NBC Bank of Oklahoma City has selected Wolters Kluwer Financial Services to help the bank manage compliance with the Federal Reserve Boardâs upcoming changes to Regulation E (Reg E). The changes, which take effect July 1 for new accounts and Aug. 15 for existing ones, require financial institutions to gain approval from consumers before charging overdraft fees on one-time debit card or ATM transactions. NBC Bank has completely outsourced the overdraft fee approval process to Wolters Kluwer Financial Services through the companyâs Reg E Opt-in Manager solution. The technology system uses the bankâs account-holder information to create cover letters, opt-in notices, and confirmation of consent notifications. Messages are securely and electronically delivered, or mailed if necessary, to NBC Bankâs customers who can opt-in or out.Details
Fiserv has released its research that focuses on nine characteristics that are the hallmarks of a successful new payments product.
Those traits include the following: The product must be completely electronic from initiation, to settlement,
to statements; must work everywhere, all the time; be intuitive, be secure to include two-factor authentication, end-to-end encryption,
firewalls and smart compartmentalization of data; be easy and informative; always be on and customizable.
One in four of consumers and 39% of small businesses desire mobile
remote deposit capture, to allows an image of a check to
be deposited through a camera-equipped mobile phone. A niche product in
2010, small banks and credit unions are the first to offer mobile RDC to
identified trusted consumers as a way to retain customers and grow
without reliance on branches. Smartphones are a key factor in the adoption of
Mobile RDC, given consumers need access to the mobile web and the ability to
take a two-megapixel digital picture with their camera phone. This,
according to a new report from Javelin Strategy and Research, shows
mobile RDC can be an important element to stem customer
attrition or attract new customers without costly infrastructure;
more than one in four consumers who have been victims of ID
fraud has had their checking account number stolen. Financial institutions can
cut costs by offering the eight in ten of consumers who walked in to a
branch to make a deposit or withdraw cash in the last 90 days the
alternative to use their phone to make a deposit; about one in five of
smartphone owners use mobile banking on a daily basis â more than double
the rate for consumers who do not own a smartphone and four out of ten
tech-savvy consumers view mobile RDC technology as desirable.
NFC communication product provider ViVOtech’s loyalty, coupon, and prepaid software platform, and its ViVOpay 8000 series consumer payment devices will support Taggo’s membership card aggregator and storefront service. Taggo VARs can now use ViVOtech products to create new mobile marketing services for retailers. Customers join programs through Taggo’s SMS and web storefront, using a patent-pending one-step enrollment process that eliminates the need for membership forms. Taggo is marketed to retailers and other organizations through Value Added Resellers (VARs) that are leading providers of loyalty, membership, gift and prepaid card products and services. While providing a full control to consumers in making payments, ViVOpay 8000 products also feature built-in intelligent mLoyalty client software, enabling merchants to offer exciting new mobile marketing and loyalty programs to customers that have a Taggo account and a Taggo contactless sticker on their phone or in their wallet. All three of these products accept payments and loyalty information from mag-stripe and contactless cards, RF tags or stickers, as well as NFC-enabled mobile phones.Details
Secure identity provider HID Global has added
to the versatile “multiCLASS” reader line that enhance
flexibility while accelerating the cost-effective, secure and truly
seamless migration from magnetic stripe (magstripe) and proximity card
technology to secure “iCLASS” contactless smart cards.
HID Globalâs new offerings extend the companyâs market-leading,
multi-technology “multiCLASS” product line, to include solutions that
provide a migration path from legacy magstripe and 125 kHz technologies
to higher security 13.56 MHz smart cards, with no operational
disruption. The new additions to the “multiCLASS” family include two
keypad models; the RMK40 which offers Magstripe to “iCLASS” migration, and
the RMPK40 for migration from Magstripe and Prox to “iCLASS”.
HID Globalâs new “multiCLASS” products are now available from HID Globalâs
network of distributors, OEMs, and system integrators worldwide. HID
Global will enhance its “multiCLASS” magstripe reader line with non-keypad
wall switch variants and FIPS 201 compliancy in July while offering
promotional pricing on keypad products during the months of April, May
Banking technology provider FIS has launched its Instant Issuance card product for banks in Asia
for the production of fully personalized EMV cards in branch locations.
FISâInstant Issuance eliminates many of the high costs associated with batch
card production cycles with no postage costs, no risk of card intercept
fraud, or expensive PIN mailers. Banks benefit from increased card
sales, immediate replacement for lost, stolen or damaged cards and
improved customer loyalty, while featuring VISAÂ® and MasterCardÂ®
compliance and security requirements. FISâ Instant Issuance product is a cost effective solution that operates
as a stand-alone solution or as part of its Cortex card management
system. Cortex is one of the most advanced and comprehensive card
payment solutions available in the market today and supports all the
international schemes and card types, including contactless cards.
Wells Fargo reported its first quarter net charge-offs were $5.33 billion,
or 2.71% of average loans (annualized), compared with fourth quarter net
charge-offs of $5.41 billion, also of 2.71%. Loans 90 days or more past due
and still accruing totaled $21.8 billion at March 31, 2010, and $22.2 billion
at December 31, 2009. Wells Fargo card loans totaled $22,525,000,000, compared
with $24,003,000,000 for the previous quarter and $22,815,000,000 the year-ago
period. Of this, net loan charge-offs totaled $643 million (11.7%).
WELLS FARGO CARD LOANS
Source: CardData (www.carddata.com)
Payment technology provider FIS has launched its “Instant Issuance” card product for banks in Asia for the production of fully personalized EMV cards in branch locations.
FIS’ “Instant Issuance” product is a cost effective solution that operates as a stand-alone solution or as part of its Cortex card management system. Cortex is one of the most advanced and comprehensive card payment solutions available in the market today and supports all the international schemes and card types, including contactless cards. “Instant Issuance” eliminates many of the high costs associated with batch card production cycles with no postage costs, no risk of card intercept fraud, or expensive PIN mailers. Banks benefit from increased card sales, immediate replacement for lost, stolen or damaged cards and improved customer loyalty, while featuring VISA(R) and MasterCard(R) compliance and security requirements.
Financial solution provider uMonitor has been adopted by Vermont State
Employees Credit Union (VSECU. The $472 million credit union will leverage uMonitorâs uOpen& uFundÂ®,
an account opening and funding solution with an
integrated switch kit, is implemented to automate the setup of new
accounts while also improving application completion rates, regulatory
compliance, back office efficiencies and customer satisfaction.
uTransferÂ®, a money transfer platform, will enable members to easily
move money in a highly secure online environment; this added convenience
creates new ways to engage members and generate ongoing transaction
revenue. These solutions integrate seamlessly with Open Solutionsâ
comprehensive Internet banking and cash management solution, e-Commerce
Banker(TM) (e-CB) and core data processing platform, DNAâ¢. The
full-range of Web banking solutions will help VSECU to better compete
with financial institutions of all sizes while improving service and
convenience for its existing members.
TSYS reported results for the first quarter of 2010, with total revenues of $415.4 million for an increase of 1.6% over 2009. Income from continuing operations increased 3.1% to $51.8 million and net income was up 10.3% compared to 2009. Basic earnings per share (EPS) from continuing operations were $0.26 thanks to the TSYS acquisition of 51% of Omaha, Nebraska-based First National Merchant Solutions on April 1, 2010. TSYS also announced today a new stock repurchase plan to purchase up to 10 million shares of TSYS stock. This equates to approximately $162 million of TSYS stock based on current market prices. Total revenues Reimbursable items Revenues before reimbursable items Income from continuing operations EPS from continuing operations available
3Q/08: $500 million
4Q/08: $439 million
1Q/09: $409 million
2Q/09: $412 million
3Q/09: $432 million
4Q/09: $435 million
1Q/10: $415 million
Source: CardData (www.carddata.com)
Visa is set to purchase CyberSource electronic payment, risk management and payment security solutions to online merchants at a price of $26.00 per share,
or total consideration of approximately $2.0 billion to be paid with cash on hand. CyberSource processes approximately 25% of all eCommerce dollars
transacted in the United States for more than 295,000 merchants through its CyberSource and Authorize.Net branded solutions. The acquisition will result in
accelerating the growth of the eCommerce category; rapidly driving international expansion of CyberSource’s products and services; building on CyberSource’s
relationships with merchants to expand adoption and enhance the functionality of other Visa eCommerce solutions; fraud management services adopting
CyberSource solutions and increasing adoption of CyberSource’s secure payment data hosting. Visa and CyberSource will help merchants increase revenue
through global growth while minimizing monetary loss from fraud.
Card processor TeleCash GmbH & Co. KG, and GroBbecker & Nordt
BUrotechnik Handels GmbH, an IT services provider to surgeries and
dental practices, have delivered and
installed more than 500 electronic health insurance card (eGK)
readers at dental practices in the North Rhine region during the last
quarter of 2009. The rollout of the Electronic Health Card (eGK) in Germany is one of the
biggest technology projects ever undertaken in the German healthcare
sector and will affect thousands of doctors, dentists, pharmacists and
healthcare clinics, which will have to invest in new card acceptance
devices. TeleCash has equipped doctors, pharmacists and hospitals with
card payment terminals since 1990 and, supported by a nationwide
infrastructure, offers a range of solutions specifically designed to
meet the needs of customers impacted by the launch of the eGK.
TeleCash chose Hypercom terminals to equip the practices. GroBbecker &
Nordt, which supports around 1,000 dental surgeons running CompuDent
surgery software in Cologne, Bonn and DUsseldorf, installed the readers
and integrated them into practices’ legacy administration systems.