All articles by EPI editorial
EPI editorial
Miami goes contactless with Cubic
Miami has joined a growing number of US cities to opt for contactless payments for its public transport infrastructure. The contract worth at least $45 million for the implementation of the project has been awarded by Miami-Dade County Transit (MDCT) to Cubic Transportation Systems, the automated fare collection unit of US technology developer Cubic Corporation.The fare collection project which covers MDCTs rail, bus and light rail services will be based on Cubics Nextfare Solution Suite that includes all hardware, software and support utilities. The suite, which features Cubics open architecture Nextfare Business Management System and Tri-Reader smart card processor, will facilitate auto-reload and internet ticket purchases and the use of full-feature contactless smart cards for regular commuters and limited use smart cards for visitors and occasional riders. The US twelfth largest public transit system, the MDCT currently records 326,000 boardings each weekday.
Callataÿ & Wouters earns high praise
With its ING Direct unit now boasting more than 20 million customers worldwide, Netherlands bancassurer ING Group has shown a standalone internet bank can be a huge success. It is success that rival Netherlands bank Rabobank is undoubtedly striving to emulate with its own standalone internet banking operation, Rabobank International Direct Banking (RIDB).When Rabobank embarked on the establishment of RIDB in 2002, as part of what it termed an aggressive go-to-market strategy, it set out its objectives clearly.
Untangling payments processing
Built over decades, banks payments processing systems have evolved as disconnected silos resulting in costly functionality duplication and impediments to competing against non-bank entrants into the market. A solution to this pressing problem is to be found in the relatively new concept of payment hubs.Intensifying competition, regulatory change and keeping pace with rapidly evolving customer demands are but a few factors working to put pressure on banks profit margins in the payments space.
Interchange fee saga rolls on
Following three US Congressional hearings on interchange fees, two in 2006 and one in 2007, proposed legislation aimed at curbing the power card companies have in the setting of credit card interchange fees is coming thick and fast.
Smart sticker gives Garanti Bank
Garanti Bank, Turkeys second largest private bank, has been in the forefront of contactless payments in Europe since launching its first pilot project in July 2006 based on MasterCards PayPass solution.Enthusiasm for the technology is matched by Garantis adoption of novel approaches to deployment of the payments option, an approach that has earned its affiliate Garanti Technology the Best Innovation in a Loyalty Programme award presented at the Cards & Payments Europe 2008 conference held in Brussels.
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Asia’s pocket-sized powerhouse
From state-of-the-art, realtime bulk transaction systems to cutting edge retail payments technology, Singapore is in the forefront of the development of electronic payments. Much of this comes thanks to a highly innovative payments industry and tech-savvy consumers enthusiasm for new technology.With a population of only 4.6 million and covering an area of 707 square kilometers (273 square miles) Singapore is the smallest country in South East Asia But what it lacks in size it has more than made up for in economic terms.
Payment revolution in the making
In a hard-hitting analysis, consultancy TowerGroup predicts cross-border person-to-person payments services harnessing the ubiquitous mobile phone represent an emerging revolution that will be a disruptive industry force with the potential to undercut fee structures and traffic volume of existing money transfer operators (MTO).We believe the rise of next-generation mobile banking and payment solutions will forever change banks and payments companies, said Virginia Garcia, senior research director in TowerGroups Cross-Industry practice…(read more)
Driving volume with customised
Personalisation of payment cards drives increased transaction volumes, judging by the success of US bank Zions First National Banks (ZFNB) myPHOTOcard customisation programme.According to ZFNB, customers who have switched from standard to customised cards in the past two months have made on average, 15 percent to 20 percent more transactions with the new cards that feature images selected from galleries, including animals, nature, art and sports.
VeriFone to power payments in Australia’s fleet of taxis
Cabcharge Australia, a pioneer in the development of electronic payments in the taxi industry, is embarking on the deployment of what it terms the next generation of onboard payment systems which will replace its EFTPOS FAREWAY System introduced in 2001.Tasked with the upgrade is US payment systems vendor VeriFone which will supply 20,000 of Vx 810 full-function POS units in what it described as a multi-million dollar contract.
Visa Money Transfer gathers pace
With 1.6 billion cards in circulation in 170 countries and territories Visa is in a powerful position to use its global processing platform and retail payments network to create a formidable person-to-person money transfer service.This is precisely what Visa envisages with its Visa Money Transfer (VMT) service, first launched as a pilot project in Ukraine in 2003 and now fast gaining momentum in an increasing number of countries.Our approach to person-to-person payments and remittances is to use our global technology to create tailored solutions for various countries and apply what we have learned to expand the service worldwide, said Visa global head of product Elizabeth Buse.