Thursday, June 30, 2011

Mobile Money Industry Looks Ahead to a Crucial Year

4 hours ago
LIVE FROM GSMA MOBILE MONEY SUMMIT 2011: 
Representatives from the banks, operators and payments networks closed this year’s Mobile Money Summit, agreeing that the next 12 months could be a crucial period for the evolving mobile payments market. “Over the next 12 months we will see a significant amount of momentum, but we’ll also need to agree on a set of standards and a single standard eco-system,” said MasterCard’s Rajen Prabhu. This was a theme also taken up by the RBS’ Ron Karpovich – representing the banks – who warned that the industry should guard against a fragmented approach. “It’s like we’re all building ATM machines with different functionality,” he said. “Business cases will all work better if they can interact with each other.”
With regards to NFC, the panellists agreed that there is likely to be different implementations of the technology depending on the market. Karpovich also predicted that some “very large consumer merchants” could start accepting NFC payments over the next 12 months.
Representing the operators, KDDI’s Yasuyuki Koide said he was “concerned that so many things are on the table right now; are we confusing customers?”
The issue of trust was also identified as something that needs to be addressed. “What been working so far has been transactions between two people that know each other,” said MasterCard’s Prabhu. “That works because there is trust. But that exact same pipe is not working for other payments. We need a universal payment marque and a security marque.”

China UnionPay and MasterCard Sign Payment Gateway Service Agreement

CORRECTION...by MasterCard Worldwide
SINGAPORE--(BUSINESS WIRE)--Second graph, second sentence of release should read: The areas of cooperation included within the scope of the Addendum and Payment Gateway Service Agreement are related to cross-border transactions and not domestic transactions (sted The areas of cooperation included within the scope of the Addendum and Payment Gateway Service Agreement are related to cross-border transactions and not domestic transaction).
The corrected release reads:
CHINA UNIONPAY AND MASTERCARD SIGN PAYMENT GATEWAY SERVICE AGREEMENT
China UnionPay (UnionPay) and MasterCard Worldwide recently signed a Payment Gateway Service Agreement that will enable MasterCard’s e-commerce platform to accept UnionPay Cards. Under the agreement, both UnionPay and MasterCard will cooperate to configure their respective systems to equip the MasterCard Payment Gateway with the ability to process transactions made using UnionPay Cards for e-commerce merchants outside of mainland China. Present at the signing ceremony were Su Ning, Chairman, China UnionPay; and Xu Luode, President and Chief Executive Officer; Ajay Banga, President and Chief Executive Officer, MasterCard Worldwide; and Vicky Bindra, President, Asia/Pacific, Middle East & Africa, MasterCard Worldwide.
Additionally, UnionPay and MasterCard announced that both parties have signed an Addendum to extend the term of their existing Memorandum of Understanding (MOU). The areas of cooperation included within the scope of the Addendum and Payment Gateway Service Agreement are related to cross-border transactions and not domestic transactions. The aim of the MOU is for the establishment of a mutually beneficial relationship to explore future business development. Among other areas, UnionPay and MasterCard will work together towards exploring mutually beneficial solutions to innovative payment businesses.
The Addendum and Payment Gateway Service Agreement reinforces UnionPay and MasterCard’s cooperation to provide more efficient and value-added services for cardholders.
About China UnionPay
As the bankcard association in China, China UnionPay operates the national inter-bank clearing and settlement system, develops the worldwide UnionPay Card acceptance network, promotes the issuance and usage of the UnionPay Card as well as other innovative payment solutions, so as to provide quality, efficient and safe payment services to cardholders. To date, the total number of the UnionPay Card issued both at home and aboard has exceeded 2.5 billion. The UnionPay network has been extended to all the cities and rural areas in China. In addition, China UnionPay has enabled the UnionPay Card acceptance over 110 countries and regions through extensive cooperation with about 400 financial institutions around the world. Additional information may be found atwww.unionpay.com
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 160 million transactions per hour, with an average network response time of 130 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl®. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.

Contacts

China UnionPay Branding and Marketing Department, +86-21-5036 2000
or
MasterCard Worldwide
Georgette Tan, +65 6390 5971
georgette_tan@mastercard.com
or
MasterCard Worldwide
Jennifer Stalzer, 914 249 5325
jennifer_stalzer@mastercard.com
or
Weber Shandwick
FangTing Zheng, +65 6825 8031
fzheng@webershandwick.com

First Data Comments on Federal Reserve Board’s Final Debit Rules

http://www.firstdata.comATLANTA--(EON: Enhanced Online News)--First Data is now reviewing and analyzing the final rules published today by the Federal Reserve Board regarding debit card interchange, network exclusivity and routing under Section 1075 (“Durbin Amendment”) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“Our company has always advocated for increased competition in the payments marketplace”
“Our company has always advocated for increased competition in the payments marketplace,” said Ed Labry, president, First Data North America. “As a leading acquirer in the payments industry, over the last year we have invested in new programs and technology on behalf of our financial institutions and merchant customers in the United States to comply with the changes resulting from the new regulations. These include reinvesting in the STAR Network; routing programs to negotiate effectively with other payment networks; and near-field communications (NFC) technology for use at the point-of-sale for the future of payments acceptance.”
First Data is in a unique position to bring innovative solutions to the payments market because we serve both merchants and card issuers as well as operate the STAR Network, one of the nation’s leading PIN debit networks. No other company in the payments industry has the kind of scale and breadth of solutions that First Data offers.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.

Contacts

First Data
Nancy Etheredge, 402-222-6214

Western Union Launches the "Money Transfer Receive Card"

Western Union Launches a New Way to Receive Money Transfers Sent from around the Globe

Money Transfer Receive Card Provides Multiple Benefits to Consumers
ENGLEWOOD, Colo.--(BUSINESS WIRE)--The Western Union Company (NYSE:WU), a leader in global payments, announced today a convenient new way to receive Western Union Money Transfer® transactions with the launch of the Western Union Money Transfer Receive Card.
http://www.westernunion.com“This new Receive Card delivers what consumers need and want: convenient, fast and reliable money-management solutions”
The innovative new card gives consumers a simple way to receive money transfers. All they have to do is pick up a card at a select Western Union® Agent location in the U.S. and complete the transaction to receive a money transfer online or over the phone. The process is seamless and can be completed quickly, with no forms to fill out.
“This new Receive Card delivers what consumers need and want: convenient, fast and reliable money-management solutions,” said David Yates, President, Business Development and Innovation, Western Union. “And for our Agents, it offers an efficient means for handling transactions with minimal effort and expense while driving foot traffic and revenue.”
Western Union will begin offering the cards at select Western Union Agent locations this summer.
Once activated, the Money Transfer Receive Card can be used anywhere Debit MasterCard® is accepted worldwide, including online as well as at ATMs for cash withdrawals. Funds on the card are protected by the MasterCard zero-liability policy, an added convenience for consumers who may not wish to carry cash.
The Money Transfer Receive Card can be upgraded to allow the cardholder to add funds to the card and receive additional money transfers on the card in the future.
The card is now available in the U.S. for money transfers sent from anywhere in the world, including from within the United States. The card can be found at participating Western Union Agent locations, including those offering the Money Transfer By Phone and Western Union goCASHSM services.
When coupled with the innovative Western Union goCASH service, the Money Transfer Receive Card offers retailers who cannot support Western Union’s traditional full-service options new access to Western Union’s network. The goCASH service allows people to purchase a card at checkout at select retailers nationwide and complete a money-transfer transaction later via phone or online.
The Western Union Money Transfer Receive Card
Benefits to Consumers:
  • Simple and convenient way to receive money
  • No forms to complete
  • Cards are accepted anywhere Debit MasterCard® is accepted worldwide including online as well as withdrawing cash at ATMs
  • Card can be upgraded by the consumer to become reloadable
  • Ability to manage the card account both online and over the phone
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. The Western Union, Vigo and Orlandi Valuta branded services are offered through a combined network of 455,000 Agent locations in 200 countries and territories. In 2010, The Western Union Company completed 214 million consumer-to-consumer transactions worldwide, moving $76 billion of principal between consumers, and 405 million business payments. For more information, visit www.westernunion.com.
WU-F, WU-G
Notes:
  • ATM withdrawals limited to $500/day. The combination of ATM transaction fees and currency denominations available at a particular ATM may prevent you from accessing the Card’s entire principal balance in cash.
  • The MasterCard Zero Liability policy covers U.S.-issued cards only and does not apply to ATM transactions, PIN transactions not processed by MasterCard, or certain commercial card transactions. Cardholder must notify issuer promptly of any unauthorized use. Consult issuer for additional details or visit www.mastercard.com /security. Refer to Cardholder Agreement for fees on card use, replacement and card account closure.
  • Common card fees include: $1.95 ATM Withdrawal Fee (plus applicable ATM operator fees), $0.45 ATM Inquiry/Decline Fee, $2.50 monthly Inactivity Fee after 12 months of non-use and a $4.95 Reload Fee. Additional fees could include Re-issue card fee of $5, Bank to card transfer fee of $1, paper statement fee of $3, and currency conversion gains and fees. See Cardholder Agreement for a complete description of fees.

Contacts

Western Union
Media
Kristin Kelly, 720-332-4751
Kristin.kelly@westernunion.com
or
Investors
Mike Salop, 720-332-8276
mike.salop@westernunion.com

Wednesday, June 29, 2011

Fed Doubles .12 Cent Debit Cap to .24 Cents...

After proposing a .12 cent debit fee, the Fed raised its proposed cap on interchange to 21 cents, plus 0.05 percent of the transaction amount and 1 cent to cover protecting against fraud.   The Fed said it will allow banks to charge a maximum of 24 cents per transaction, on average.  According to the Fed's December study, banks charge an average of 56 cents on debit card transactions that require a customer's signature for authorization, compared to 23 cents for the more secure PIN payments.  Here's the Federal Reserve's Press Release:
Release Date: June 29, 2011
For immediate release

The Federal Reserve Board on Wednesday issued a final rule establishing standards for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions. This rule, Regulation II (Debit Card Interchange Fees and Routing), is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Debit card interchange fees are established by payment card networks and ultimately paid by merchants to debit card issuers for each electronic debit transaction. As required by the statute, the final rule establishes standards for assessing whether debit card interchange fees received by debit card issuers are reasonable and proportional to the costs incurred by issuers for electronic debit transactions. Under the final rule, the maximum permissible interchange fee that an issuer may receive for an electronic debit transaction will be the sum of 21 cents per transaction and 5 basis points multiplied by the value of the transaction. This provision regarding debit card interchange fees is effective on October 1, 2011.

The Board also approved on Wednesday an interim final rule that allows for an upward adjustment of no more than 1 cent to an issuer's debit card interchange fee if the issuer develops and implements policies and procedures reasonably designed to achieve the fraud-prevention standards set out in the interim final rule. If an issuer meets these standards and wishes to receive the adjustment, it must certify its eligibility to receive the adjustment to the payment card networks in which it participates. Comments on the interim final rule are due by September 30, 2011. The fraud-prevention adjustment is effective on October 1, 2011, concurrent with the debit card interchange fee limits. The Board will re-evaluate this adjustment in light of feedback received during this comment period.

When combined with the maximum permissible interchange fee under the interchange fee standards, a covered issuer eligible for the fraud-prevention adjustment could receive an interchange fee of up to approximately 24 cents for the average debit card transaction, which is valued at $38.

In accordance with the statute, issuers that, together with their affiliates, have assets of less than $10 billion are exempt from the debit card interchange fee standards. To assist payment card networks in determining which of the issuers are subject to the debit card interchange fee standards, the Board plans to publish by mid-July and annually thereafter lists of institutions that are above and below the small issuer exemption asset threshold. Also, the Board plans to annually survey the networks and publish a list of the average interchange transaction fees each network provides to its covered and exempt issuers. This information should enable issuers, including small issuers, to more readily compare the interchange revenue they would receive from each network.

The final rule prohibits all issuers and networks from restricting the number of networks over which electronic debit transactions may be processed to less than two unaffiliated networks. The effective date for the network exclusivity prohibition is April 1, 2012, with respect to issuers, and October 1, 2011, with respect to payment card networks. Issuers of certain health-related and other benefit cards and general-use prepaid cards have a delayed effective date of April 1, 2013, or later in certain circumstances.

Issuers and networks are also prohibited from inhibiting a merchant's ability to direct the routing of the electronic debit transaction over any network that the issuer has enabled to process them. The merchant routing provisions are effective on October 1, 2011.

The Board's notices for the final rule and the interim final rule that will be published in theFederal Register are attached.

Statement by Chairman Ben S. Bernanke

Statement by Vice Chair Janet L. Yellen

Interim final rule (114 KB PDF)

Final rule (742 KB PDF)2009 Interchange Revenue, Covered Issuer Cost, and Covered Issuer and Merchant Fraud Loss Related to Debit Card Transactions (134 KB)

For media inquiries, call 202-452-2955.
2011 Banking and Consumer Regulatory Policy

Mobile Money Forecast : $1 Trillion by 2015

Yankee Group Sees Global Mobile Transactions Exceeding $1 Trillion by 2015


Firm launches Mobile Money StrategiesTM to help industry players capitalize on the emerging opportunity.
BOSTON--(BUSINESS WIRE)--Yankee Group’s latest Mobile Money Forecast finds the value of global mobile transactions will grow from $241 billion in 2011 to more than $1 trillion by 2015, a CAGR of 56 percent. That growth, coupled with 500 million mobile banking users around the world in the same time frame, presents an enormous opportunity for both new and established players in the mobile money ecosystem. To help companies capitalize on this rapidly evolving opportunity, Yankee Group unveiled an innovative new service today called Mobile Money StrategiesTM.
 Yankee Group
“We are on the cusp of a burgeoning mobile money marketplace, one where first movers will gain a significant strategic advantage”



“We are on the cusp of a burgeoning mobile money marketplace, one where first movers will gain a significant strategic advantage,” said Gigi Wang, chief research officer at Yankee Group. “With consumers flocking to all things mobile, Mobile Money Strategies delivers the market intelligence and insights needed to profit from this revolution.”
Mobile Money Strategies is designed specifically to help retail banks, payment networks, mobile operators and other mobile money players implement, market and monetize successful mobile money strategies. It puts clients on the inside track of the mobile banking, mobile commerce, mobile coupon and mobile payment sectors and offers key insights into current and future mobile money adoption trends. The new service includes:
  • Actionable written research
  • Survey data showcasing consumer attitudes and behaviors
  • Market forecast data
  • Analyst insights via webinars and market perspectives
  • Focused executive events and peer exchange opportunities
Subscribers gain access to the latest Yankee Group Mobile Money Forecast and Survey findings, including:
  • Near field communications (NFC) is taking off. NFC-enabled phones will grow from just 7 million in 2011 to 203 million in 2015, a CAGR of 208 percent.
  • EMEA is the mobile money hot spot. In 2011, EMEA accounts for 41 percent of mobile transactions value, while North America accounts for 35 percent, Asia-Pacific 22 percent and Latin America just 1 percent.
  • Users are readily adopting mobile banking. Currently, 27 percent of all survey respondents use mobile banking—far more than use m-commerce (13 percent), mobile coupons (11 percent) and mobile payments (9 percent).
For more information on Mobile Money Strategies or to access a complimentary Mobile Money data snapshot, go to: http://yankeegroup.com/research/mobileMoneyStrategies.html
About Yankee Group
The people of Yankee Group are the global connectivity experts—the leading source of insight and counsel trusted by builders, operators and drivers of connectivity solutions for 40 years. With headquarters in Boston and London, Yankee Group has a global presence, including operations in the Middle East, Africa, Latin America and Asia-Pacific. Visit www.yankeegroup.com.

Contacts

Yankee Group communications
Ashlee Clevenger, +1-617-598-7268
mediarelations@yankeegroup.com

At A Glance

Yankee Group
Source: via Business Wire
Updated 01/20/2006 by company

Federal Reserve Memo and Full Length Report on Debit Regulations

June 29, 2011

The Federal Reserve has just made public its official plan for implementing debit card swipe fee reform as mandated by the Durbin Amendment. The full PDF of the regulations is available on PYMNTS.com:

Diners Club International® Ltd. and Russian Standard Bank Partner to Form New Franchise in Russia

RIVERWOODS, Ill. & MOSCOW--(BUSINESS WIRE)--Diners Club International® Ltd., a business unit of Discover Financial Services (NYSE: DFS), and Russian Standard Bank (RSB), a leading consumer lender in Russia, today announced an agreement to form a new Diners Club International franchise in Russia. RSB will assume all responsibility for the Diners Club brand and business in Russia and Ukraine in issuing and acquiring.



http://www.dinersclub.com
“We feel strongly that partnering with a reputable financial institution such as Russian Standard Bank, with their wealth of experience in both issuing and acquiring, will help us meet our aggressive growth goals in Russia.”
Russian Standard Bank is the largest credit card issuer in Russia with over 150 branches, 30 million customers and a strong reputation for innovation.
“This is the start of a great partnership and we are excited to be able to bring Diners Club to Russian customers. Our relationship with Diners Club International provides a unique offer to our merchant partners in our acquiring business. We look forward to working with our merchant partners to build the brand in the region,” said Dmitry Levin, Chairman of RSB.
As a globally recognized brand, Diners Club International is accepted in more than 185 countries and territories, millions of merchant locations and provides access to over 800,000 ATMs. The company offers best-in-class features and benefits and a network of unique customer and merchant services.
“The Russian and Ukrainian markets represent a great opportunity for a premium global payments brand like Diners Club,” said Rajive Chadha, President of Diners Club International. “We feel strongly that partnering with a reputable financial institution such as Russian Standard Bank, with their wealth of experience in both issuing and acquiring, will help us meet our aggressive growth goals in Russia.”
About Diners Club International
Diners Club International is owned by Discover Financial Services (NYSE: DFS), a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Established in 1950, Diners Club International became the first multi-purpose charge card in the world, launching a financial revolution in how consumers and companies pay for products and services. Today, Diners Club is a globally recognized brand serving the payment needs of select and affluent consumers, offering access to more than 400 airport lounges worldwide, and providing corporations and small business owners with a complete array of expense management solutions. With acceptance in more than 185 countries and territories, millions of merchant locations and access to over 800,000 cash access locations and ATMs, Diners Club is uniquely qualified to serve its cardmembers all over the world. For more information, visit www.dinersclub.com.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discoverfinancial.com.
About Russian Standard Bank
Russian Standard Bank was founded in 1999. Currently, Russian Standard Bank occupies a leading position in consumer lending. Within ten years, the Bank has created new standards of consumption in Russia. With its consumer lending programs, the Bank has attracted more than 30 million customers, and the volume of credit provided has exceeded 30 billion US dollars. During the last three years, Russian Standard Bank issued more than 30 million bank cards. In addition to credit and savings products, the Bank offers settlement products and services, namely: current accounts, payments and transfers and remote service channels. The Bank also focuses on innovative and technological services, providing Internet banking and Mobile banking services. Since 2005, the Bank has been issuing American Express Cards and acquiring merchants on to the American Express network in Russia. More detailed information is available at www.rsb.ru.

Contacts

Diners Club International
Laura Gingiss
224-405-0185
lauragingiss@discover.com
or
Russian Standard Bank
Artyom Lebedev
Office: + 7 495 797 84 20
Cell: + 7 985 997 18 04

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Bid to Block Debit Cap Turned Aside by U.S. Appeals Court

Unanimous Ruling Upholds April Debit Cap Decision 
(from Bloomberg on 6- 29-2011)

TCF Financial Corp.(TCB) failed to persuade a U.S. appeals court to block a federal regulation capping the fees the biggest U.S. banks can get from retailers for processing debit-card transactions....
 read more». 

Fed May Loosen the Debit Card Swipe Fee Rules to Help Banks

 Bank lobby says Fed has flexibility to limit cuts to fees they charge 
 (from MarketWatch on 6-29-2011) 
 
By Ronald D. Orol, MarketWatch

WASHINGTON (MarketWatch) — The Federal Reserve may provide some moderate relief to banks when it votes Wednesday afternoon to adopt a controversial debit-card rule that is set to shift billions of dollars in revenue from financial institutions to merchants.
read more»

Norton Warns About Lack of Smartphone Security

Norton Stresses On Smartphone And Tablet Security
(from IT Proportal at 29-6-2011)


Smartphone and tablet owners have been advised to take data security more seriously and install latest security software in their devices. According to tech website Code Stone, antivirus software developer Norton has encouraged mobile phone users for both personal and business purposes to take security of their devices very seriously. Con Mallon, director of regional product marketing at Norton stated that so far only 163 vulnerabilities have been noted in the last one year in comparison to 6,500 vulnerabilities for Microsoft’s operating system Windows and Apple’s iOS...read more»

http://www.itproportal.com/2011/06/28/norton-stresses-on-smartphone-and-tablet-security/#23#ixzz1QgehpkS9Windows operating system,... 



gotoBilling, Inc. Joins the Secure Vault Payments Network

Universal Payment Platform Adds Another Alternative Payment Option to its Merchant Customers

BOZEMAN, Mont.--(BUSINESS WIRE)--gotoBilling, Inc. announced today they will join the Secure Vault Payments® network and offer Secure Vault Payments through their resale partners to businesses throughout the United States in July.
http://www.ewise.com“By joining the Secure Vault Payments network, gotoBilling is able to provide its merchants with a lower cost and guaranteed alternative to credit card transactions”
Secure Vault Payments is a safe, secure and private online payment network developed by NACHA — The Electronic Payments Association® andeWise, a payments and online financial management solutions provider.
“Our connection to Secure Vault Payments complements our company’s focus on the advanced payment networks. This connection enhances a merchant’s payment options at lower costs than traditional methods which in this current economic environment creates immeasurable value to any business,” states Steve Roderick, CEO, gotoBilling, Inc.
The Secure Vault Payments (SVP) network links consumers, financial institutions, merchants and billers, providing value to all stakeholders in the payment chain. It gives financial institutions the only online payment option that provides real-time authorization of funds and guaranteed payments for ACH transactions at costs typically lower than traditional and other alternative payment methods. It is also the only payment option that offers consumers online payment choice without sharing any personal account information.
“By joining the Secure Vault Payments network, gotoBilling is able to provide its merchants with a lower cost and guaranteed alternative to credit card transactions,” said Richard Brierley-Jones, Senior Vice President of eWise. “Over time, we will enable businesses to connect with every bank consumer in the U.S. and give them the flexibility to make payments directly from their bank account.”
About gotoBilling
gotoBilling is an enhanced payment platform that provides processing versatility to professional and service related merchants. gotoBilling provides business users with a complete set of billing management tools designed to improve efficiencies and increased cash flow. gotoBilling users range in size from one person concerns to multi-national corporations. For the past decade gotoBilling has focused completely on the user experience and billing functionality and is proud to present the most complete, advanced and user-friendly interface available.
gotoBilling continues to enhance the platform with features that support a merchant’s payment management process. gotoBilling places a strong focus on providing added value coupled with the highest level of support for its end users. gotoBilling is headquartered in Bozeman, Montana. Development and support for the application is provided by gotoBilling employees located in Montana, U.S.A. by the same people who developed and continue to maintain and enhance the platform.
Secure Vault Payments® (SVP)
Secure Vault Payments is a safe, secure and private online payment network developed by NACHA — The Electronic Payments Association® and eWise, a payments and online financial management solutions provider. Secure Vault Payments enables consumers to initiate private and secure payments for purchases and bill payments through their financial institutions’ online banking platforms, using the ACH Network and eWise’s Online Banking ePayments technology. Financial institutions authenticate consumers and provide businesses with real-time authorization and confirmation of payment (ACH credit). To learn more, visit http://www.ewise.com/svp/.
eWise
eWise is partnering with NACHA to provide the Secure Vault Payments network, utilizing the eWise Online Banking ePayments (OBeP) technology and account management services. eWise is an online payment and personal financial management solutions provider with a reputation for providing innovative solutions that make transacting online easier and more secure. eWise offices in US, UK, China and Australia support some of the world’s top 50 financial institutions with solutions delivering outstanding, proven ROI for its customers and a better online experience for millions of end-users worldwide. For more information, visit www.ewise.com.

Contacts

104 West Partners
Johanna Erickson, 720-407-6077

Kleiner Perkins Investment Pegs Square at $1 Billion

Kleiner Perkins Caufield & Byers (KPCB) is a major Sand Hill Road venture capital firm, one of the most widely known in Silicon Valley.


BY MONICA LANGLEY

A venture-capital giant is leading a group of investors buying a stake in Square Inc. that pegs the start-up's value at more than $1 billion, even as it scrambles to fend off larger rivals in the fledgling marketplace for mobile-device payments.

The $100 million investment in Square by a group led by Kleiner Perkins Caufield & Byers, to be announced as early as Wednesday, quadruples the value of an eight-month-old company facing competitive pressure from Google Inc., Intuit Inc. and eBay Inc.'s PayPal.

At stake are billions of dollars in the rapidly evolving payments industry, as well as the credibility

Read more:
http://online.wsj.com/article/SB10001424052702304665904576383813592144744.html#ixzz1Qfh9L3Zj

From Venture Beat: It’s official. Jack Dorsey’s Square has joined the billion dollar valuation club. The mobile payments startup closed a $100 million series C led by Kleiner Perkins, a story we broke a few weeks ago. The new round values Square above $1 billion.

 Square
Square image
Website:squareup.com
Location:San Francisco , California, United States
Founded:February, 2009
Funding:$165M
Square is a revolutionary service that enables anyone to accept credit cards anywhere. Square offers an easy to use, free credit card reader that plugs into a phone or iPad. It’s simple to sign up. There is no extra equipment, complicated contracts,… Learn More
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