Diners Club Inks New Franchise Agreement

Diners Club International and Industrial and Commercial Bank of China (ICBC) plans to introduce a new Diners Club International franchise, With this, ICBC will operate as the first full franchise in China and is responsible for both the Diners Club brand and business in issuing and acquiring. Diners Club International is accepted in more than 185 countries and territories, in millions of merchant locations and in more than 845,000 ATMs and cash access locations all over the world.

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American Airlines Deploys Acculynk Secure Payment

American Airlines has implemented “PaySecure” from Acculynk’s Internet PIN debit-enabling product to secure customers transaction and offer Internet PIN debit for all online consumers. Travelers who use their debit cards to make purchases on AA.com will have the option to enter their PIN on PaySecure’s graphical PIN-pad. The transaction is processed as a normal PIN debit card transaction. Acculynk’s PaySecure® technology encrypts each PIN so that it is never transmitted as an actual, numerical PIN. Acculynk transmits the PIN directly to the Electronic Funds Transfer network, which in turn sends it to the bank for approval. The PIN is never stored by AA.com or Acculynk.

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GE Capital and Sam’s Club Extend Credit Card Program

GE Capital Retail Bank and Sam’s Club membership warehouse club forged multi-year agreement through which the Sam’s Club credit card program will be available to GE Advantage and Business Members. GE Capital’s Retail Finance business, the operating entity that provides financial solutions to retailers to help grow their customer sales, will continue to manage the Sam’s Club relationship and service the account. The financing program is available at more than 600 Sam’s Club locations across the United States and Puerto Rico and can be used at Wal-Mart stores, as well as for online Sam’s Club purchases and everywhere Discover® is accepted. The Sam’s Club private label credit card and Discover card program enables both Advantage and Business Member cardholders to enjoy a range of benefits, including, zero fraud liability with photo protection, one-card membership and credit card convenience, no fee in-Club cash access, special financing promotions, itemized billing statements (for Business Members only) and advance notice of savings opportunities and events.

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Starbucks & Square Launches mPayment Partnership

Starbucks Coffee Company mobile payment platform and Square partnered, allowing customers to use “Pay with Square” payer application. Square will process Starbucks U.S. credit and debit card transactions to expand Square its scale and accelerate the benefits to businesses on the Square platform and Starbucks will invest $25 million in Square as part of the company’s Series D financing round. By accepting Pay with Square, Starbucks is giving millions of customers another way to enjoy a quick and seamless payment experience at approximately 7,000 Starbucks stores. The partnership will also accelerate the ability of small businesses to grow with Square’s innovative technology and a stronger and more widely available Square network. Starbucks customers will be able to use Pay with Square to pay for their purchases at participating company operated Starbucks locations in the U.S. Customers simply need to download the Pay with Square application and set up an account on their iPhone® or Android™ device.

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Metropolitan Bank Launches TransCard Prepaid Card Account

TransCard launched a MasterCard-branded payroll card program with Metropolitan Bank. Employers will have a paperless payroll solution that makes the semi-monthly distribution simple, safe and cost-efficient. It enables employers to streamline the payroll process and helps improve the bottom line by reducing processing and check fees. The card-based solution also provides an electronic payment option for employees who may not otherwise have a checking account. Pay is immediately available and can be used to pay bills, shop online or used to make purchases wherever debit MasterCard cards are accepted.

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Misys Inks Islamic Development Bank Service Agreement

The Islamic Development Bank Group has signed a service agreement with Misys financial app software to enhance the Treasury and Investment Departments within the IDB Group. Misys will provide various solutions including Opics Plus, Opics Risk Plus, Sophis VALUE and Eagleye to enhance the capacity of the Treasury and Investment functions to serve IDB’s clients more effectively and make its internal processes more efficient as part of IDB Group Business Enhancement and Systems Transformation (GBEST) Program. This will enable IDB to monitor and report risk exposure across the IDB Group. The Misys solutions will fulfill the IDB Group treasury and investment needs for straight-through processing across the entire operations, including analysis, trade execution and risk management.

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VeriFone to Facilitate Contactless Payment

VeriFone Systems is set to provide the Banamex Bank merchant payment solution to deploy contactless payment. Banamex is implementing a full-scale contactless payment deployment, under which several thousand VeriFone contactless-enabled card acceptance systems will be deployed to 1,900 merchants in the Mexico City metropolitan area. The bank is also issuing 100,000 contactless credit and debit cards to begin the transition to the new innovative way of payment. The bank will deploy the VeriFone VX 520 to merchants who use traditional standalone countertop systems, and the VX 820 advance PIN pad to larger retailers that integrate payment systems to electronic cash register systems. The bank expects to have issued 1 million contactless cards and to have deployed 12,000 payment acceptance systems before 2013.

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DataCash Launches Magento Platform for Online Merchants

DataCash and Session Digital of Magento partnered on the launch of a DataCash module offering merchants using the Magento platform secure international payments. The Magento eCommerce platform provides over 100,000 merchants globally with a high degree of flexibility and control over the user experience, content and functionality of their online store. Magento Enterprise, the company’s premiere solution, enables mid- to large-sized merchants to build and run fully functional online stores. Merchants can accept secure, international payments through DataCash’s robust payment gateway which processes over one billion transactions each year and prevents over GBP1m of attempted fraud every day. This also provides connectivity into fraud and risk management; multiple integration options; tokenisation; and recurring payments.

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Consumer Confidence Hits 2012 Low

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Having reached its lowest level of the year, the Discover U.S. Spending Monitor declined 1.4 points to 89.3. Having last dropped below 90 in December 2011, the monitor performance in July is reflecting concern over the economy with 53% of respondents convinced the U.S. economy is poor. However, consumers who expect…

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Dollar Bank Deploys mRemote Deposit

Dollar Bank has implemented WAUSAU Financial Systems’ “Deposit 24/7 Mobile” mobile remote deposit capture solution from its Deposit 24/7 Suite. The bank has seen great success, processing nearly 2,500 deposits totaling $500,000 through the solution. A 2011 Celent study notes that approximately 80 percent of surveyed financial institutions are considering a mobile RDC solution, but as a Javelin and USAA study shows, many aren’t taking action. Despite the benefits of the technology for all parties and its “must have” status to keep up with consumer demand and achieve cost savings, several of the 10 largest U.S. financial institutions still aren’t offering mobile RDC to customers. WAUSAU is currently expanding its “Deposit 24/7 Suite” to provide the small and mid-tier business markets a receivables hub that accepts checks and electronic payments for ACH and credit card.

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TSYS Inks JV with Central Payment

TSYS announced its joint venture with Central Payment, in which it holds a 60% stake and will function as a TSYS affiliate. The Central Payment privately held direct merchant acquirer focuses on merchants in the restaurant, personal services and retail sectors and currently uses TSYS technology for payment processing. The joint venture will be governed by a board of directors including both TSYS and Central Payment executives.

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Global Cash Access Posts 2Q/12 Net Income Up 450%

Global Cash Access Holdings posted 2Q/12 operating income up 125% quarter-over-quarter to $16.0 million; net income per share up 450%; and cash EPS increased 92% quarter-over-quarter to $0.23. Revenues were $147.5 million for the second quarter 2012, as compared to revenues of $135.1 million for the same period in 2011. The overall increase in revenues was primarily due to the MCA asset acquisition coupled with modest organic growth in the Company’s base business. Operating income was $16.0 million for the second quarter 2012, an increase of 125%, as compared to $7.1 million for the same period in 2011. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) (see Non-GAAP Financial Information below) were $20.1 million for the second quarter 2012, an increase of 68%, as compared to $12.0 million for the same period in 2011.

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