Tuesday, October 27, 2009

Voltage Security Opens End-to-End Encryption to POS Vendors with Zero-cost License

Goal is to Drive Payments Industry Toward

Better Security for Consumers

October 27 -- Palo Alto, CA -PIN Payments News Blog- Voltage Security, Inc. (www.voltage.com), the global leader in end-to-end data protection, today announced an industry-first, global zero-cost licensing program for integration of its end-to-end encryption solution, Voltage SecureData™  with point-of-sale (POS) devices.  The Voltage SecureData Open License Program™ dramatically lowers the barriers to enable the easy integration of encryption with any POS device, electronic cash register (ECR), mobile device or eCommerce Payments platform, protecting credit card data from the point of entry into the payment flow.

Global POS solution provider, Hypercom (NYSE: HYC) also announced today its charter participation in the new open license program. (Please see related press release: Hypercom and Voltage Security Team to Defend Payment Card Data and Merchant Brand Reputation with End-to-End Security.)

“Our goal with this program is to provide the most rapid integration solution across the widest range of POS, ECR and mobile devices as well as eCommerce payment platforms, to support the widest range of merchants at zero-cost to developers,” said Sathvik Krishnamurthy, president and CEO of Voltage Security “By lowering the barrier to implementing Voltage end-to-end encryption, the entire industry will benefit from higher security standards.”

“By joining with Voltage in this new program, Hypercom strengthens its leadership role in providing the highest level of security in the payments industry. Our new solution based on Voltage technology, also announced today, can be quickly and easily implemented to sharply reduce data breaches and compliance costs," said TK Cheung, vice president, global quality and security, Hypercom Corporation.

“Using end-to-end encryption at point-of-sale ensures that cardholder data is fully-protected from the moment it enters the payment stream. As the recent PricewaterhouseCoopers survey on PCI DSS illustrated, the end-to-end encryption approach has the greatest potential to reduce audit scope for merchants,” said Scott Loftesness, founding partner at Glenbrook Partners, former Group Executive at Visa and First Data Corporation,  “By licensing end-to-end encryption technology to POS and ECR manufacturers and eCommerce Payment platform providers, Voltage will ensure that the widest range of merchants will benefit directly with higher security and lower PCI audit costs,” continued Loftesness.

Program Features No Royalties, Support for Online Credit Cards and Mobile Devices

Benefits of the global Voltage SecureData Open License Program include the following:

  • The industry’s most open licensing model: zero-cost licensing model for POS device manufacturers to distribute Voltage SecureData-enabled payment devices. No royalties will be levied for implementation or distribution through POS devices.

  • The broadest applicability: The Voltage SecureData Payments POS SDK is device-agnostic and easily portable to any hardware or software platform, including PIN pads, integrated POS systems, electronic cash registers, mobile devices and “card-not-present” eCommerce environments. Additionally, the Payments POS SDK takes advantage of TRSMs when available.

  • Easiest system to implement: The Voltage SecureData Payments POS SDK has proven ports available to the largest number of platforms, features a small footprint suitable for constrained devices including hand-held and mobile, and has a supported hosted service for device testing.

  • Easiest system to manage: The Voltage SecureData Payments POS SDK seamlessly integrates with Voltage’s simplified, stateless, key management architecture. No key injection is required eliminating labor-intensive processes for key rotation.

  • State-of-the-art key management: Voltage’s Identity-Based Key Encapsulation and Encryption Protocol (IBKEEP) simplifies the transmission of payment card data from POS devices to the merchant or payment processor.

 Joining the Voltage SecureData Open License Program

Qualified participants are invited to join the Voltage SecureData Open License Program and receive the Voltage SecureData Payments POS SDK to begin the technology integration process. Additional licensing information is available at www.voltage.com/developers.

Voltage Joins Secure POS Vendor Alliance (SPVA)

Voltage also announced its membership in the non-profit industry organization, SPVA, Secure POS Vendor Alliance. The SPVA is working with the members of the payments industry to develop an end-to-end security framework and to enhance security elements of payment solutions which protect cardholder information and defend merchants and acquirers against security breaches, while reducing fraud and lowering risk for all electronic payment stakeholders.   The initial charter of the SPVA focuses on standardized implementation of existing security standards, security of the payment device lifecycle and security threat analysis and intelligence.

About Voltage Security

Voltage Security, Inc., an enterprise security company, is an encryption innovator and global leader in end-to-end data protection. Voltage solutions, based on next generation cryptography, provide end-to-end encryption, tokenization, masking and stateless key management for protecting valuable, regulated and sensitive information based on policy. Voltage products enable reduction in audit scope with rapid implementation and the lowest total cost of ownership in the industry through the use of award-winning cryptographic solutions, including Voltage Identity-Based Encryption™ (IBE) and a new breakthrough innovation: Format-Preserving Encryption™ (FPE). Offerings include Voltage SecureMail™, Voltage SecureData™, Voltage SecureFile™ and the Voltage Security Network™ (VSN), a SaaS service for the extended business network.

As a service to the industry and general public, the company maintains the Voltage Data Breach Index and Map which is continuously updated with global data breach information: www.voltage.com/data-breach.  The Company is active in the standards community and is a PCI Security Standards Council Participating Organization and is a member of the Secure POS Vendor Alliance (SPVA). Voltage has also has been issued several patents based upon breakthrough research in mathematics and cryptographic systems. Customers include Global 1000 companies in banking, retail, insurance, energy, healthcare and government. To learn more about Voltage customers and sign up for the customer news letter please visit www.voltage.com/customers.


Visa Posts Q4 2009 Results and Authorizes $1B Share Repurchase Plan

Visa Debit logo

Visa posts Q4, 2009 earnings results, authorizes $1B share repurchase plan

San Francisco, Oct. 27, 2009 -- Visa Inc. (NYSE:V) today announced financial results for the Company's fiscal fourth quarter and full-year 2009. For the fourth quarter ending September 30, 2009, on an adjusted basis (reflective of restructuring and purchase amortization), net income for the quarter was $552 million, or $0.74 per diluted class A common share. The weighted average number of diluted class A common shares was 747 million. The Company's adjusted net income and adjusted diluted net income per class A common share are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measures in the accompanying financial tables.

GAAP net income for the quarter was $514 million, or $0.69 per diluted class A common share.

Net operating revenue in the fiscal fourth quarter of 2009 was $1.9 billion, an increase of 10% over the prior year's net operating revenue of $1.7 billion and driven primarily by strong contributions from data processing revenues as processed transactions grew 9%. Though slightly negative in the U.S. and Canada, payments volume continued to grow on a constant dollar basis in all other regions globally.

"Visa delivered another quarter and year of solid financial results during this challenging economic environment," said Joseph W. Saunders, Chairman and Chief Executive Officer. "Our strong returns are a reflection of consumers' continuing shift to electronic payments, the success of efficiency initiatives and importantly, continued support from our financial institution partners."

"As we enter our new fiscal year, we are beginning to see some very early signs of stabilization in our business," continued Saunders. "And, while we cannot predict the ultimate speed or size of any economic recovery, we are confident that Visa is well positioned for future growth based on the investments we continue to make in our processing infrastructure, products and brand."

Fiscal Fourth Quarter 2009 Financial Highlights:

Visa Inc.'s operational performance highlights for the fiscal fourth quarter, as measured by business activity through June 30, 2009, include:

  • Payments volume growth, on a nominal basis, was a negative 2% over the

    prior year at $687 billion;

  • Total volume, on a nominal basis and inclusive of cash volume, was

    $1.1 trillion, a 3% decline over the prior year; and

  • Total cards carrying the Visa brands rose 5% worldwide over the prior

    year to over 1.7 billion.

Total processed transactions, which represent transactions processed by VisaNet for the three months ending September 30, 2009, totaled 10.5 billion, a 9% increase over the prior year.

For the fiscal fourth quarter 2009, service revenues were $808 million, an increase of 3% versus the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 33% over the prior year to $727 million. International transaction revenues, which are driven by cross-border payments volume, declined 1% over the prior year to $507 million. Other revenues, which include the Visa Europe licensing fee, were $163 million, up 2% over the prior year. Volume and support incentives, which are a contra revenue item, were $326 million, an increase of 9% over the prior year.

Adjusted total operating expenses were $960 million for the fourth quarter, a 2% increase from the prior year's adjusted total operating expenses of $943 million. On a GAAP basis, total operating expenses were $1.0 billion for the quarter.

Cash, cash equivalents, restricted cash, and investment securities were $6.6 billion at September 30, 2009.

Fiscal Full-Year 2009 Financial Highlights:

On an adjusted basis (reflective of restructuring and purchase amortization), net income for the full-year ended September 30, 2009, was $2.4 billion, or $3.23 per diluted class A common share inclusive of the impact from the VisaNet do Brasil sale. Excluding the sale, net income for the full-year was $2.2 billion, or $2.92 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 758 million.

GAAP net income for the full-year was $2.4 billion, or $3.10 per diluted class A common share.

Net operating revenue for the full year was $6.9 billion, an increase of 10% over the prior year's operating revenue of $6.3 billion. Currency fluctuations contributed negatively 3% towards full-year net operating revenues.

For the fiscal full-year, service revenues were $3.2 billion, an increase of 4% versus the prior year. Data processing revenues rose 17% over the prior year to $2.4 billion. International transaction revenues, which are driven by cross-border payments volume, grew 11% over the prior year to $1.9 billion. Other revenues, which include the Visa Europe licensing fee, were $625 million, up 10% over the prior year. Volume and support incentives, which are a contra revenue item, were $1.2 billion, an increase of 6% over the prior year.

Total processed transactions, which represent transactions processed by VisaNet for the 12 months ended September 30, 2009, totaled 39.9 billion, an 8% increase over the prior year.

Adjusted operating expenses were $3.2 billion for the full-year, a 4% decrease from the prior year's adjusted total operating expenses of $3.4 billion. Operating expenses on a GAAP basis were $3.4 billion for the full year.

Visa's GAAP effective tax rate was 41% for the twelve months ended September 30, 2009.

Notable Events:

As previously announced, Visa initiated a program to allow its class C stockholders to apply (prior to September 30, 2009) for an early termination of the transfer restrictions applicable to class C shares, for up to 30% of the class C shares held by each such stockholder as of July 1, 2009, subject to certain terms and conditions. As of September 30, 2009, 89% of the potentially available shares requested were unlocked. The remaining class C shares continue to be subject to the general transfer restrictions that expire on March 25, 2011 under Visa's Certificate of Incorporation.

As previously disclosed, Visa U.S.A. Inc. entered into an agreement to modify its payment obligations under a settlement agreement, dated as of June 4, 2003, with plaintiffs in a class action lawsuit challenging certain aspects of the payment card industry under U.S. federal antitrust law. On October 2, 2009, the court in the class action lawsuit entered a final order approving the agreement, subject to a 30 day appeals period. The Company made a prepayment of its remaining $800 million in payment obligations at a discounted amount of $682 million on October 5, 2009.

On October 21, 2009, the Company announced that its Board of Directors had declared a quarterly dividend in the aggregate amount of $0.125 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on December 1, 2009 to all holders of record of Visa's class A, class B and class C common stock as of November 16, 2009.

Today, the Company announces that its Board of Directors has authorized a $1 billion share repurchase plan. The authorization will be in place through September 30, 2010, and is subject to extension or expansion at the determination of Visa's Board of Directors.

Financial Outlook:

Visa Inc. affirms its financial outlook for the following metrics for 2010:

  • Annual net revenue growth at the lower end of the 11% to 15% range,

    given certain economic recovery assumptions; and

  • Annual diluted class A common stock earnings per share growth of

    greater than 20%.

Visa Inc. updates its financial outlook for the following metrics for 2010:

  • Volume and support incentives in the range of 16-17% of gross revenue;

  • Advertising, marketing and promotion expenses less than $1 billion;

  • Annual operating margin in the mid 50% range;

  • GAAP tax rate in the range of 38 to 39%;

  • Capital expenditures in the $200-250 million range; and

  • Annual free cash flow in excess of $2 billion.

Visa Inc. provides its financial outlook for the following metric for 2011:

  • Annual diluted class A common stock earnings per share growth of

    greater than 20%.

Fiscal Fourth Quarter and Full-Year 2009 Earnings Results Conference Call Details:

Visa's executive management team will host a live audio webcast beginning at 2:00 p.m. PT (5:00 p.m. ET) today to discuss the financial results and business highlights.

All interested parties are invited to listen to the live webcast at http://investor.visa.com/. A replay of the webcast will be available on the Visa Investor Relations website for 30 days.

Investor information, including supplemental financial information, is available on Visa Inc.'s Investor Relations website at http://investor.visa.com/.

About Visa Inc.

Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com .

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Fiserv Reports Third Quarter 2009 Results

For Immediate Release

  • Adjusted earnings increase 14 percent to $0.92 per share and 2009 guidance affirmed;

  • Adjusted operating margin increases 110 basis points in the quarter;

  • Free cash flow grows 9 percent year-to-date to $506 million

Brookfield, Wis., October 27, 2009 -PIN Payments News Blog- Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today reported financial results for the third quarter of 2009. The company announced the sale of its Loan Fulfillment Solutions business (“Fiserv LFS”) in the quarter. Accordingly, the financial results of Fiserv LFS are reported as discontinued operations for the third quarter of 2009 and for all periods presented. The transaction is expected to close in the fourth quarter of 2009 subject to customary closing conditions.

Total GAAP revenue in the third quarter was $992 million compared with $1.04 billion in 2008. Total adjusted revenue decreased 1 percent to $945 million in the quarter compared with $958 million in 2008. Total GAAP revenue for the first nine months of 2009 was $3.02 billion compared with $3.55 billion in 2008. Total adjusted revenue for the year decreased 2 percent to $2.86 billion compared with $2.91 billion in 2008.

GAAP earnings per share from continuing operations for the third quarter were $0.79 compared with $0.46 in 2008. Total GAAP earnings per share, including discontinued operations, were $0.74 for the third quarter compared with $0.48 in 2008. GAAP earnings per share from continuing operations were $2.21 for the first nine months of 2009 compared with $1.69 in 2008. Total

GAAP earnings per share, including discontinued operations, were $2.30 for the first nine months of 2009 compared with $3.08 in 2008.

Adjusted earnings per share from continuing operations in the third quarter increased 14 percent to $0.92 compared with $0.81 in 2008. For the first nine months of 2009 adjusted earnings per share increased 11 percent to $2.72 compared with $2.45 in 2008. Adjusted internal revenue declined 2 percent in the third quarter and the year to date. On a constant currency basis, adjusted internal revenue declined 1 percent in both the quarter and the first nine months of 2009 compared with 2008.

Click here to read the Full Press Release

Survey: Many Unaware of Gift Card Fees

WASHINGTON (Dow Jones)-- Most U.S. consumers are unaware that some general-purpose gift cards are subject to monthly fees and can expire, a Consumer Federation of America survey released Monday found.  

Does that mean that GiftCards.com jumped the gun with their announcement (see previous post) introducing their  No Fee Gift Card?...On the heels of this report from the Wall Street Journal, it certainly won't backfire on them. 

General purpose gift cards, most of which are issued by Visa Inc. (V), MasterCard Inc. (MA) or American Express Co. (AXP), can be used to make purchases at various retailers. Some of these cards, about $4 billion worth and growing--can cost $4 to $7. The gift cards could also have monthly fees as high as $4.95 that are assessed six to 12 months after the card is purchased.

According to CFA's survey, only 33%, or one-third, of 1004 adults surveyed between Oct. 16-19 knew how much the cards cost. Fifty-four percent were aware of the potential monthly fees.

In recent years, fees on gift cards have become a thorny issue for consumers who inadvertently discovered that the value of their gifts had diminished over time because of monthly maintenance or inactivity fees or short expiration periods.

To combat this, CFA and the National Association of Consumer Agency Administrators are launching consumer educational brochures that contain recommendations for gift card purchasers and recipients.

Continue Reading at WSJ

GiftCards.com Introduces No Fee Cards

Pittsburgh, Oct. 27, 2009 -- GiftCards.com, the leading internet site for Secure Prepaid Visa gift cards, announced the launch of their new No Fee Cards.

These new cards have no monthly maintenance fees, no transaction fees, no card replacement fees and no expiration fees. "We are excited about our new cards," stated Jason Wolfe, CEO of GiftCards.com. "The timing is perfect for the holiday season. Now more than ever shoppers are looking for value. The No Fee Cards offer our customers peace of mind," stated Wolfe.

Visa gift cards are accepted wherever Visa is accepted. The gift cards can be purchased on-line at GiftCards.com in denominations ranging from $20.00 to $500.00. There are hundreds of designs to choose from and each of the cards comes with the option to include a high quality, personalized greeting card. Customers can choose their design, write a personalized message, and send it directly to the recipient.

About GiftCards.com, LLC

GiftCards.com is a leading provider of gift cards to consumers and corporations to expend as gifts, rewards, or incentives. GiftCards.com currently services thousands of corporations for their gift card needs including 25% of the Fortune 1,000. GiftCards.com was founded in 1999. For more information visit: www.GiftCards.com

Source: Company press release.

Chase Paymentech, VeriFone and Semtek Join Forces to Offer End-to-End Encryption Solution

Dallas, Oct. 27, 2009 -- Chase Paymentech, a leading merchant acquirer and payment processor, announces a joint initiative with VeriFone Holdings, Inc. (NYSE:PAY), and Semtek Corporation to provide end-to-end encryption technologies for merchants to combat threats to security.

The companies will work together to market and distribute VeriFone’s VeriShield Protect solution to the Chase Paymentech base of retail merchants. The end-to-end encryption solution is designed to help merchants reduce the costs to comply with Payment Card Industry (PCI) requirements and associated security risk by protecting card information from the point of swipe to the Chase Paymentech authorization host.

VeriShield Protect, which is compliant with Visa’s best practices for data field encryption, also known as end-to-end encryption, is based on the AES encryption standard.

VeriFone Hidden Encryption, or VHE, based on Semtek’s proprietary encryption technology, preserves the format of the card data, ensuring that the encrypted card data can be used by typical point-of-sale software systems with minimal modifications or disruption to the merchant. The solution eliminates the need for a merchant to process, transmit or store card data in the “clear.”

“Protecting cardholder data and providing secure transaction processing for our merchants is paramount to the success of our business. As an industry leader it is our responsibility to provide proven, tested security solutions such as VeriFone’s VeriShield Protect. As the newest component of our overall security suite of products, we’re excited to be offering it to our retail customers,” said Chase Paymentech president Mike Duffy.

“Chase Paymentech’s leadership will make it easier for merchants to employ end-to-end encryption,” said VeriFone CEO Douglas G. Bergeron. “The industry is rapidly coalescing around this solution as the best means to protect cardholder data in the retail environment.”

Semtek CEO Patrick Hazel added, “Joining forces with Chase Paymentech will ensure that a significant merchant population will have full access to the best proven security solution available today. This is very good news for retailers and for consumers.”

About Chase Paymentech

Paymentech, LLC (“Chase Paymentech”), a subsidiary of JPMorgan Chase (NYSE:JPM), is a global leader in payment processing and merchant acquiring, capable of authorizing transactions in more than 130 currencies. The company's proprietary platforms provide access to a wide variety of payment methods, such as credit cards, debit cards, prepaid stored value cards and electronic check processing. In 2008, Chase Paymentech processed more than 21.4 billion transactions with a value exceeding $713.9 billion, including an estimated half of global Internet transactions. The company also provides a full set of solutions aimed at accelerating cash flow and managing transaction data. On the Internet or at the point of sale, Chase Paymentech's unique combination of outstanding service, innovative solutions and financial strength offers solid benefits to companies both large and small. More information can be found at www.chasepaymentech.com .

About VeriFone Holdings, Inc. (www.verifone.com )

VeriFone Holdings, Inc. (“VeriFone”) (NYSE:PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.

About Semtek

Semtek Corporation has been a leader in magnetics technology since 1999, serving large public and private sector clients who require secure data capture components for their fixed-base and wireless devices. Since 2004, Semtek has been focused on resolving the security deficiencies of magnetic stripe based payment systems and is playing an increasingly central role in the development of end to end security architectures for merchants and payment processors. For more information, please visit Semtek’s website at www.semtek.com .

Source: Company press release.

Moscow, Oct. 27, 2009 -- Visa Inc. (NYSE: V), a proud and long-standing worldwide sponsor of the Olympic Games, today announced that it will extend its Olympic Games sponsorship for a period of eight years.

In renewing its sponsorship, Visa will retain the rights it has enjoyed since 1986 and remain the exclusive payment services sponsor and the only card accepted at the four Olympic Games that follow London 2012 Olympic Games, including the 2014 Olympic Winter Games in Sochi, Russia, the 2016 Olympic Games in Rio de Janeiro, Brazil, and the 2018 Olympic Winter Games and the 2020 Olympic Summer Games.

The renewal announcement was made during a formal contract signing ceremony by Visa Inc. Group President, Rupert Keeley, and International Olympic Committee President, Jacques Rogge, in Moscow, Russia.

Over the past twelve Olympic Games, Visa has utilized its sponsorship to increase its global brand leadership, grow Visa transaction volume, expand acceptance in new and emerging markets and enhance preference for its products and services.

The new contract will enable Visa to deliver additional benefits to clients and their cardholders with expanded point-of-sale presence, exclusive acceptance programs for Olympic-related transactions and increased access to unique experiences for Visa clients to offer to their customers through Visa marketing programs.

“The Olympic Games deliver tremendous global exposure and access to virtually every demographic group,” said Antonio Lucio, Chief Marketing Officer of Visa Inc. “The Olympic Games also deliver tangible and proven business building benefits to Visa, its clients and partners. Client activation around the Beijing 2008 Olympic Games, which involved more than 573 clients in 41 countries, illustrates the universal appeal of this marquee property.”

IOC President Jacques Rogge said: “Our partnership with Visa demonstrates a shared commitment – to the future of youth and sport, to the future of the Olympic Games and to the strengthening of the Olympic ideals and values we respect. On behalf of the IOC, the 205 National Olympic Committees around the world, and the athletes themselves, I would like to thank Visa, its clients and partners for their commitment through to the 2020 Olympic Games.”

The unwavering and growing appeal of the Olympic Games has provided Visa with a flexible platform on which to build integrated marketing campaigns. Over the years, Visa’s use of the Olympic sponsorship to support its business has evolved with its business strategy.

“During the early days of our Olympic sponsorship, we focused on promoting our exclusive acceptance at the Games. Today, we utilize the sponsorship platform to promote the advantages of using Visa instead of cash and check and to facilitate the development and advancement of the payment infrastructure in Olympic host countries.

“With efforts in support of the Vancouver Winter Olympic Games already underway, and London 2012 well into our planning stages, we are particularly excited about the opportunities that the Sochi 2014 Olympic Winter Games will provide. We look forward to working with partners in Russia, the Sochi Organizing Committee and the IOC to further build on our Olympic legacy and make the Sochi 2014 Olympic Winter Games a global success,” Lucio said.

Visa’s commitment to the Olympic Movement, National Olympic Committees, national teams and individual athletes has been an important factor in ensuring the continuance and success of the Olympic Games. Visa has created a number of programs around the world to help sustain Olympic teams and athletes as they embark on their journey to the Games. Visa was also the first worldwide Olympic partner to mount marketing destination programs linked to the cities hosting the Olympic Games.

Visa also retains exclusive category rights to all 205 National Olympic Committees and their Olympic teams around the world. These rights include advertising and promotional use of Olympic marks and imagery from the Olympic Games as well as marks from the National and International Olympic Committees.

Editors Note

To view and download Visa Olympic images, video and assets, visit www.thenewsmarket.com/visa .

About Visa Inc.

Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 200 countries and territories. For more information, visit www.corporate.visa.com

Source: Company press release.
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Canada's Debit Market in Turmoil

Canada's debit card market is in turmoil as payment processors begin "aggressively marketing" new Visa and MasterCard debit cards to retailers, a leading merchant organization says.

The retailers fear the credit card companies' entry into Canada's $168 billion debit market will mean higher fees for them.

"We've been overwhelmed by calls from small merchants," Diane Brisebois, president and chief executive officer of the Retail Council of Canada, said in a telephone interview. "We can't believe some of the stories we're hearing."

Canada's debit market is currently dominated by Interac, a low-cost, non-profit member-owned association, which charges merchants a flat fee per transaction.

The Canadian Federation of Independent Business said it's also receiving complaints from members, who are confused because the new debit products are being introduced at the same time as the CHIP-enabled card readers...

Continue Reading at The Star

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APWG Phishing Report Released

Here is a sampling...(click to enlarge)

Click Here to Read the Report (PDF)

Online Banking Growing in Vietnam

VietNamNet Bridge – Initial responses gained from online banking services have been so positive bankers believe this will be a future key product.

Currently, most Vietnamese people have to visit banks to carry out transactions. Whereas VIP clients, or those with large sums have staff to sent to them.

Either way, Vietnamese banks are coming to the same conclusion as those in the west – that it’s more convenient and cheaper all around if people are allowed to carry out their own transactions – online.

Therefore, online banking, which has been provided by some banks on a trial basis, has brought a new solution. With a mouse click, busy office workers just have to spend five minutes only to wrap up a transaction at any time they want.

Techcombank says its online banking has attracted 1,000 accounts just two weeks after launching the service. One third of the accounts have the balance of 50 million dong or higher.

Rahn Wood, a senior executive of Techcombank, said currently, online baking remains unfamiliar in Vietnam, but will be welcomed by Vietnamese people.

“This will be the key product of banks in mobilising capital ,” he said, adding that the percentage of Internet users in Vietnam has been increasing, while Vietnamese people have higher income and of course, higher deposits

Surveys conducted worldwide have showed clients who make deposits through Internet Banking services maintain deposit balances higher than those who make traditional deposits.

Therefore, he has revealed that Techcombank has decided to develop online activities as part of their plan to become the leading retail bank in Vietnam.

Nguyet Oanh also thinks that Internet banking will be indispensable in Vietnam. She points out that not only developed countries in the US and Europe, but ASEAN countries like Thailand and the Philippines have developed the services year ahead of Vietnam.

Not only ‘old banks’, new comers in the market, including Lien Viet Bank and Saigon-Hanoi Bank have also announced the plan to develop new online products.


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Guardian Website Hacked - Half Million at Risk

Hackers attack Guardian website

Personal details of half a million users at risk

Personal details of around half a million users of Guardian’s UK jobs websites may have been compromised in a hacking attack this weekend.

The Guardian claimed that a "sophisticated and deliberate hack" was halted in mid hack and the site was secure, but advised users to contact their credit reference agency and UK prevention service Cifas to ensure their personal information had not been breached.

Patrik Runald, senior manager of Websense's security labs, advised users to be extra vigilant over the next few weeks: "What we’ve seen happen before, in similar breaches, is that the individuals who had their data stolen have become targets of highly targeted attacks. With the bad guys having access to personal information about the target, it’s makes it possible to create a very attractive and believable email that will have a high likelihood to trick the recipient into click on a link/run the attachment," said Runald.

Continue Reading at CBR

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NEACH Presents Payment Insights 2009 - “Mastering the Winds of Change”

Strategic Insights from NACHA Executives, Federal Reserve Executives, and Nationally Recognized Industry Experts

Payment Insights 2009

BURLINGTON, Mass.--(BUSINESS WIRE)--NEACH (New England Automated Clearing House) presents its annual executive payments conference, Payment Insights 2009, in the midst of extraordinary industry change. This important conference will be held on November 2 - 3, 2009, at the Boston (Burlington) Marriott Hotel, Burlington, MA. Program sessions include keynote presentations, panel discussions, and in-depth presentations on topics that executives and payments professionals need to know, focusing on the opportunities and risks taking place in the payments environment.

“This year’s program includes such experts as Jane Larimer, EVP and General Counsel, NACHA, and payments law expert, attorney Al Watkins sharing their views on the legal aspects of payments convergence and Mark Sievewright, SVP, Strategic & Corporate Marketing, Fiserv among our general session speakers. Also, an insider look at alternative payments initiatives will feature Wenceslao Casares, Co-CEO, Bling Nation, Guido Sacchi, CEO, Moneta, and Samantha Carrier, senior director, NACHA,” stated Linda O’Hara, NEACH CEO. “They are industry leaders who will present thought-provoking content to challenge our members to think differently about payment opportunities.”

NEACH’s Breffni McGuire, Senior Director of Payments Strategy added, “This past year was difficult for financial institutions and the need for risk management and operational efficiencies was paramount. As we emerge from the recession, institutions need to have a plan for allocating scarce resources to strategies that will move them forward. At Payment Insights, the expert presenters know where the risks and opportunities lie to help institutions move ahead more safely and competitively.”

Senior executives and leaders from various payments arenas will share their views on industry direction, opportunities, challenges, and results. Professionals from across the payments spectrum will find the information thought-provoking and actionable. Financial institutions, cash managers, and technologists will benefit from the conference.


The New England Automated Clearing House (NEACH) is a non-profit association that helps members originate and receive ACH transactions and provides products, services, education, and marketing to its member institutions and other New England entities engaged in electronic payments in order to increase the acceptance, use, and quality of electronic transactions.

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PYMNTS.com Launches to Provide the “First Look” at Developments in the Payments Industry Worldwide

Joint venture between Business Wire and Market Platform Dynamics creates an online

platform for the industry to contribute and consume content related to critical happenings in payments worldwide

NEW YORK--(BUSINESS WIRE)--PYMNTS.com, is an online media channel that captures user-generated and expert-driven commentary, information, news and analysis on “what’s next” in the payments sector, worldwide. The site provides a platform for industry professionals to share content related to their latest company and product developments, to tap into the collective commentary and analysis from experts, bloggers and industry pundits, and to interact with industry thought leaders and other influentials on topics of critical importance to the future of the sector. PYMTNS.com was launched on October 20, 2009 in New York at The Lydian Roundtable, an annual closed door gathering of industry executives, in which Warren Buffett delivered a video keynote produced by DS Simon Productions Inc on “what’s next” in the payments sector.

PYMNTS.com. provides an innovative new platform for emerging players to “pitch” their venture and companies in the sector to launch new products. The PYMNTS.com wiki provides a first-ever country-specific payment information repository, created and maintained by professionals in those countries with access to and knowledge of their local payments environment. Breaking news is provided by a direct feed to the site from Business Wire. PYMNTS.com will also host the third edition of Paying with Plastic: The Digital Revolution in Buying and Borrowing written by Market Platform Dynamics Founder and Chairman, David S. Evans and Richard Schmalensee, respectively.

PYMNTS.com will address a variety of topics, including the “mash-up” of payments and mobile, payments and social media/social networks, and payments and online media as well as the technologies and applications that are driving the sector’s innovation and evolution worldwide.

A joint venture of Business Wire, a Berkshire Hathaway Company and Market Platform Dynamics, PYMNTS.com will redefine the ways in which B2B news and information is both generated and distributed. “PYMNTS.com delivers an important ‘first look’ at what’s important to the sector, by those who are shaping its future,” remarks Karen Webster, President of Market Platform Dynamics. “We’re often asked to help our clients define ‘what’s next’ in the context of the new technologies, new entrants and new business models and observed an opportunity to aggregate user-generated and expert-opinion on those topics in an engaging medium. We hope that PYMNTS.com will play an important role in both stimulating and documenting the exciting developments that have and will enable commerce worldwide.”

“Discovering and creating new and innovative ways to deliver and feature breaking news content from our members is a primary goal for us at Business Wire," said Cathy Baron Tamraz, Business Wire’s President and Chief Executive Officer. “PYMNTS.com takes the online industry trade publication concept and moves it into the 21st century by combining news and commentary from media, industry leaders and academics with the tools of social media to bring all interested parties into the conversation.”

PYMNTS.com addresses topics of interest to the payments community in The Briefing Room. New entrants and established companies alike can pitch new products and services in the Hot Pitches area. Intel is the site’s shared content platform which encourages everyone to upload content that they would like to share with their fellow professionals, Industry Insider features “what’s up” with the leading players, and offers a chance to Ask the Industry. Community interaction is encouraged in various country wikis and on the PYMNTS.com blog.

A key feature of the site is the Lydian Payments Journal which is an online journal focused exclusively on the global payments sector. Named after the kingdom credited with inventing coinage in 600 BC, this monthly journal will publish original pieces from prominent thought leaders across the globe. It will shape and chronicle the industry on a spectrum of topics from policy issues such as competition, consumer protection, fees and interchange to disruptive innovation such as social lending, remittance products, and mobile commerce.

For information on the editorial calendar for upcoming topics being featured on PYMNTS.com, please contact editorial@PYMNTS.com

You can also subscribe to receive the daily PYMNTS.com newsletter at subscribe@PYMNTS.com.

Follow us on Twitter at http://twitter.com/pymnts join the PYMNTS Linked In group.

For information on how you can provide content to PYMNTS.com portal contact us at info@PYMNTS.com.

About Market Platform Dynamics (MPD):

MPD is a management consulting firm that ignites catalyst businesses by leveraging new technologies, business models and pricing strategies. MPD has a wealth of experience within industries that are characterized by complex platform-centered ecosystems, including payments, mobile/telecoms, digital and advertising-supported media, and software-based businesses.

MPD works with both incumbents and new entrants, offering a unique lens into the dynamics that shape the competitive playing field. In addition to traditional consulting-based services, MPD’s Catalyst Ventures provides intellectual and human capital to new firms. MPD’s experts include economists, econometricians, product development specialists, and strategic marketers who apply cutting-edge business theory and statistical methods to the practical problems of building and growing a profitable catalyst business. MPD is headquartered in Cambridge, MA, and has offices in London and Hong Kong.

For more information visit www.marketplatforms.com.

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