Online Banking Solutions (OBS) has launched their ACH and Wire payment initiation services. Providing next-generation cash management and revenue-generating business banking solutions for banks, OBSâ “Messenger Financial Center,” a Web 2.0 cash management and business banking portal meets contemporary scale, channel, security and integration requirements. Based on Online Messenger, OBS solution enables banks to move beyond classic barriers to leverage delivery channels for files and transactions without limitation. With a contemporary design and receiver-based model, banksâ business customers can perform any financial transaction with ease. The OBS “Messenger Mobile Services” allows banks to leverage and deliver the new Payment Services through the mobile channel as well as other licensed delivery channels. OBS plans to continue building out their payments capabilities to include a full range of domestic and international payment types.Details
Acacia Research Corporation’s Financial Systems Innovation subsidiary has entered into a settlement agreement covering a patent that applies to credit card fraud protection technology with Interbond Corporation of America. This resolves a dispute that was pending before the US District Court for the Northern District of Georgia. The expired patent asserted in this litigation generally relates to a computerized system for protecting retailers and consumers engaged in credit card, check card, and debit transactions. The system includes an electronic card reader, and the generation and use of a transaction number, which specifically identifies each transaction processed within the system. Acacia Researchâs subsidiaries partner with inventors and patent owners, license the patents to corporate users, and share the revenue.Details
The Bancorp Bank Payment Solutions Group has announced a collaboration with AccountNow, a leading marketer of Visa and MasterCard branded prepaid cards for the estimated 40 million strong underbanked consumer market. AccountNow addresses the needs of the growing population of consumers that are seeking to use credit responsibly. The AccountNow Gold Visa Prepaid Card can help cardholders build credit history by paying bills online to demonstrate their credit worthiness and through the credit builder program which reports bill payment history to PRBC, a credit bureau, which is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. CA-based AccountNow provides financial solutions for the 40 million US consumers who do not have established credit or traditional banking relationships.Details
Gaming cash access provider Global Cash Access Holdings has entered into several new agreements with casino operators in Canada and
Asia. GCA has installed its QuikCash Plus (QCP) and QuickCash Kiosk
products at Edgewater Casino, operated by Paragon Casinos in the heart
of Vancouver, British Columbia and has expanded its business in Alberta with
three new agreements to provide QCP, QuickCash Kiosks and debit and credit card cash access services at
Deerfoot Inn and Casino, Century Resorts Alberta Inc., and Cash
Casino-Red Deer. GCA now provides cash access services for 20 out of the
26 casinos located in Alberta, Canada. GCA has also further developed its presence in Asia through services
provided by Central Credit, a wholly owned subsidiary of GCA.
Marina Bay Sands PTE Ltd. in Singapore, Resorts World Sentosa in Singapore, Star Cruises Limited in Hong Kong,
and Emperors Palace Hotel Casino and Convention Center Resort in South
Africa, have all recently signed agreements with Central Credit. To date, 33
international casinos in 15 countries subscribe to Central Credit services.
TX-based C$ cMoney mobile technology company has received $15 million in funding from Kodiak Capital Group. The investment is expected to support the expansion of the company as well as the launch this summer of C$ cMoney mobile payments. C$ cMoneyâs new mobile payment platform through cell phones and text messaging will enable consumers to send money or pay for goods and services anywhere that cash, checks or credit cards are accepted. The revolutionary technology will feature a significantly improved personal security system that eliminates exposure to identity theft. C$ cMoney operations will employ more than 160 employees with an additional 80 to 100 regional marketing personnel and marketing representatives.Details
Dynamic Card Solutions has signed on Amalgamated Bank of New York to offer instant
issue unembossed MasterCard debit cards at the branch level.
Looking to eliminate the cost, risk and delay for their customers to
receive a card in the mail and to improve overall customer satisfaction
levels, the bank is rolling out DCSâ “CardWizard” software
and FCP 20/20 unembossed card printers to its branches in Manhattan.
By issuing unembossed MasterCard debit cards, Amalgamated Bank will
have the ability to offer a variety of images that cardholders can
personally select for their card background. Once the background is
selected, DCS’ CardWizard software transfers all personalization data
fully encrypted to the FCP 20/20 printer which quickly and securely
prints high-definition color onto both sides of white blank card stock
the personalized unembossed card. Amalgamated Bank is an FDIC insured commercial bank with $4.5
billion in assets.
FIS banking and payments technology has completed six new agreements for its “HORIZON” core banking platform so far this year, in addition to the 16 HORIZON deals FIS inked in 2009. The “HORIZON” platform offers clients enhanced financial reporting capabilities, innovative transaction processing and advanced relationship management technology to help banks gain a more comprehensive view of their customers. Built to run on the IBM “iSeries” platform, the banking solution offers flexibility in deployment options, including licensed in-house software or a variety of outsourcing options. FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in over 100 countries worldwide.Details
Mobile payment provider Bling Nation is now offering
N.Y.-based The Adirondack Trust Company
offering mobile payments to its customers.
Customers with a checking account at The Adirondack Trust Company can
easily sign up for a BlingTag, a quarter-sized sticker that is applied
to the back of their mobile phone to enable mobile payments, which
businesses and The Adirondack Trust Company treat as debit transactions.
Once a BlingTag is adhered to their mobile phone and activated,
customers can âBling,â or use their mobile phones to tap-and-pay for
purchases, redeem loyalty incentives and receive transaction and account
balance text messages in real-time at the point of sale.
Adirondack Trust Company customers can Bling at a growing number of
businesses in Saratoga Springs, Glens Falls and Ballston Spa, N.Y.,
The Adirondack Trust Company has $870 million in assets and ten branches.
Fitch Ratings has not placed any additional U.S. credit card ABS transactions
“Under Analysis” following its monthly surveillance review of
U.S. Credit Card asset-backed securities (ABS) transactions.
A transaction may also be designated as ‘Under Analysis’ when a review
is undertaken because of a material event affecting the transaction or
when a regular, more in-depth periodic review is being performed. While
transaction performance is reviewed monthly, Fitch conducts detailed
portfolio reviews at least annually.
Five hundred and twenty-nine classes of U.S. credit card ABS
transactions were designated with a SMARTView date of March 23, 2010,
indicating that performance has been reviewed and a rating action is not
anticipated within the next 30 days.
Charge-offs on U.S. credit cards finished at 11.08% in February, one basis point higher than the January rate of 11.07%, while delinquencies fell to 5.91% to its lowest level since August. This, according to Moody’s Investors Service’s” Credit Card Indices Report,” also shows the February yield index of 22.23%, representing the highest monthly rate in the history of Moody’s index. With Base case expectation for the unemployment rate – a plateau in the second half of the year between 10% and 10.5% – and the expectation delinquencies will continue to improve, the charge-off rate is expected to peak at slightly lower than its long-held forecast of 12%. The trailing three-month average charge-off rate reached 10.82% in February, the highest level since September 2009. Meanwhile, excess spreads continue to receive significant support from issuer discounting initiatives and the strong yields and steady charge-off rates help catapult the excess spread index back above the 8% mark in February.Details
American Express and AIR MILES Reward Program launched a new Platinum Business Card to offer business owners a more significant AIR MILES earn rate. With extensive services and built for business coverage, the American Express and AIR MILES partnership has also enhanced the Gold Business Card to offer additional benefits and a faster way to earn AIR MILES Reward Miles on the no-fee business Credit Card. Business owners can earn up to 1,250 Bonus reward miles with the new American Express AIR MILES Platinum Business Card; enough for a round-trip air fare. The new Platinum Card earns business owners one AIR MILES reward mile for every $10 in purchases charged to the Card at AIR MILES Sponsors and one AIR MILES reward mile for every $15 in purchases charged to the Card everywhere else.Details
CA-based fabless semiconductor provider ClariPhy has started shipping
the “CL1012” clock and data recovery
(CDR) IC with maximum likelihood sequence estimation (MLSE) into line
cards with Tunable XFP and XFP+ modules for 10 Gb/s optical networking.
While the CL1012 IC supports both XFP and XFP+ tunable modules, the
proven benefits of MLSE are fully realized with the + version of the
module. These benefits include improved tolerance to major impairments
in telecom networks â chromatic dispersion (CD), first and second order
polarization mode dispersion (PMD), and nonlinear distortion. The CL1012
has Â½ the power and Â¼ the area of competing MLSE solutions, and achieves
higher performance by design than alternative EDC architectures such as
decision feedback equalization. Carriers deploying the CL1012 and
tunable XFP+ modules in their transport platforms will realize both opex
and capex savings by reducing or eliminating expensive and bulky optical
dispersion compensation equipment, avoiding the need for fiber
characterization, and enabling the use of a greater percentage of their