Obopay Enters the Social Money Market

Obopay has acquired BillMonk, a “social money” service. The Company says “social money” includes shared consumer experiences, such as splitting the check at dinner, sharing expenses while on a road trip or funding teenagers and college students. BillMonk allows users to keep track of payments and debts via their mobile phone or the Web and BillMonk automatically calculates the running balance. In October, ViVOtech teamed with Obopay to expand NFC mobile phone payment options. In March, the firm closed a $10 million deal for its first round of funding. Obopay was founded in 2005. Obopay has a management team comprised of former executives from VISA, Microsoft, Yahoo, Expedia, AT&T Wireless, Western Union, First Data, Norwest Bank and Chordiant Software. (CF Library 3/9/06; 10/10/06)

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63% of US Households to Pay Online by 2011

A new report says the number of households that paid bills online will increase to 63% by 2011 or 59 million households. The research found that “Gen Yers” and “Gen Xers” will lead the migration. Although “Gen Yers” will represent just 26% of U.S. households, they account for 36% of all online bill payers. Forrester Research predicts the number of “Gen X” EBPP users will increase by 42% during the next five years. EBPP adoption by “Boomers” will grow by 39% during the next five years. In 2001, “Boomers” represented 42% of all online bill payers, but by 2011 this segment will diminish and make up just 28% of EBPP adopters. Forrester’s EBPP forecast for 2005 to 2010 projected a continued decline in the annual adoption growth rate. But surprisingly, 2005 ended up with a 34% annual growth rate in the number of EBPP users. Forrester says one driving fact for the reversal was more banks abolishing the fee for online bill payment.

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Rapid7 Unveils a PCI Compliance Portal

Boston-based Rapid7 has launched its PCI (Payment Card Industry) Compliance Portal, a remote security scanning solution that enables merchants, online retailers and credit card service providers to achieve compliance with the PCI Data Security Standard and is designed to meet the security requirements of all credit card companies. The PCI Compliance Portal locates website and database vulnerabilities that hackers commonly exploit to capture credit card data. SQL injection attacks, which are frequently performed by hackers on exposed Web applications, are identified by VISA International as one of the top five credit card risks.

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Data Security Firms Establish PCI SVA

ConfigureSoft, Cyber-Ark, Modulo Security, Proginet, Protegrity USA, Reflex Security, SafeNet and Verisign data security companies have created The Payment Card Industry Security Vendor Alliance – (PCI SVA). The PCI SVA will assist members of the payment card industry and the PCI Security Standards Council in educating the business community on the requirements and business value of the Payment Card Industry (PCI) Data Security Standard, a global benchmark intended to improve security throughout the entire payment card transaction process. PCI SVA plans to create a series of case studies, seminars, return-on-investment analyses, and white papers to show how organizations may achieve compliance with the PCI DSS requirements efficiently and on-budget.

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MC “PayPass” to Get a SuperBowl Work-Out

MasterCard’s contactless payment option will be in full action this weekend at Dolphin Stadium for the “SuperBowl.” “PayPass” was installed at Dolphin Stadium prior to the start of the football season and is also accepted at numerous other merchants throughout the Miami area. In addition to Dolphin Stadium, the new technology has been installed in nine other football stadiums and 12 baseball stadiums nationwide. Also, MasterCard released a new TV spot for “PayPass” during the recent “AFC Championship.” MasterCard reports that there are about 13 million “PayPass” cards and devices in the market, and “PayPass” is currently accepted globally at 46,000 merchant locations.

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Wincor Nixdorf Q4 Sales Up 13% as Earnings Rise 18%

Wincor Nixdorf reported that fourth quarter consolidated net sales rose by 13% to $711 million. Earnings before interest, taxes and amortization climbed by 18% to $59.6 million. Net profit increased to $33.7 million, 44% up on the same period a year ago. Asia and the Americas each produced double-digit growth rates over the course of the quarter. The Americas net sales rose by 19%. Within the Banking segment, net sales for the quarter rose by 20% to $452 million driven mainly by buoyant growth in the company’s product and services business in Europe and other regions. The Retail segment recorded net sales growth of one percent, taking the total to $259 million. For complete details on Wincor Nidorf’s latest results visit CardData (www.carddata.com).

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FDC & INICIS to Offer Merchant Processing Services

First Data International and INICIS, a South
Korean processor of e-commerce transactions, will offer merchant
processing services to online, South Korean merchants. Under the terms of the agreement, First Data and INICIS will provide
on-line payment processing services to First Data’s global, e-commerce
merchants in Korea. First Data will recruit new merchants and market the
alliance’s services to the Korean affiliates of its global clients.
INICIS will provide cardholder authentication and authorization clearing
and settlement, funding, call center support and chargeback processing.
In addition, after the transaction is cleared by INICIS, First Data will
deliver merchant summary data to the global merchant. The agreement
provides a differentiated approach for allowing global merchants to
obtain real-time access to the constantly changing demands of Korean
consumers.

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Trintech Opens London Office

Trintech, financial service and software provider, will open an office
in London, England. Based in Dublin, Ireland, Trintech is hoping to
expand European operations and broaden Trintech’s reach, offering
solutions on a broader spectrum, both vertically and geographically. The
companies’ reconciliation software solutions provide accounting
compliance and risk management capabilities for top European clients.
Trintech’s software programs, “ReconNET” and “AssureNET GL,” are used by
over 450 of the world’s leading companies and has been serving the
industry for over 20 years.

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Missouri Biz Card Scam Draws Indictments

A former Bank of America officer and a Missouri State Representative were indicted this week in a credit card fraud scheme that netted about $1.2 million. Fifteen other people were also indicted in the scam which involved submitting phony applications for BofA business cards. The former BofA VP, Robert Conner, demanded a cash kickback payment of $2,500 to $5,000 from each fraudulent applicant he approved. After the fraudulent credit applications were approved by Conner, he had the credit cards sent directly to him rather than to the applicants to facilitate his receipt of cash payment kickbacks at the time he provided the card to the applicants. Typically, the first transaction on the fraudulent credit cards was a cash advance, the proceeds of which were used to allegedly pay Conner a kickback. Among the other defendants was Missouri State Representative John Bowman. Each credit card fraud count carries a maximum penalty of 10 years in prison and/or fines up to $250,000.

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P&H to Distribute Cashbox ATMs

CashBox, an independent operator and supplier of ATMs, has been chosen
to supply ATM placement for Palmer & Harvey McLane. Cashbox will supply
3,700 ATMs for P&H’s ACE buying group. Cashbox supplies over 29,000
sites where it can assess the viability of installing an ATM machine,
many of those on an exclusive basis. The ATMs will be placed using Cashbox’s “Placement Model,” whereby a convenience-fee ATM is placed with a retailer free of charge and replenished by them, eliminating the need for third party cash-handling costs. Palmer & Harvey McLane has over
61,000 wholesale customers in both independent and multiple retail trade.

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Fair Isaac to Open an Office in Beijing

Fair Issac announced that they will be opening a branch in Beijing,
China. J.Y. Pook, vice president and managing director of the Asia-Pacific market, will oversee Fair Isaac’s relationships with local clients and strategic partners. The company is a leading provider of analytics and decision management technology and is committed to expanding presence in the Asia-Pacific market. The company’s solutions and technologies for Enterprise Decision Management give businesses the power to automate more processes. Founded in 1956, Fair Isaac powers hundreds of billions of decisions per year in financial and insurance services. The Company also helps millions of individuals manage their credit health.

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BUY & FLY MASTERCARD

The “buy and fly!” reward program has expanded in Ireland with the introduction of a co-branded MasterCard. Landround, the owner of the
“buy and fly!” program, and MBNA Europe Bank have teamed for the expansion. The new card offers one point for every GBP 10 spent. There is also a bonus of 500 points when the first card purchase takes place within 90 days of card issuance. Landround says a cardholder could instantly redeem the 500 points for a return flight to the UK. Collectors can also “double dip” by purchasing goods and paying for
these goods with their “MBNA buy and fly! MasterCard” with the current “buy and fly!” partners, such as Tesco, and using it in conjunction with the “buy and fly!” reward card at Heatons or Sportsworld, O2 Stores and Choice Hotels. Other partners include: ESB, Tierneys, Classic
Furniture, Ask Chilli and Mari Mina Healthcare.

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