Deal of the day: money-transfer companies evolve, as remittances rebound; Financial Times; Bank Info Security

Don’t underestimate remittances - according to the World Bank, developing countries receive two-thirds as much money from their workers abroad as they do from foreign direct investors. (Read More)

HALF OF BANK CUSTOMERS CHOOSE OVERDRAFT PROTECTION; American Bankers Association

ABA survey shows customers value overdraft service. (Read More)

Wells Fargo nearly doubles Mexico cash-transfer network; The Business Journal of Milwaukee

Wells Fargo & Co. -- which has significant operations in Milwaukee -- said Thursday it has nearly doubled its remittance network in Mexico, giving it more than 9,000 payout locations across the border and stepping up its competition with Colorado's Western Union Co. for the cross-border cash transfer business. (Read More)

Portland to get its own currency: examiner.com

Portland could get it’s very own currency, soon. What does that mean? (Read Money)

Wells Fargo Loses Ruling on Overdraft Fees: The New York Times

A federal judge on Tuesday ordered Wells Fargo to pay California customers $203 million in restitution for claims that it had manipulated transactions to maximize the overdraft fees it charged. (Read More)

NACHA Mulls Recurring TEL Debits, Other E-Check Changes: Digital Transactions

NACHA, governing body of the automated clearing house, is considering rules changes that could add volume to the ACH. Among them: allowing recurring payments under the TEL code for telephone-authorized electronic-check conversions; raising the dollar limit to $50,000 for three major e-check codes, and eliminating opt-out notification requirements on two codes. (Read More)

Long queues still vexing shoppers, survey suggests: BBC News

More than two thirds of people have abandoned shopping because it was taking too long to be served, a survey says. (Read More)

MoneyGram International Expands Network in Paraguay; Source: MoneyGram

Three New Agents Bring Location Total to 166 Across the Country (Read More)

All cashed up: Keeping cash safe; Source:  Inside Retailing Online

The time loss and security risk from cash handling at retail stores is huge. A German furniture chain is testing a high-tech solution.  (Read More)

Why Free Checking is on Life Support; By Tim Chen, Forbes.com

The free checking account is a banking perk that has been widely available for decades.  It’s been a boon to middle-class consumers, and has attracted low-income customers to the banking system. (Read More)

Fiscal Systems Wins IBM Retail Sales Solutions Excellence Award; Source: Fiscal Systems

Fiscal Systems today announced that it has received a 2009 IBM Retail Sales Solutions (RSS) Sales Leadership Achievement Award. This award recognizes Business Partners who have demonstrated superior leadership in the delivery of IBM retail technologies as well as the knowledge and capability to successfully meet client expectations. Fiscal was honored at the 2010 Retail Store Solutions Business Partner Forum meeting in San Antonio, TX. (Read More)

A New Report from Aite Group

Wire Transfer Remittance Data: Who Really Benefits? (Read More)

CheckAlt(TM) Electronic Payment Processing Solution Signs Rimon Law Group

CheckAlt Makes Business Easier for Virtual Law Firm (Read More)

Western Union Authorized to Offer Global Money-Transfer Services under Japan's New Law; Source: Western Union

Company Registered by FSA under Japan's New Money-Transfer Laws (Read More)

Get Facebook Credits with Cash and Coins! Rixty brings the convenience of Coinstar and prepaid cards to Facebook users. Source: Rixty

Rixty's goal is to provide consumers with the option of purchasing online entertainment with cash and coins no matter the platform or virtual currency. That's why we were so pleased to be able to let consumers buy Facebook Credits with Rixty. (Read More)

LBi AND MONEYGRAM INTERNATIONAL UNVEIL A FULLY INTEGRATED DIGITAL EXPERIENCE; PRESENT THIS BEST IN CLASS WORK AT FORRESTER CUSTOMER EXPERIENCE FORUM; Source: LBi

Premier Marketing and Technology Agency and Global Leader in Money Transfer Redesign and Transform Digital Platform (Read More)

Why banks should avoid the remittance markets; Source: The Financial Services Club Blog

Great conversations continue in the remittances space or money transfer space if you prefer, with a chat with the global transaction services folks from a major bank. (Read More)

MoneyGram International and National Bank of Abu Dhabi Partner to Bring Convenience of Mobile Money Transfer Service to Consumers in the UAE; Source: MoneyGram

Strategic agreement creates first international mobile money transfer network in the UAE (Read More)

Chase, Bank of America differ on overdraft strategy; By Becky Yerak, Chicago Tribune

Chicago's 2 biggest banks take different approaches to new rule requiring approval to process transactions that exceed account balances. (Read More)

Western Union Appoints David G. Yates Executive Vice President, Alternative Channels; Source: Western Union

ENGLEWOOD, Colo., Jun 16, 2010 (BUSINESS WIRE) -- The Western Union Company (NYSE: WU), a leader in global payment services, announced that David G. Yates has been appointed executive vice president, alternative channels. (Read More)

June 9, 2010 Press Release

MoneyGram International Forges Region-Wide Alliance with Citi Central America; Source: MoneyGram

All Citi locations in five countries to offer MoneyGram money transfer services. (Read More)

June 9, 2010 Press Release

Fiserv Helps Financial Institutions with Reg E by Offering Overdraft Opt-In Programs; Source: Fiserv

Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, recently unveiled its Regulation E Opt-In Optimization Programs to help its clients prepare for the regulation's July 1 deadline. These programs are in response to recent regulatory changes that require a consumer to opt-in before banks or credit unions can extend or continue to provide fee-based overdraft services for ATM and one-time debit card transactions. The Opt-In Optimization Programs employ thoughtful consumer segmentation; multi-channel and multi-contact outreach; assistance in obtaining consumer consent; mailing customers the opt-in confirmations; staff and consumer training; a secured database; and communications program reporting. These features are designed to help financial institutions maintain a good consumer experience as these changes are communicated and customer overdraft preferences are established, and potentially mitigate revenue losses.  (Read More)

June 7, 2010

May 26, 2010 Press Release

Global Payments Completes Sale of its Money Transfer Businesses

Global Payments Inc. (NYSE: GPN), a leading provider of electronic transaction processing solutions, announced today that it has completed the divestiture of its DolEx- and Europhil-branded money transfer businesses to an affiliate of Palladium Equity Partners, LLC. (Read More)

May 25, 2010 Press Release

IDT to Distribute RegaloCard’s Mobile Money Transfer Service to Over 150,000 Retailers Nationwide; Source: Newswire Today

IDT partnership brings RegaloCard’s and instant mobile micro money transfer service to immigrants nationwide. (Read More)

May 24, 2010 Press Release

Bank Satisfaction With Cash Management Technologies; Source: Aite

Growing customer demands have exposed gaps in existing cash management/treasury technology for many banks. (Read More)

May 17, 2010 Press Release

Consumers Take Charge of Finances, Rise Above Economy; Source: Western Union

Better Spending Habits, Mortgage Payment Strategies Show New Consumer Mindset, According to Western Union(R) Global Business Payments Money Mindset Index (Read More)

May 13, 2010 Press Release

Western Union, Absa to Offer Cross-Border Money Transfers via Internet and Mobile: Source: Western Union

First Money Transfer Service in World to Offer Seamless Platform Across Multiple Electronic Channels (Read More)

May 12, 2010 Press Release

MoneyGram Money Transfer Services Now Available in Over 6,000 Canada Post Locations; Source: MoneyGram

MoneyGram Celebrates Expansion with Special Pricing Promotion (Read More)

May 4, 2010 Press Release

TSYS, Planet Payment Extend Multi-Currency Processing Contract; Source: TSYS

Planet Payment® and TSYS® announced today a multi-year extension of their multi-currency processing agreement. Under the agreement, TSYS Acquiring Solutions will continue to offer Planet Payment’s Dynamic Currency Conversion and Multi-Currency Pricing solutions to its customers. (Read More)

May 3, 2010 Press Release

Wells Fargo announces $1 million in funding to support U.S. expansion of Grameen America; Source: Wells Fargo

More access to capital for low-income entrepreneurs to be created when Grameen America launches in the San Francisco Bay Area this Summer. (Read More)

Apr 27, 2010 Press Release

Western Union President and CEO Christina Gold Announces Intention to Retire; Company Announces Promotion of Hikmet Ersek to President and Chief Executive Officer, Effective September 1, 2010; Source: Western Union

The Western Union Company (NYSE: WU) today announced that the Board of Directors has named Chief Operating Officer Hikmet Ersek, 49, to succeed Christina Gold, 62, as President and CEO on September 1, 2010. The Board also elected Ersek to the Board of Directors, effective April 26, 2010. (Read More)

April 27, 2010 Press Release

J.P. Morgan Teams With Swift In Support Of Open Architecture Ebam Standards; Source: JP Morgan Chase $ Co.

Corporate Clients to Benefit from Streamlined Management of Global Bank Accounts and Improved Security and Auditing Capabilities (Read More)

April 21, 2010 Press Release

U.S. Government Unveils New Design for the $100 Note; Government to Currency Users:  Know Its Features So You Can Know It's Real; Source: Federal Reserve System

Officials from the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System and the United States Secret Service today unveiled the new design for the $100 note. Complete with advanced technology to combat counterfeiting, the new design for the $100 note retains the traditional look of U.S. currency. (Read More)

April 20, 2010

American Express To Launch Yuan-Denominated Travelers Checks; Source: The Wall Street Journal

American Express Co. (AXP) said Tuesday it will launch the world's first yuan-denominated travelers checks for visitors to China next month under a partnership with Bank of China Ltd. (3988.HK), in response to increasing demand for the prepaid product. (Read More)

April 20, 2010 Press Release

MoneyGram International Expands Mobile Money Transfer Service to 40,000 U.S. Agent Locations Successful pilot leads to expansion in United States, global rollout to continue in 2010; Source: MoneyGram International

MoneyGram International (NYSE:MGI), a leading global money transfer company, today announced the expansion of its mobile transfer service to approximately 40,000 agent locations in the United States. The expansion follows its pilot program offered from select California and Hong Kong agent locations to 40 million Philippines SMART phone users. (Read More)

April 19, 2010

Micro-lender bringing his vision of helping the poor to D.C. By Jonathan O'Connell, The Washington Post

In 1976, Muhammad Yunus began making loans of a dollar or less to poor farmers and textile makers in his native Bangladesh. Thirty years later, he and the nonprofit micro-lender he founded, Grameen Bank, shared the 2006 Nobel Peace Prize. To date, Grameen has lent more than $9 billion to more than 8 million borrowers, almost all in Bangladesh. (Read More)

April 16, 2010

Prosper Raises $14.7 Million For Peer To Peer Lending Market; Eric Schmidt Invests; by Leena Rao, TechCrunch

Prosper.com, a popular peer-to-peer lending marketplace in the U.S., has raised $14.7 million in Series D funding round from new investors TomorrowVentures and CompuCredit Holdings with existing investors Accel Partners ; Benchmark Capital ; DAG Ventures ; Meritech Capital Partners; Omidyar Network ; QED Investors ; and Volition Capital participating in the round. This round of funding brings Prosper’s total funding to $57.7 million. TomorrowVentures happens to be the investment vehicle for Google CEO Eric Schmidt. (Read More)

April 14, 2010 Press Release

FIS Provides CapStone Bank with Healthcare Remittance Solution; Source: FIS

FIS™(NYSE:FIS), one of the world’s largest providers of banking and payments technology, today announced that CapStone Bank has added the FIS Healthcare Remittance Manager solution to its lockbox processing business. The Raleigh, N.C.-based bank will now be able to offer enhanced payment automation to its healthcare provider clients with improved customer service, increased cash flow and greater efficiencies. (Read More)

April 5, 2010

A Product Does Not a Patent Make by Bob Meara, Celent Blog

In November, 2009, the Electronic Payment Order, or fully-digital check was popularized in a paper published by the Chicago Fed. In the paper, the authors argued that since paper checks are now routinely cleared by fully electronic means, why not originate the instrument electronically as well. (Read More)

April 5, 2010 Press Release

Experian launches new credit score to better evaluate small-business risk; Source: Experian

New financial acquisition score enables superior risk segmentation by identifying accounts that are most likely to become delinquent. (Read More)

April 1, 2010 Press Release

Western Union Money Transfer(R) Service Now Available at More Than 1,300 Fifth Third Bank Locations; Source: Western Union

The Western Union Company (NYSE: WU), a global leader in the money-transfer segment of global payments, and Fifth Third Bank, jointly announced today the rollout completion of the Western Union(R) global money-transfer service at more than 1,300 Fifth Third banking center locations in 12 states: Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. (Read More)

April 1, 2010

Kabbage.com to Provide Business Loans to eBay Sellers; By Ina Steiner, AuctionBytes.com

eBay sellers who need cash can soon look to Kabbage.com for short-term business loans. The Atlanta-based company will evaluate sellers based on such information as how long they've been selling on eBay, their customer ratings, whether they have an eBay Store, and funds flowing through their PayPal and merchant credit card accounts. (Read More)

April 1, 2010 Press Release

Planet Payment Announces Fifth Third Contract Extension; Source: PlanetPayment

Planet Payment [LSE: AIM: PPT and PPTR; OTCQX: PLPM], a leading multi-currency and data processor, announced a multi-year extension of their processing agreement with Fifth Third Processing Solutions, a premier full service payment solutions provider, for the deployment of Planet Payment’s multi-currency processing solutions to Fifth Third’s merchant base in the United States. (Read More)

April 1, 2010

Kabbage.com to Provide Business Loans to eBay Sellers; By Ina Steiner, AuctionBytes.com

eBay sellers who need cash can soon look to Kabbage.com for short-term business loans. The Atlanta-based company will evaluate sellers based on such information as how long they've been selling on eBay, their customer ratings, whether they have an eBay Store, and funds flowing through their PayPal and merchant credit card accounts. (Read More)

April 1, 2010 Press Release

Western Union Money Transfer(R) Service Now Available at More Than 1,300 Fifth Third Bank Locations; Source: Western Union

The Western Union Company (NYSE: WU), a global leader in the money-transfer segment of global payments, and Fifth Third Bank, jointly announced today the rollout completion of the Western Union(R) global money-transfer service at more than 1,300 Fifth Third banking center locations in 12 states: Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. (Read More)

March 30, 2010

PayPal to Halt Some Remittance Services in Japan; By Martyn Williams, IDG News Service; Source PCWorld

PayPal is halting personal payment services for users in Japan from Wednesday due to new regulations that go into force the following day. (Read More)

March 27, 2010

U.S. Bancorp Told by Jury to Pay $27 Million to DataTreasury; By Susan Decker and Dennis Robertson

U.S. Bancorp, Minnesota’s largest bank, should pay $27 million for infringing patents related to digital checks owned by closely held DataTreasury Corp., a jury said yesterday. (Read More)

March 25,2010 Press Release

Grameen Foundation Expanding Technology for Microfinance Initiative Working With Support From The MasterCard and Cisco Foundations; Source: Grameen Foundation

Grameen Foundation is expanding its technology for microfinance initiative to provide enhanced support to high-growth, mid-size microfinance institutions (MFIs) serving up to one million clients.  It also plans to extend the Mifos® platform to enhance connectivity to mobile payment systems and improve the integration of the Progress out of Poverty Index™ (PPI™). These efforts are being supported by The MasterCard and Cisco Foundations.  (Read More)

March 25, 2010

Citigroup Credit-Card Delinquencies Rise; By Bill Hardekopf, TheStreet

For credit card issuers including Bank of America(BAC), Citigroup(C) and Capital One(COF), the latest industry report is a mixed bag. (Read More)

March 24, 2010 Press Release

Banks’ 2010 Overdraft Revenue to Fall 5 Percent to $35.2 Billion, Moebs Services Forecasts

The uncertainty of financial reform and mandatory opt-in to overdrafts for debit cards and ATMs will shrink financial institutions’ revenue from overdrafts by $1.95 billion in 2010 according to Moebs $ervices, an economic research firm based in Lake Bluff, IL.  Overall, banks and credit unions should earn about $35.2 billion in 2010.  This is down from $37.1 billion in 2009 according to Michael Moebs, economist and CEO of Moebs $ervices. (Read More)

March 24,2010

All-Digital Checks Get a Boost from an ‘Outsider’ Technology Startup; Source: Digital Transactions

The concept of an all-digital check, which surfaced in a paper published in November by the Federal Reserve Bank of Chicago, could move from theory to reality in a matter of months now that a technology startup in Atlanta has won a pair of patents covering applications of the idea. Four-year-old Global Standard Financial Inc., run by a former Microsoft Corp. executive, is testing its technology with an unnamed bank and is in talks with other financial institutions. (Read More)

March 22, 2010

High-yield checking perks have strings; By Sheyna Steiner, Bankrate.com

High-yield checking accounts continue to offer top rates to customers who perform specific banking activities each month, according to a Bankrate.com exclusive survey of 211 banks and credit unions across the nation. (Read More)

March 15, 2010 Press Release

Experian announces industry's first online triple business score report; Source: Experian

Experian®, the leading global information services company, today announced the availability of a new report that contains the business credit scores from three major business data providers in a single online report. Similar to the tri-bureau credit score reports that have been available to consumers for years, the new Triple Score Business Report^SM is the first offering where business owners can obtain their commercial credit scores from multiple agencies at one time. (Read More)

March 15, 2010 Press Release

RegaloCard’s Free and Instant Micro Money Transfer Service Ready For National US Roll Out; Source: RegaloCard

RegaloCard, www.RegaloCard.com, a global mobile payments company that has developed a free and instant replacement to costly money transfer services announced today the completion of its US retail test phase. RegaloCard, through its proprietary mobile payments platform and unique business model, has created a new product category the “micro money transfer” allowing consumers to send instantly and for free as little as $10, controlling where and how its spent, while earning many times the margin of traditional money transfer companies. The RegaloCard service works with any mobile phone and carrier worldwide and is as easy to use as a prepaid calling card. (Read More)

March 11, 2010 Press Release

Federal Court Rules Consumers' Claims Against Nation's Leading Banks For Excessive Overdraft Fees May Proceed -- Bank of America, Citibank, JPMorgan Chase, U.S. Bank, Wachovia, and Wells Fargo alleged to have employed unfair practices to maximize overdraft fee revenue on debit card transactions. Source: Bank-Overdraft.com

The United States District Court Judge James Lawrence King today denied motions by a number of the nation's leading banks to derail federal lawsuits consolidated before him in a Miami federal court seeking to recover hundreds of millions of dollars in wrongful overdraft fees charged to consumers on debit card purchases. (Read More)

March 10, 2010

Bank of America Will Help Customers Avoid Overdrawing Accounts; Source: Bank of America

As part of its commitment to provide more control, choice and clarity for its customers, Bank of America today announced that beginning this summer it will only authorize single debit card transactions at the point of sale if a customer has enough money in their account at the time. (Read More)

U.S. Treasury Secretary Timothy Geithner on Wednesday welcomed moves by some big banks to cut overdraft fees and said he hoped all banks will do so. Source: Reuters

"We welcome these efforts by banks to try to begin the process of restoring trust and confidence for their customers and we welcome the fact that we're seeing banks try to get ahead of the president's financial reform effort that is now working its way through Congress," Geithner told a U.S. House of Representatives Appropriations subcommittee. (Read More)

March 8, 2010

IPF Association formed to simplify global credit transfers; Source: Flora Hamilton, ATMIA European Manager

A group of 21 banks, clearing houses and associated payment service providers have launched the International Payments Framework Association (IPFA).  The body says its main purpose is to provide business rules, standards and operating procedures to improve non-urgent cross border credit transfers based on the ISO 20022 message standard by establishing a contractual framework. (Read More)

March 1, 2010

Back to the Greenback? Consumers Turn on Cards; By Maria Aspan, USBanker

Many consumers are switching back to cash from paying with plastic, a survey says, as unhappiness with bank bailouts continues to sour Americans on the financial industry undefined and its products. (Read More)

February 26, 2010

Banks may use payday-style loans to replace lost fees; By Jeff Plungis, Bloomberg News; Source: Pittsburgh Post-Gazette

U.S. banks, threatened by new limitations on overdraft fees, may look to short-term products similar to "payday" loans to help replace as much as $20 billion in lost revenue. (Read More)

February 24, 2010 Press Release

MicroBilt Relaunches the PRBC® Report with FICO® Expansion® Score Enhanced with Public Record, Bank Account and Other Predictive Data; Source: MicroBilt

MicroBilt Corporation today announces the relaunch of its PRBC® Report with FICO® Expansion® Score, the leading alternative consumer report. The enhanced PRBC Report culminates a year of development and redesign of the consumer report following MicroBilt’s acquisition of Pay Rent, Build Credit, Inc., the credit bureau that issues the PRBC Consumer Report, as well as the acquisition of the exclusive rights to the FICO Expansion Score from Fair Isaac Corporation and the completion of several major data acquisitions. (Read More)

February 23, 2010 Press Release

New FICO Service Enables Banks to Fine-Tune Risk Strategies Based on Economic Conditions; Source: FICO

Breakthrough, Analytics-Based Service Expected to Save Lenders Millions Through More Accurate Risk Management Practices (Read More)

February 23, 2010 Press Release

Western Union Signs Four Regional City Banks in China; Western Union

The Western Union Company (NYSE: WU), a leader in global payment services, announced the signing of agreements with four regional Chinese commercial banks. These agreements extend Western Union's network reach to the northeastern, southern and eastern regions of China. (Read More)

February 19, 2010

U.S. credit card rules could boost payday lending; By Elinor Comlay and Karey Wutkowski , Reuters

Credit card rules that come into effect on Monday will squeeze subprime borrowers' access to credit, analysts say, which could give a lift to the shadow banking sector and payday lenders. (Read More)

February 11, 2010

Western Union to Pay in Border-Crime Deal; By RANDAL C. ARCHIBOLD, The New York Times

Western Union will pay $94 million to settle a long-running battle with Arizona over whether the company turned a blind eye to the use of its services in border-related crime. (Read More)

February 11, 2010 Press Release

BNY Mellon Powers Bank of China Remittance Website; Adoption of BNY Mellon's Remit Worldwide(SM) solution enables Bank of China to provide Web-based remittance services to U.S. customers; Source: BNY Mellon

BNY Mellon and Bank of China, New York Branch (BOC-NYB) today announced the launch of BOC-NYB's new Web-based remittance service.  Allowing customers in the U.S. to remit funds to any of Bank of China's more than 100 global locations and thousands of locations in China, as well as to virtually all other banks in China, the service is based on the Remit Worldwide solution provided by BNY Mellon Treasury Services. (Read More)

February 10, 2010

Microlender Accion USA Avoids 'Antipoverty' Pitch; By Maria Aspan, American Banker

As the head of one of the nation's largest microlenders, Gina Harman is leading the charge to expand the availability of credit to underserved communities in this country. (Read More)

February 2, 2010

Fifth Third Bank Sued Over Overdraft Fees; Suit seeks class action status and millions in restitution; By Mark Huffman, ConsumerAffairs.com

A group of Fifth Third Bank customers has filed a lawsuit against Fifth Third Bank, seeking refunds of millions of dollars in overdraft charges the plaintiffs contend were taken illegally. (Read More)

New Release of FICO TRIAD Offers Breakthrough Strategy Design Capabilities; Source: FICO

FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced the release of FICO® TRIAD® Customer Manager, version 8.5, with significant new strategy design and visualization capabilities. The release makes it easier than ever for lenders to develop and deploy sophisticated decision strategies quickly, resulting in more effective customer treatment, improved profitability, reduced risk and competitive advantage. (Read More)

January 29,2010

Payday loans: Where do they happen the most? By James Gimpel, The Christian Science Monitor

In a world of tight credit and joblessness, low- and middle-income people often find themselves in difficult financial straits. A unique and controversial type of business has emerged, primarily within the past 20 years, to respond to these situations: payday lenders. They make up a large part of what is called the “fringe” banking market – providing services to people who have poor credit or no bank account. (Read Now)

January 26, 2010 Press Release

Wells Fargo Adds ExpressSend® Remittance Paying Agent In Mexico And Expands To 8 Additional Latin American Countries. Source Wells Fargo & Company

Wells Fargo & Company (NYSE: WFC) has more than doubled the number of countries that can receive Wells Fargo ExpressSend remittance transactions – expanding to Honduras, Nicaragua, Dominican Republic, Colombia, Ecuador, Peru, Bolivia, and Argentina. Additionally, Wells Fargo has added Telecomunicaciones de Mexico (Telecomm Telegrafos) – one of the largest telecommunications companies in Mexico – as a new paying agent. Customers can now remit to an additional 1560 new payout locations in Mexico, bringing the total payout locations in Mexico to more than 5,500 locations.  (Read More)

January 25,2010

Lenders Using Social Media to Assess Credit Risk BY Rob Salkowitz, internet evolution

If your Facebook friends are deadbeats, it might be harder for you to get a credit card or mortgage, according to a recent report on the banking industry site, CreditCards.com. (Read More)

January 22, 2010

Citigroup Offering Mobile Forex Tool; Source American Banker/Mobile Banker

Citigroup Inc. is offering a mobile version of a foreign exchange trading service for currency traders. (Read More)

January 19, 2010

MoneyGram International and Bank of China Announce Agreement to Bring Money Transfer Service to the Bank's 10,000 Branches in China . Source: MoneyGram International

MoneyGram International (NYSE: MGI), a leading global money transfer company, and Bank of China, a pillar of China's banking community and Global Fortune 500 company, announced today an agreement that will bring MoneyGram money transfer services to Bank of China's 10,000 domestic branches in the mainland in the coming years. The agreement, which more than triples MoneyGram's presence in this growing remittance market, follows the successful completion of a six-month pilot that ran in 240 Bank of China branch locations in Beijing. (Read More)

January 18, 2010

MoneyGram International Adds Hungary to List of Countries in Global Money Transfer Network

MoneyGram International (NYSE: MGI), a leading global money transfer company, today announced that it has expanded its money transfer services to Hungary through new super agent Corner Cash Keszpenz Zrt, which is adding the service at its currency exchange shops in 11 cities across the country. (Read More)

January 12, 2010

Fiserv Introduces Deposit Manager to Streamline Retailers' Cash Operations

Fiserv has announced Deposit Manager, "an integrated cash deposit solution that is designed to allow financial institutions to offer their retailing clients an improved way to handle end-to-end cash operations." (Read More)

January 12, 2010 Press Release

1010data and Equifax Expand Partnership to Provide Consumer, Demographic and Financial Marketing Data to the Retail Industry. The Ability to Link Multiple Consumer Databases Improves Store Site Selection, Merchandising, Inventory Effectiveness, Product Level Assortments, Promotions and Loyalty Programs. Source: Business Wire

NRF Annual Convention 2010: 1010data and Equifax Inc. (NYSE:EFX) announced that the companies are expanding their partnership by making Equifax individual and household marketing data available to retailers via the 1010data analytics platform. By using 1010data’s platform, retailers will be able to combine internal transactional data with Equifax’s extensive marketing data. The ability to run concurrent queries across these databases will help retailers improve store site selection, merchandising, inventory effectiveness, product level assortments, promotional planning, as well as help improve customer loyalty programs. (Read More)

January 12, 2010 Press Release

Prosper Appoints Risk and Analytics Chief

Prosper, the world's largest peer-to-peer lending marketplace according to Deutsche Bank Research, today announced former Capital One Executive Jim Catlin has been appointed Executive Vice President of Risk and Analytics. Jim Catlin brings Prosper over 16 years of experience in the consumer financial services industry, with a proven track record in credit risk management and overall line of business leadership. (Read More)

January 7, 2009

Burger King Joins the RegaloCard Mobile Payments Network in

El Salvador

Burger King Partners with RegaloCard to let Salvadorans in the US Instantly

Send Their Relatives Back Home What They Need For Free Avoiding Costly

Money Transfer Service Fees (Read More)

January 4, 2010 Press Release

Bill Me Later sued for violating consumer rights

Bill Me Later, Inc., a company offering consumers instant credit for online purchases was sued today by consumers claiming the eBay-owned company (NASDAQ: EBAY) violates California consumer-protection laws by charging inflated interest rates and exorbitant late fees. (Read More)

January 2, 2010

Banks Roll Out New Check, Card Fees

By ROBIN SIDEL, The Wall Street Journal

The nation's banks will be bombarding customers with new fees and products in 2010 as they try to replace more than $50 billion in revenue wiped out by new rules that clamp down on certain business practices. (Read More)

December 16, 2009 Press Release

Coinstar Money Transfer Signs an Agreement with Pocztowy Bank

BELLEVUE, Wash.--(BUSINESS WIRE)--Coinstar Money Transfer Ltd., a subsidiary of Coinstar, Inc. (NASDAQ:CSTR - News), announced an agreement to offer money transfer services in all Pocztowy Bank (Postal Bank) locations. Postal Bank is the largest banking network in Poland, one of the top five recipient countries in the world. With this agreement, Coinstar Money Transfer becomes a key player in the Polish market and a new competitive money transfer service for the Polish Diaspora.

Read More

December 15, 2009 Press Release

Axway Receives Highest Certifications from SWIFT for Financial Exchange Platform

PHOENIX – Axway, the Business Interaction Networks company, today announced the Axway Financial Exchange platform, powered by Synchrony™, has been awarded 2009 Gold Labels for SWIFTReady Financial EAI and SWIFTReady FUNDS.  The Gold Labels are the highest certifications from Society for Worldwide Interbank Financial Telecommunication (SWIFT) and demonstrate Axway’s continued guarantee that the Axway financial solutions are compatible with all requirements related to SWIFTNet exchanges.

Read More

December 9, 2009

New underground economy

By Richard W. Rahn: The Washington Times

The underground or "black" economy is rapidly rising, and the fault is mainly due to government policies.

Read More

November 17, 2009

The CFPA controversy: Asking the tough questions

November 16, 2009

FiSCA, Financial Service Centers of America Association Critiques FDIC Small Dollar Loan Program

The Federal Deposit Insurance Corporation 's (FDIC) two-year small dollar loan pilot program is proving to be a failure after one year, according to a recent critique of the program issued by Financial Service Centers of America (FISCA) (see full report). As reflected... Source: RTOonline.com (Read More)

November 16, 2009

Regulatory Reform: So Much to Fight, So Little Time

Financial industry representatives are scrambling to find a strategy for responding to the massive regulatory reform bill the Senate Banking Committee aims to pass by early December. By Stacy Kaper, American Banker, Source: Financial Planning (Read More)

November 16, 2009 Press Release

Approved Cash Advance Implements Chexar Risk Management Platform for Check Cashing Pilot

Monday, November 16, 2009: Cleveland, Tennessee - Approved Cash Advance, a leading provider of short term lending solutions, has just completed the implementation of a risk management solution offered by industry leader Chexar Networks, Inc. (“Chexar”) in Atlanta, Georgia. The move is part of a trend among the nation’s top consumer lenders, retailers and banks to offer the transaction based financial services that more than 100 million under-banked consumers across the country depend upon daily.

Read more

November 14, 2009

Don't You Think It's Time to Reinstate the Laws That Would Have Prevented the Financial Crash?

November 11, 2009

Consumers could win big if Dodd's financial reform package becomes law

November 11, 2009

Dodd Wants A Consumer Financial Protection Agency. Will It Regulate Congress?

With everyone focused on the “health care” bill and Afghanistan is anyone paying attention to the push for another government agency? The Consumer Financial Protection Agency is on the way. “* Dodd Backs Obama proposal to create agency to regulate credit cards, mortgages, other financial products, by Greg Knapp BIGGOVERNMENT (Read More)

October 2009

Green$ense rewards customers cash for reducing paper-based payment transactions

Launched in October 2008, Green$ense rewards customers 10 cents for each electronic payment they make, up to $10 per month and $120 per year. In addition to the economic benefits provided during its first year, Green$ense has provided significant benefits to the environment, according to Cooler, Inc., including:

• More than 840,000 gallons of water saved
• Nearly 90,000 pounds of paper saved
• More than 1,000 trees saved
• Nearly three million pounds of carbon dioxide emissions prevented

Source: Citizens Financial Group; Citizens Financial Group rewards customers $5 million through Green$ense

September 30, 2009

Privier Enhances Its Patented Global Payments FormFree System

Press Release: Privier Enhances Its Patented Global Payments FormFree System
Privier enhances its patented Global Payments FormFree system to include “international county calling codes” to streamline the selection of the country where cash is to be sent to, at the ATM.

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