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Nov 11th, 2011
Edition #278
New to NewsFilter? Click here to subscribe. In this Issue In Other News This Day in History 1918 World War I Ends
At the 11th hour on the 11th day of the 11th month of 1918, the Great War ends. At 5 a.m. that morning, Germany, bereft of manpower and supplies and faced with imminent invasion, signed an armistice agreement with the Allies in a railroad car outside Compiégne, France. The First World War left nine million soldiers dead and 21 million wounded, with Germany, Russia, Austria-Hungary, France, and Great Britain each losing nearly a million or more lives. In addition, at least five million civilians died from disease, starvation, or exposure.
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Payment Processor Vantiv Files for IPO as Market Looks Up Again 
11/10/11 Reuters Payment processor Vantiv Inc filed to go public on Thursday, as appetite for U.S. IPOs seems to be returning following daily deals website Groupon Inc's strong listing last week. Ohio-based Vantiv, owned by Fifth Third Bancorp and buyout firm Advent International, filed to raise up to $100 million in an IPO of Class A common shares. In July, the Wall Street Journal reported that Vantiv was planning to file for an IPO that could value the company at as much as $4.5 billion. Big Retailers See No Benefit From Debit Cap
11/09/11 ISO & Agent It may be too early to tally the numbers from new, lower debit-interchange rates that took effect Oct. 1, but three of the nation’s largest merchants already are sending signals that the new debit-pricing structure appears unlikely to boost their bottom lines. Executives from Wal-Mart Stores Inc., 7-Eleven Inc. and McDonald’s Corp. who participated in a panel discussion on debit card trends at the recent ATM, Debit & Prepaid Forum told attendees legislation to cut debit fees did not go far enough. Dwolla Is Moving $350 Million And Wants To Completely Kill Credit Cards
11/11/11 Business Insider There's a tiny 12-person startup churning out of Des Moines, Iowa. Dwolla was founded by 28-year-old Ben Milne; it's an innovative online payment system that sidesteps credit cards completely. Milne has no finance background yet his little operation is moving between $30 and $50 million per month; it's on track to move more than $350 million in the next year. Unlike PayPal, Dwolla doesn't take a percentage of the transaction. It only asks for $0.25 whether it's moving $1 or $1,000. Miss the Live Stream? SLF CEO Roundtable [Video]
11/08/11 ETA ETA's Strategic Leadership Forum took place October 25-27th in Chicago. During SLF, CEOs from Apriva, Moneris, NPC and Roam Data gathered to discuss: "Is this a Revolution or an Evolution?" Star Agrees To Offer Online PIN Debit Service from CardinalCommerce
11/10/11 Digital Transactions The Star EFT network, which has been working for several years on ways to enable cardholders to conduct PIN-debit transactions with online merchants, said on Thursday it will offer a service from CardinalCommerce Corp. that promises to allow issuers to choose how to authenticate users of PIN-debit cards in e-commerce. Mentor, Ohio-based CardinalCommerce introduced its Universal PIN Debit Service 14 months ago in the midst of what has turned into a crowded market for technology that would allow consumers to use PIN debit securely online. First Data Releases October 2011 SpendTrend®
11/09/11 First Data First Data Corporation, a global leader in electronic commerce and payment processing, today released its First Data SpendTrend® analysis for the full month of October 2011 compared to October 2010. SpendTrend tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations. In October, dollar volume growth held steady at 9.4% versus September’s growth of 9.5%. Overall transaction growth improved to 7.5% in October from 7.1% in Sept. ComScore: U.S. Online Retail Sales Up 13 Percent in Q3
11/10/11 PCWorld The U.S. online retail market looks solid as the busy holiday shopping season gets under way, although economic uncertainty remains, according to a study from comScore. U.S. retailers' online sales grew 13 percent in the third quarter, compared with the same quarter last year, marking the eighth consecutive quarter of year-on-year growth, comScore said on Wednesday. U.S. Retailers Forecast 2.9% Increase in Total 2011 Holiday Sales, BDO USA Survey Finds
11/09/11 MarketWatch Soft consumer confidence and lingering unemployment have retailers looking to the 2011 holiday season with caution. According to a recent BDO USA survey, chief marketing officers at leading U.S. retailers expect a modest 2.9 percent increase in total holiday sales this year. This is a less optimistic point of view compared to the projected 3.5 percent increase in 2010 (and the actual 5.2% increase reported by the National Retail Federation). Credit Unions Gain on Bank Transfer Day
11/09/11 The Street The numbers are in, according to the Credit Union National Association, more than 40,000 people joined credit unions Nov. 5, "Bank Transfer Day," bringing with them about $80 million in deposits. Last Saturday was the culmination of the best month ever for credit unions who, long lauded for their lower maintenance fees and higher deposit rates than big national banks, were a likely destination for consumers fed up with their financial institutions following the big bank debit card fee debacle. 'Bank Transfer': What About Security?
11/08/11 Bank Info Security Between Occupy Wall Street and the so-called Bank Transfer movement, consumer outrage with big banks is fueling new account growth at community banks and credit unions. But how well prepared are the smaller institutions to handle increased security risks and fraud-prevention demands that come with such quick growth? "If you don't have thorough procedures, there is a greater chance you are going to get a riskier customer," Whaley says. "You've got to be sure you're covering all the bases." Mobile Wallets, Contactless Payments Overhyped: Analysts
11/08/11 BTN Established payment card networks are well-positioned to continue generating profits over the long haul, as long as they continue adapting to changing payments technology, a panel of investment industry analysts told attendees Nov. 3 at the ATM, Debit & Prepaid Forum. But NFC-based mobile payments and mobile wallets might fall short of expectations, the analysts suggested. "I think mobile wallet and NFC is getting way too much hype," said Tien-tsin Huang of J.P. Morgan Securities.
11/09/11 Bank Systems & Technology What will the future of payments look like in the United States? According to Visa, it'll look a lot like the current scheme in many other countries around the world, complete with EMV-based cards and payment terminals. EMV, the global standard for credit and debit card payments named after its original developers -- Europay, MasterCard and Visa -- features cards with embedded microprocessor chips that store and protect encrypted account user data. Does the New Apple Store App Set the Bar for Mobile Payments?
11/08/11 Digital Trends Apple has officially launched version two of its Apple Store App, enabling users to shop for Apple goods—and items from blessed partners—right on their Apple mobile devices. Version 2.0 significantly ups the ante with two key new features: Personal Pickup—which enables users to order in-stock items and have them ready for pickup at a store within an hour—and EasyPay, which lets users buy items in an Apple Store literally by snapping a picture of its barcode. Business Lobbying Blocks Laws to Help IRS Collect Taxes Owed
11/08/11 Bloomberg The U.S. Senate is moving this week to repeal a 2006 rule that requires governments to withhold 3 percent of payments to contractors. In April, President Barack Obama signed a law scrapping a provision of the 2010 health-care measure that sought to curb underreporting of income by compelling businesses to report more transactions to the Internal Revenue Service. Also, the IRS has agreed to delay implementing a law mandating overseas banks to withhold from some U.S. customers and a separate law requiring companies that process and settle credit-card transactions to report payment amounts to the U.S. Intuit and AT&T Collaborate to Tap Growing Mobile Payments Market; Offer Small Businesses Easy Credit Card Processing on Mobile Devices
11/07/11 AT&T Intuit Inc. and AT&T are making it easier and quicker for small businesses to grow their business by accepting credit and debit card payments virtually anywhere, anytime. The two companies have collaborated to offer Intuit GoPayment for AT&T, an easy-to-use mobile application and credit card reader that helps small businesses of all sizes process credit or debit card payments using their smartphone or tablet. Amex Makes $100 Million Move Into Startup Funding
11/08/11 Portfolio.com Is there any greater sign of the allure of Silicon Valley than American Express announcing today that it's getting into the venture capital business? The New York-based credit-card company is launching a $100 million fund to invest in early- to mid-stage digital startups. Plus, Amex has hired Harshul Sanghi, a former Motorola executive who worked on that firm's venture efforts, to expand its Silicon Valley office. Currently the office has about 15 employees and is hoping to grow to 50. Visa Survey Says Smart Spending Top of Mind This Holiday Season
11/07/11 BusinessWire Smart holiday spending is top of mind according to this year’s Visa Gift Giving Survey commissioned by Visa Inc. 58 percent of respondents say a holiday budget will be in place before they begin shopping this season – 10 percent more than last year. When asked how their holiday budget will compare to last year, only seven percent expect to have more to spend this year, while 31 percent will have less to spend. TransFirst Forms Strategic Alliance with Planet Group, Inc.
11/09/11 TransFirst TransFirst® has entered into a strategic alliance with Planet Group, Inc., an information technology company dedicated to the financial payment space, to build a proprietary back-end processing system. Under the partnership, TransFirst will combine the best components of its OnTrak merchant management system with the processing power of Planet Group’s Acquire360 software, creating an industry-leading solution for TransFirst’s merchant customers and sales partners. Newtek Business Services, Inc. Reports $335 Thousand Pretax Income for the Third Quarter of 2011
11/09/11 Newtek Business Services Revenues for the quarter rose 5.0% to $30.7 million compared to $29.2 million one year ago. Barry Sloane, Chairman, President and Chief Executive Officer of Newtek Business Services, Inc. said, "We are pleased with our third quarter performance against the backdrop of an extremely challenging economy. We are continuously emboldened with our trend of increased profitability and improved cash flow. Evertec, Inc. Reports Third Quarter 2011 Results
11/10/11 iStockAnalyst Highlights as of and for the third quarter ended September 30, 2011 include: Total revenues increased by $3.9 million, or 5%, to $77.5 million, when compared to the same period in 2010. Villamil, President and Chief Executive Officer, stated, "This quarter is very important to us because it marks our first year anniversary as a stand-alone company. We continue to see growth across all of our business lines in both our local and international markets." YapStone Inc. Processes Over $14 Million in ePayments Daily
11/09/11 YapStone YapStone Inc., the parent company of RentPayment, is proud to announce we are now processing over $14 Million in electronic payments every day. With the recent acquisition of our largest competitor PropertyBridge Inc., YapStone Inc. has continued to grow as the largest electronic payments-as-a-service (ePaaS) provider for the property management industry, processing significantly more payment volume than any of our payment processing competitors. Ingenico and Visa payWave Bring Contactless Payments to the German Retail Industry
11/08/11 Ingenico Ingenico will shortly complete distribution to German network operators and acquirers of the software for the new Telium2 Terminal Series (Ingenico iCT250, iWL250 and iPP350). This solution will enable German retailers to offer their customers innovative payment methods and provide them with a thoroughly modern shopping experience. For retailers, the additional acceptance option will mean a reduction in costs through the reduction of processing cash payments. Cloud-based Payments Start-up Targeting SMBs Launches
11/10/11 Finextra There are around 2.5 million SMBs - each with revenues of between $500,000 and $50 million - in the US and they typically process tens to hundreds of payments per month. MineralTree claims that its service, offered through banks, simplifies and secures the approval, execution and automation of the accounts payable and cash management in a way that was previously unavailable to any but the largest corporations. Fidelity National Information Services : People's United Bank Expands Its Relationship with FIS' Mobile Financial Services
11/09/11 4-Traders FIS, the world's largest provider of banking and payments technology, today announced that People's United Bank has selected FIS' Mobile Financial Services platform. People's United Bank will deploy the solution in support of a new mobile banking channel it plans to add to its current delivery channels for retail customers. Mobile Payments Startup Square Adds Sir Richard Branson As An Investor, Eyes International Expansion In 2012
11/08/11 TechCrunch Disruptive mobile payments company Square has just brought on a new investor-Sir Richard Branson, founder of the Virgin Group. The exact amount of Branson’s investment was not disclosed. According to Square, Branson “took interest in Square’s rapid growth and novel technology, in particular its free hardware that allows anyone to accept credit card payments anywhere, anytime.” Square says it plans to offer its mobile payments technology in international markets in 2012. Independence Bank On-Boards its 100th Merchant Customer Using FTNI’s ETran Platform
11/08/11 ETran Independence Bank, headquartered in East Greenwich, Rhode Island announced today that it has on-boarded its 100th customer using FTNI’s ETran Receivables Management Platform. Independence Bank was an early leader in offering Remote Deposit Capture (RDC) services to its clients, having brought on its first customer in 2004 under its Cool Deposit brand. Linkable Networks and 24/7 Real Media Announce Partnership That Taps Growing Consumer Interest in Digital Coupons and Card Linked Offers
11/08/11 24/7 Real Media Linkable Networks, the leader in linkable offers technology, and 24/7 Real Media, WPP’s ad technology company, today announced a partnership that taps into consumers’ growing interest in digital coupons that are directly linked to credit and debit cards. Brands advertising across 24/7 Real Media’s Global Web Alliance of top publishers can now use Linkables to enhance their online advertising campaigns and offer the ability to link deals to any debit or credit card. Researchers: Thieves Can Read A Mobile Phone From 14 Feet Away
11/09/11 StorefrontBacktalk Bringing Mobile Commerce in-store—for everything from mobile payments to mobile checkout—just hit another snag. Researchers have developed a way by which thieves could capture video of users typing on a smartphone screen from as much as 14 feet away inside a store, and then automatically extract passwords, PINs, payment-card numbers or other sensitive data from the video, which can be captured over the phone user’s shoulder or even in the reflection of a user’s sunglasses. |
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