MasterCard settles with
Amex…
UK to keep time with
PayPass…
BPC shines in Gartner
ratings…
Migrant remittances under
pressure…
Lloyds TSB selects
IdenTrust…

COMPANIES

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MasterCard settles with Amex

MasterCard is to pay American Express (Amex)
$1.8 billion to settle a claim it had illegally blocked Amex from
the US bank-issued card business. In November 2007 Visa agreed to
pay Amex up to $2.25 billion to settle a similar claim. In exchange
for the settlements, Amex will drop its claims against MasterCard
and Visa. Amex noted the combined anti-competitive settlement is
the largest in US history.

 
CONTACTLESS PAYMENTS

UK to keep time with PayPass

MasterCard is to market the UK’s first watch
equipped with its PayPass contactless payment technology. The
launch is in partnership with prepaid card and transaction
processing company Altair and watch manufacturer Laks. The first
PayPass equipped watches, also manufactured by Laks, were launched
by Turkish bank Garanti Bank in May 2007.

 
PAYMENT PROCESSING

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BPC shines in Gartner ratings

Research company Gartner had high praise for
Russian technology developer BPC Banking Technologies in its latest
MarketScope for Multiregional Card Management Software study
conducted in July. Pitted against 12 international vendors, BPC’s
SmartVista card transaction processing and management software was
rated ‘strong positive’, Gartner’s highest possible rating.

 
REMITTANCES

Migrant remittances under pressure

The US economic slowdown is having a negative
impact on the US to Latin America migrant remittance market,
reveals research by the Inter-American Development Bank (IADB).
According to the IADB only half of Latin American migrant workers
are remitting funds home at present, down from three quarters in
2006. Adding to the impact of the US economic slowdown are tougher
measures on employing migrants and increased federal border
surveillance.

 
SECURITY

Lloyds TSB selects IdenTrust

UK bank Lloyds TSB has selected US identity
verification security company IdenTrust to provide digital identity
and digital signing services for its corporate banking customers
using the BACSTEL-IP payment network. Internet- based, the
BACSTEL-IP system enables businesses to send payment instructions
to Bacs, the UK’s direct credit and direct debit payments
processor.