All articles by Verdict Staff
Verdict Staff
News Digest
BoA joins existing strategic investors Motorola, PayPal, and NCR Corporation, and venture capital firms GRP Partners, Ignition Partners and Apax Partners.Mobile banking is a critical channel for our customers now and into the future, said BoA e-commerce and ATM head Lance Drummond This investment further solidifies the importance of having a strong mobile technology platform.BoA already boasts more than 1 million mobile banking customers and over 100,000 users daily on peak usage days.Founded in 2004 mFoundry numbers among users of its mobile payments technology Citibank and BB&T, the 14th largest financial-holding company in the US.ONLINE PAYMENTSHappy birthday PayPalOn 23 June PayPal celebrated its 10th anniversary
Tracking small business card behaviour
Targeted efforts to promote the usage of payment cards by small businesses could reap huge rewards for issuers, according to a new report from Aite Group, and could provide a rich stream of data for issuers to capitalise on.
Fighting soaring health care costs
Charles Davis reports. Health care payments in the US will increasingly move from cheques and cash to a variety of electronic payments, and will supplant cheques as the main form of consumer-directed payer-to-provider payments by 2009, according to a report by payment technology developer Metavante Technologies.Metavante estimates electronic payments will account for 60 percent of the health care payments market by 2009, up from 46 percent today, as the industry nears the revolutionary turning point in which the payments industry can offer end-to-end services encompassing check-in, eligibility and payment.The report was based on a survey of 200 health care providers and insurers conducted in conjunction with consultancy Celent
News Briefs
COMPANIES NCR spins off TeradataUS payments hardware and software vendor NCR has completed the spin-off of its data warehousing business Teradata, which is now listed as an autonomous company NCRs chairman and CEO, Bill Nuti, said NCR would now focus on self-service products including ATMs, retail-assisted POS and self-checkout systems, automated bill payment systems and airline, hotel and hospital self-check-inout kiosks POS kiosks, internet and mobile devices are rapidly becoming channels of choice for consumers, Nuti added.ATMsDiebold launches bulk depository module for ATMsUS payments equipment manufacturer Diebold has unveiled its new bulk document intelligent depository module (IDM) for incorporation into its Opteva ATMs
Retailers warn of data risk
Instead of making the industry jump through hoops to create an impenetrable fortress, retailers want to eliminate the incentive for hackers to break into their systems in the first place.Hogan outlined the NRFs approach, stating that credit card companies and their bank clients should provide merchants with the option of keeping nothing more than the authorisation code provided at the time of sale and a truncated receipt, rather than requiring merchants to keep significant quantities of data for an extended period of time.If all merchants took advantage of this option, credit card companies and their member banks would be the only ones with large caches of data on hand and could keep and protect their card numbers in whatever manner they wished, Hogan said.The bottom line is that it makes more sense for credit card companies to protect their data from thieves by keeping it in relatively few secure locations than to expect millions of merchants scattered across the nation to lock up their data for them.We believe this is the most effective and efficient approach to protecting credit card data and preventing a continuation of the data breaches that have been seen in recent years.The NRF represents more than 1.4 million US retail establishments that generated total sales of $4.7 trillion in 2006
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ReD in on the offensive against fraud
Airline tickets number among the top three items bought online by 97 percent of consumers in the US and Europe, according to a survey conducted by payment services provider Retail Decisions (ReD). Not surprisingly, online travel agents find themselves a key target of criminals stalking internet-based payments. Indicative of the scale of the problem, UK payments body APACS reports a 200 percent increase in airline ticket-related card fraud in the UK since 2001.
Revolutionising US rental payments
Revolutionising US rental paymentsConfined primarily to cash and cheques, rental payments in the US are a costly and time-consuming affair for landlords Specialist property payments company PropertyBridge is changing this by offering cost- and time-saving multiple payment alternatives to a market worth $200 billion annually
News Briefs
Uzbekistan opens to e-commerce… Wincor Nixdorfs big Australian deal… Visa payWave arrives in Hong Kong…
E-billers are better bank customers
This conclusion was drawn from a study of customer paying habits commissioned by US bank SunTrust Bank (STB) in conjunction with electronic commerce services provider CheckFree, and conducted by consultancy Aspen Analytics.The study, based on 13 months of data, found that STB customers who received at least three electronic bills (e-bills) per month and paid them (bill pay) at the STB website: were 86 percent more profitable than offline customers; had a 78 percent lower attrition rate on average; carried 121 percent higher deposit balances than the average STB customer; were twice as likely to have a mortgage and 60 percent more likely to have a savings account with STB; and had 22 percent more products with the bank than those customers who use online banking but are not using bill pay or e-bill. Aspen stressed that the objective of the study was to explore the dynamic of e-bill over and above that of online bill pay and that it is thus important to distinguish between customers who receive e-bills and pay them electronically and those who merely pay bills electronically
News Briefs
Western Union goes online in Asia… US cheque imaging bounds ahead… Indian regulator ups mobile limits…