Friday, July 15, 2011

Element Payment Services Announces Point-to-Point Encryption White Paper with ThoughtKey

Phoenix, Ariz., July 14, 2011 -- Element Payment Services, the industry leader in PCI compliant payment processing and ThoughtKey, a leading PCI-focused consulting firm, announce the release of a white paper entitled “Point-to-Point Encryption (P2PE): Reduce PCI Scope, Protect Cardholder Data and Preserve Profit.” The white paper, authored by ThoughtKey, compares the benefits and pitfalls of relying solely on payment network segmentation to the robust option of point-to-point encryption (P2PE) coupled with tokenization in a highly secured hosted environment. The informative document will help merchants and independent software vendors (ISVs) address the challenges of achieving and maintaining PCI compliance.

While merchants continue to struggle to protect customers’ card data, as well as defend their own environments against cyber threats, security breaches continue to run rampant. According to a 2011 study conducted by The Ponemon Institute which surveyed 581 US Technology Security professionals, “90 % of businesses fell victim to cyber security breaches at least once in the past 12 months” of which 41% of incidents cost businesses more than $500,000 to handle.

The proper P2PE solution can eliminate the need for merchants to dedicate time and resources to fighting off cyber crime, as well as avoid the crippling financial ramifications synonymous with suffering a data breach. By eliminating cardholder data from a merchant’s environment, which in turn removes the payment network as a target, merchants significantly reduce the risk, cost, liability and the burden of achieving and maintaining PCI compliance. “P2PE: Reduce PCI Scope, Protect Cardholder Data and Preserve Profit,” offers detailed insight into how merchants can be better suited to protect their customers through the Element TransForm™ P2PE suite, which can help address continued cyber threats, while optimizing business operations and preserving profit. Element's TransFormTM P2PE suite leverages its TransForm™ approach to payment processing – remove the value and accessibility of cardholder data to eliminate the risk. Featuring advanced P2PE and tokenization, Element’s suite of payment solutions transform how payments are secured in a simplified way-delivering optimal security that not only meets but exceeds PCI DSS/PA-DSS compliance requirements.

“We are excited to share this white paper with the payment processing industry and merchant community, as it offers great detail to a complete and secure solution,” said Sean Kramer, president and CEO of Element Payment Services. “At Element, we make it our number one priority to help customers protect their businesses while providing the innovative payments technologies needed to manage operations. Our comprehensive PCI compliant solutions make this possible.”

Element’s hosted TransForm™ suite yields the most complete P2PE solutions on the market today. The solution suite ensures sensitive cardholder data is protected from the point of card swipe or entry, while in transit to the payment processor, and during storage.

For more information about “Point-to-Point Encryption (P2PE): Reduce PCI Scope, Protect Cardholder Data and Preserve Profit” download the white paper or contact us today.

About Element Payment Services


Headquartered in Phoenix, Arizona, Element Payment Services, Inc. is the industry-leading provider of fully integrated PCI DSS compliant payment processing solutions for merchants and business management software providers. Engineered using service-oriented architecture, Element's Express Processing Platform allows for easy integration, supports advanced technologies and manages more than $6 billion in transaction volume annually.

Element's TransFormTM approach to payment processing is built on a simple idea – remove the value and accessibility of cardholder data to eliminate the risk. Leveraging advanced point-to-point encryption and tokenization, Element’s suite of payment solutions transform how payments are secured in a simplified way-delivering optimal security that not only meets but exceeds PCI DSS/PA-DSS compliance requirements. Element's innovative technology, Hosted Payments, was the first payment processing solution on the market to take software providers out of scope for PA-DSS/PCI DSS compliance requirements.

More information about Element Payment Services can be found at www.elementps.com .

About ThoughtKey
ThoughtKey is the leading payments consulting firm focused on translation and implementation of PCI and sponsorship management programs. ThoughtKey services are designed to fill the gaps in risk and advance awareness of reducing risk without hindering company growth. Our strategy extends beyond just “what the payment rules and laws command” to defining a risk program based on a foundation defined by management’s risk tolerance and profit desire.www.ThoughtKeyInc.com

Source: Company press release.





Commonwealth Bank of Australia to Launch Mass Market NFC Payments Solutions


CBA to launch NFC payments within three months

Friday, July 15, 2011
NFC Data Logo
From NFC News:  The Commonwealth Bank of Australia (CBA) says it will introduce a mass-market NFC payments solution within the next three months, according to ZDNet Australia. An anonymous source at CBA told ZDNet that the bank plans to roll out special phone cases powered by a microSD card, which would contain the user’s banking information, along with an embedded contactless payments chip.  The source said CBA is opting out of a pilot phase and heading straight to the market with the technology due to high customer interest. ANZ Bank, Australia’s fourth largest bank, recently concluded a pilot of the same phone case-based technology with Device Fidelity, but decided against a commercial roll out.  CBA also offers PayPass and payWave-enabled contactless cards, and is currently working with retailers nationwide to upgrade their payment acceptance technology, according to ZDNet.
Read more here[end] 

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PCI Security Standards Council Welcomes Keynote Speakers for European Community Meeting


—Industry heavyweights to share insight on data security landscape in Europe at important gathering of payment security leaders—
WAKEFIELD, Mass.--(BUSINESS WIRE)--The PCI Security Standards Council (PCI SSC), a global, open industry standards body providing management of the Payment Card Industry Data Security Standard (PCI DSS), PIN Transaction Security (PTS) requirements and the Payment Application Data Security Standard (PA-DSS), today announced the keynote speakers for the 2011 European Community Meeting to be held in London, United Kingdom, October 17-19.
“The Community Meetings are an important means for our stakeholders to hear the latest in the most pressing payment security issues today”
The European Community Meeting is the Council’s showcase event of the year for this region, bringing together global leaders from across the security, payments, finance, retail and technology fields to participate in interactive sessions to discuss and provide feedback on their implementation of the newest versions of the PCI Security Standards.
Attendees not only have the chance to hear from the Council, but also leading security and payment experts from around the globe who will offer their expertise and guidance on the current data security landscape and how organizations can utilize PCI DSS both to secure Sensitive Authentication Data (SAD) throughout the transaction process and as a basis for protecting all customer data in their environment.
The 2011 event will feature David Evans, group manager, business & industry, for the Information Commissioner’s Office; Matthias Hauss, senior consultant at SRC Security Research and Consulting GmbH; and Professor Fred Piper, head of the Information Security Group at Royal Holloway, University of London:
  • David Evans has extensive experience creating and implementing both data security policy and training programs and will offer a closer look at current and future developments in data protection law in the UK and Europe.
  • Germany-based security expert Matthias Hauss will provide specific insights into ways in which adoption of the PCI Security Standards can be extended to cover the wider data security requirements of the EU Data Protection Directive.
  • Professor Fred Piper, world renowned cryptography expert, will address one of the hot technology topics of the day – the use of encryption in data protection.
“The Community Meetings are an important means for our stakeholders to hear the latest in the most pressing payment security issues today,” said Jeremy King, European director, PCI Security Standards Council. “We are thrilled to have the caliber of speakers such as these at this year’s event. They have a tremendous amount to offer our Participating Organizations to help them prepare strong defense-in-depth security strategies, in accordance with the PCI Standards.”
For more information, please visit the Community Meetings website: https://www.pcisecuritystandards.org/communitymeeting/2011/.
Registration for the European Community Meeting can be found here.
Click here for a quick video from Jeremy King, European Director, PCI Security Standards Council, on attending the PCI SSC 2011 European Community Meeting.
Are you attending? Get a head start on networking at the event and RSVP on LinkedIn to connect with others participating in this year’s meeting: http://linkd.in/raDh0z
About the PCI Security Standards Council
The PCI Security Standards Council is an open, global forum that is responsible for the development, management, education, and awareness of the PCI Data Security Standard (PCI DSS) and related standards that increase payment data security.
Founded in 2006 by the major payment card brands American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa Inc., the Council has more than 600 Participating Organizations representing merchants, banks, processors and vendors worldwide. To learn more about playing a part in securing payment card data globally, please visit: http://pcisecuritystandards.org.

ValidSoft CEO Is Interviewed in CEOLive Video


July 15, 2011 03:51 ET

LONDON--(Marketwire - Jul 15, 2011) - In a video interview on CEOLive, ValidSoft CEO Patrick Carroll touted the company's "privacy by design" features as positioning the company well to respond to worldwide concerns over fraud and privacy. Carroll also pointed out that the growth of Near Field Communication (NFC) and "tap and go" payments using cell phones rather than credit cards would lead to a five-fold increase in electronic transaction volumes and favors ValidSoft's multi-factor authentication approach to fraud prevention.
He added that ValidSoft's relationship with its parent company Elephant Talk Communications, Inc. (OTCBBETAK) will enable the companies jointly to provide services that manage and secure the mobile cloud. The interview is at http://www.vimeo.com/ceolive/validsoft. Carroll was interviewed by Mike Elliott on the topic, "Redefining Card Based and Electronic Fraud Prevention."
ValidSoft's Card Fraud prevention and detection authentication, designed to take place in 400 milliseconds, includes "something you have" (a mobile phone) coupled with "somewhere you are (or not)" i.e. the proximity of the transaction (ATM or POS) in relation to the card holders cell phone. Carroll also noted that ValidSoft's technology has been awarded the stringent European Privacy Seal by EuroPrise, which he expects will provide assurance to government regulators around the world that it is possible to enhance security through technology without impacting privacy.
Carroll said that ValidSoft's fraud prevention solutions are attractive due to the fact that their privacy considerations are "built-in, by design" and help protect against the most sophisticated security attacks by being globally organized, multi-layered, and effective 24 hours a day/7 days a week, while remaining invisible to users.
In discussing the market potential for ValidSoft's services, Carroll noted that in Europe approximately 78 percent of all consumer transactions are EUR 15 or less; there is a trend toward better, more efficient, and secure self-service transaction technologies; ValidSoft enjoys an advantage through its relationship with Elephant Talk that combines innovative telecom technologies with telecom infrastructure. For example, Elephant Talk's services have the capacity to process 400,000 transactions per second or 12.6 trillion transactions a year, Carroll said. An additional advantage is accuracy, Carroll noted. Current technologies used by card processors have up to a 98% false-positive rate while ValidSoft achieves virtually 100 percent accuracy in eliminating false positives, thereby enabling fraud discovery. ValidSoft's ability to detect fraud is 95%+.
ValidSoft, a subsidiary of Elephant Talk Communications, Inc. since 2010, is a market leader in providing solutions to counter electronic fraud relating to card, the Internet, and telephone channels. Elephant Talk is an international provider of business software to the telecommunications and the financial industry. ValidSoft's solutions are at the cutting edge of the market and are used to verify the authenticity of both parties to a transaction (Mutual Authentication), and the integrity of the transaction itself (Transaction Verification) for the mass market, in a highly cost effective and secure manner, while remaining easy to use and intuitive. For more information, please visit www.validsoft.com.
About ValidSoftValidSoft is a subsidiary of Elephant Talk Communications, Inc. (OTCBBETAK), (www.elephanttalk.com) and is a market leader in providing solutions to counter electronic fraud relating to card, the Internet, and telephone channels. ValidSoft's solutions are at the cutting edge of the market and are used to verify the authenticity of both parties to a transaction (Mutual Authentication), and the integrity of the transaction itself (Transaction Verification) for the mass market, in a highly cost effective and secure manner, yet easy to use and intuitive. For more information, please visit (www.validsoft.com).
About Elephant Talk CommunicationsElephant Talk Communications, Inc. (OTCBBETAK) is an international provider of business software and services to the telecommunications and financial services industry. The company enables both mobile carriers and virtual operators to offer a full suite of products, delivery platforms, support services, superior industry expertise and high quality customer service without substantial upfront investments from clients. Elephant Talk provides global telecommunication companies, mobile network operators, banks, supermarkets, consumer product companies, media firms, and other businesses a full suite of products and services that enables them to fully provide telecom services as part of their business offerings. The company offers various dynamic products that include remote health care, credit card fraud prevention, mobile internet ID security, multi-country discounted phone services, loyalty management services, and a whole range of other emerging customized mobile services. For more information, visit (www.elephanttalk.com).
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A Databook on Payment Cards in Central and Eastern Europe - The Market is Forecast to Increase by 6.2% Over 2010-14


DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Payment Cards in Central and Eastern Europe (Databook)" report to their offering.

The Payment Cards in Central and Eastern Europe is a detailed information resource for those in the European payment card industry. It provides high quality competitor and market level data on the general purpose payment card industry, making it a hugely valuable tool in understanding current dynamics and future trends.
Scope:
  • Market data for the number of cards, transactions, and value across immediate debit, charge, and revolving credit cards for the period 2005-09
  • Full forecasts of all market level metrics for the period 2010-14
  • Card issuer market shares are presented across each product type
Highlights:
  • The total number of payment cards in Central and Eastern Europe increased at a CAGR of 12.7% between 2005 and 2009. This number is forecast to grow at a CAGR of 6.2% over the 2010-14 period.
  • The number of payment card transactions in Central and Eastern Europe increased at a CAGR of 14% between 2005 and 2009. This number is forecast to grow at a CAGR of 8.3% over the 2010-14 period.
Reasons to Purchase:
  • Understand the current trends in this payment market and the outlook for the future
  • See how the revolving credit card market in Central and Eastern Europe has developed and is expected to grow
  • Understand the competitive dynamics of this market and which issuers dominate the space
Key Topics Covered:
  • Definitions of terms used in this Databook
  • Total Payment Cards
  • Total payment card market analysis
  • Total payment card transactions by terminal
  • Pay Now Cards
  • Pay now card market analysis
  • Pay now card transactions by terminal
  • Pay Later Cards
  • Pay later card market analysis
  • Pay later card transactions by terminal
  • Credit cards analysis
  • Charge and deferred debit cards analysis
Source: Datamonitor

Live Webinar: Mobile Banking - Delivering Optimum Experience with "Secure" Mobile Acces


Live Webinar: Mobile Banking - Delivering optimum consumer experiences with secure, on-demand, mobile access
(from ATM Marketplace on 7-15-2011)
With 270 million mobile subscribers in the U.S. 80 percent of whom keep their phones with them at all times opportunities abound for financial institutions to increase access to customers. With mobile banking, institutions can deliver dynamic, two-way interaction through your customers mobile phones, regardless of their carrier. And adding the mobile channel enables financial institutions to securely communicate with their customers across multiple channels to educate them about available services.

Learn how a robust mobile banking plan can help financial institutions:
• Realize return on investment
• Utilize a multi-channel strategy for service
  offerings
• Provide an additional level of security
 
Date:  Thursday, July 21, 2011
Time:  2 p.m. EST
Duration: 1 Hour 

Visa Hiring Business Leader, Mobile Contactless


Job Description

Visa Inc. is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories, enabling them to use digital currency instead of cash and checks.

Visa does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations enable its bank customers to offer consumers choices: Pay now with debit, ahead of time with prepaid or later with credit products. From the world's major cities to remote areas without banks, people are increasingly relying on digital currency along with mobile technology to use their money anytime, make purchases online, transfer funds and access basic financial services. All of which makes their lives easier and helps grow economies.

Behind the Visa brand are more than 6,000 talented employees who continuously raise the bar with innovative solutions and products that deliver the convenience and security of digital currency to more people all over the world.

Position Summary 

Visa's Mobile Solutions Group is responsible for identifying new opportunities that exist within the mobile payment landscape, creating strategies that define Visa's participation in those opportunities, and delivering the capabilities required to capture those opportunities. Responsibilities in the Solutions Group involve a strong mix of strategic planning, new product development, and project management. Success in the Solutions group requires a thorough knowledge of payments, the mobile ecosystem, and mobile technology.


Responsibilities


  • * Execute on mobile contactless product strategy, supporting product revenue, market adoption and penetration goals in line with defined product and corporate objectives by driving initiatives with cross-functional and cross-regional teams
  • * Working with platform development and technology teams, manage the development and launch of key aspects of the mobile contactless platform from concept to delivery
  • * Product management responsibilities including leadership of cross-functional and/or cross-regional teams to develop new product development programs and manage existing product development programs to grow adoption and usage of Visa products and services
  • * Identify, prioritize and develop mobile contactless product, platform, market and/or service innovations to protect and grow existing revenue streams, to grow new revenues for assigned products, and to support business models with mobile network operators and other mobile value chain stakeholders
  • * Manage and develop, in concert with cross-functional teams, a strategy and framework for testing, validation and/or certification for the entire Visa mobile contactless payments platform (i.e., payment application providers, handsets/mobile devices, secure elements, mobile application providers, mobile contactless network service providers, trusted service managers)
  • * Lead global or regional implementation of functional product initiatives (i.e. development of guidelines, policies, practices, procedures).
  • * Working with cross-functional teams, manage marketplace adoption of new mobile contactless services while recommending improvements and enhancements to capabilities in the development stream to accelerate adoption with key stakeholders in key marketplaces/segments/regions
  • * Work with Visa Europe to ensure Visa Inc product development strategy achieves qualities of global interoperability and enhanced time to market
  • * Help refine global mobile contactless product vision and strategy to account for evolving regional business needs and mobile contactless ecosystem
  • * Support relationships with ecosystem partners and suppliers, such as semiconductor manufacturers, mobile application platform and service providers, mobile contactless form factor suppliers, trusted service managers, processors and mobile network operators 

  • * Bachelors Degree in Engineering or Computer Science, MBA preferred; Typically requires a minimum of 7-10 years progressively responsible business experience with product development experience in mobile payments and/or mobile platforms.
  • * Demonstrated track record of executing on product strategies and leading implementations that delivers measurable business results
  • * Experience with defining business requirements to drive technology development
  • * An understanding of the mobile payments value chain, where mobile contactless fits, and how the ecosystem fits together
  • * Deep knowledge of the mobile ecosystem, with proven experience with handset OEMs, NFC manufacturers, TSM providers, mobile application development and mobile device platforms, including Android, Blackberry, Windows for Mobile, Apple iOS, and Java
  • * Understanding of mobile payments technology, including NFC, TSMs, OTA, secure elements, contactless payments, online/remote payments, and chip cards (contact and contactless)
  • * Familiarity with Visa contactless payment products, including the underlying specifications and relationship to EMV and GlobalPlatform standards bodies
  • * Analytical, fact-based and the ability to synthesize and organize data/information
  • * Advanced written and verbal communication skills, exceptional interpersonal and presentation skills and the proven ability to influence and communicate effectively across regional and functional lines
  • * Advanced planning, organizational and problem solving skills
  • * Exceptional project management skills with the ability to drive consensus in cross regional and cross functional teams
  • * Ability to translate product complexities into practical business solutions appropriate for Visa and its clients
  • * Flexible and creative thinker with the ability to defined business tradeoffs, generate out-of-the-box 




Additional Information


Type:
Full-time
Experience:
Director
Functions:
Product Management, Strategy/Planning, Engineering, Information Technology 
Industries:
Consumer Services 
Employer Job ID:
112002
Job ID:
1753325

China Government Crackdown Blacks Out 1.4 Million Websites


The  Register Reports that 41 percent of the Websites that existed at the beginning of 2010 had disappeared by the end of that year. From more than 3 million Websites at the start of the year, the total had fallen to just 1.91 million by the end...

As China rises on the net, website numbers shrink
(from The Register on 7-15-2011)
Even as reports put Chinese as the number two language of the Internet, behind only English, strict government control is reducing the number of Websites within China. With 457 million Internet users behind the Great Firewall, Chinas online boom has matched its long economic boom; the Chinese Academy of Social Sciences (CASS) says in 2000, the country only had around 22.5 million users....read more»

Prepaid Not as "Durbin Proof" as Originally Thought...

Jul 12, 2011
 
In a Surprising Twist, Reloadable Prepaid Not As Durbin-Proof As Originally Thought

Digital Transactions


Banking On Loyalty: The Role Of Relationship Rewards



SEVENTH OF EIGHT REPORTS FROM THE
MERCATOR CUSTOMERMONITOR SURVEY SERIES
Boston, MA -- Banking On Loyalty: The Role of Relationship Rewards highlights consumers use of relationship rewards programs at banks and their attitudes regarding these programs. Based on a national sample of 1,010 online consumer survey panel survey responses focused on banking channel topics, the report outlines consumer patterns of relationship reward program usage, motivational value of program elements, and profiles of reward program users.
Highlights of the report include the following:
The most prevalent ways relationship rewards are generated.
The reasons these programs and participants are vulnerable to any reduction or elimination of rewards that is tied primarily to debit use.
Which rewards are more likely to have customer retention benefits.
Which elements are often not available to current program participantsand why.
"The post-Durbin environment may send banks back to a brave old world of relationship rewards, where a bank's most valued customers received a direct, account-based benefit such as preferential rates or service discounts/fee waivers for their relationship," notes Ken Paterson, VP for Research Operations at Mercator Advisory Group and the author of the report. "The feasibility of such programs will be dependent upon the profitability calculations and the context of today's rate environment. Consumers will need to adjust too, as rewards program participants have grown accustomed to being paid to transact. Future rewards programs may need to incent other behaviors."
One of the 21 exhibits included in this report.
The report is 44 pages long and contains 21 exhibits.
Members of Mercator Advisory Group have access to this report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.
Please visit us online at www.mercatoradvisorygroup.com.
For more information and media inquiries, please call Mercator Advisory Group's main line: (781) 419-1700, send E-mail to info@mercatoradvisorygroup.com.
For free industry news, opinions, research, company information and more visit us atwww.PaymentsJournal.com.
Follow us on Twitter @ http://twitter.com/MercatorAdvisor.
About Mercator Advisory GroupMercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.

Consumer Money Transfers Are On The Rebound, But The Days Of Double-Digit Growth Are Over


A New Report from Aite Group
Cross-Border Consumer Money Transfers: An Update
Boston, July 14, 2011 – A new report from Aite Group sizes and forecasts volume by region for the cross-border consumer money transfer market, including workers' remittances and related person-to-person money transfers. The report, an update to Aite Group’s June 2010 report, Money Transfers: The Tipping Point, is based on Aite Group analysis of data reported by central banks, the International Monetary Fund (IMF), and the Inter-American Development Bank (IADB), as well as country-level data and insights from money transfer organizations (MTOs).
After declining 7.8% in 2009, Aite Group estimates that cross-border consumer money transfers grew 2.9% in 2010. We expect the market to continue to grow 4.6% in 2011 and 5.1% in 2012, reaching US$437 billion by 2012.
“While growth has resumed after the dip in 2009, the days of double-digit—or even high single-digit—growth are over,” says Gwenn B├ęzard, research director with Aite Group and author of this report. “Money transfer firms can no longer count on a rising tide to lift their boats.”
This 15-page Impact Note contains nine figures. Clients of Aite Group's Retail Banking service can download the report by clicking on the icon to the right. 
Related Aite Group Research:
To purchase this report or
for additional information,
please contact:
Aite Group SalesTel: +1.617.338.6050sales@aitegroup.com

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