TSYS Launches Card Offering Checking& Credit Options

TSYS has rolled out the “TSYS Hybrid” card that offers both checking and credit options on one card.
The consumer can pre-determine payment preferences by dollar amount,
type of transaction or both, or allow the card issuer to create unique
spending preferences by
posting transactions to their various accounts using their Web browser.
Transactions are conducted to allow consumers to carry credit balances
or ’pay now’ from their deposit or other accounts depending on what
works best for them. Credit, checking and other deposit accounts may be
used for payments, creating a consumer-directed way to manage household
finances.

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VERIFONE & TRUNKBOW

VeriFone Holdings is a co-lead investor in a reverse merger financing for ROC-based payments and value-added service applications company Trunkbow International Holdings.
VeriFone invested $5.0 million of the approximately $22.5 million raised. The transaction values the company at a post-money valuation of $65.0 million. Albert Liu, VeriFone senior vice president and general counsel, will join Trunkbow’s board of directors effective today.
Trunkbow has announced that VeriFone has been named the preferred supplier of payment systems technology to Trunkbow and has awarded VeriFone with an initial order to supply wireless payment solutions, including the CDMA-based Nurit 8000. In 2009, Trunkbow began rolling out its mobile payments platform initially throughout the province of Shandong with one of the large China telecom carriers and plans similar deployments throughout multiple provinces with multiple telecom carriers. Together, Trunkbow and its telecom partners expect to deploy approximately 125,000 mobile payment terminals integrated with Trunkbow’s 2.4 GHz Near-Field Communications (NFC) technology over the next 3 years.

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Symantec Helps PSG Reduce IT Security Costs

Symantec has announced Payment Systems Group has cut endpoint security administration time in half and experienced zero downtime due to malware after deploying Symantec Endpoint Protection Small Business Edition company-wide. Payment Systems Group (PSG) online payment processing company helps customers accelerate the payoff of their mortgages and other loans resulting in a reduced payoff period and shaving thousands of dollars off their obligations. To secure sensitive customer data, PSG selected Symantec Endpoint Protection Small Business Edition for its easy-to-use, enterprise-level protection that optimizes performance and system resources so small businesses can get up and running quickly. PSG has also turned to Symantec for data backup and recovery with the Symantec “Backup Exec.”

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Merchant360 Makes Available VeriFone Mobile Payment

Merchant360 POS solutions is now offering VeriFone’s “PayWare Mobile” hardware and gateway services for free with 2 year contract or for sale without commitment. Offering POS hardware, software and services, Merchant360 has also developed and released its “MobiTranz” mobile card application through Authorize.net to give merchants options depending on how they plan to use the solution. MobiTranz allows merchants to get a customer relationship management system that supports loyalty and SMS surveys while the Verifone hardware solution attaches to an iPhone and allows merchants to swipe and accept credit cards wherever they are.

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PYMNTS.com Grills Paypal&Wells Fargo on mBanking

PYMNTS.com interviews execs from Paypal and Wells Fargo with a focus on
the changing mobile banking landscape.
In the two months since its launch, PYMNTS.com has assembled a very
large and highly engaged community of relevant and senior industry
executives and opinion makers across the payments ecosystem who
regularly click on its newsletter, visit the site, and spend a lot of
time there. PYMNTs.com has become the “hub” for payments innovation for
those whose core business is payments and for those who view payments as
central to their own commerce capabilities.

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PULSE & Woodforest Ink Agreement for PIN POS Debit Services

PULSE PIN debit/ATM networks has expanded its long-term relationship with Woodforest Financial Group for PIN POS debit and ATM services to act as the exclusive network provider of PIN POS debit services to the bank and affiliates. PULSE is also to provide the banks’ cardholders with access to PULSE’s nationwide network of ATMs. Woodforest Financial Group is a privately owned community bank holding company headquartered in The Woodlands, Texas. Through its bank affiliates, Woodforest Financial Group services over 850,000 accounts from more than 725 branches located throughout 17 states. PULSE is a Discover Financial Services company serving more than 4,400 banks, credit unions and savings institutions across the United States.

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Just 48% Aware of Card Act Implications

Only 48% of respondents
are aware of the impending Credit CARD Act 2009. This, according to
the “FreeScore.com Consumer Awareness Study on the Credit CARD Act of
2009”, concluded
40% of American consumers knew that credit card companies must now give a 45-day
advance notice to changes in credit card rates, terms and conditions.
The new law aims to protect credit card users from practices such as
abrupt rate increases, retroactive rate increases, and double-cycle
billing, wherein customers are charged interest on debt that’s fully
paid off during the grace period. Younger consumers are less aware of
the Credit CARD Act of 2009 — 30%
of those aged 18-34 were aware of the legislation, while 57% of those
55+ knew of the new law with 51% of men versus 45% of women were aware
of the Credit CARD Act of 2009.
Education levels matter: 58% of college graduates and 48% who have had
some college were aware of the Credit CARD Act of 2009, while only 33%
of those with a high school degree or less knew about the law.
Awareness of the Credit CARD Act of 2009 increases with income — 59% of
those whose annual income exceeds $75,000 were familiar with it versus
38% of those who make less than $35,000 a year.

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Voltage Security Conforms to Visa Practices

Voltage Security’s “End to End
Encryption” is now conforming to Visa Global Best Practices.
Cryptographic Assurance Services, LLC (CAS), a leader in cryptographic compliance consulting, has
completed an independent security review of Voltage’s innovative
Format-Preserving Encryption used in numerous end-to-end encryption
implementations around the world. CAS was asked to evaluate
Format-Preserving Encryption (FPE) as a mode of
the Advanced Encryption Standard (AES). CAS evaluated the mathematical
model on which it was based and the associated proofs of security. CAS also
reviewed a source-code instantiation of FPE provided by Voltage Security.
CAS identified applicable compliance regimes and assessed FPE against them.
In its finding, CAS noted the large body of cryptographic research on which
FPE is based, accumulated over decades, and the strength of the
mathematical proofs and cryptanalysis. CAS concluded that FPE as
implemented in the form of the AES mode FFX3 meets the compliance criteria
for PCI DSS v1.2 encryption requirements and for Visa’s Data Field
Encryption requirements, making Voltage Security’s Format-Preserving
Encryption solutions suitable for use by organizations needing to comply.

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USA Technologies Reports 2Q/10 Results

USA Technologies supplier of networked devices and wireless non-cash transactions has reported an increase installed base by 47%, with approximately 63,000 devices connected to its USALive network for its fiscal 2Q ended December 31, 2009. This figure is up from the 43,000 devices connected in the year ago period while transaction volume itself increased approximately 61% to 8.2 million transactions from 5.1 million transactions in fiscal 2Q/08. Additional findings show, since the year-ago second quarter, the dollar volume of transactions processed was up 42% to $15.0 million from $10.6 million and total revenues increased 41% to $3.8 million from $2.7 million; SG&A expenses increased approximately $1,081,000 compared to the year-ago second quarter due to expenses related to the proxy contest, related litigation and settlement; customers using the e-Port Connect service increased to approximately 775; its “Quick Start Program” accounted for 31% of e-Port equipment sales; and net loss for the 2009 quarter was $4.2 million compared with $3.4 million the year ago period.

4Q/09 3Q/09 2Q/09 1Q/09 4Q/08
Units Installed 63,000 57,000 52,000 48,000 43,000
Transactions (mm) 8.2 7.4 6.7 5.7 5.1
$ Value (mm) $15.0 $14.6 $13.5 $11.3 $10.6

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Gemalto Launches Globally Accepted Payment Card for U.S. Travelers

Gemalto digital security has introduced its “World Traveler” program. With a globally accepted dual interface EMV payment microprocessor card and complete issuance service for U.S. banks and card issuers, the “World Traveler” program allows any U.S. issuer to provide cards to their customers in under two months, ensuring secure and hassle-free payments while traveling internationally and at home. The card program provides U.S. banks and card issuers with a complete end-to-end portfolio of service offerings including return on investment (ROI) and technical consulting to ensure a quick and easy introduction of this product to their top tier customers. EMV is a global standard for chip card payment managed by Visa, MasterCard, American Express and JCB.

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Aite Focuses on Trends to Impact Banking in 2010

Aite has released a new report that focuses on ten trends that will impact the banking industry in 2010.
Political, regulatory, and economic forces have put pressure on the
business model of U.S. banks to evolve or fall behind and
impact every facet of the banking and payments arenas. The space is
simultaneously experiencing changes in credit card-issuing practices
(Credit CARD Act ), stricter overdraft regulation (regulation E),
overall scrutiny and political pressure regarding bank fees, political
and regulatory pressure against payday lending and any form of
alternative financial services, merchants’ lobbying for interchange
regulation, the prospect of sustained high unemployment around 10% in
the foreseeable future, the deterioration of creditworthiness of large
swaths of consumers and small businesses, and regulators’ pressure on
banks to raise their capital ratios.

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Radiant Systems Introduces POS Theft Deterrent Application

Radiant Systems has launched its “Aloha Restaurant Guard” hosted application, already having been implemented in more than 3,000 quick service and table service restaurant locations. Analyzing POS data and transactions to identify common restaurant employee scams and fraudulent activities, the new solution helps restaurant operators better control operations and increase profit by as much as 5%. The “Aloha Restaurant Guard” back office application allows restaurant operators to gain visibility into potential theft that occurs in their restaurants, monitoring all POS activities in real time to generate reports that identify trends consistent with more than a dozen restaurant scams to help stop profit losses and minimize the effects of fraudulent behavior. The reports also give operators insight into their best and worst performing employees. Radiant Systems is a global provider of innovative technology to the hospitality and retail industries.

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