ACTIVE ALERTS

Mumai-based ABN AMRO Bank is now offering new wireless and email services to its credit card customers using Electronics For Imaging’s advanced “Unimobile” messaging platform. The technology gives ABN AMRO’s credit card customers “Active Alerts”, a feature that keeps cardholders informed on e-mail or mobile phone of all transactions made with the card, including all critical transactions such as “Risk Alerts” to inform them of multiple purchases, and “Maintenance Alerts” to inform them when they are nearing their credit card limit. Interactive alerts are also delivered instantly through pagers and “Personal Digital Assistants.” The Indian operations of ABN AMRO Bank includes 51 ATMs and 12 branches in nine cities -Mumbai, Delhi, Chennai, Kolkata, Pune, Baroda, Hyderabad, Bangalore and Noida.

Details

Debit vs Credit

VISA confirmed yesterday its debit card transactions continue to outpace credit card transactions this year. During 2001, VISA processed 6.9 billion debit card transactions compared to 6.2 billion credit card transactions. For the first six months of this year, VISA says it processed 3.04 billion “VISA Check” card transactions compared to 2.96 billion VISA credit card transactions. At the end of the second quarter, VISA had 122.6 million debit cards versus 261.0 million credit cards, according to CardData (www.carddata.com). VISA has a 77% share of the off-line debit card market based on volume and a 74% share based on cards-in-force. “VISA Check” cards now represent more than 35% of VISA’s total U.S. card volume compared to 17% just five years ago. VISA also released a consumer survey yesterday which shows the primary reason consumers use a “VISA Check” card is to carry less cash. Other findings: 76% say using their “VISA Check” card has saved them time and 70% say they have a better idea where they spend their money since they started using their “VISA Check” card. (CF Library 4/18/02)

Details

OnGuard

Paymentech has launched a new suite of fraud protection products and solutions. The new “OnGuard” suite offers a full range of endorsed proprietary and third-party products from relatively simple address verification services to sophisticated fraud scoring solutions to specialty services. “OnGuard” partners include: Experian, iShopSecure, Fair Isaac, Arcot Systems, ClearCommerce, Retail Decisions, and, VerifyMe which provides a patent-pending fraud prevention service using government-issued ID database checks, algorithms and an optional web-based signature capture to instantaneously verify identity and age for citizens in 112 nations. Paymentech says Internet transaction fraud is 12 times higher than in-store fraud and that merchants lost $700 million in revenue last year due to fraudulent transactions.

Details

Discover Titanium

Discover has joined the “titanium” bandwagon with the release of the new “Discover Titanium” card. Discover has been hitting mailboxes over the past several weeks for the new card which features a 0% intro rate on purchases and cash advances. The current promo rate ends with the May 2003 billing cycle and then increases to a fixed 9.9% rate, according to CardWatch ([www.cardwatch.com][1]). Discover is offering credit limits up to $50,000 with the new program. However, the “Discover Titanium” does not include Discover’s cash-back rewards program. First USA first launched a “Titanium VISA” in early 1998. Since then MBNA, Fleet, First National Bank of Omaha, and Direct Merchants Bank have launched “Titanium” cards. Direct Merchants and MBNA offers “Titanium” cards under the MasterCard brand while Fleet and First National Bank of Omaha offer “Titanium” VISA cards.

[1]: http://www.cardwatch.com

Details

Select Payment & Link2Gov

Select Payment has been chosen by Link2Gov to facilitate electronic check payments to government entities through the Internet, over the telephone through an Interactive Voice System, or in person. The partnership enables Link2Gov to facilitate electronic check payments to government entities through the Internet, over the telephone through an Interactive Voice System, or in person.

Details

Stratus Backing

Atlanta-based Skylight Financial has received $12.8 million in funding from a group led by GTCR Golder Rauner. Walnut Investment Partners, an existing investor in Skylight, also participated in the financing. Skylight issues the “Stratus PayCard,” a payroll funded FDIC-insured debit card targeted to unbanked employees. The card is issued through U.S. Bank. Skylight has customers in 46 states and over 60% of Fortune 100 companies currently have employees with a Skylight account. The Stratus PayCard provides access to more than 200,000 ATMs (over 9,000 of those are surcharge free), and over 800,000 POS locations. Skylight Corporation initially formed an alliance with Firstar Bank in August 2000 to offer the “Stratus Card.” Firstar has since merged with U.S. Bank. (CF Library 1/25/02; 5/31/02; 7/11/02).

Details

payShield

UK-based nCipher has launched “payShield”, an advanced hardware security module designed for the payment processing market. The company says “payShield” is the first HSM to satisfy both the cryptographic security and performance requirements of MasterCard’s “UCAF” and VISA’s “3-D Secure” initiatives to combat fraudulent online purchases. nCipher has partnered with leading e-payment solution providers Arcot Systems and Cyota to ensure full interoperability, optimal performance and ease of deployment for card issuers. Arcot “TransFort” and Cyota “SecureSuite” software products employ nCipher’s “payShield” to perform specific cryptographic functions including; protecting the database of cardholder information through encryption, performing cardholder verification processes and creating digitally signatures to confirm cardholder authentication to merchants creating a legally binding record of the process. “payShield,” which is currently undergoing validation to meet the exacting FIPS 140-2 Level 3 security standard, also provides high-speed cryptographic acceleration to overcome the heavy processing burden associated with these functions. “payShield” pricing starts at $25,000.

Details

ParishPay

The Catholic Diocese of San Jose this weekend announced it is making available to all parishioners the ability to have donations made automatically from their checking, savings or credit card accounts each month. This new service is being provided by ParishPay, LLC, a company that specializes in direct payments for churches and parochial schools in the USA. The electronic payment is debited from the donor’s bank account on the 5th of each month. Parish members can set up their account online. All parishioners receive an annual statement each January. ParishPay was launched last October. The firm became an Affiliate Member of NACHA in January. ParishPay is targeting all 55,000 Catholic Churches in the USA United States, and plans to make the service available to other denominations.

Details

GE & BIOSCRYPT

Toronto-based Bioscrypt announced that GE Interlogix, CASI division has become an official Bioscrypt Distributor, thereby enabling the company to offer, market and support Bioscrypt’s “Veri-Series” line of fingerprint-based biometrics products through its dealer network. The “Veri-Series” line of fingerprint biometric products were designed to provide companies with a variety of fingerprint-based physical access control biometric products to fit their specific needs. The “V-Smart” reader combines biometrics with smart cards, utilizing standard Mifare contactless smart card technology; the “V-Pass” reader eliminates the need for PINs, keys or cards and performs functions such as enrollment, identification and template storage for 200 fingerprints; the “V-Prox” reader combines biometrics with proximity technology, requiring that the user provide a fingerprint and matching card for authorized entry; the “V-Flex” enables users to add fingerprint biometrics to any reader capable of industry standard Weigand communication without replacing their existing reader infrastructure; and the “V-Station,” available in October, is a self-contained terminal with integrated fingerprint biometrics, keypad and LCD display.

Details