Acculynk received a patent for its PaySecure technology, which protects the use of merchant near field communication (NFC) devices when prompting consumer NFC devices to enter a personal identifier. Nandan Sheth, President and Chief Operating Officer of Acculynk, said, "With the expected explosive growth of NFC transactions, combined with the need to reduce fraud, this patent holds tremendous value to Acculynk, merchants and consumers that want to pay with their smartphones."
Responding to a Zhejiang Price Bureau fine targeting pricing by third-party sellers, Alibaba Group Holding Ltd. stated its marketplaces "are designed to bring buyers and sellers together and, while pricing by third party sellers is done independent of Alibaba, we are strongly committed to protecting consumers. Thus, we will be reinforcing pricing rules and regulations with our sellers in our daily operations and emphasizing these rules well in advance."
First Data Corp. was named one of the best employers for veterans by Military Times in its Best for Vets: Employers 2015 list. The rankings were based on employee boarding, company training, Guard and Reserve member policies, and military spouse support, among other factors. First Data was in the Top 20 of the nearly 80 firms on the list.
IdentityMind Global, provider of risk management and anti-money laundering solutions, added a new office based in Spokane Valley, Wash. "Washington's location provides a wealth of untapped financial services talent, activities and a vibrant community, making it a great addition as we begin our strategic expansion," said Garrett Gafke, CEO and President of IdentityMind Global.
Ingo Money provided eligible MasterCard Prepaid cardholders with the capability to cash checks to their cards via mobile devices. Cardholders can now download the Ingo Money app to their smart phones from the Apple Store or Google Play, capture check images and, if approved, either cash the checks directly to their cards or have funds loaded at no charge to their cards in 10 days.
NACHA – The Electronic Payments Association picked its top 50 Originating Depository Financial Institutions and Receiving Depository Financial Institutions for 2014. It also named the recipients of its 2015 Payments System Awards, which recognize the highest degree of achievement in the development, implementation and advancement of electronic payments. Top award recipients included the New York City Department of Finance, Verifone Inc. and Wells Fargo & Co.
National Association of Federal Credit Unions President and CEO Dan Berger testified before the House Small Business Committee on cyber and data security at the "Small Business, Big Threat: Protecting Small Businesses from Cyber Attacks" hearing in Washington, D.C. On behalf of NAFCU members, Berger sought action from Congress to enact comprehensive cyber and data security measures to protect consumer data.
The nonprofit association, North American Merchant Advance Association, which helps influence the small business alternative financing industry through best practices guidance, leadership, education and risk monitoring tools, changed its name to the Small Business Finance Association. The SBFA expects to release an updated version of its best practices soon and welcomes inquiries at www.sbfassociation.org.
The NFC Forum released the Signature Record Type Definition (RTD) 2.0 technical specification. Signature RTD 2.0 provides developers with a way for users to verify the authenticity and integrity of data within NFC Data Exchange Format messages, the means by which NFC devices and tags exchange information, the forum said. The specification is available for download at http://nfc-forum.org.
To help ISO partners with cross-selling products and services, and stem merchant attrition, PayProTec launched a web portal giving merchants at-a-glance access to an array of small business tools and benefits. Users can take advantage of four features including customer management insights and reporting, ready access to products and benefits, a resource library with hundreds of small business articles and insights, and a custom loyalty merchant reward program, PayProTec noted.
SecurityMetrics completed testing of the Payment Card Industry (PCI) scanning vendor program and recertified as an Approved Scanning Vendor for the 10th consecutive year. SecurityMetrics' award-winning external vulnerability scanning services help businesses identify external network weaknesses, such as web server misconfiguration and vulnerable Secure Sockets Layer versions, which could allow attacker access to a business network, the company stated.
The not-for-profit Third Party Payment Processors Association congratulated its first bank member, National Bank of California, and first payment processor member, Realtime Electronic Payments (REPAY) for completing the association's Compliance Management System (CMS) Certification Audits. CMS is the TPPPA's best practices guidance program created for its members.
EKN's 2015 Retail POS Blueprint report stated 40 percent of respondents surveyed feel existing POS systems do not support buoyant customer and technology growth, 36 percent need new POS systems for faster and easier customer service, and 34 percent need upgraded POS systems due to growing consumer dependence on mobile devices. Four key retail areas were identified, including unified mobility; Europay, MasterCard and Visa (EMV) migration; omnichannel POS functionality; and new payment methods and platforms.
The EMV Migration Forum released a white paper and educational resource on the best practices for authentication methods and fraud tools to secure the card-not-present (CNP) channel as the U.S. migrates to chip technology. The paper, titled Near-Term Solutions to Address the Growing Threat of Card-Not-Present Fraud, was developed by the forum's CNP Fraud Working Committee.
After analyzing sources on mobile commerce, demographics and payment trends, Mercator Advisory Group stated in its Apple Pay at Six Months: A Medium-Term Outlook research note that writing off Apple Pay for slow initial adoption is a miss. "Apple Pay's elimination of the inconvenience of entering card numbers to complete purchases on smart phones and tablets will hasten mobile's growing dominance of the overall e-commerce pie, which continues to expand," said Nikhil Joseph, Emerging Technologies Analyst at Mercator and author of the note.
Conducted for the third consecutive year by Kount Inc., CardNotPresent.com and The Fraud Practice LLC, the 2015 Mobile Payments & Fraud Survey analyzed fraud and the mobile channel in addition to uncovering trends in payments, new technology adoption and fraud prevention strategies. Conducted from November 2014 to January 2015, the survey integrated results from 2,000 respondents in different payments, risk management and mobile industries.
Symantec Corp. noted that its Internet Security Threat Report, Volume 20 exposes a tactical shift by cyber attackers, indicating they are infiltrating networks and evading detection by hijacking major corporate infrastructures and using them for fraudulent purposes. "We're seeing attackers trick companies into infecting themselves by Trojanizing software updates to common programs and patiently waiting for their targets to download them – giving attackers unfettered access to the corporate network," said Kevin Haley, Director for Symantec Security Response.
Acculynk partnered with LendUp, a San Francisco-based financial technology company, to support the mission of providing credit building opportunities to consumers across the country who may not have access to traditional credit facilities. Acculynk's payment platform and LendUp's instant decision engine will create an environment where mobile devices are able to become virtual mobile banks for these individuals, the companies stated.
American Express Co. and Jawbone partnered to offer eligible U.S. AmEx Card 1 Members the ability to tap to pay with the new Jawbone UP4 fitness tracker anywhere AmEx contactless payments are accepted in the United States. According to the companies, the partnership and product launch marks the first time consumers can use a wearable fitness tracker with an embedded NFC chip for AmEx payments, redefining what is possible with a 24/7 activity tracker.
Fraud prevention and risk management company, Early Warning Services LLC, strategically aligned with BioCatch Ltd., provider of behavioral biometrics, authentication and malware detection. Through this collaboration and Early Warning's consortium model, financial services organizations can now gain and share behavioral intelligence to improve visibility of digital threats to reduce new account fraud and account takeover while simultaneously improving the user experience, the companies reported.
Blue Star Payment Solutions LLC entered into an affinity referral relationship and sponsorship agreement with The Dallas Entrepreneur Center (The DEC) for the 1 Million Cups initiative founded by the Kauffman Foundation, which is hosted at The DEC. Blue Star said the partnership will offer entrepreneurs affiliated with The DEC and its sister branch Addison Treehouse access to low-cost solutions for payment acceptance. Solutions include retail, e-commerce and mobile solutions; POS systems; security and encryption products; and working capital.
EVO Payments International partnered with Boomtown to provide push button information technology (IT) support for POS developers and small to midsize business customers. EVO stated that through the partnership, independent software vendors who integrate with the EVO Snap platform will gain access to a full spectrum of on-demand deployment and IT support services for customers through Boomtown's nationwide support network.
Linked2pay and payment processor, SourceHOV LLC agreed to expand existing accounts receivable and payable services to include integrated, cloud-based remittance and payables solutions. The linked2pay portal with SourceHOV Document DNA repository delivers bills through email, web, mobile, and interactive voice response channels. Payment options include the linked2pay ACH gateway and direct credit card gateway integration.
MyECheck Inc. partnered with AuthenticID to provide automated forensic document authentication. AuthenticID's CatfishAIR identity authentication solution will be integrated into MyECheck's mobile payment product. In addition, MyECheck contracted with Elite Tech Help. Under the terms of the agreement, Elite will use MyECheck's electronic check bank transfer system as a lower cost, more secure and faster method to collect payment, MyECheck noted.
Nexcess, in collaboration with the Magento development agency Human Element, released the Sentry Magento plugin infusing two-factor authentication capabilities into the e-commerce solution. The partnership provides Magento with the most popular two-factor authentication service providers, including Google Authenticator and Duo Security, adding extra protection to make Magento store breaches more difficult, according to the companies.
Identity security company Ping Identity Corp. partnered with UnboundID Corp. to resell components of UnboundID's identity and preference management platform. Ping Identity said the agreement will allow the companies to offer a combined directory and single sign-on solution that will enable businesses to provide customers with secure, convenient access to applications anytime, anywhere from any device.
POSsible POS Inc. reported it extended distribution of its innovative POS software and hardware solution though a new partnership with North American Bancard. Using the NAB front-end gateway, Velocity Exchange, the joint effort provides businesses with the complete POS and merchant processing solution in a feature-packed, competitively priced offering nationwide through NAB's extensive agent and ISO reseller base, POSsible stated.
Fort Lauderdale, Fla.-based United TranzActions signed with Miami-based, DadeSystems to further expand UTA's payment processing offerings using DadePay AR Automation receivables management system and DadePay e-payments, the company's electronic bill presentment and payment solution. Through the agreement, UTA clients will receive cutting-edge features including the ability to accept payments in any form and match those payments to open AR invoices, the companies noted.
In addition to expanding its Nashville, Tenn., headquarters, Charge Payment LLC acquired property payment and software provider RentShare Inc., complementing its 2014 acquisition of Data Business Systems. Charge Payment also changed names to i3 Verticals LLC. Greg Daily, founder and CEO of i3 Verticals, said, "These acquisitions underscore our commitment to investing in growing industry verticals such as education, property rentals, government taxes, utilities, nonprofits, and healthcare."
CO-OP Financial Services signed an agreement to purchase from a subsidiary of Fidelity National Information Services Inc. shares in Everlink Payment Services Inc. The transaction gives CO-OP majority ownership of the Canadian payment solutions and services provider. Everlink serves credit unions, banks and ISOs in Canada. Transfer of Everlink shares is subject to contractual closing conditions.
Securus Technologies Inc. reported it signed a definitive stock purchase agreement to acquire JPay Inc., a technology company that introduced electronic payments, email, and a host of entertainment and educational related apps to the corrections space. JPay operates in more than 33 state prison systems. The transaction is expected to close in the second or third quarter of 2015.
Ripple Labs (formerly OpenCoin) appointed Brad Garlinghouse as the company's first Chief Operating Officer. The former Hightail CEO and longtime Yahoo! executive brings a rich history of disciplined growth and execution to the newly created Ripple Labs position, Ripple said. Prior to his service at Hightail, Garlinghouse was the President of Applications and Commerce at AOL. He also held a number of senior roles during his six-year tenure at Yahoo!
i3 Verticals added Joe Jorling to its executive staff as COO. The company noted that Jorling has over 20 years of experience in all aspects of merchant acquiring and card processing, most recently as Senior Vice President of iPayment Inc. Before working for iPayment, Jorling served as Senior Vice President and Division Manager of Imperial Bank (now Comerica Bank).
LevelUp recently appointed Phil Purcell to its board of directors. Purcell is the President of Continental Investors LLC and was previously chief CEO of Morgan Stanley, as well as one of the founders of Discover Financial Services. Purcell is tasked with helping LevelUp continue to scale its mobile payment and loyalty network, leveraging his extensive experience in payments and managing large, fast growing firms.
SignaPay CEO and founder John Martillo appointed Andres Ordonez to the company's executive leadership team as the CTO. Martillo noted that Ordonez brings an array of skills specific to technology innovation, project management, software development, and clearing and settlement platforms, as well as leadership qualities needed to meet the demands of consumer and partnership growth.
Merchant Customer Exchange (MCX), developer of the CurrentC mobile payment platform, appointed financial services and payments industry veteran Brian V. Mooney as its Interim CEO. Mooney succeeds Dekkers Davidson, who left MCX to pursue other opportunities. Most recently, Mooney was CEO and a board member of Bank of America Merchant Services, one of the largest U.S. acquirers, serving a significant segment of large U.S. merchants and handling billions of transactions annually.
Worldpay US reported it hired Michael Wasserfuhr as Chief Financial Officer, a strategic decision made while the company continues to expand its footprint and workforce. Worldpay US President and CEO Tony Catalfano said, "Michael's extensive expertise in finance and technology will help us keep our customers ahead as the leaders in modern money and continue our rapid growth."
Sionic Mobile appointed Spencer White as its COO and Executive Vice President of Business Development. White co-founded the Softcard mobile wallet (formerly known as Isis), whose technology was purchased by Google Inc. Previously, White served as Director of Mobile Financial Services for AT&T, leading the company's strategy and product efforts.
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