GE announced that it has filed a registration statement with the Securities and Exchange Commission for the initial public offering (IPO) of its North American Retail Finance business. As previously announced, the IPO is the first step in a planned staged exit from that business. GE currently expects to complete the IPO later in 2014. After completion of the IPO, GE Capital Retail Finance will operate under its new name, “Synchrony Financial,” and the registration statement has been filed under that name.Details
JetPay Card Services, is pleased to introduce the MAC (Money Access VISA® Prepaid Card). The first phase of the MAC rollout begins today and will focus on employees and employers that are clients of JetPay’s payroll processing business, JetPay Payroll Services. Employees, friends, and families of these businesses will be invited to make MAC the card that they use to help them with their everyday shopping, budgeting, bill payment or other financial services needs.
MAC is a general purpose reloadable (GPR) prepaid card that behaves much like a checkless checking account with a compelling value proposition that will have broad appeal to consumers with or without a bank account. MAC has two pricing options which are being offered through JetPay’s payroll processing channel; MAC One and MAC Choice.
Bluefin Payment Systems and SaaS providers announced its PayConexTM P2PE solution has been validated by a P2PE assessor approved by the PCI Security Standards Council, as having met the rigorous controls defined in the PCI SSC P2PE Standard for the protection of payment card data. Point-to-Point Encryption (P2PE) technology can help merchants simplify their PCI DSS compliance programs by removing clear-text cardholder data from a merchant’s environment and reducing the scope of PCI DSS requirements. The PCI Security Standards Council’s P2PE program provides a method for vendors to validate their P2PE solutions and applications, and for merchants to reduce the scope of their cardholder data environment by implementing validated P2PE solutions. PayConex P2PE encrypts credit and debit card data in a secure point of entry device before it is transmitted into a merchant’s point-of-sale (POS), virtual terminal or payment application.Details
Thames Card Technology Ltd, one of the UK’s largest manufacturers of secure and non-secure plastic cards, specialising in banking and prepaid products, has won a competitive tender to be the sole supplier for the production, personalisation and distribution of one million EMV® chip payment cards for Ghana Commercial Bank (GCB Ltd.). Thames will also offer its portfolio of consultancy services to support GCB Ltd. in its transfer to EMV over the next three years, in addition to working closely with the bank and its processor, International Card Processing Services (ICPS), to streamline integration with international payment systems.Details
The Electronic Payments Association announced that it is taking initial steps towards a ubiquitous, same-day ACH settlement capability. NACHA seeks to move the ACH Network from today’s single, next-day settlement to multiple, same-day settlement options that would be available for virtually any ACH Network transaction. The phased implementation approach outlined by NACHA proposes incremental functionality that will provide greater value to end users. This functionality would include multiple, new settlement windows, and greater certainty around faster funds availability; therefore providing a solid foundation on which to build innovative services into the future. NACHA is launching a study to assess the industry’s costs and potential transaction volume for same-day ACH.Details
WEX Inc. announced that Eric Duprat has been elected to the company’s Board of Directors. Mr. Duprat has more than 25 years of domestic and international experience in the mobile, security and payments industries, and is currently Chief Executive Officer of Verayo, a mobile security services turnaround firm in San Jose, California. Prior to joining Verayo in 2011, Mr. Duprat was the General Manager of Mobile Payments at PayPal, an eBay company, during which PayPal’s mobile payment business experienced tremendous growth. Prior to that, Mr. Duprat was Senior Vice President of Global Marketing at Hypercom, an industry leader in payment and networking systems.Details
Puut Technologies A/S, today announces the general availability of its Social Network Service to enable social shopping and crowdfunding, and to provide smart phone users, service providers and merchants with money and content sharing as an alternative to cash, credit cards, loyalty cards, ID cards, tickets and boarding pass. Puut is a feature-rich social utility that enables social shopping, crowdfunding as well as money and content sharing between smartphone users, service providers and merchants worldwide. Puut ticks all the technology boxes and allows users to simply get on with their life.Details
Ziploop mcommerce app announced a $2.2 million seed round with Foundation Capital, Bill Elmore, JBM Ventures Partner, James B. Morris, Managing Partner at Greenback Ventures, James Peters, Managing Director at Texas Pacific Group, Ted Breck, Founder and former CEO at Barra, Andrew Rudd, General Partner at Inman Investment Management, Grant Inman, and General Partner at Canaan Partners, John Balen. Ziploop not only makes the life of the consumer easier, but also helps retailers analyze and better serve their customers. Ziploop allows retailers to rapidly engage with their users on seasonal offerings, while also saving on printing and postage costs.Details
Erste Group Card Processor (EGCP) recently licensed FASTest, the popular function/regression testing solution from Paragon Application Systems, to speed and simplify their migration from their legacy switch to BPC’s SmartVista. EGCP required a solution that would simulate and test all of the endpoints of their transaction processing for complete function and regression testing during the migration process. Paragon provided FASTest for the following financial message formats: Visa, MasterCard, SPDH, HISO 87, HISO 93, ATM and BIC ISO. To increase productivity, EGCP schedules tests to run unattended and receives a report with the results. Using the “Compare” feature in FASTest, EGCP can run tests and compare recent test results to previous test results to confirm the reliability of their system.Details
Indra’s NetPlus payment platform has obtained the maximum security qualification awarded by the PCI SSC for its card payment services in “the cloud” to make it easier for clients of the multinational consulting and technology firm to outsource business processes that involve credit or debit card storage or processing. It will also facilitate the maintenance of card processing rights and avoid demanding infrastructure and information system audits and the payment of fines derived from fraudulent credit card use. This initiative has also provided Indra and its data processing center in San Fernando de Henares with all the security and operational knowledge and methodology required for this certification, both as regards its infrastructure and its services and processes.NetPlus processes over 200 million operations per year totaling 14 billion euros. It accepts all types of payment methods through a wide range of channels, integrating the information with the source systems, centralizing all payments, and managing all the associated operations.Details
The CashlessWay’s directive approved the membership of Edenred Italia, Bassilichi and payleven as associates and ABI (Italian Banking Association) as honorary member. CashlessWay has now 7 important associates, the new ones are adding to the previous: TAS, Unione Nazionale Consumatori (Consumers National Union) and Roma Capitale Investment Foundation. CashlessWay Association, Global Hub for ePayment Culture, was born in November 2013 and aims at promoting the epayment and stimulating a more responsible use of cash. Even before its official birth CashlessWay was active in the business with the No Cash Day, with the patronage of Italian Government and Ministry of Economic Development, Waroncash.org the first Italian news website about epayment and many other activities as the #Nocashtrip, a travel without cash.Details
American Express Company today announced that it has signed an agreement to create a joint venture for its Global Business Travel division (“GBT”). Under the agreement, American Express will share ownership of the joint venture with an investor group led by Certares. In the proposed transaction, American Express will separate its GBT operations into a dedicated holding structure, which will include certain assets and liabilities that currently comprise GBT, and will have a 50% ownership stake in the joint venture following the closing. In exchange for an investment of $900 million in the joint venture, the investor group will hold the remaining 50%. American Express initially announced its intention to pursue this joint venture transaction in September 2013.Details