BofA Tops Card Issuers’ ID Safety Scorecard

Javelin Strategy & Research have released its annual “Card Issuers Identity Safety Scorecard” which evaluates 25 of the nation’s top credit card issuers against a benchmark of highly-specific safety criteria in the areas of “Prevention”, “Detection” and “Resolution”. The benchmark is based on extensive surveys of both fraud victims and institution practices. Javelin ranked the nation’s top credit card issuers on the services and measures they have implemented in partnership with consumers to protect against identity fraud. It analyzed data supplied by the issuers’ customer service representatives and consulted information available on card issuers’ websites. Javelin researchers validated the process with firsthand reviews of actual features in selected cases. Overall, Bank of America achieved top honors in Javelin’s 2008 Card Issuers’ “Identity Safety Scorecard”; second place went to Discover, followed by FNB Omaha and U.S. Bank. In the “Prevention” category, the top three card issuers were Bank of America, followed by FNB Omaha and then Discover. Within the “Detection” category, American Express leads, then U.S. Bank with Bank of America in third place. For the “Resolution” category the top honor is equally shared by American Express, Bank of America, Discover, JPMorgan Chase, State Farm Bank, Wachovia, and WaMu.

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PNB CREDIT CARD

In response to rejected proposals for joint credit card partnerships,
Punjab National Bank has announced its will be launching its own credit
card by fall of 2008. Hoping to have deployed the card before the end
of October, officials at PNB have disclosed the card will have its own
division, rather than a subsidiary, and while mark the end of its
co-branded card with HSBC Bank.

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Magensa Joins the PCI Council

Authentication provider Magensa has joined the PCI Security Standards Council. As a Participating Organization, Magensa will now have access to the latest payment card security standards from the Council, be able to provide feedback on the standards and become part of a growing community that now includes more than 400 organizations. Magensa is an application service provider of decryption and authentication services that allows retailers to quickly implement PCI-DSS compliant payment systems at both POS retail locations and e-commerce websites. Magensa’s solutions utilize secure magstripe readers that encrypt data at the point of swipe to protect cardholder personal information, and MagnePrint, a card authentication technology that detects the use of counterfeit (skimmed) cards. By joining as a Participating Organization, Magensa will contribute its experience and expertise developing secure, speedy and convenient payment transaction solutions that benefit consumers, merchants, acquirers, associations and issuers.

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Self Service Banking Embraced by Consumers

NCR research has shown an increasing trend in self-service options for everyday needs, with 66% of the respondents demonstrating a more positive perception of the deployer’s brand when such services are offered. Moreover, 97% would use self service options when conducting retail transactions, 95% prefer self service banking, 94% favor the prospect of self service in conducting hotel reservations/transactions and 89% would favor more self-service healthcare options. Speed was shown as the main reason for preferring self service options, with 70% of respondents citing this factor for use in finances, 68% in retail, 63% in travel/hotel and 53% in healthcare while ease of use was found to be the reason 52% of consumers in finances sought self-service, 52% prefer self-service when conducting retail transactions, 60% in travel/hotel and 47% of consumers in healthcare.

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MasterCard Introduces a New Debit Platform

MasterCard has rolled-out a new debit processing platform that offers financial institutions a complete processing solution to help create differentiated products and services. The new “MasterCard Integrated Processing Solutions” provides banks with a suite of branded debit network and card issuer processing services including PIN, signature, and ATM driving. The platform also introduces a user-friendly customer interface, “MasterCard Portfolio Viewer,” which greatly simplifies the process for banks to package cardholder data into customized reports. Banks can quickly and easily change the “Portfolio Viewer” configuration and report parameters with no hard coding. Security Service FCU will be the first MasterCard customer to implement “MasterCard IPS.” The new solution is expected to be available in the USA in mid-2008, offering ATM terminal driving, debit issuing processing and branded debit network functionality as well as expanded rewards capabilities.

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Capital One Recognized for Diversity

Capital One has been recognized by DiversityInc. Magazine as one of the top 50 Companies for Diversity. To be considered one of the Top 50 companies, Capital One demonstrated consistent strength in CEO Commitment, Human Capital, Corporate and Organizational Communications, and Supplier Diversity. Capital One has established a broad range of initiatives intended to foster diversity across the company which include providing internal cultural leadership and engagement with the community through volunteerism, mentoring, and donations by associate networks, offering innovative programs such as generous parental leave programs for new mothers and fathers and mentoring for women- and minority-owned businesses through a supplier diversity program.

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eGistics and ChoicePay Team for Payments

eGistics and ChoicePay have partnered to provide a hosted platform for the processing and archival of utility, communications, insurance and other payment remittances. The eGistics platform also will provide ChoicePay with an online statement archive and consumer access to statements via the Internet. In the near future, the plan is for eGistics to provide statement delivery to ChoicePay’s kiosk network, and the ability for ChoicePay’s call center to retrieve archived documents for timely problem resolution. The joint capabilities offered by the eGistics/ChoicePay alliance are designed to improve the overall consumer experience and help billers, remittance processors and financial institutions achieve better business outcomes through increased and more robust payment channels.

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SmartyPig Launches from Iowa

Iowa-based online savings platform SmartyPig has launched, enabling consumers to obtain a 4.3% APY on their accounts, allow account holders make their accounts public to accept deposits from others and a rewards program with retail partners. Users set up their savings accounts at smartypig.com and choose to fund it on a monthly basis through electronic transfers from existing outside checking or savings accounts. SmartyPig account owners must be 18 years old; however, parents can give minors access to specific goals, making the experience an educational and rewarding one for kids. SmartyPig accounts are held at West Bank, an FDIC-insured bank. Customers can have as many savings accounts as they wish, each with an unlimited number of savings goals.

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Computer Sciences & Oracle Team for Banking

Computer Sciences and Oracle solutions have announced a collaboration of its “Hogan Core Banking System” and its “Siebel Retail Banking”, respectively, to provide banks with sales and service software for increased efficiency and customer solutions. Oracle’s Siebel solution will provide for the collaboration its branch service, contact center, branch teller, self-service and eBilling, an extension of its more than 15 year partnership with CSC.

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Texaco and Chevron Add Octane to Credit Cards

Texaco and Chevron have added more octane to their credit cards by adding complimentary road service, cash access at over 350,000 ATMs associated with the “Cirrus” network, and “Zero Fraud Liability.” There will continue to be no annual fee associated with the Chevron and Texaco credit cards and cardholders will continue to receive flexible payment options, online account information, and access to thousands of conveniently located Chevron and Texaco stations. In the coming weeks, active Chevron and Texaco cardholders will be reissued new personal credit cards.

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Discover Card Goes Global Via Diners Club

Discover has inked a deal with Citi to acquire Diners Club International. The agreement will give the “Discover Card” global acceptance once the networks are fully integrated. Discover will purchase the business for $165 million. Under the terms of agreement, Discover will acquire the Diners Club International network with more than $30 billion per year in spend volume outside of North America; its brand and trademarks; its employees; and agreements with 44 network licensees who issue Diners Club cards and maintain an acceptance network consisting of more than 8 million incremental merchant and cash access locations in 185 countries worldwide. Citi will remain a significant long-term issuer on the Diners Club network as part of the transaction. Discover will not issue cards or extend consumer credit in international markets as a result of this acquisition. Diners Club licensees in North America and globally are not included in this acquisition. Diners Club cardmembers can continue to use their cards as usual and will maintain all benefits related to their current card programs. While not included in the transaction at this time, Diners Club assets and employees in France are expected to be included shortly.

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PaySimple Solution Expands in San Diego

The San Diego Better Business Bureau is now accepting electronic dues payments via “PaySimple Solution.” PaySimple provides an on-demand Software as a Service (SaaS) platform that enables small businesses to bill, collect, and manage their customer payments under one user-friendly system. The PaySimple solution includes recurring billing, email invoicing, Automated Clearing House (ACH) direct-debit, credit card processing, e-check processing, Electronic Funds Transfer and online payments. The San Diego BBB has over 6,000 accredited businesses.

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