March 28, 2012 -- In a fast-paced society it’s crucial for small business owners to keep up with the demanding traffic of their customers anytime and anywhere. It’s even more important to have an electronic payment processor that is able to provide secure credit card transactions on-the-go. Encore Payment Systems introduces the ultimate business solution with Clear Advantage Mobile powered by QwikPay for iPad.
Wednesday, March 28, 2012
March 28, 2012 09:40 AM Eastern Daylight Time
Expert Monitoring Fraud Scoring tool provides online merchants with another resource in the fight against fraudulent transactions
When tweeting this news, please use the hashtags #MasterCard and #MRCLasVegas
PURCHASE, N.Y.--(BUSINESS WIRE)--Ecommerce merchants have a new tool at their disposal to help mitigate the risk of fraud in online transactions, with MasterCard’s introduction of Expert Monitoring Fraud Scoring for Merchants.
“Our new tool allows acquirers and their participating merchants to look at the potential for fraud in a transaction in real time, and integrate the data into any existing fraud detection solution. This helps increase accuracy in fraud detection, and helps to reduce the bottom-line impact of fraud.”
The new tool enhances merchants’ insight into card behavior beyond a merchant’s website or a cardholder’s shopping cart. The service provides merchants with a predictive fraud score for Card-Not-Present transactions in real time to measure the likelihood that a transaction is fraudulent. This is done using fraud detection models designed specifically for eCommerce merchants, which uniquely enables merchants to evaluate a longer span of transaction history to deliver a fraud score that more accurately describes online cardholder behavior.
eCommerce merchants continue to face heavy losses from fraudulent transactions. According to the Lexis-Nexis® 2011 True Cost of Fraud Study, merchants incurred costs of more than $2.33 for every $1 of fraud committed, absorbing more than $102 billion in total losses in 2011. To lower their risk in this space, eCommerce merchants utilize an average of four to seven fraud detection solutions to validate orders and identify fraudulent transactions.
MasterCard’s new tool also benefits consumers, as it helps protect them from fraudulent transactions on their cards, while minimizing the potential that legitimate transactions are declined.
“Fraudsters are becoming increasingly sophisticated in their approach, so online merchants must be even more vigilant in their efforts to protect the integrity of the online shopping experience for cardholders,” says Johan Gerber, Group Head, Global Network Products for MasterCard Worldwide. “Our new tool allows acquirers and their participating merchants to look at the potential for fraud in a transaction in real time, and integrate the data into any existing fraud detection solution. This helps increase accuracy in fraud detection, and helps to reduce the bottom-line impact of fraud.”
Simulations that MasterCard conducted with the tool showed that eCommerce merchants could realize a potential for 15-30 percent fraud loss savings, simply by reviewing or automatically declining transactions deemed as high-risk by the using the new tool.
Beginning in May, the Expert Monitoring Merchant Fraud Scoring tool will be available as an option for acquirers and their merchants across the globe on all Card-Not-Present transactions originating from U.S.-issued cards.
March 28, 2012 -- YESpay now offers Point-to-Point Encryption - the latest technology that allows simple and secure payments through credit/debit cards at retail outlets while de-scoping PCI-DSS (payment card industry data security standard) certification process. This is achieved by simplifying the validation process by encrypting cardholder data at the time it enters a PINPAD/PED payment system and transporting it securely to payment processors, where it is decrypted, all within milliseconds! In today’s retail environment, where card data security is a major concern, Point-to-Point Encryption is emerging as an indispensible PCI-DSS solution.
HONG... Global Payments, a Fortune 1000 company, offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management.
March 28, 2012 09:30 AM Eastern Daylight Time
Kevin Knight joins from Nordstrom, bringing extensive retail and financial institution experience to new role
SAN FRANCISCO--(BUSINESS WIRE)--Visa Inc. (NYSE: V) (“Visa”) today announced the appointment of Kevin Knight as the company’s Head of Credit and Debit Products, North America. In this role, Mr. Knight will be responsible for managing development and growth of Visa’s consumer credit, debit and small business product suite.
“Kevin’s deep knowledge of the payments industry and his experience from both a retailer and financial institution perspective make him an ideal choice to fill this role”
Mr. Knight joins Visa from Nordstrom, one of the nation’s leading fashion specialty retailers, where he most recently served as president of Nordstrom’s credit division and chairman of Nordstrom FSB, the company’s bank subsidiary. During his tenure at Nordstrom, Mr. Knight was responsible for the company’s credit business, payment acceptance and processing for its stores, and built Nordstrom’s retail loyalty program supported by credit and debit payment products. Prior to Nordstrom, he spent more than 20 years at GE Capital in a variety of positions with responsibility for credit card and other financial services.
“Kevin’s deep knowledge of the payments industry and his experience from both a retailer and financial institution perspective make him an ideal choice to fill this role,” said William M. Sheedy, Group President, Americas, Visa. “Further, Kevin’s unique insight into consumer needs and trends will prove valuable to clients as we develop products and services to help them grow their respective businesses.”
March 28, 2012 06:00 AM Eastern Daylight Time
Payments experts emphasize need for comprehensive, real-time fraud support in card-not-present environments
BOISE, Idaho--(BUSINESS WIRE)--Kount Inc., a leading provider of fraud prevention technology, announced support for a number of key findings in Mercator Advisory Group’s Card-Not-Present Risk Management Across the Value Chain report, specifically the need for a comprehensive, real-time solution for any business operating in a card-not-present environment.
“Merchants, payment acquirers, and card issuers alike look to industry leaders like Kount to provide robust and integrated risk management tools that evolve at the speed of today’s business.”
“As a trusted consumer payments expert, Mercator provides valuable perspective on the impacts of fraud and the protection every business needs to minimize risk in card-not-present environments,” Steve Rouse, COO, Kount. “Our Kount Complete solution captures the deep tool integration for risk detection and the strong, interlocked defense mentioned throughout the report as the best option for businesses to combat fraud today. It also reflects the benefits of using a single provider with integrated tools that minimize transaction risk in nanoseconds to ensure a quick, lag-free purchasing experience.”
Mercator Advisory Group provides independent and objective analysis to assist its members in the payments and banking industries. While the Card-Not-Present Risk Management Across the Value Chain report includes findings consistent with Kount’s experiences, the analysis was conducted and produced independently of Kount. Notable highlights of the report illustrate the ongoing evolution of fraud and the capabilities necessary to combat it effectively, including:
- Web‐based card‐not‐present (CNP) payment transactions continue to grow at a remarkable rate
- New lines of CNP (and mobile) business enabled by e‐commerce have revised the criteria for evaluating fraud management tools
- Today’s fraud detection systems must accommodate a widening set of channels and payment methods
- An integrated approach to fraud management creates a better solution by interlocking defenses that add clarity and decisioning speed
“As card-not-present commerce continues to evolve with new lines of business, so does the risk of fraud aimed at merchants that accommodate remote customers,” comments David Fish, Senior Analyst in Mercator Advisory Group’s Fraud, Risk & Analytics advisory service and author of the report. “Merchants, payment acquirers, and card issuers alike look to industry leaders like Kount to provide robust and integrated risk management tools that evolve at the speed of today’s business.”
Kount delivers an all-in-one fraud and risk management platform for companies working in card-not-present environments simplifying their fraud/risk operations while dramatically improving bottom line results. Kount provides a single, turnkey fraud solution that is easy-to-implement and easy-to-use. Kount’s proprietary technology has reviewed hundreds of millions of transactions and provides maximum protection for some of the world’s best-known brands. Kount’s solution is feature rich and technology proven. Regardless of the industry, Kount responds with accurate information in milliseconds, thereby enhancing the overall consumer experience. For more information about Kount, please visit www.kount.com.
March 28, 2012 08:00 AM Eastern Daylight Time
Broadest range of disbursement and bulk payment solutions sends funds instantly to payees own debit card, their bank accounts via ACH or loaded to a branded prepaid card
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Obopay, a leading provider of mobile and instant payment solutions for market-leading brands, today announced the availability of Obopay Disbursements, the broadest disbursement offering on the market. The new offering is the only one in the industry to enable a company to disburse funds from their corporate account directly into a payees debit cardaccount at another bank. The solution also enables disbursements as an electronic check through an automated clearinghouse (ACH) transaction, or to a branded prepaid card.
“Obopay offers the broadest range of disbursement and bulk payment solutions in the industry; enabling companies that need to issue high volumes of payments to disburse funds with speed, efficiency, security and scale”
With Obopay Disbursements, companies can realize significant business benefits by converting physical checks and cash into digital payments, which dramatically reduces their costs. Electronic disbursements can eliminate the high cost of issuing paper checks, estimated by the U.S. Treasury Department and industry research firms to be as high as $6 to $15 per check, as well as the complexity of handling lost and stolen checks, escheatment and potential exposure to fraud and theft associated with printing and mailing paper checks. Obopay’s offering makes transaction settlement easy for companies by providing them with a single, secure, corporate settlement account that manages all electronic transaction types. The solution delivers real-time balance and consolidated transaction reporting for easy reconciliation of each transaction type.
Obopay Disbursements enables companies to improve customer satisfaction through faster funding and expanded payment options, providing payees with unprecedented choice and speed in how they receive funds. Companies can transfer funds from their corporate account directly to a payee’s accounts in multiple ways including:
- To a customer’s existing debit card (instantly to supported STAR, NYCE or PULSE branded debit cards)
- To a bank account via an electronic check (ACH or equivalent)
- To a branded Prepaid Card
- To an Email, phone number or mobile wallet giving payees the ability to specify for themselves where to direct the funds
Obopay provides its Disbursement Solutions as an end-to-end manage service to its partners making it quick and easy to bring them to market. Obopay’s partners can leverage the company’s payment network connectivity, its regulatory compliance including licenses for money transfer throughout the U.S., and PCI level 1 compliance. Managed services can also include customer support services, prepaid card program management, settlement services and access to a robust suite of reporting. Obopay provides its partners with easy integration through APIs that enable them to integrate Disbursement Solutions into to their own applications. It can also provide easy to use applications for inputting disbursement instructions.
“Obopay offers the broadest range of disbursement and bulk payment solutions in the industry; enabling companies that need to issue high volumes of payments to disburse funds with speed, efficiency, security and scale,” said Obopay Vice President of Product Marketing David Schwartz. “Being a licensed money transmitter enables Obopay to make available to its partners unique services like instant disbursements. Instant disbursements allow our partners to take advantage of real-time interbank payments across payment networks, through our debit network connections. Our disbursement offering also takes advantage of our deep experience as a prepaid card program manager for leading brands.”
For more information about Obopay Disbursements, visit www.obopay.com/disbursements
March 28, 2012 08:00 AM Eastern Daylight Time
MasterCard Incorporated to Host Conference Call on First-Quarter 2012 Financial Results
PURCHASE, N.Y.--(BUSINESS WIRE)--On Wednesday, May 2, 2012, MasterCard Incorporated (NYSE: MA) will release its first-quarter 2012 financial results. The company will host a conference call to discuss these results at 9:00 a.m. Eastern Time.
The dial-in information for this call is 800-706-7749 (within the U.S.) and 617-614-3474 (outside the U.S.) and the passcode is 30182060. A replay of the call will be available for one week following the meeting. The replay can be accessed by dialing 888-286-8010 (within the U.S.) and 617-801-6888 (outside the U.S.) and using passcode 62437128.
This call can also be accessed through the Investor Relations section of the company’s website at mastercard.com.
March 27, 2012 09:00 PM Eastern Daylight Time
Recognized for its innovation in payment technologies and continuous commitment towards the Chinese Market
CARTES in Asia 2012
HONG KONG--(BUSINESS WIRE)--Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, announces its AllynisTrusted Service Manager (TSM) has won the “2011 Payment Industry Editor’s Choice of Excellent Products Award” awarded by PayNews, China’s first online portal for payment industry. Its Dexxis Instant Issuance solution also won an “Excellent Solution for Financial Industry Award” from Financial Computerizing magazine, a leading publication supervised by the People’s Bank of China. These accolades recognize Gemalto’s innovation capacity and leadership in secure payment solutions and services, with a number of deployments around the world.
“Our broad range of field-proven solutions and services is a valuable asset to support our Chinese customers with the nationwide migration to chip payment card and future mobile NFC initiatives.”
Gemalto’s Allynis TSM is a state-of-the-art servicing platform that combines banking grade security and interoperability for the installation and management of secure mobile NFC services. TSM is being used in mobile NFC commercial deployments around the world to enable wireless operators, banks, transport companies and retailers to provide secure and scalable contactless services to their end users. Gemalto has an unrivalled track record with over 50 NFC projects worldwide, which includes the IDA national consortium in Singapore, ISIS and Chase in the U.S., as well as Orange and Crédit Agricole in France among others.
Gemalto’s Dexxis Instant Issuance increases customer acquisition rates for banks by providing consumers with a new payment card on-the-spot, creating an instantaneous and strong relationship between the bank and the cardholder. The solution also enables hand-to-hand card delivery of all types of payment cards, directly at the branch or at retail outlets, substantially enhancing cardholder activation rates. Gemalto has already carried out a number of Dexxis Instant Issuance deployments around the world and is ideal to accompany Chinese banks in putting payment cards into the hands of their customers.
“These awards highlight Gemalto’s expertise in payment innovation and our commitment to the Chinese market,” said Tan Teck-Lee, Chief Innovation & Technology Officer and Asia President at Gemalto. “Our broad range of field-proven solutions and services is a valuable asset to support our Chinese customers with the nationwide migration to chip payment card and future mobile NFC initiatives.”
Gemalto (Euronext NL0000400653 GTO) is the world leader in digital security with 2011 annual revenues of €2 billion and more than 10,000 employees operating out of 74 offices and 14 Research & Development centers in 43 countries.
We are at the heart of our evolving digital society. Billions of people worldwide increasingly want the freedom to communicate, travel, shop, bank, entertain and work – anytime, anywhere – in ways that are convenient, enjoyable and secure. Gemalto delivers on their expanding needs for personal mobile services, identity protection, payment security, authenticated online services, cloud computing access, modern transportation, M2M communication, eHealthcare and eGovernment services.
Gemalto develops secure software that runs on trusted devices which we design and personalize. We manage these devices, the confidential data they contain and the services they enable, throughout their life cycle. We innovate so that our clients can offer more ways of enhancing the convenience and security of their end-users’ digital lives.
Gemalto is thriving with the growing number of people using its software and secure devices to interact in the digital and wireless world.
- Gemalto Wins Two Awards for Mobile Commerce Innovation from Juniper Research (epaymentnews.blogspot.com)