MasterCard “Annual Meeting of Stockholders” announced Board members and ratified the appointment of PricewaterhouseCoopers as the company’s independent accounting firm for this year. MasterCard also announced that Tan Teong Hean, Class M Director and Chairman, Southern Capital Management, has retired from the Board of Directors. Class A stockholders reelected Bernard S.Y. Fung, Chairman and CEO, Aon Asia Pacific Region; Marc Olivie, CEO, MRO Management BVBA; and Mark Schwartz, Chairman, MissionPoint Capital Partners, and co-founder of New Silk Route Partners. Class M common stockholders reelected its Directors.Details
Secured Financial Network’s Virtual Payment Solutions subsidiary revenue is on target with projections for the balance of 2008. The company expects revenues to continue to grow at a significant pace as they sign on resellers for the RedFin Network Payment Gateway and Blue Bamboo wireless processing terminals. Gross revenues generated from the payment gateway and equipment sales are expected to build each quarter with a run rate by year-end 2008 of $3 million, processing over 5 million transactions per month. VPS has completed a strategic partner relationship with Blue Bamboo as their premier distributor of the H-50 and P-25 wireless processing terminals, and will be featured on their website in the next several days. These wireless terminals allow merchants to process credit and debit transactions via GPRS and Bluetooth technology with exclusive integration and processing through our RedFin Network Payment Gateway. To date VPS has sold in excess of 130 H-50 terminals with projected sales reaching 300 units per month by year’s end.Details
A newly launched quarterly index of the burden of debt on consumers has been launched by AZ-based Debt Settlement USA. In the first quarter, the new “Consumer Debt Index” stood at 11.76 – up 22% over the second quarter of 2007 when it was 9.60. The CDI is calculated based on a combination of the “CPI” and is calculated based on a combination of the “Consumer Price Index,” consumer credit outstandings, mortgage delinquency rate, and unsecured consumer loan delinquency rate. Since the second quarter of 2007, each CDI component has increased, and in some cases dramatically. As a result of this analysis, Debt Settlement USA expects to see a 40% increase in the number of consumers in 2008 who see debt settlement as the best solution.Details
MasterCard’s SVP of Global Debit Operations has received InfoWorld’s “CTO 25 Award” for his work in spearheading the technical development of MasterCard’s “Integrated Processing Solutions.” Spies is based at the MasterCard Global Technology and Operations headquarters in O’Fallon, MO. “IPS” is a new debit and prepaid processing platform that MasterCard introduced in April. Through a single connection, MasterCard “IPS” provides banks and other financial institutions with a suite of branded debit network and payment card issuer processing services including PIN, signature, and ATM.Details
Everlink Payment Services electronic transactions has signed agreements
with Monitise Americas to provide a first-of its-kind commercially
available mobile banking and payments service to financial institutions
throughout Canada. This will provide access to the Monitise Americas
platform through the Everlink network architecture for switching
services for banks and most of the national credit union systems with a
mobile banking/payments service compatible with multiple wireless
carriers. Among the institutions to implement the solution are 375
credit unions, several subsidiary banks and various ISOs. Monitise
Americas was launched in 2007 and serves over 30 financial institutions
and prepaid card issuers while Everlink Payment Services formed in 2003
to provide the delivery of electronic transaction switching services in
the Canadian Financial Services marketplace and eventually plans to
provide bill and person-to-person payment solutions through its new
The Federal Trade Commission has stopped advertising claims by prepaid phone card provider Alternatel, claiming deceptive practices have been used to misrepresent the number of minutes available for use. The cards are marketed under a wide variety of names, including “Alo Mama,” “Coffee Time,” “Rey de Florida,” “Tree Monkey,” and “Voz do Brasil.” The ads make bold claims about the number of minutes the cards will provide for calls to a wide range of international locations but FTC alleges that consumers don’t receive the number of minutes advertised. For example, while a poster advertised that a calling card would deliver 360 minutes to Panama, the card delivered only 23 minutes of calling time. In fact, in 87 tests of the defendants’ cards, the cards delivered an average of only 50 percent of the advertised minutes. In addition, the FTC alleges the cards carry hidden fees. The defendants’ ads for their cards often boast that there are “no connection fees,” but fail to clearly disclose there are other random fees, such as “hang-up” and “maintenance” fees and “destination surcharges” that can wipe out the value of the card after even one short call. Such fees are disclosed in tiny font and in vague terms that are mostly incomprehensible in any language. A U. S. District Court has ordered a temporary halt to the deceptive advertising claims used to promote prepaid phone cards marketed by Alternatel, Inc.; G.F.G. Enterprises, LLC, also d/b/a Mystic Prepaid; Voice Prepaid, Inc.; Voice Distributors, Inc.; Telecom Express, Inc.; and their principals, pending trial.Details
In the first three days’ operation of the new “Faster Payments
Service,” launched on May 27th, more than 315,000 payments with a value of GBP 200 million were processed. The “Faster Payments Service” enables banks to process one-off payments made over the Internet or by phone within a couple of hours. Customers are also able to make Internet and phone payments outside of banking hours even at the weekend. The service will also speed up standing order payments, enabling them to be cleared on the day they are sent on bank working days. Standing orders will start to be processed through the “Faster Payments Service” on June 6th.
Any payment that is not processed through the new service will continue to be made using the existing Bacs three-day service. There is a maximum limit placed on the value of each payment sent through the new service, with the maximum value for Internet and phone payments set at GBP 10,000 and standing orders to GBP 100,000.
U.S. Bank is introducing the Visa “payWave” to existing debit cardholders in California, Colorado, Missouri, and Utah. The bank is working with USA Technologies to install 400 contactless vending machines in the Denver area to increase the market for the “payWave” solution. U.S. Bank has designated Denver one of its “PowerBank” markets. In September Visa reported that “payWave” had 41 issuers in 11 countries, including seven of the top ten Visa issuers in the USA. National merchants already accepting “VISA payWave” in the U.S. include BP, 7 Eleven, CVS Pharmacy, McDonalds, Taco Bell, and Jack in the Box. National merchants in the process of upgrading POS terminals to “payWave” include Einstein Noah Restaurant Group, BJ’s Wholesale Club, Circle K, Office Depot, and PETCO. (CF Library 9/20/07)Details
Marriott Rewards members can now 25,000 Marriott Rewards bonus points when meetings and events are booked through the American Express Card. Qualified meetings and events must include 10 rooms booked for at least one night and/or catering-only events such as receptions, coffee breaks, banquets, weddings or teleconferencing. In order to receive bonus points, events require a signed contract and membership in Marriott Rewards. In addition, qualifying events must include a minimum payment of $5,000 on any American Express Card, excluding taxes and gratuities. Bonus points can be earned at over 2,100 Marriott International hotels around the world.Details
Infusionsoft’s small business marketing automation web-based software has been designated as PCI Data Security Standard (DSS) Compliant, ensuring small businesses protection from identify theft. The PCI DSS was created by credit card companies and is considered the highest industry level in security of customer data with its implementation of 12 requirements for safeguarding payment card data. With Infusionsoft processing millions of online transactions for its customers using marketing automation software, it is imperative the organization implements such secure solutions. Research demonstrates, however, PCI compliance is estimated at 39% for Visa USA level-one merchants and 33% for Visa USA level-two merchants.Details
Western Union has appointed Stewart A. Stockdale Executive VP and
President, effective Late June 2008 to oversee U.S. and Canadian
operations, and David G. Barnes as chief strategy officer. Since 2002,
Stockdale served as chief marketing officer for the publicly held U.S.
real estate company, Simon Property Group, and served as president of
Simon Brand Ventures having seceded his prior role as executive vp &
chief marketing officer of Conseco. Preceding his career at Conseco,
Stewart began his career in brand management with Procter & Gamble.
Meanwhile, David G. Barnes is to focus on WU’s overall strategy,
accelerate growth initiatives and to oversee the organization’s bank
strategy in his new role as the chief strategy officer. Western Union
provides global money transfer services through a network of over
345,000 agent locations in over 200 countries.