A summary of the 1,000-page Dodd-Frank Wall Street Reform and Consumer Protection Act was released by InformationWeek Financial Services. At fewer than 40 pages, the "cheat sheet" summarizes the law's rules and definitions. Using layman's terms, the report outlines the law's impact on technology organizations and highlights key deadlines.
"The law contains new rules for derivatives clearing, mortgages, executive compensation, credit cards, proprietary trading, consumer protections and more," said Greg MacSweeney, Editorial Director for InformationWeek Financial Services.
The summary can be downloaded at www.banktech.com/dodd-frank.
Online information service LexisNexis launched a comprehensive retail fraud prevention management suite. The software and services are intended to protect retailers from fraudulent card-not-present orders. The suite integrates its front-end identity fraud risk scoring with a workflow platform and fraud analyst review system, giving merchants the ability to assess order risk at the transactional level.
The field for such fraud-prevention services is crowded, with comparable scoring and fraud-detection services available from LexisNexis partners Kount Inc., CyberSource Corp., Retail Decisions PLC, Digital River Inc., 41st Parameter Inc., Accertify Inc., Fidelity National Information Services Inc., ThreatMetrix Inc. and others. The LexisNexis software integrates with the company's public records database and its data-linking technology. LexisNexis Retail Fraud manager is a hosted service.
In a desire to keep current and remain relevant, W-net's Senior Leadership Team decided to change the association's name from Women Networking in Electronic Transactions to Women's Network in Electronic Transactions, as well as change its website address to www.wnetonline.org. Additionally, changes to the website format offer greater usability and provide access to more information, said Kim Fitzsimmons, President of Women's Network in Electronic Transactions.
"As the year progresses, we will be providing even greater information to our members to include access to articles of interest on professional development and career progression," Fitzsimmons added.
The association's next Super LINC event is scheduled for May 9, 2011, in conjunction with the Electronic Transaction's Association's Annual Conference & Expo in San Diego. The event, entitled Next Gen Leaders: Navigating Your Way to the Corner Office, will feature a panel discussion with industry leaders and professionals who will share success stories and tell how they were able to propel themselves into the corner office.
Retailer Abercrombie & Fitch Co. implemented the Interceptas fraud prevention platform from Accertify. The retailer operates more than 1,000 apparel stores worldwide.
Certified Payment Processing relocated to larger offices in Carrollton, Texas, to accommodate all of its sales divisions, administration and support staff. Two divisions, TransTech Merchant Group and Summit Merchant Solutions, experienced significant growth recently, CPP said. A third sales division, ISIS Direct, was launched in 2010, and a fourth is planned for launch in late 2011, the company added.
Jeffrey Shavitz, a founder of Charge Card Systems Inc., member of The Green Sheet Advisory Board and the First Data Corp. ISO Advisory Board, talked risk at the Southeast Acquirers' Association's Annual Seminar. In the breakout session entitled The Ins and Outs of High Risk Merchant Processing, Shavitz shared insights on chargeback ratios, benefits of domestic versus off-shore solutions, funding delays, industry types that typically are considered high risk, and monetary reserves.
The Technology Association of Georgia named ControlScan Inc. one of the Top 10 Innovative Technology Companies in the state. The award recognizes companies for innovation and financial impact. ControlScan provides Payment Card Industry (PCI) Data Security Standard (DSS) compliance services.
Dovetail Systems Inc. received the XCelent Award for Advanced Technology in Celent LLC's recent report on payment services hubs.
The Dovetail hub automates a range of payments, including bulk automated clearing house (ACH) and global real-time gross settlement.
For its 1,200 retail outlets, German drugstore chain dm-drogerie markt GmbH + Co. KG bought 3,700 Artema Hybrid payment terminals from Hypercom Corp. The terminals accept both mag-stripe and contactless payment cards.
Ingenico said its shipments of terminals with near field communication (NFC) contactless technology doubled in 2010. During the calendar year, 21 percent of Ingenico terminals sold to merchants were equipped with NFC technology, up from approximately 14 percent the prior year.
The Merchant Risk Council awarded its first annual MRC Emerging Technology Award, or METAward, to Silver Tail Systems Inc. The company's forensics product was judged the most innovative payment, fraud and security tool in e-commerce. The judging was done by a panel of online and multichannel merchants.
Web portal MobileWayToPay.com debuted in March 2011. The site tracks mobile and NFC developments, technology advancements, new entrants to the mobile payments arena and new payment options for consumers.
Lawrence J. Petru, former President of Delta Card Services (doing business as Merchants' Choice Cards Services), launched Redstone Payment Solutions LLC. Headquartered in Houston, Redstone is a registered ISO/MSP of Wells Fargo Bank N.A. Petru retired from MCCS in 2009.
Anticipating that the U.S. marketplace will migrate to chip and PIN-based technology, payments software provider SmartSoft US LLC opened two new sales and technical support centers in North America. The centers are located in Toronto and Portland, Ore. SmartSoft, which also provides card issuance services, was founded in 2001 to develop Europay/MasterCard/Visa (EMV) compliant payment software.
Colorado-based ISO All About Merchants became certified with Merchants Against Unfair Interchange, an organization that invites processors to take an oath regarding interchange fee practices and to then use third-party monitoring.
In a new distribution agreement, BlueStar Inc. added payment systems from Hypercom to its product portfolio. BlueStar now distributes the Optimum T4220 Ethernet with dial terminal, the L5300 multilane system, the M5000 and the IntelliNAC network access controller.
Wheeling, Ill.-based document management technology provider Böwe Bell + Howell and Oxford, England-based telecommunications consultancy The Human Chain signed an agreement for the companies to collaborate on projects designed to deliver new services in the loyalty, membership payment and access control markets using smart phones, payment cards, microSD chips and chip-enabled stickers.
FamilySearch International signed a pilot agreement with U.S. Bank to evaluate Secure Vault Payments as an online payment option for the website's patrons wishing to make donations. FamilySearch is the first nonprofit to use SVP. Co-developed by NACHA - The Electronic Payments Association and eWise, SVP is now a private commercial payment network.
Fifth Third Processing Solutions LLC now offers dynamic currency conversion (DCC) to its ATM terminal and processing clients. The Pay in Your Currency service is powered by Planet Payment Inc. and allows international cardholders to choose the DCC option at the time of cash withdrawal. Fifth Third began offering Planet Payment's DCC service to retail clients in 2004.
Nine credit unions recently signed with Fiserv Inc. for account processing. New clients include Greater Norwalk Area Credit Union Inc., Connects Federal Credit Union, Clinchfield Federal Credit Union, Healthcare Plus Federal Credit Union, Miami Federal Credit Union, Avanti Federal Credit Union, Local 170 Teamsters Federal Credit Union, First Choice Credit Union and USDA Credit Union.
Integrated Business Solutions picked CheckAlt Payment Solutions to supply remote deposit capture to its business customers. IBS provides card processing and ACH services to 10,000 merchants in North America.
Open payments platform IP Commerce Inc. is offering ReD Shield fraud prevention technology from Retail Decisions Inc. to IP's merchants. With ReD, IP Commerce is targeting tier two and three retailers to provide real-time fraud detection using an unlimited number of variables and a global database of fraud-ulent cards.
Litle & Co. partnered with Visa Inc.'s CyberSource for fraud detection. Litle chose CyberSource's Decision Manager as the preferred fraud detection system to offer its portfolio and e-commerce merchants.
Payment gateway provider Maas Global Solutions Inc. chose ThreatMetrix to provide online fraud detection services to its Paymentsite.com customers. The Paymentsite.com gateway is integrated with WorldPay US Inc., TSYS Merchant Solutions and Chase Paymentech Solutions LLC, among others.
Merchant e-Solutions Inc. became the exclusive provider of payment processing services for Infogroup. MeS will provide gateway, tokenization and web-based reporting services.
Monitise PLC said its Asia-Pacific joint venture signed memorandums of understanding (MoUs) with two companies in China: mobile payment provider Handpay and loyalty management company China Rewards. The MoUs signify Monitise's agreement to help the companies deliver new mobile services to customers inside and outside China.
Pivotal Payments is deploying electronic funds transfer (EFT) software from Fidelity National Information Services Inc. (FIS) to support Pivotal's HD3 merchant services processing platform. The software provides access to real-time data, reportedly enabling tougher fraud protection measures. The combination of FIS' EFT software and Pivotal's internal systems creates a fully integrated North American back-end and back-office processing system, according to Pivotal.
Security Card Services LLC engaged Preston Todd Advisors to identify merger targets. Oxford, Miss.-based Security Card intends to grow its merchant processing business through acquisitions.
Shift4 Corp. integrated with the Computerized Valet Parking System from Service Tracking Systems Inc. to allow mutual customers to process parking payments through Shift4's gateway. Hotel guests' charges can be billed directly to rooms and non-guests can be charged immediately through the hotel's POS system.
United Way of Central Virginia enlisted Obopay Inc. to power a text-to-donate mobile service and to enable online donations. The regional chapter expects the service to help it meet its annual goal of $3.4 million in donations.
Realtime Electronic Payments (REPAY) acquired the merchant card portfolio and related assets of Chicago-based National Translink Corp. The deal added 1,450 merchants to REPAY's existing network of 5,000 merchant locations.
ControlScan hired Joe Baker as Vice President of Business Development for North America. He is responsible for developing partnerships with processors and merchant banks. Previously, Baker was Senior Vice President at CRE Secure Payments LLC.
Applied Merchant Systems West Coast Inc. elected Chuck Burtzloff Chairman of its board of directors. A former President of the Electronic Transaction Association, Burtzloff founded Cardservice International and was its Chief Executive Officer from 1988 until its sale to First Data Corp. in 2001. He joined the AMSWC board in October 2010.
First Data appointed John Elkins President of its business operations in Europe, the Middle East, Africa, Asia Pacific and Latin America. Elkins has been the company's Chief Marketing and Strategy Officer since joining the company in 2009. He joined First Data from McKinsey and Co., where he was a senior advisor.
Clearent LLC hired Terry Nawara as Vice President of Business Development. Based in Sacramento, Calif., she is responsible for growing partnerships with new ISOs and financial institutions on the West Coast. Nawara was a founding member and Director of Sales at POS Portal Inc.
Craig Roberts of the Utah Transit Authority was named Chair of the Smart Card Alliance Transportation Council for 2011/2012.
Transit Vice Chairs are Gerald Kane of Southeastern Pennsylvania Transportation Authority and Mike Nash of Affiliated Computer Systems Inc., a Xerox Co. Parking Vice Chair is Peter Burrows of Parkeon Inc.
The Council's 15-member steering committee includes Faye Surrette of MasterCard Worldwide, Sandy Thaw of Visa and Mike Meringer of VeriFone Systems Inc.
Bell ID, which provides smart token management products, appointed David Worthington as Principal Consultant for Payments and Chip Technology. Previously, he was a payments and EMV consultant with Aconite.
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