Open Solutions Unveils Veri-Fast

CT-based Open Solutions has introduced “Veri-Fast” to help bank tellers
identify account holders.
The Veri-Fast solution uses two-factor authentication to
identify the accountholder at the teller line. The member/customer
swipes their ATM/debit card, enters their PIN number and once verified,
the software instantly retrieves the relationship profile. In addition
to reducing fraud, Veri-Fast improves service and efficiencies by
automating the retrieval of accountholder files and eliminating teller
keystrokes. Open Solutions Inc. is a provider of integrated enabling
technologies for financial
services providers.

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Acculynk Releases PIN Debit White Paper

Acculynk has released its white paper entitled “PaySecure: Tracking to
Become a Leading Online Payment Method.” Detailing preliminary pilot
results of its Internet PIN debit payment method, “PaySecure,” the white
paper discusses consumer usage of the product to date, which was
commercially introduced in March in a pilot program with several online
merchants, issuers and EFT networks. “PaySecure” is presented as a
payment option at the merchant checkout, for which Acculynk has seen a
steady increase in new partnerships over the past two months. These new
partnerships include the addition of AirTran and Ace Hardware Outlet as
merchants, 3 more of which are to be announced within the next 90 days,
and Credit Union 24 and SHAZAM as participating EFT networks.

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CITI & VIRGIN

Citibank and Virgin Megastore have partnered to offer Citibank
“Lifestyle Credit” cardholders rewards and promotions for concerts,
gaming tournaments and shopping sprees. Virgin will launch the
partnership giving Citibank “Lifestyle Credit ” customers a 10% discount
on all purchases at Virgin Megastores in the UAE excluding electronics.
Additionally, Citibank will be present at Virgin stores across the UAE
offering easy access to credit card applications and immediate gift
incentives for those who are approved. Targeting youthful, progressive
professionals through discounts and rewards, the “Lifestyle Credit” card
offers a credit limit of up to AED 150,000; exclusive discounts on
video, music, books, gifts and merchandise; access to free golf at
prominent golf courses across the country; and a new rewards catalogue
to now include Zara, Aldo, Adidas, N.Bar, Etisalat, Cinestar, Apple,
Sony, Hyper Panda and Carrefour as redemption partners.

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Utah Transit Deploys In Motion Gateway

The Utah Transit Authority has deployed the “onBoard Mobile Gateway” from mobile networking provider In Motion Technology
to enable in-vehicle credit card payments.
In Motion’s onBoard Mobile Gateway creates a wired and wireless local
area network aboard transit vehicles, enabling multiple devices and
systems to have reliable connectivity over a variety of networks.
The onBoard Mobile Gateway provides real-time communication enabling
authorization of credit cards, ski passes and other electronic fare
media used by UTA passengers as they board, providing a convenience for
passengers and increasing efficiency for the agency. Wide-area and
garage area communications are also provided for systems, managing
vehicle location, route, schedule and service information. Using the
onBoard Mobile Gateway as a Wi-Fi hotspot, passengers will also have
access to email and the Internet from their laptops, PDAs or smart
phones. UTA’s IT team will also be able to monitor and troubleshoot its
wireless network and devices in real time.

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Coinstar to Offer SVS MasterCards

Stored Value Solutions custom gift card solutions for prepaid cards has
signed agreements to provide MasterCard prepaid gift cards to Coinstar
E-Payment Services. With this agreement MasterCard prepaid gift cards
will be available at retail outlets across the country where Coinstar is
present. The Card’s SVS prepaid solution allows customers to load cash
onto their MasterCard prepaid card, who are given the freedom to shop
anywhere Debit MasterCard is accepted. Coinstar automated retail
solutions offers products and services through supermarkets, drug
stores, mass merchants, financial institutions, convenience stores,
restaurants and money transfer agents while Stored Value Solutions
custom gift card solutions are available for prepaid cards, loyalty and
B2B applications. Stored Value Solutions serves six of the top ten U.S.
retailers and annually processes over 1 billion transactions for 600
clients.

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UK Charge-Offs Hit Double Digits for 1st Time

CardFlash International reports that charge-offs amongst credit card-backed securities in the U.K. broke into double digits for the first time in July. However, delinquency eased for the second straight month after surging to a record 5.5% in May. Charge-offs leapt 40 basis points while 60-to-180 day delinquency nudged down by 10 basis points. The Fitch “Charge-off Index” increased for the sixth straight month in July to 10.2%, compared to 9.8% in the prior month and 6.5% one-year ago. Fitch says it is particularly concerned about the change in the make-up of charge-offs in the first half of 2009, with increasing amounts of chargeoffs originating from accounts rolling through the delinquency buckets, as cardholders experience more difficulties in making their monthly payments. Also, the increase in the use of debt management programs has also been a major concern; cardholders who have already displayed difficulties in servicing their debts continue to be exposed to increasing economic stress, which is likely to lead to an acceleration in reported charge-off increases in the longer term. In July, the Fitch “Delinquency Index” decreased, after rising for nine consecutive months, moving to 5.3% from 5.4% in June and 3.7% in July 2008. As the economic downturn continues to hit the U.K., Fitch expects that further rises in unemployment, together with high levels of borrowing for U.K. consumers, will continue to exert stress on cardholders, resulting in increasing delinquencies as they struggle to meet their debt obligations.

U.K. CREDIT CARD ABS
Delinquency Charge-Offs
Jul 08: 3.7% 6.5%
Aug 08: 3.7% 6.3%
Sep 08: 3.8% 6.6%
Oct 08: 3.9% 6.6%
Nov 08: 4.1% 6.4%
Dec 08: 4.3% 7.2%
Jan 09: 4.5% 6.8%
Feb 09: 4.8% 7.5%
Mar 09: 5.0% 8.4%
Apr 09: 5.3% 8.6%
May 09: 5.5% 9.1%
Jun 09: 5.4% 9.8%
Jul 09: 5.3% 10.2%
Source: FitchRatings

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EM & CRI

Cryptography Research has signed patent agreements with EM
Microelectronic – Marin semiconductors concerning, allowing the latter
to implement the formers patents. For its flash-based smart card chips
in the telecom market, EM will be implementing CRI’s patent to enhance
tamper-resistant smart card security against Differential Power Analysis
(DPA) and related attacks. DPA is a form of attack consisting of the
monitoring of fluctuating electrical power consumption of a target
device and channeling advanced statistical methods to derive
cryptographic keys and data. With this patent agreement, EM will be
implementing its freedom to use the CRI patents to develop and enhance
its security chips used in its smart card security applications for
banking and electronic identification. This will allow its customers to
develop their own security countermeasures without a separate license
from CRI.

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Inc. 500 Cites Relational Solutions

Thanks to its 59.3% growth rate, Relational Solutions software and
service company has received the Inc. 500 Fastest Growing, Privately
Held Businesses Award for the second consecutive year. Specializing in
Demand Signal Repositories, POS data integration and analytics for
consumer goods companies, Relational Solutions is seeing product demand
of its “POSmart” automated data steadily increasing because of the
correlating increased demand for level POS data. “POSmart” provides its
automated data integration across all mass retailers and wholesalers,
industry specific analytics for managing store level inventory, demand
level forecasting for supply chain optimization and promotion tracking
for trade promotion management. The automated data solution can
additionally be installed behind a company’s firewall or hosted at
Relational Solutions data center.

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Xcellink to Cash-In on Payment Patents

Alternative payment platform provider Xcellink International has outlined its
strategy for monetizing the intellectual property contained in its patents.
Xcellink holds patents for a new automated electronic management system for the
provision of goods and services along with an integrated funds transfer
process. The payment process described in Xcellink’s patents can apply
to almost any commercial transaction, giving Xcellink a multitude of
potential revenue streams. The Company intends to generate revenues in
the by “Device Licensing”, “Software Licensing” and “Transaction Based Revenues”
Xcellink International is a developer of advanced
platform-independent customer-centric payment systems and methodologies.
Xcellink’s patented system has the technical ability to replace all
credit, debit, charge and smart cards, providing all functions of order,
warehousing, delivery and payment for all types of goods and services in
a customer-centric manner.

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Shopko Stores to Use SpeedFC Services

TX-based e-commerce provider SpeedFC has signed a multi-year agreement with
retailer Shopko Stores Operating to provide end-to-end e-commerce services including
web development, web hosting, fulfillment and call center services.
SpeedFC provides a suite of proprietary
services, which includes fulfillment, customer care, Web development,
Web hosting, interactive online marketing and related services.
Shopko is a $2 billion retailer of quality goods and
services headquartered in Green Bay, WI, with stores located in 13
states throughout the Midwest, Mountain and Pacific Northwest regions.
Retail formats include 136 Shopko stores, providing quality name-brand
merchandise, great values, pharmacy and optical services in small to
mid-sized cities and 6 Shopko Express Rx stores, a convenient
neighborhood drugstore concept

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SCA Releases a Contactless White Paper

A new white paper from the Smart Card Alliance
Contactless and Mobile Payments Council
research has identified issuer and merchant best practices for driving
consumer use of contactless payments.
The Council presents its research
in a new white paper, “Issuer and Merchant Best Practices: Promoting
Contactless Payments Usage and Acceptance”. Some best practices detailed in the white paper include: providing basic
information on benefits and on how and where to use the cards; targeting
cardholders by demographics; creating “buzz;” identifying champions for
contactless benefits; creating incentives; using multiple communication
vehicles to deliver key messages; and many more.
Participants involved in the development of this white paper and in the
issuer survey included: Collis America, Cubic, Discover Financial
Services, First Data Corporation, Giesecke & Devrient, IBM, INSIDE
Contactless, MasterCard Worldwide, Oberthur Technologies, VeriFone, and
ViVOtech.

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F3 Selects Paymenting for Illinois

Catering to the 48 million households projected to pay bills online in
2009, F3 has selected Paymenting as its exclusive reseller of
Interaction Community Systems in the Illinois market. Given over 50% of
those projected to pay bills online throughout the year will do so
directly through their biller’s website, the partnership has been
focused on integrating its solutions for a low-cost payment option to
homeowners using ACH and Credit Card transactions. This allows
homeowners using the Interaction Community System to pay their dues and
community fees. Since this announcement at beginning of the summer, the
partnership has additionally been focused on aligning sales, marketing
and support processes to ensure the introduction of integrated services.

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