UK-based Monitise global mobile money specialists has registered its one millionth customer following a period of rapid growth in the uptake of its industry-leading services. The Monitise “Mobile Money Manager” platform handles 25 million transactions annually with debit card activation, balance texting and alerts to help people avoid going overdrawn. Research projects the mobile payments market will be worth GBP365 billion by 2013 with 110 million users in Europe by 2014. Current Montise partners include VocaLink, FIS, HSBC, Lloyds TSB, first direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Ulster, Visa, Vodafone, Orange, O2, T-Mobile and 3.Details
Northwest Airlines has chosen to implement GuestLogix POS handhelds and
retail transaction platform across its fleet of passenger planes. It was
late 2007 when Delta began using the GuestLogix platform, a leading
provider of onboard retail solutions to the airline industry. This comes
on the heels of GuestLogix having signed deployment agreements for
WestJet, having made available the ” Mobile Virtual Store” on-board POS
system to allow guests to purchase buy-on-board items with their payment
cards on all WestJet flights. Passengers are given the convenience to
pay in either Canadian or U.S. currency or to use their Visa, MasterCard
or American Express cards (CardFlash International 10/7/2009).
CA-based affinity card enabler Tempo has rolled out a SaaS platform to
enable organizations to offer open loop debit cards and loyalty rewards.
Tempo’s new solution is supported by an innovative software-as-a-service
(SaaS) technology platform, which makes it easy for organizations to
offer affinity and co-branded debit cards. It is also easy for consumers
to apply, activate their cards, and track purchases online. Working with
First Bank & Trust, Tempo manages all aspects of card issuance,
including risk management, application processing, card fulfillment,
authorization and settlement. The debit cards enabled by Tempo are
issued by First Bank
& Trust, of Brookings, SD, part of Fishback Financial Corporation.
Tempo’s platform enables these cards to be linked to cardholders’
pre-existing checking accounts.
NCR is set to provide at least 1,200 “SelfServTM 34” ATMs with
cash-recycling functionality for ING Belgium at their Proxi branches.
Proxi branches highlight “self bank” self-service and customer advice
areas and, with this NCR deployment, reduce safety risk to staff and
customers, not to mention greater autonomy in day-to-day banking. Cash
deposited through the units, which have a capacity of approximately
16,000 notes, will be re-dispensed to subsequent customers making
withdrawals. ING Belgium has taken a clear lead with this approach,
requesting automatic cash-recycling modules on almost all the 1,200 ATMs
for installation, 95% of which will be installed inside branches. This
is the most extensive deployment of cash-recycling ATMs in Europe.
Experian has introduced “Discretionary Spend Estimate” which provides insight about household spending.
Identifying the most appropriate target audience is the first step for marketers who want to
reach the right consumers with their products and services, according to
ExperianÂ®. Knowing which consumers have discretionary dollars to spend
and reaching those who are most likely to spend is key when it comes to
closing the sale. Consumers who appear nearly identical in terms of demographics actually
may vary widely when it comes to discretionary spending. Traditionally,
marketers have used income, net worth and income-producing assets to
enhance their consumer targeting efforts. While beneficial, these data
elements provide insight only into spending capacity, not how much
actually is being spent.
According to a new survey, a majority of consumers (56%) want the law
moved up to December instead of February 2010. The survey also found 45%
(up from 33% in June survey) of consumers say their card company has
made one or some combination of the following changes to a credit card
account: increased their interest rate 27% (up from 15% in February
survey); increased their fees 19% (up from 14% in June survey);
lowered their credit limit 17% (up from 8% in February survey);
increased their minimum payment due 17% (up from 12% in June survey);
and reduced their rewards program 12% (up from 9% in June survey).
This national telephone poll was conducted for Credit.com by GfK Custom
Research North America from October 10-11.
Since its launch in March, the “World Debit MasterCard” has gained momentum. The new card offers an extensive rewards, savings and an
array of special perks. Fifth Third Bank has now introduced the card. The card features “MasterCard Savings” that provides U.S. consumer debit and prepaid MasterCard cardholders with significant merchant-funded discounts and special offers from thousands of merchants across the country. The Fifth Third Bank “World Debit MasterCard” also features access to “Priceless.com/World,” through which cardholders gain unique access to events and games and can take advantage of exclusive opportunities for hotels, shopping and travel. Cardholders can earn one point for every $1 spent on signature purchases and enjoy no limit on how many rewards points they can earn each year. When combined with the “Fifth Third Rewards Checking” account, customers also can earn one point for every $10 in direct deposits to their checking account. The card also offers “MasterCard Savings Plus.”
Innovative Card Technologies have appointed Joe Zelayeta, previously with LSI Logic, to
serve on the companyâs Board of Directors. Zelayeta has provided technical expertise and executive leadership as
part of the team that helped grow LSI Logic Corporation from a Milpitas,
CA-based start-up to a multibillion-dollar organization. Zelayetaâs
contributions to LSI Logic Corporation include manufacturing, research
and development, and ASIC technology oversight, as well as
responsibility for worldwide operations. Zelayeta was a member of the
Board of Directors of the Semiconductor Research Corporation (SRC)
representing LSI Logic as well as a member of the Technology Strategy
Committee of the Semiconductor Industry Association (SIA). Since his
retirement in 2006, he advises a variety of technology start ups,
including significant merger and acquisition endeavors. Zelayeta has a
BS in Chemistry from the University of Nevada. He will be serving alongside Chairman Dr. Donald
Joyce; President, CEO, and Director Richard Nathan; and Directors Scott
V. Ogilvie; W. Robert Ramsdell; and Harry L. Tredennick, III.
Over the past twelve months average managed charge-offs among the
nation’s top three issuers have nearly doubled, rising from 5.93% for
3Q/08 to a record 11.16% for 3Q/09. Sequentially, charge-offs jumped 156
basis points compared to 242 basis points, according to CardData. Chase
reported that its managed net charge-off rate for the third quarter was
10.30%, up from 5.00% in the prior year and 10.03% in the prior quarter.
Excluding Washington Mutual, the managed net charge-off rate for the
third quarter was 9.41%. Chase notes that within the WaMu portfolio,
charge-offs hit 21.94%, compared to 19.17% in the second quarter and
12.09% at year-end 2008. BofA reported that third quarter charge-offs
for its global cards rose to 12.90%, compared to 11.73% for 2Q/09 and
6.40% one-year ago. Citi posted managed charge-offs for its North
American cards of 10.29% for the third quarter, compared to 10.18% in
the second quarter and 6.39% in the third quarter of last year. For
complete details on third quarter results visit CardData (www.carddata.com).
BofA* Chase Citi**
3Q/08: 6.40% 5.00% 6.39%
4Q/08: 7.16% 5.56% 6.68%
1Q/09: 8.62% 7.72% 8.42%
2Q/09: 11.73% 10.03% 10.18%
3Q/09: 12.90% 10.30% 10.29%
* Global Cards
** North America cards
Source: CardData (www.carddata.com)
Diebold has introduced a two-factor authentication technology that uses a secure USB device to identify and authorize technicians who service ATMs. The new “ValiTech” also provides a detailed audit trail.
Prior to the introduction of “ValiTech,” Diebold technicians had to secure a temporary password, provided by the financial institution, each time a service call required a technician to access the system level of the ATM. This practice holds true for any service technician accessing an institution’s ATM, requiring multiple calls and generating numerous temporary passwords. Diebold’s “ValiTech” links each authorized service technician to a USB hardware cryptographic device – or token – using a digital certificate from VeriSign.
Foreign currency exchange service Travelex Outsourcing Americas has
launched a new “Customer Care Team”. The team is designed to provide
assistance to potential partners, such as banks, credit unions and
travel agents, who are interested in selling Travelex products and
services. The “Customer Care Team” will be responsible for answering questions related to all Travelex products or services;
supporting prospective partners during the accreditation and
contracting process; coordinating with various functional areas within Travelex to
facilitate smooth implementations and following up on any post implementation issues that require
resolution to facilitate the partner’s first sale. The team will help potential partners during critical early
phases of implementing Travelex products.
CyberSource has incorporated automated account updating services into its “Enterprise Payment Security 2.0,” allowing for customer billing records to tokenize in its remote secure storage servers, automatically updated with new account information through its “Account Updater Service.” Subsequently, when payment transactions are sent to CyberSource for processing, CyberSource, not the merchant, stores the raw payment data in its secure systems and assigns each transaction a “payment token.” This enable merchants to use transaction information for recurring billing and issuing credits without exposing transaction data. Tokens and their functions render them useless to hackers seeking illegal use of customer data while the principles to eliminate payment data exposure rely on three points of interaction, including storage, capture/transmission, and back office administration, achieved through payment tokenization.Details