MasterCard Worldwide will work with customer financial institutions and the government to bring more innovation to commercial transactions and payment solutions to Nigerian consumers. Having addressed an audience made up of top officials from Nigeria’s financial sector, MasterCard announced its intention to work closely with governments across Africa to help build the payments infrastructure and facilitate the growth of e-commerce. MasterCard also announced its commitment to the continuous promotion and advancement of electronic payments and the displacement of cash and cheques across the globe. The Asia/Pacific, Middle East & Africa region has been witness to the development and launch of a number of innovative payment solutions from MasterCard, aimed at catering to the diverse needs of consumers.Details
Scott Galit has joined i2c payment solutions as company president.
Bringing with him extensive background in the financial services and
prepaid industries, focusing especially on emerging payments, Galit was
most recently executive VP at Meta Payment Systems. In this capacity, he
served on the executive committee of MetaBank and lead all payments
business lines, including credit, prepaid/debit, ACH, loyalty, agent
bank and ATMs. He was also senior VP at MasterCard, serving on the
global debit senior management team and with responsibility for the
global prepaid business; a senior VP and GM at First Data; and was the
founder and CEO of Solspark, and formerly an investment banker at
Donaldson, Lufkin& Jenrette. i2c payments solution provider helps card
issuers and program managers deliver profitable programs.
Canadians travelling for March Break can enjoy the security and convenience of carrying less cash by using the BMO Debit Card for debit point-of-sale purchases. March Break is the busiest travel period of the year and younger travelers without credit cards benefit from the BMO Debit Card on the Maestro network to access funds from their bank account here at home and make debit purchases at shops and restaurants in over 100 countries.Details
Discover Financial Services will record an increase in reserves of $305 million pre-tax in the first quarter 2010. Mostly thanks to new analytical process that enhances managementâs ability to estimate incurred losses on non-delinquent accounts, this brings reserve coverage to approximately twelve months of losses. With this, Discover expects to report a loss per share for the first quarter 2010 of $.22 to $.23 and estimates that the first quarter net principal charge-off rate for its Direct Banking segment will be approximately 8.5%, up from 8.43% in the fourth quarter 2009. The over 30-day delinquency rate is estimated to be approximately 5%, a reduction of approximately 25 basis points from the fourth quarter 2009. Based on current credit performance trends within its loan portfolio, the company believes that the amount of delinquent loan balances may have peaked in the fourth quarter 2009.Details
According to the TD Canada Trust Fraud Prevention Month Poll, 40% of Canadians surveyed say they are ‘very’ or ‘extremely’ concerned about becoming a victim of fraud in the future and one-third of Canadians feel they have been a victim of debit card or credit card fraud in the past.
The use of debit and credit cards continues to rise in Canada. Currently there are 34 million debit cards in circulation across the country. Between 2008 and 2009 the number of debit transactions in Canada rose from 3.7 billion to 3.8 billion annually and the value of debit transactions rose from $168 billion to $171 billion. There were approximately 69 million credit cards in circulation in Canada in 2009, compared with 68 million in 2008.
Wincor Nixdorf will be hosting âRetail Banking Reinvented,â a one-day executive forum event on March
25, 2010 at the Fairmont Miramar Hotel in Santa Monica, CA. The forum is
open and free to mid and senior-level banking executives.
The event will feature presentations by global industry experts on the
most up to date banking trends and âhot buttonâ topics affecting the
retail banking industry, including changing consumer behaviors, emerging
security threats and new profit strategies. Attendees will also have the
opportunity to learn about current advancements in self-service and
branch technologies that promise to considerably lower costs while
increasing cash security and enhancing customer brand loyalty.
Wincor Nixdorf is the premier global provider of advanced retail banking
solutions, offering best-in-class cash handling technologies to, among
others, 18 of the worldâs top 25 banks.
ABnote has appointed Don Chamblin VP, Global Sales and Business Development to oversee Sales and Business Development in areas outside of North America and serve customers on a global basis. Bringing with him over 20 years’ experience, Don has held various sales and marketing positions with market leaders Identatronics, Zebra Card, HID and ID Initiatives. He is also a member of the AIDC 100 most influential professionals within Automatic Identification, Data Collection and Enterprise Mobility and has been a frequent speaker and consultant on the subjects of identity management, biometrics, large scale identification projects, and card technologies. Don holds degrees in both marketing and psychology from the University of Illinois.Details
Emergent alternative payment provider Cred-Ex has rolled out its “m-Commerce Payment Solution.”
Customers using Cred-Exâs new Mobile Payments Solution (MPS) will first
sign-up on the Cred-Ex web site. After this initial
authentication process which includes credit approval and mobile phone
registration, they will be able to make all future purchases from their
registered device without having to sign in again. This includes the
Cred-Ex Pay Vault functionality. Existing Cred-Ex account holder will
only need to register their mobile device once, using their control
panel on the Cred-Ex web site. The technology includes a set of APIs (application
programming interfaces) for brick and mortar merchants, e-commerce
merchants and mobile developers. This tool will allow them to provide
payment options to their customers within mobile websites, mobile
applications and at point of sale of brick and mortar stores. The new
service also allows for integration of the Cred-Ex Pay Vault platform.
A United States District Court judge has denied motions by
banks to derail federal lawsuits by consumers
seeking to recover hundreds of millions of dollars in
wrongful debit card overdraft fees.
In a 50-page opinion, Judge King found that Bank of America, Citibank,
JPMorgan Chase, U.S. Bank, Wachovia and Wells Fargo, among others, were
not entitled to dismissal of the complaints. Judge King rejected the
banksâ primary argument that its customers cannot bring private
litigation to recoup excessive overdraft fees.
The complaints were filed in the United States District Court for the
Southern District of Florida in Miami, where all federal lawsuits
brought against the banking industry for abusive overdraft fees have
been coordinated before Judge King. Plaintiffsâ lead co-counsel Bruce
Rogow and Robert C. Gilbert work with a Plaintiffs Executive Committee
comprised of the law firms of Golumb& Honik P.C., Lieff Cabraser
Heimann& Bernstein, LLP, Podhurst Orseck P.A., Trief& Olk, Webb, Klase
& Lemond, LLC, and Baron& Budd.
With 3Q/09 having seen a 20% increase year over year to 1.6 billion ACH web transactions, Direct Fed Payment Solutions has added “CheckAlt” e-check transaction processor engine to its Payment Solutions suite. Offering fast and secure electronic payment for businesses, “CheckAlt” allows merchants to send invoices and review payment reports at the click of a mouse for complete business to business online transaction processing. Furthermore, “CheckAlt” allows customers to pay directly from their bank account into the merchant’s bank account, ensuring funds are available to the merchant in two banking days and significantly eliminating wait time. Direct Fed specializes in Remote Deposit Capture for a wide range of companies and organizations.Details
SLIM CD has updated its recurring billing and reporting functionality with enhanced features with enhanced functionality and new reporting features. At no additional cost, the SLIM CD websiteâs enhanced recurring features include recurring scheduling, the ability to investigate outstanding debts and overdue payments, deactivate or re-activate recurring customers, delay a payment to a predetermined start date, and more. The enhanced reports include recurring schedule displays that provide recurring payment forecasting information and other research tools that allow identification of past recurring transactions, current recurring customers and recurring customer activity. The focus of these new tools is on rapid identification of billing trends that effect cash flow, including upcoming revenue, soon-to-expire cards, deactivated customers and overdue balances.Details
TMG has hired Kathy Rhoads as TMGâs card services unit manager and Sandy Bland as cards education services manager.
Rhoads will provide department leadership, guide employee
development and ensure TMGâs customer service standards are being met.
Previously, Rhoads held positions as a premium auditor, first for
Servcom and then for Information Providers, Inc.
Bland’s role will involve both internal and external training and development
strategies for the card processor. Bland has held several marketing and training management positions. Most
recently, she worked for Dice Career Solutions as a marketing manager.