he will oversee the strategic direction of C$ cMoney, working in tandem with the Board of Directors and acting as the official spokesperson. Krasner managed the development of a multi-billion dollar capital markets integration program for a global investment bankâs private wealth management group in his previous role with CSC Consulting. He also served as senior vp and group head of an internal projects team with Lehman Brothers, managing a portfolio of global strategic initiatives.Details