The Payments Accountability Council (PAC), led by Retail Council of Canada (RCC), the Canadian Council of Grocery Distributors (CCGD) and backed by more than 250,000 Canadian merchants, applauds Finance Minister Flaherty and the Government of Canada for the announcement of a code of conduct for the Canadian debit and credit markets. Though merchants understand the government’s push for voluntary measures as a first step, the PAC advocated for, and supports the inclusion of powers to regulate the market in light of card company practices seen in other countries around the world. The PAC remains focused on the need to provide clarity; the need to provide merchants with effective tools to manage payment card costs; and the need to ensure that the costs built into the system through loyalty and other programs are paid for by those who introduce and benefit from these costs.Details
Citi cardmembers and Citibank customers are winning green for going green through eco-promotion by Citi Cards and Citibank to give away $30,000 in cash prizes to encourage customers to go paperless. Citi will also donate 10,000 trees to the Arbor Day Foundationâs Trees for America program. This latest earth-friendly initiative is part of Citiâs on-going worldwide effort to deliver tangible benefits to customers who want to reduce their paper waste. To encourage customers to reduce their paper consumption, Citi will automatically enter customers who enroll in Paperless Statements, as well as Citi cardmembers who enroll in Paperless Letters, now through July 10, 2010, to win one of six $5,000 cash prizes. Citi Cards businesses in 32 countries have planted over 2.3 million trees and saved over 40,000 trees by suppressing over 168 million paper statements and implementing recycling programs. Citi Cardsâ efforts are part of Citiâs $50 billion, 10-year commitment started in 2007 to address global climate change through investments, financings and related activities to support the commercialization and growth of alternative energy and clean technology.Details
Retailer Target will now issue its Target Credit Card, a credit
product accepted at all Target stores and Target.com. Effective April
29, 2010, Target will no longer issue the Target Visa Credit Card to new
credit card applicants. The comprehensive testing, conducted over the last several months,
demonstrated that guests tend to spend more at Target when issued a
Target Credit Card instead of a Target Visa. As a result, this decision
is expected to produce greater retail sales for Target, while also
reducing the amount of receivables the company funds. Existing Target Visa Credit Card holders will
not be affected.
Heartland Payment Systems and MICROS Systems have reached an amicable settlement of a 2007 lawsuit, and have concluded a restructured and expanded business relationship in which they are now working together to bring new payments solutions to the restaurant, lodging, and retail industries. Heartland is the National Restaurant Associationâs official preferred provider of card processing, payroll, check management, tip management and gift marketing services (www.gofullcourse.com) and the official preferred provider of card processing, payroll, check management and tip management services for the American Hotel & Lodging Association. With MICROS, Heartland is finalizing development of interfaces that will better integrate their respective products and collaborating on other product innovations designed to protect transactions originated by MICROSâs Simphony platform, an enterprise, service-oriented architecture POS product for the hospitality industry, with “E3,” Heartlandâs end-to-end security solution designed to protect cardholder data from the moment of swipe.Details
Scotiabank has expressed support for the voluntary code of conduct for credit-and debit-card companies announced by federal Finance Minister Jim Flaherty. The code will allow merchants to manage costs, while passing benefits along to customers. The industry has one month to review and adopt the measures.
Scotiabank is one of North America’s premier financial institutions and Canada’s most international bank with more than $507 billion in assets.
TSYS has been selected by SBI Sumishin Net Bank (SSNB) internet-based bank in Japan to process its payment card portfolio. TSYS will provide processing and back-office operation services for SSNB to issue cards to consumers, including retail membership cards, a proprietary private-label credit card and association-branded credit cards. As an internet-based bank, SSNB has more than 750,000 accounts and plans to use its partnership with TSYS as a means to aggressively expand its card business. A conversion is expected in April of 2010. SBI Sumishin Net Bank (SSNB) oversees more than 750,000 accounts with a balance outstanding of 1.2 trillion yen.Details
OKI Data Americas has contracted with PA-based Domus as the company’s new public relations agency of record as of April 1, 2010. Domus will now manage all public relations services for OKI Data Americas, including media and analyst relations efforts, ongoing public relations strategy and support for launches, and the creation of specialized programs. The centralized public relations team will work to drive awareness of the OKI Printing Solutions brand and deliver one-unified message for both Canada and United States offices. Domus, Inc. has been the advertising/marketing communications agency of record for the U.S. operations of OKI Data Americas since 2000 and the U.S. public relations agency of record since 2004.Details
CO-based University Parent Media has teamed with StorValue, the
industry leader of co-branded and rewards-based prepaid cards, and
issuer MetaBank, to issue the “Campus Dough DebitSmart Visa Prepaid Card”.
The reloadable card is a first in several ways for students and parents:
It offers clarity with transparently disclosed fees that are less than
virtually any other similar card; it provides outstanding, 5 to 60%
discounts at thousands of collegiansâ favorite places and it arms students and their families with online and
mobile money management tools and online banking for better control of
their finances. University Parent Media recently conducted an informal, qualitative
online survey revealing that half of the respondents were not aware that
the 2010 Credit CARD Act increased the difficulty for those under 21 to
get a credit card without a parent or guardian co-signer. More than one
half of the respondents were hopeful that a debit card could help them
to better manage their finances than a credit card.
MasterCard will be adopting the code of conduct for credit and debit cards in Canada as released by the Minister of Finance, holding the Code creates benefits and burdens for all of the participants in the payments value chain. Tthe Code allows the continued presence of Maestro(R) on Canadian debit cards, allowing consumers to retain the benefits of international debit purchasing power. MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide and develops and markets payment solutions for approximately 22 billion transactions each year.Details
More than 80% of parents surveyed say they want to be better role models for their children regarding money management and that they have made money mistakes they want their own children to avoid. Yet, 35% of teen respondents said that when they ask for money, their parents rarely or never use these occasions to discuss topics such as budgeting and planning for the future. Meanwhile, 53% of parents surveyed report that their teen asks them for money at least once a week, providing ample opportunities for parents to talk with teens about making positive financial choices. Also, 29% of parents of teens surveyed said they argue with their teen about money at least every month. Among teen respondents, 53% want to learn more about topics like budgeting, saving and credit. In response, Capital One and Search Institute has partnered to create Bank It financial literacy program that helps parents and teens talk about, understand and manage money.Details
Fiserv, the leading global provider of financial services technology
solutions, announced today that Piraeus Bank, one of Greece’s leading
financial institutions, is now live on Universal Banking from Fiserv at
its Egypt operations. Fully supporting the Arabic language, Universal
Banking from Fiserv for Piraeus Bank in Egypt is a unique, integrated
real-time solution for retail and treasury markets. Universal Banking from Fiserv is a production proven solution that is
tightly integrated for seamless operation and scalable for future
growth and is a single source for a wide range of banking technology needs supplied by an award-winning
solution provider. The Fiserv solution includes the “Signature” bank
platform for retail and commercial banking, Treasury and Trade
functionality, and branch support with “Aperio”, the next generation
solution for customer channel management, and Teller, a multi-currency,
full-function, branch tellering and transaction processing solution.
Piraeus Bank has more than EUR65 billion in total assets and operations in
11 countries and plans to continue its expansion. Piraeus Bank announced
implementation of Universal Banking in its Cyprus operations in January
Global money transfer service MoneyGram International has expanded its mobile transfer service to
approximately 40,000 agent locations in the United States which follows its pilot program offered from select California and Hong Kong
agent locations to 40 million Philippines SMART phone users.
MoneyGram joined forces with SMART Communications, Inc. in December and
began the pilot phase of its MoneyGram mobile money transfer services to
deliver funds from a MoneyGram agent location direct to any SMART Money
account. Mozido, a leading mobile technology provider, supplies the
transaction services to link MoneyGramâs services to SMART mobile phones.
MoneyGram also introduced mobile money transfers send services in Italy
last year in partnership with its agent Poste Italiane and Poste
Mobileâs exclusive technology. The service provides a mobile interface
for consumers to transfer funds from their mobile phone to recipients
collecting funds at any MoneyGram agent location.