Monday, February 15, 2010

Online Banking Report Publishes New Issue “Online & Mobile Banking Forecast: Current, future and historical usage: 1994 to 2019"

SEATTLE--(BUSINESS WIRE)--Online Banking Report has just released its latest issue, which contains a 10-year forecast of online banking and bill pay growth. For the third year in a row, the forecast has increased a few percentage points to reflect a more robust outlook for adoption, thanks primarily to mobile banking. Online Banking Report now projects 73 million U.S. households banking and/or paying bills online or via mobile in 2013.



In addition, the report includes a revised 10-year forecast for U.S. peer-to-peer lending. After experiencing a 30% decline in 2009, peer-to-peer lending is expected to grow healthily next year with a record amount of loan originations.



The report also includes a summary of the top ten innovations of 2009, including the surge in mobile banking usage, the amazing tools coming out of the iTunes App Store, and of course, the surprising adoption of Twitter, with nearly 1000 financial institutions worldwide tapping the real-time info stream.



Lastly the report lists the top 25 innovations of the decade topped by the invention of simple online payments by PayPal ten years ago and the advent of modern mobile banking which appeared in the United States just three years ago at Citibank (powered by mFoundry) and BancorpSouth (powered by Firethorn).



This exclusive forecast and research is available only from Online Banking Report and is a must-read for any financial institution executive. It can be downloaded immediately after purchase at www.onlinebankingreport.com.



Companies Mentioned: Apple, Bank of America, CashEdge, Chase Bank, Digital Insight (Intuit), First Hawaiian Bank, Geezeo, Google, ING Direct (AU/USA), Jwaala, Lending Club, mFoundry, Mercantile Bank of Michigan Mint, MoBank, Moneta, Nationwide Insurance, PayPal, PNC Bank, Prosper, Research in Motion, Stanford Federal Credit Union, Starbucks, SunTrust Bank, Twitter, USAA, Wesabe, WV United Credit Union, Vantage Credit Union



About Online Banking Report



Founded in 1995 by former banker Jim Bruene, Online Banking Report provides in-depth analysis, relevant data, and informed recommendations to financial services executives in 50 countries. Online Banking Report is published by Online Financial Innovations, a Seattle-based research company. For more information and free sample reports, visit www.onlinefinancialinnovations.com, email info@netbanker.com or call (206) 517-5021. You may also find OFI’s blog on the latest in online finance & banking at www.netbanker.com.

Hackers Steal $50,000, Bank of America Refuses to Assume Responsibility

Here is a prelude of things to come.  Help Net Security reports that Bank of America is refusing to assume responsibility a $50,000 money transfer illegally conducted from a customer's banking account: 



"The bank says it's probably through a banking Trojan or keylogger installed on Bao's computer that the criminals managed to steal his login credentials."



Fan Bao and his wife Cathy Huang from Highland Park, California, were shocked when they were notified of two fraudulent money orders that were set to transfer money in the amount of nearly $150,000 from their firms's checking account to an account in a bank in Croatia, but not nearly as shocked when one of them was allowed to go through and the bank refused to assume liability for not stopping the transfer and repay the lost money.
There is a simple solution.  Change the login process.  Stop typing in online banking credentials (which creates the opportunity for keystoke logging program to "do their thing."  Instead, replace it with genuine two-factor authentication.  You know, the same way consumers authenticate themselves at an ATM.  Swipe Card.  Enter PIN.   



Read the Entire Story here







VeriFone Invests in Chinese Mobile Payments Company

http://www.verifone.com



SAN JOSE, Calif.--(BUSINESS WIRE)--VeriFone Holdings, Inc. (NYSE: PAY) announced that it is co-lead investor in a reverse merger financing for Trunkbow International Holdings Ltd., a Jinan, People's Republic of China-based mobile payments and value-added service applications company.



VeriFone invested $5.0 million of the approximately $22.5 million raised, giving VeriFone a pro-forma fully diluted ownership stake of 8.6%. The transaction values the company at a post-money valuation of $65.0 million. Albert Liu, VeriFone senior vice president and general counsel, will join Trunkbow's board of directors effective today.



Additionally, Trunkbow announced that VeriFone has been named the preferred supplier of payment systems technology to Trunkbow and has awarded VeriFone with an initial order to supply wireless payment solutions, including the CDMA-based Nurit 8000.



Douglas G. Bergeron, VeriFone CEO, said: "It is clear that mobile phones are increasingly playing an active role in the initiation of payment transactions, both within the existing payments infrastructure and also with telecommunications carriers like China Mobile, China Telecom and China Unicom. VeriFone's investment in Trunkbow provides us with a seat at the table for cell phone payments in the world's largest cell phone market.”



The Chinese mobile phone market is the world's largest with over 700 million mobile subscribers. According to Wall Street analysts, Mobile payments and banking in China will grow to a $5.4 billion dollar industry by 2013, up from approximately $440 million in 2009.



Trunkbow was founded in 2001 and is a leading provider of technology platform solutions in China that enable telecom service providers to deploy mobile value-added service applications for their subscribers. In 2009, Trunkbow began rolling out its mobile payments platform initially throughout the province of Shandong with one of the large China telecom carriers and plans similar deployments throughout multiple provinces with multiple telecom carriers. Together, Trunkbow and its telecom partners expect to deploy approximately 125,000 mobile payment terminals integrated with Trunkbow's 2.4 GHz Near-Field Communications (NFC) technology over the next 3 years.



VeriFone currently employs over 80 professionals in China and is the largest provider of payment systems in China.



Merriman Curhan Ford & Co., a San Francisco based investment bank, acted as the lead placement agent for the Trunkbow transaction.



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.

http://www.sicap.com

Mobile World Congress 2010



BARCELONA, Spain--(BUSINESS WIRE)--Today at the Mobile World Congress 2010, Sicap, the wisscom owned mobile solutions pioneer, and Wincor Nixdorf, the leading Automated Teller Machine (ATM) manufacturer and IT solutions provider to the retail banking sector, have unveiled ATMs specially designed for unprecedented mobile money services, including cash-in / cash-out transfer facilities. Jointly designed and developed by Sicap and Wincor Nixdorf to install in retail outlets or offsite prime locations, the machines are set to kick-start the usage of ATMs for mobile network operators and mark an important evolution in how mobile customers interact with their operator.



“Being first to market with an m-transaction ATM confirms our pioneering spirit, our server-side expertise and our ability to deliver user-friendly services in their regional context. We are proud to partner with Wincor Nixdorf as a reputed leader in ATM technologies to achieve this.” said J├╝rgen Samuel, Sicap CEO.


Mr. Stefan Auerbach – Executive Vice President of Wincor Nixdorf Banking added that “mobile money solutions powered by Wincor Nixdorf financial services expertise will give operators a clear competitive advantage and customers a consistent and worthwhile service experience. With its expertise in the network operator market, Sicap is an ideal partner for Wincor Nixdorf to expand our successful multi channel software approach to the benefit of mobile carriers.”



The ATMs have initially been configured for three high-demand solutions: mobile cash remittance, cash topup and self-service subscription management. Sicap and Wincor Nixdorf have jointly pioneered the design and development of the three solutions whereby Wincor Nixdorf manufactures the ATMs and their server-based software, while Sicap architects and implements the service to the operator environment.



Cash Remittance

The Sicap and Wincor Nixdorf Cash Remittance ATM solution offers mobile phone users easy cash–in/cash-out transfers. The sender simply enters the phone number of the recipient and a security PIN on the touch screen and inserts the amount into the ATM. The recipient can withdraw the money from any participating ATM.



The ATM Cash Remittance solution responds to strong demand in markets where mobile phone accounts largely outnumber bank accounts. The convenience factor is a clear benefit compared to traditional over-the-counter money transfer mechanisms, and attractive commission charges mean that even low-denomination person-to-person transactions are feasible.



Cash Topup

The brand-new Sicap and Wincor Nixdorf Cash Topup ATM solution reduces operators prepaid reload commissions down to zero. Any user can top up a mobile account balance simply by inserting cash into the specially designed, operator-branded ATM. The Sicap server updates the mobile account in the operator’s billing system and any m-wallet server, without the need to involve a banking or ATM network infrastructure.



Self-Service Kiosk

The Sicap and Wincor Nixdorf Self-Service Kiosk ATM solution provides touch screen access to accounts, allowing mobile customers to manage their own subscription, mobile device and their accompanying services. The kiosk automates routine shop operations and can be customised according to regional market specificities. Installed in operator retail outlets or any other indoor, outdoor or offsite prime location, the touch screen menus can offer services such as prepaid top ups, cash payment of phone bills, money remittance, Value Added Service discovery, promotions and device configuration. The subscriber may request direct assistance from retail staff or remote assistance via a link to customer care agents.



About Sicap

Sicap is one of the world’s leading providers of customised mobile software solutions in the areas of communications and charging. Sicap technology empowers mobile operators to deliver a superior end-user experience, while maximising new revenue streams and reducing operating costs.

Sicap develops and implements solutions comprising convergent charging and rating, mobile payment, network services and messaging. These solutions are used by more than 90 operators, serving more than 550 million end-users world-wide.



For more information, visit www.sicap.com



About Wincor Nixdorf


Wincor Nixdorf is one of the world’s leading providers of IT solutions and services to retailers and retail banks. Their extensive portfolio is centered around optimising business processes at banks and retail companies. It is aimed mainly at cutting costs and complexity and improving service to the end customer. They leverage know-how from their core business with banks and retailers to diversify into related sectors. These include postal and lottery companies and hospitality and service station chain operators. Wincor Nixdorf has a presence in about 100 countries, with its own subsidiary companies in 41 of these.



For more information, visit www.wincor-nixdorf.com









Visa and DeviceFidelity Collaborate to Accelerate Adoption of Mobile Contactless Payments

http://www.visa.com
Alliance seeks to transform mobile phones into Visa mobile payment devices

BARCELONA, Spain--(BUSINESS WIRE)--Visa Inc. (NYSE: V), the world’s largest retail electronic payments network1, and DeviceFidelity Inc. today announced plans to market an innovative solution that can enable a mobile phone with a memory card slot to be used as a Visa mobile payment device.





“Through our collaboration with DeviceFidelity, Visa is helping to accelerate the adoption of mobile contactless payments and pave the way for the global deployment of NFC-enabled devices.”



The solution combines Visa’s contactless payment technology, Visa payWave, and DeviceFidelity’s In2PayTM technology to transform a mobile phone with a microSD memory slot into a mobile contactless payment device. This can enable consumers to make mobile Visa payWave transactions at any retail location that accepts contactless payments. Trials are scheduled to begin in the second quarter of 2010.



This collaboration aligns with Visa’s mobile strategy to extend the reach of its global network to bring mobile payments and related services to consumers around the globe. With more than 4 billion mobile devices in market today, Visa, in partnership with financial institutions, mobile network operators and handset manufacturers, is working to deliver the benefits of mobile financial services to consumers worldwide.



“Visa’s goal is to develop innovative ways to bring the value of Visa digital currency to mobile users around the globe,” said Dave Wentker, Head of Mobile Contactless Payments at Visa Inc. “Through our collaboration with DeviceFidelity, Visa is helping to accelerate the adoption of mobile contactless payments and pave the way for the global deployment of NFC-enabled devices.”



Visa’s global transactions processing network, VisaNet, and its contactless payment technology play a critical role in securely processing transactions initiated with the In2Pay solution, providing real-time fraud monitoring and encryption technology that work in concert to prevent counterfeit fraud and ensure that mobile initiated Visa transactions are as secure as all Visa payments.



“We’re committed to helping the industry unlock the true promise of the mobile phone and deliver a new wirelessly connected payment offering that is faster, more secure, and more convenient than traditional forms of electronic payment,” said Deepak Jain, CEO of DeviceFidelity. “We are excited to be working with Visa, the leading brand in payments, to make mobile payments a reality in countries around the globe.”



The In2Pay solution conforms to the industry standard for memory chips, microSD, and fits into the memory card slot found in many existing mobile devices in market today.



In2Pay integrates seamlessly with multiple mobile phone operating systems, enabling a flexible application interface and interactivity with the consumer. In2Pay uses an onboard software controlled antenna and an industry standard dual interface contactless smart card chip that supports Visa payWave, as well as other contactless applications popular with consumers such as transit, identification and access control.



In addition to DeviceFidelity, Visa is also working with key technology providers and strategic alliance partners to test and deploy this innovative mobile contactless payment technology, including CPI Card Group, Inside Contactless, Monitise plc, and NXP Semiconductors.



1 Based on payments volume, total volume, number of transactions and total number of cards in circulation.



About Visa



Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.



About DeviceFidelity, Inc.



DeviceFidelity, Inc. develops plug-and-play technologies that empower a variety of institutions to deploy their services and applications on existing and upcoming mobile phones worldwide. Committed to bringing contactless innovation to the mobile phone, the company has numerous patents pending in both U.S. and international patent offices. DeviceFidelity is a private corporation with headquarters in Richardson, Texas and offices in Foster City, California. For more information, go to www.devicefidelity.com.



First Data to Release Fourth Quarter and Full-Year 2009 Financial Results

CEO Michael Capellas Will Host Conference Call



ATLANTA--(BUSINESS WIRE)--On Thursday, March 18, First Data will release its fourth quarter and full-year 2009 financial results. The release will be available at www.firstdata.com.



The company will host a conference call and webcast on Thursday, March 18, at 8 a.m. EDT to review fourth quarter and full-year 2009 financial results. Michael Capellas, chairman and CEO of First Data, will lead the call. Also participating will be Pat Shannon, chief financial officer, and Silvio Tavares, senior vice president, investor relations.



To listen to the call, dial 888-378-4350 (U.S.) or +1-719-457-2734 (outside the U.S.) 10 minutes prior to the start of the call. The call will also be webcast on the “Investor Relations” section of the First Data Web site, http://ir.firstdatacorp.com/events.cfm.  Please click on the webcast link at least 15 minutes prior to the call. A slide presentation to accompany the call will be included in the webcast and also will be available under the “Investor Relations” section of the Web site.



A replay of the call will be available through March 25, 2010, at 888-203-1112 (U.S.) or +1-719-457-0820 (outside the U.S.), replay pass code 4781802, and via webcast at http://ir.firstdatacorp.com/events.cfm.



About First Data


First Data powers the global economy by making it easy, fast and secure for people and businesses to buy goods and services using virtually any form of electronic payment. Whether the choice of payment is a gift card, a credit or debit card or a check, First Data securely processes the transaction and harnesses the power of the data to deliver intelligence and insight for millions of merchant locations and thousands of card issuers in 36 countries. For more information, visit www.firstdata.com.





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