Western Union goes online in
Asia…
US cheque imaging bounds
ahead…
Indian regulator ups mobile
limits…
Wavecom rejects Gemalto
offer…
Accolades for
Remit2India…

REMITTANCES

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Western Union goes online in Asia

Furthering its channel diversification strategy US remittance
service supplier Western Union has teamed up with Malaysian bank
CIMB Bank to launch its first internet-based service in Asia. The
new service will enable CIMB internet banking customers to send
cash and recipients to pick up the cash at any of Western Union’s
355,000 agent locations in over 200 countries. 

CHEQUES

US cheque imaging bounds ahead

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Popularity of cheque imaging continues to soar in the US with
SVPCO, the paper and electronic cheque exchange unit of The
Clearing House Payments Company, recording another record
performance in September. According to SVPCO it processed a total
of 522.1 million cheque images, up 104.4 percent compared with
September 2007 while the value of cheque images processed increased
by 88.7 percent to $807.5 billion. 

MOBILE BANKING

Indian regulator ups mobile limits

Less than a month after releasing final guidelines on mobile
banking, the Reserve Bank of India (RBI) has responded to calls
from banks to increase maximum transaction values. For funds
transfers the daily limit has been increased from INR2,500 ($52) to
INR5,000 while for purchases of goods and services the RBI has set
the maximum at INR10,000 per transaction.

MERGERS AND ACQUISITIONS

Wavecom rejects Gemalto offer

French wireless machine-to-machine technology vendor Wavecom has
rejected a €110.7 million ($150 million) acquisition offer from
Dutch digital security specialist Gemalto. Motivating the offer
Gemalto CEO Olivier Piou said: “Machine to machine is an attractive
and growing market, with the opportunity to connect billions of
devices, and Wavecom is at the forefront of this
industry. 

REMITTANCES

Accolades for Remit2India

For the second consecutive year Indian company TimesofMoney’s
Remit2India solution has won the Brand Leadership Award in the
Banking & Finance category presented at the Asia Brand Congress
2008. Criteria used were transaction processing, brand strategy,
quality management and innovation. An internet based solution
linked with 16,000 US banks, Remit2India is used by 20 Indian
banks.