Wells Fargo Deploys M-Banking to Customers

Wells Fargo has rolled out text banking to all its customers.

The Wells Fargo Mobile Text Banking service is safe. It is now accessible to all customers including
those who have yet to enroll in Wells Fargo Online Banking. Wells Fargo
is the first major financial services company in the United States to
offer text banking to all its customers. Customer accounts
are referred to only by nicknames, therefore account numbers, passwords
or other personal information are not needed. Mobile Banking is covered
by our Online Security Guarantee. Access to account information while “on the go” adds protection for
customers when it comes to fraud prevention and detection. Mobile text
banking allows customers to review their accounts for unusual activity
anytime, and take quick action if necessary.

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BofA Merrill Lynch to Deploy PropertyBridge Card Payment

PropertyBridge, a MoneyGram International subsidiary and provider of electronic payment services to the multi-family housing industry, will offers its payments platform to Bank of America Merrill Lynch property management clients. Providing banking, lending and payment processing services to more than 40 of the top 50 property management companies in the U.S. , Bank of America is targeting the one-third of Americans whom rent their housing, representing 18 million apartments with approximately $146 billion spent annually on residential rent. With these agreements, Bank of America Merrill Lynch automate rent payments in an industry still heavily reliant on paper checks with credit cards, check scanning, ACH, and electronic check acceptance.

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1st Mariner Bank Deploys Geezeo PFM Solution

MD-based 1st Mariner Bank has signed agreements to provide Geezeo’s online consumer finance platform to its customers. Offering personal financial management (PFM), social networking and Web community platforms to financial institutions, Geezeo will now offer 1st Mariner Bank customers access to Geezeo’s fully customizable online management tool. The PFM and social networking platform combines account aggregation, community forums, budgeting tools, cross marketing capabilities and educational content. Geezeo offers Internet banking solutions on a unique platform to help financial institutions develop online customer dialog.

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Jack Henry Reports 7% Y/Y Revenue Increase

MO-based Jack Henry & Associates reported that second quarter total revenue increased 7% to $210.9 million compared to the same quarter a year ago. For the quarter ended December 31, 2009, the company generated total revenue of $210.9 million compared to $190.2 million in the same quarter a year ago. Gross profit increased to $89.1 million compared to $77.4 million in the second quarter of last fiscal year. Net income totaled $30.0 million, or $.35 per diluted share, compared to $28.0 million, or $0.33 per diluted share in the same quarter a year ago. For the first half of fiscal 2010, total revenue of $393.2 million was generated compared to $373.3 million for the first half of fiscal 2009. Gross profit increased to $163.5 million compared to $149.9 million during the same period last fiscal year. Net income for the first half of fiscal 2010 was $56.3 million, or $.66 per diluted share, compared to $50.5 million, or $0.59 per diluted share for the same six months in fiscal 2009. For complete details on Jack Henry’s latest performance visit CardData (www.carddata.com).

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Ingenico& Verifone Initiate POS Member Network

The Secure POS Vendor Alliance
Ingenico S.A. and VeriFone have formed the “Lab Network” to participate
with SPVA members, prospective members and the SPVA’s Technical Working
Groups on security evaluations of the SPVA implementation guidelines.Members of the Lab Network will work together to share best practices
and raise the security level within the point of sale industry. Establishment of the SPVA Lab Network facilitates the closing of gaps in
security payment process compliance by ensuring certain aspects of
technology and applied processes will be subject to independent
verification and standard guidelines. This will give end-users and
customers a method for establishing an independent and credible review
of an implementation of forthcoming SPVA best practices and provide them
with options to ensure their compliance is verified. The following are requirements for eligibility: Provide information
security evaluations in the POS industry; Authorized Qualified Security
Assessor (QSA); Provide evaluations in the PIN entry and device
security; Approved by the Payment Card Industry to evaluate compliance
with the PCI Data Security Standard (PCI DSS), the Payment Application
Data Security Standard (PA DSS) and accredited to test PIN Entry Devices
for compliance with the compulsory PCI standards (PCI PED).

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AmEx Offers Cardmembers Exclusive Access to Haiti Fundraiser

American Express announces its full roster of Cardmember experiences and exclusive access during Mercedes-Benz Fashion Week, including a partnership with Naomi Campbell’s “Fashion For Relief-Haiti NYC, 2010.” A benefit for victims of the recent Haiti tragedies, “Fashion For Relief -Haiti NYC, 2010” is to be held in the Tent at Bryant Park on Friday, February 12 at 7 PM in support of CARE’s Haiti relief fund, for which tickets are exclusively available for Cardmembers starting Friday, February 5 at 10:00 AM at Ticketmaster.com. The event will feature actors, musicians and celebrities walking the runway in various looks by top designers. The garments will later be auctioned online at NET-A-PORTER. Tickets for American Express Cardmembers can be purchased before the general public for $100 and $150. All proceeds from the sale of event tickets will go to the CARE organization to raise crucial funds towards rebuilding Haiti’s healthcare system for mothers and children.

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MasterCard Posts Net Income of $294mm

MasterCard Incorporated announced financial results for the fourth quarter and full-year 2009 with a net income of $294 million, or $2.24. Net revenue for the fourth quarter of 2009 was $1.3 billion, a 6.0% increase versus the same period in 2008. Currency fluctuations contributed 3.8 percentage points of the increase in net revenue for the quarter. The higher net revenue in the fourth quarter this year benefited from pricing changes of approximately 5 percentage points; An increase in cross-border volumes of 3.9%; A 6.7% increase in the number of transactions processed, to 5.9 billion; and Growth of 5.3% in MasterCard’s gross dollar volume to $674 billion. Worldwide purchase volume during the quarter rose 5.7% on a local currency basis, versus the fourth quarter of 2008, to $510 billion. As of December 31, 2009, the company’s customers had issued 966 million MasterCard cards, a decline of 1.3% over the cards issued at December 31, 2008. For complete details on MasterCard’s latest performance visit CardData (www.carddata.com).

MASTERCARD TRANSACTIONS (millions)
(purchases + cash)
TRANSACTIONS
Dec 31, 2008 8,460
Sep 30, 2009 8,228
Jun 30, 2009 7,985
Mar 31, 2009 6,475
Dec 31, 2008 7,768
Sep 30, 2008 7,638
Jun 30, 2008 7,462
Mar 31, 2008 6,972
Dec 31, 2007 7,306
Sep 30, 2007 6,842
Note: All MasterCard Credit, Charge and Debit Programs processed on
MasterCard’s networks. Source: CardData (www.carddata.com)

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WU & BRANCO BRADESCO

Western Union and Banco Bradesco, S.A. have teamed to offer the Western
Union global money transfer service at most of Banco Bradesco’s
locations in Brazil. The Western Union global money transfer service, a
new service offering for Banco Bradesco account holders and walk-in
consumers will be available soon. Consumers will be able to send and
receive consumer-to-consumer international money transfers in person at
the majority of Bradesco’s locations.
The signing of Banco Bradesco is part of Western Union’s “go-to-market”
strategy in Brazil. As Western Union continues the expansion of its
service offerings, in an effort to strongly position money transfers to
consumers in Brazil, it seeks to tap into strategic banking channels.

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Carrefour Deploys Hypercom Integrated Payment Solution

Carrefour European retailer is set to deploy Hypercom’s “Wynid” server-based payment solution and more than 12,000 PIN Pads with EMV contactless readers at 210 of its French hypermarkets, as well as at all of Carrefour’s petrol stations in France. Carrefour already uses Hypercom’s “Wynid” secure payment solution at 15,000 cash registers in its Market, City and Contact stores. The Carrefour Group has more than 15,000 stores under banner in 33 countries and more than 490,000 employees. It selected Hypercom’s electronic payment solution for its hypermarkets in France. Country-wide deployment of the solution started in October 2009.

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G&D & ARM

Gieseck & Devrient have partnered with digital technology provider ARM
to offer secure mobile phone platforms. As a first step the two
companies will develop a joint prototype.Through the combination of ARM
TrustZone technology, which creates a protected
area in advanced systems-on-chip, and the highly secure Mobicore
operating system developed by G&D, sensitive applications such as
electronic payment and online banking via mobile phone will be
efficiently protected from security threats.
The interplay of TrustZone and Mobicore ensures that if online services
require security-sensitive functions such as entry of username and
password or data output on a display, these functions are transferred to
the Mobicore high-security operating system running in the TrustZone
protected area of an ARM application processor. As the
security-sensitive functions are executed, Mobicore maintains control of
the secure area of a system-on-chip. Users can therefore be certain that
the data they have entered, such as their username and password, cannot
be manipulated by malware on the phone during a payment transaction.
Acceptance of mobile applications such as banking, ticketing and payment
solutions rests on the security of device and background systems
involved. For this reason, both companies have been working on
innovative security concepts. The interplay of TrustZone and Mobicore
ensures that if online services
require security-sensitive functions such as entry of username and
password or data output on a display, these functions are transferred to
the Mobicore high-security operating system running in the TrustZone
protected area of an ARM application processor. As the
security-sensitive functions are executed, Mobicore maintains control of
the secure area of a system-on-chip. Users can therefore be certain that
the data they have entered, such as their username and password, cannot
be manipulated by malware on the phone during a payment transaction.

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CESI Survey Shows 36% of Americans Unaware of CARD Act

CESI Debt Solutions has released the results of a survey that reveals 36%
of Americans did not know changes are coming as a result of the CARD Act.
Even those who are aware of the changes might not know what to watch for.
CESI advises consumers to watch for changes in over-the-limit fees, changing terms and co-signer requirements.
CESI Debt Solutionsvis a
nationally accredited 501 (c) 3 non-profit Consumer Credit Agency
committed to helping consumers nationwide become and remain debt-free. A
BBB A+ rated company, CESI equips consumers with personal financial
tools and educational programs that provide solutions for their
financial situations, and offers continued support to help consumers
make better financial choices every day. Since 1999, CESI has worked
with consumers to repay nearly $2 billion in debt.

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Morgan Drexen Explains Advantages of Settlement Plan

As credit card companies race to change their fee structures and terms of service ahead of the tougher regulations that will take effect in February 2010, rates are still rising, credit limits are being reduced and there’s a growing list of new fees. Also rising is the number of credit counseling services promising freedom from credit card debt. However, explains Morgan Drexen, these services often only extend the length of time it takes to pay off the debt without ever reducing the principal and offer false hope to consumers. In response, Morgan Drexen is recommending consumers execute a good debt settlement plan, allowing them to erase the debt in as little as 12 – 18 months.

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