MasterCard Names Chief Human Resources Officer

MasterCard appointed Ron Garrow Chief Human Resources Officer and member of its Executive Committee, effective April 1. Garrow joined MasterCard in March 2010 as Group Head, Global Talent Acquisition Management and Development. Then he was named Group Executive of Global Human Resources Plans and Programs, which included oversight of Rewards, Workforce Programs, Employee Relations and Human Resources Services and Solutions. Garrow held various Human Resources leadership positions at Bank of America over a six-year period, culminating in the position of Chief Learning Officer. He also spent 19 years at Wachovia in various Human Resources roles focused on training, leadership and executive development.

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GE Capital Retail Bank Renews Credit Card Partnership

GE Capital Retail Bank forged a multi-year extension with P.C. Richard & Son to provide a consumer credit card program. P.C. Richard & Son appliance and consumer electronics retailers has 65 locations, as well as an online store, has a long history of working with GE. Customers can apply for the P.C. Richard & Son Credit Card in-store or online and qualified applicants receive immediate approval for purchases with flexible financing promotions. GE Capital has helped major retailers and more than 200,000 small- and mid-sized businesses throughout the United States build consumer financing programs that support business growth and customer satisfaction.

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Western Union Announces Prepaid Tax Refund Cards

Western Union announced its partnership with Advent Financial to offer quick and easy access to tax refunds on the “Get It Card” prepaid card. Those filing their federal and state tax returns at tax-return preparation offices offering financial products through Advent can elect to receive their refunds on the Get It Prepaid MasterCard, reloadable (GPR) prepaid card offered by Western Union and Advent. This offers a quicker and more convenient method of receiving a tax refund than a paper refund check and can be used after the refund has been spent. Cardholders can reload their cards at one of 45,000 Western Union Agent locations in the U.S.

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ACI Worldwide Acquires Online Resources

ACI Worldwide will acquire Online Resources in an all cash transaction for $3.85 per share, per a recently inked definitive transaction agreement. With directors of both companies having approved the transaction, the integration of ACI Worldwide and Online Resources will make available to financial institutions the preeminent online and mobile banking, bill payment and presentment solutions. ACI Worldwide is recognized as the leader in the U.S. Large Bank Market for 2012 and a Company to Watch in 2013 by Aite Group. The addition of Online Resources’ payment and presentment capabilities will benefit customers by giving them the choice and flexibility to address a broader set of needs from a single integrated source and broaden ACI Worldwide’s customer base with the addition of 1,000 banks, credit unions, billers, credit card issuers, and other credit and payment service providers.

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Western Union Expands Money Transfer Service

Western Union extended its prepaid receive card program to Costa Rica and Guatemala. Leveraging the global Western Union Agent network, the card, offered together with AirPak, Western Union’s Agent in Central America, allows receivers of Western Union Money Transfer transactions to put all or part of those funds onto a prepaid MasterCard. The cards can be used wherever MasterCard is accepted worldwide, including ATMs. Guatemalans received $4.5 billion in remittances last year, and just 22% have a bank account; Costa Ricans received more than $585 million in remittances last year, and half of the population has a bank account.

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UAE Central Bank Intros Emirates ID card

The UAE Central Bank and the Emirates Identity Authority have discussed the means of enhancing their co-operation as regards using the smart ID card and activating its advanced applications in the financial sector across the UAE. The meeting discussed forming a joint committee between the UAE Central Bank and the Emirates ID to draft a strategic co-operation agreementthat includes a number of initiatives aimed at promoting the culture of digital ID and knowledge-based economy and enabling the UAE Central Bank to upgrade the performance of the UAE financial sector and protect the identity of customers by capitalizing on the infrastructure of the ID card project and the advanced technical features of the ID card.

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Deutsche Card Announces Prepaid Partnership

Prepaid Financial Services prepaid solutions and Deutsche Card Services signed a strategic partnership to develop and deliver innovative prepaid card solutions. The strategic agreement is an outcome of the prepaid card providers’ continuous expansion in new territories and the full-service acquirer and payment service providers’ aim to deliver excellent solutions in response to client demands. For this, Prepaid Financial Services will work with Deutsche Card Services to develop prepaid card solutions for corporate clients. Prepaid solutions can be beneficial for travel and other corporate expenses, payment of disbursements, benefit payments, compensation payments e.g. for airlines and insurance companies and payroll administration, especially where banking facilities are underdeveloped.

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MasterCard Posts Solid 4Q & FY/12 Performance

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] MasterCard announced 4Q/12 net income of $605 million, up 18% from the year-ago period, and net revenue of $1.9 billion, a 10% increase from 4Q/11. Net revenue growth was thanks to an increase in processed transactions of 20% to 9.2 billion; an increase in cross-border volumes of 17% and a 14%…

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FIS Broadens mFinancial Offering, Acquires mFoundry

FIS banking and payments technology signed a definitive agreement to acquire the remaining 78% interest in mFoundry mobile banking and payment solutions for financial institutions and retailers. In mFoundry, FIS previously held a 22% interest. This development creates one of the leading mobile entities in the financial services space and enables FIS to leverage its technology assets across a broader client base. mFoundry’s customer-focused solutions have become a leading platform for mobile banking and mobile retail and have been adopted by some of the largest banks, credit unions, payments processors and retailers in the country.

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Acculynk Payments Processing Launches Developer Integration Tools

Acculynk’s “PayLeap” payment gateway and payments processing solution has introduced a comprehensive suite of developer tools and SDKs to provide simple integration of the service into mobile merchant applications and e-commerce sites. PayLeap now provides a full complement of API developer tools, such as SDK’s for Python, Java, Ruby, .Net and PHP, paired with Java-based wrappers, taking PayLeap’s gateway and service products to the next level in terms of integration simplicity. PayLeap is the only payments processing platform that enables Internet PIN debit, which provides merchants an extra layer of security for debit card transactions, helping reduce fraud and chargebacks for merchants, while offering opportunities for sales lift by enabling the millions of consumers with PIN-only debit cards.

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MasterCard Expands IHG Alliance into the U.S.

MasterCard announced a multi-year U.S. agreement with IHG (InterContinental Hotels Group) naming MasterCard as the exclusive co-branded card for IHG’s hotel loyalty rewards consumer credit card portfolio. This further strengthens the relationship between IHG and MasterCard that includes a successful Priority Club World MasterCard co-branded card program. IHG’s Priority Club® Rewards is the hotel industry’s fastest growing and largest guest loyalty program, reaching more than 4,500 hotels across seven global IHG brands, including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotel & Resorts, Holiday Inn Express®, Staybridge Suites® and Candlewood Suites® as well as the Holiday Inn Resort® and InterContinental® Alliance Resorts brands in North America.

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ControlScan CEO Elected to W.net Board of Directors

ControlScan CEO Joan E. Herbig has been elected to the 2013 board of directors for the Women’s Network in Electronic Transactions (W.net) electronic transaction association. Herbig is one of three new directors who have joined the organization to help further its mission to provide a forum that inspires and empowers women in the electronic transactions industry through networking opportunities, mentoring programs and more. Herbig became CEO of Atlanta-based ControlScan in 2007, where she successfully transitioned the company into its present role as an expert provider of PCI and data security solutions for small to mid-sized merchants and the acquirers serving them. Herbig brings with her three years’ experience as CEO of Cambia Security after having served as CEO of mobile device systems management firm XcelleNet.

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