Wednesday, June 16, 2010

Walmart Makes Financial Services Push

According to Finextra (and recent developments) "Retail giant Walmart is ramping up its assault on the financial services sector, acquiring a minor stake in US pre-paid outfit Green Dot and launching its first credit card in Canada on the back of a recently awarded banking license in the country."



Read More: http://www.finextra.com/news/fullstory.aspx?newsitemid=21505



Here is a related story from the NY Times:



Wal-Mart Stores has bought itself an indirect link to U.S. commercial banking space through a deal to invest in the pre-paid debit card seller Green Dot, The Financial Times reported Earlier this month, the retail giant bought a minority stake of roughly 2 million shares in Green Dot, which already manages Wal-Mart’s pre-paid card business, according to a regulatory filing.
The move comes as Green Dot awaits regulatory approval on a $15. 7 million deal it signed in February to buy Bonneville Bank, a small Utah-based commercial bank, The Financial Times noted.
Plans by Wal-Mart to open its own bank were quashed in 2007 amid intense lobbying from the financial sector, Reuters noted.  Companies like Green Dot have been flourishing since the onset of the recession.  <<Read More>>
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Walmart Canada Bank launches Walmart Rewards MasterCard





New credit card allows cardholders to earn Walmart Rewards on everyday spending to redeem on everyday needs and wants
MISSISSAUGA, ON, June 15 /CNW/ - Walmart Canada Bank, a subsidiary of Wal-Mart Canada Corp., announced today the launch of the Walmart Rewards MasterCard, a credit card that turns everyday spending into everyday rewards through earning and redeeming Walmart Rewards.
"The Walmart Rewards MasterCard gives cardholders flexibility in earning rewards and tremendous selection on the merchandise they can redeem them for," said Trudy Fahie, President and CEO of Walmart Canada Bank. "Walmart Rewards can be earned anywhere MasterCard(R) is accepted and used to purchase merchandise at Walmart Canada's already unbeatable prices, from groceries to electronics, depending on what cardholders need or want."
Walmart Rewards are earned in dollar equivalents - not points - making it easy for cardholders to know how much they have to redeem. Walmart Rewards can be earned on a cardholder's everyday spending, from groceries to gas. Cardholders earn 1.25 per cent of their purchases in Walmart Rewards for virtually every dollar spent at Walmart Canada and 1 per cent of their purchases in Walmart Rewards when used virtually anywhere else MasterCard is accepted. There are no limits on how many Walmart Rewards cardholders can earn.
Walmart Rewards can be redeemed instantly on future purchases, in five dollar increments, at the cash register of any Walmart Canada store nationally. Five Walmart Rewards equal five dollars in redemption value. When redeeming their Walmart Rewards, cardholders can choose from hundreds of thousands of products at Walmart Canada's unbeatable prices, so they can stretch their Walmart Rewards further and save even more.
As a special offer, when cardholders use their Walmart Rewards MasterCard once at Walmart Canada and once anywhere else MasterCard is accepted within the first 30 days, they can earn a one-time Walmart Rewards bonus redeemable for a $15 value. When they opt to have paperless statements, cardholders can earn a one-time Walmart Rewards bonus redeemable for a$10 value. Full terms and conditions of these offers are available at www.walmartcanadafinancialservices.ca.
Customers can conveniently apply for the Walmart Rewards MasterCard(1) at the register inside Walmart Canada stores and at Walmart Rewards MasterCard in-store kiosks, where available. Customers can qualify instantly, if approved, and start using their Walmart Rewards MasterCard immediately.
"Customers are always asking Walmart for more ways to help them save money and stretch their budgets further," added Fahie. "The Walmart Rewards MasterCard was developed with our customers in mind and the Walmart Rewards program focuses on giving them value when they spend on and need life's everyday things."
Cardholders can review transactions, check their Walmart Rewards balance and make payments, anytime and anywhere, when they register their account at walmartcanadafinancialservices.ca. They can also manage their Walmart Rewards MasterCard account via telephone at 1-888-331-6133, Monday to Saturday, 8 a.m. to 12 a.m. ET and Sunday, 10 a.m. to 9 p.m. ET.
Like Wal-Mart Canada Corp., Walmart Canada Bank aims to make a positive difference in the lives of Canadians by supporting charitable initiatives. From June 15 until July 15, 2010, Walmart Canada Bank will donate one dollar to the Children's Miracle Network (CMN) for every application it receives in-store. CMN is a non-profit organization dedicated to saving and improving the lives of children by raising funds for children's hospitals. Wal-Mart Canada Corp. is CMN's largest corporate donor and has raised and donated more than $50 million since 1994.
For more information on the Walmart Rewards MasterCard and complete terms and conditions of the Walmart Rewards program, please visit: www.walmartcanadafinancialservices.ca
About Walmart Canada
Headquartered in Mississauga, Ontario, Walmart Canada operates 317 retail outlets nationwide and serves more than one million customers daily. The company recently launched WalmartCanada Bank, a subsidiary of Wal-Mart Canada Corp., with the goal of bringing Canadians convenient and value-focused financial products and services that help them save money and live better.
(R) MasterCard is a registered trademark of MasterCard International Incorporated
(1) Except in Quebec
/NOTE TO PHOTO EDITORS: A photo accompanying this release is available at http://photos.newswire.ca. Images are free to accredited members of the media/
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Mocapay is a Finalist for the 2010 Red Herring 100 North America Award

http://www.mocapay.com

DENVER--(BUSINESS WIRE)--Mocapay announced today it has been selected as a Finalist for Red Herring's North America 100 award, a prestigious list honoring the year’s most promising private technology ventures from the North American business region.
“We are honored to be selected as a finalist for this year’s Red Herring 100 North America Award”
The Red Herring editorial team selected the most innovative companies from a pool of hundreds from across North America. Finalists for the 2010 edition of the Red Herring 100 North America award are selected on both quantitative and qualitative criteria based upon their technological innovation, management strength, market size, investor record, customer acquisition, and financial health. During the several months leading up to the announcement, hundreds of companies in the telecommunications, security, Web 2.0, software, hardware, biotech, and clean tech industries sent in their submissions to qualify for the award.
“We are honored to be selected as a finalist for this year’s Red Herring 100 North America Award,” said Kevin Grieve, CEO, Mocapay. ”Mocapay is leading the way in mobile payments and mobile marketing with the only patented secure mobile solution in the industry and we are thrilled to be recognized by the Red Herring editorial team as one of North America’s most innovative companies.”
This unique assessment of potential is complemented by a review of the actual track record and standing of a company, which allows Red Herring to see past the “buzz” and make the list an invaluable instrument for discovering and advocating the greatest business opportunities in the industry.
"This year was especially difficult," said Alex Vieux, publisher and CEO of Red Herring. "Despite the global economic situation, there were many great companies producing really innovative and amazing products that we had a difficult time narrowing the pool and selecting the finalists. Mocapay shows great promise therefore deserves to be among the Finalists. Now we’re faced with the difficult task of selecting the Top 100 winners of Red Herring North America award. We know that this year’s crop will grow into some amazing companies that are sure to go far."
The Finalists are invited to present their winning strategies at the Red Herring North America Conference in San Diego, June 22-24, 2010. The Top 100 winners will be announced at a special awards ceremony on June 24 at the event.
About Red Herring
Red Herring is a global media company uniting the world's best high technology innovators, venture investors and business decision makers in a variety of forums: a leading innovation magazine; an online daily technology news service; technology newsletters, and major events for technology leaders around the globe. Red Herring provides an insider's access to the global innovation economy, featuring unparalleled insights on the emerging technologies driving the economy. For more information visit http://www.redherring.com.
About Mocapay
Mocapay is a mobile experience platform for innovative merchants that offers an integrated marketing and sales solution to enhance the lifetime value of a customer. The platform addresses these merchants' need for a new channel that will broaden their loyalty and gift programs by mobilizing sales and marketing to reach customers anytime, not just at the point of sale, encourage purchases and build a stronger brand affinity. Based in Denver, Mocapay is a privately held, venture funded company founded in 2006. For more information visit http://www.mocapay.com.

Contacts

104 West Partners

Johanna Erickson

720.341.4618

Johanna . Erickson@104west .com
Permalink: http://www.businesswire.com/news/home/20100616005426/en/Mocapay-Finalist-2010-Red-Herring-100-North


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Over 100 FI's Commit to Fiserv's ZashPay P2P Platform

Fiserv Exceeds 100 Financial Institution Signings for ZashPay Person-to-Person Payments Service Prior to Launch

First wave of banks and credit unions will begin offering service by end of June
http://www.fiserv.comBROOKFIELD, Wis.--(BUSINESS WIRE)--Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that more than 100 financial institutions have already committed to offer ZashPaySM, the company’s person-to-person (P2P) payments service. Banks and credit unions across the United States, ranging in size from small community institutions to top 50 banks, have signed up to offer the service, with continued interest and signings expected throughout the summer.
“They key to the success of P2P payments is simplicity and ubiquity”
ZashPay, which enables consumers to send or receive money using their existing online bank account, will roll out through this network of financial institutions beginning in early summer. ZashPay is built into a Fiserv online payment service currently used by more than 3,100 financial institutions and 16 million consumers, providing financial institutions the ability to tap into a community where consumers can quickly move funds among each other. Consumers whose financial institutions do not offer ZashPay will still be able to use the service to send or receive money by visiting the ZashPay website.
“They key to the success of P2P payments is simplicity and ubiquity,” said Erich Litch, senior vice president and general manager, Consumer Services, Fiserv. “Consumer interest in person-to-person or social payments is strong, and the network of ZashPay banks and credit unions is growing rapidly. This network, in conjunction with the ZashPay website, will enable anyone in the U.S. with a bank account to send money directly to another person’s bank account.”
The ZashPay service from Fiserv is available initially to financial institutions using the CheckFree® RXP® online bill payment platform, and other financial institutions will be able to connect to the network through web services.
ZashPay users can send money to anyone, regardless of the recipient’s financial institution relationship. Using an e-mail address or mobile phone number, consumers will be able to repay a friend, contribute to a fundraiser, pay team dues, pay allowances or even pay the babysitter. Payments made using ZashPay will be delivered in as little as one business day and confirmation of payment will be sent to the recipient’s e-mail address or mobile number.
Payments will be securely processed through the Fiserv industry leading online payment network, which in 2009 processed 1.35 billion online bill payments for more than 3,100 financial institutions, including most of the largest banks and credit unions in the U.S.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Fiserv is ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry. For more information, visitwww.fiserv.com.
FISV-G








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Discover Financial Services Declares Quarterly Dividend

RIVERWOODS, Ill.--(BUSINESS WIRE)--The Board of Directors of Discover Financial Services declared a quarterly dividend of $0.02 per share of common stock, payable on July 22, 2010, to stockholders of record on July 7, 2010.


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.

Contacts

Discover Financial Services

Investors:

Craig Streem

224-405-3575

craigstreem@discover.com

or

Media:

Jon Drummond

224-405-1888

jondrummond@discover.com
Permalink: http://www.businesswire.com/news/home/20100616005417/en/Discover-Financial-Services-Declares-Quarterly-Dividend
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Acculynk Announces Agreement With the Jeanie® Network for Internet PIN Debit

Leading ATM and POS network owned and operated by Fifth Third Processing Solutions offers another secure debit option to Jeanie participants

ATLANTA, June 16 /PRNewswire/ -- Acculynk announced today that is has entered into an agreement with Fifth Third Processing Solutions' Jeanie Network; one of the oldest networks in the U.S. The Jeanie Network will begin to offer Acculynk's Internet PIN debit solution, PaySecure®, to Jeanie participants this year.  The Jeanie Network is owned and operated by Fifth Third Processing Solutions, LLC.
"As members of the Jeanie network, financial institutions have come to expect innovative products and acceptance solutions that extend their offerings and promote customer loyalty," said Tony Emrick, Senior Vice President, Business Development at Fifth Third Processing Solutions. "PaySecure allows financial institutions' cardholders yet another choice of how their Jeanie debit cards are accepted."
With Acculynk's PaySecure, online shoppers enter their PIN on a graphical PIN-pad at the merchant checkout, and only need their existing Jeanie debit card and a PIN to complete the transaction. There are no hardware devices, passwords, enrollment, or redirection to another website for payment.
PaySecure is designed to provide an extra layer of security for debit card transactions, helping lead to reduced fraud and charge-backs for financial institutions, while offering attractive margins and opportunities for incremental volume.
"PaySecure brings the convenience and security of the retail PIN debit experience to the Internet, providing Jeanie debit cardholders a familiar payment option," said Ashish Bahl, CEO of Acculynk. "Greater consumer choice leads to greater customer loyalty. Financial institutions can leverage PaySecure to keep more business in their institution, while growing their online debit card transactions and helping to lower their fraud costs."
Jeanie joins six other U.S. EFT networks that have announced adoption of PaySecure.  Over 1,000 online merchants are currently enabled with the PaySecure payment option.
"Jeanie is an established, nimble and innovative Network with a long history of providing value to its members," said Bahl. "We are pleased that the Network recognizes the unique benefits PaySecure brings to financial institutions and have opted to offer our product to their issuers."
About Jeanie
The Jeanie Network was the first online shared ATM network in the United States, hosting its first live customer transaction in 1977. The Network has consistently been recognized as an innovator and is one of the only networks that remain under its original ownership.  The Jeanie Network is owned and operated by Fifth Third Processing Solutions, a premier full service payment solutions provider offering servicing solutions and product engineering for financial institutions' and retailers' credit card, debit card, merchant and private label programs.  The Company processes over 33.3 billion ATM and point of sale transactions and over $315.5 billion in debit and credit card sales volume annually.   A pioneer in card payment acceptance in the early 1970s, Fifth Third Processing Solutions is headquartered in Cincinnati, Ohio and is a joint venture with Advent International and Fifth Third Bank, a subsidiary of Fifth Third Bancorp (FITB).  For more information on the Jeanie network, seehttp://www.jeanienetwork.com.
About Acculynk
Acculynk secures online transactions with a suite of software-only services backed by a patented authentication and encryption framework. Acculynk's services are designed to provide greater security and return on investment for issuers, EFT networks and merchants. Acculynk is the first company to introduce a software-only service for Internet PIN debit payments, PaySecure®. For more information, visit http://www.acculynk.com.
SOURCE Fifth Third Processing Solutions


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British Retail Consortium Jumps on the "We Need Lower Interchange" Bandwagon








GOV’T MUST STOP BANKS OVERCHARGING SHOPS & CUSTOMERS
June 15, 2010
As part of its promised clampdown on irresponsible banking behaviour, the new Government should intervene to cut the excessive charges banks levy on retailers for accepting plastic, said the British Retail Consortium (BRC).



The combination of unjustifiably high card charges and growth of non-cash payment methods promises big windfalls for banks and a financial blow for shops and customers.



New figures from the BRC, published today (Tuesday) show accepting a payment by debit card costs a retailer four times more than when a customer uses cash.



The BRC's annual Cost of Collection Survey includes results from over seven billion transactions in 21,500 shops of all types. It examines year-to-year changes in the methods of payment customers are using and the costs imposed on retailers by banks and card schemes for processing those payments.



Banks' charges for handling debit card payments were higher than a year ago. They have almost doubled in five years.



An average cash transaction costs retailers 2.1 pence; a debit card payment costs 8.5 pence, but they are charged a massive 34 pence when a customer uses a credit card.



Retailers are seriously concerned that banks plan to make the higher debit card charging regime the norm for the emerging contactless and mobile phone payment methods. If that happens, retailers would face huge increases in their costs as these new ways of paying replace cash – particularly for low value purchases. Inevitably, those extra costs would have to be passed on to customers through higher prices.



Retailers are also unhappy that banks are deliberately creating new card products - with much higher charges for retailers – and moving customers across to them. HSBC (among others) is to rollout new ‘premium' or ‘World cards'. They attract additional interchange fees of between 0.7 per cent and 0.9 per cent on top of the average 0.75 per cent of the transaction value that the retailer previously paid.



If charges for every payment method were as low as they are for cash, over 480 million in cost savings would be passed on to customers through lower shop prices.



British Retail Consortium Director General Stephen Robertson said: "There is no justification for such big differences in charges between cards and cash. With payment technology and efficiency developing, card charges should be going down not up. ‘contactless' systems can bring benefits but banks are currently levying charges on card payments well beyond what it actually costs them to process those transactions. They can't expect to maintain those excessive charges as numbers of non-cash payments grow.



In the end it's customers who meet these unfair costs in the prices they pay. Banks must reduce their charges to reflect more honestly the costs they actually incur in processing transactions."



The latest BRC survey shows cash holding its own as the favourite way of paying but in slight decline compared with recent years. Cash was used for 58 per cent of all transactions. That is up on 56 per cent in 2008 but down on 61 per cent in 2007. In terms of money spent, 32 per cent of all retail spending was done with cash in 2009. That was virtually unchanged from 33 per cent in 2008 and slightly less than 34 per cent in 2007.



British Retail Consortium Director General Stephen Robertson said: "Cash is still the most popular way of paying and the cheapest for retailers. Cash use had a boost in the recession. Many people find managing their spending easier with cash – you can't spend what you haven't got . But the longer term trend suggests cash use will slip gradually."



Notes to Editors:



The figures in the Cost of Collection Survey, published today (Tuesday) relate to the calendar year 2009.



The survey includes results from over seven billion transactions in 21,500 shops - large and small, multiples and independents - with a combined sales turnover of over £150 billion a year, over half of total UK retail sales.



The BRC's full Cost of Collection Survey is available to journalists from the BRC Press Office



An interchange fee, included in the Merchant Service Charge, (MSC) is the fee a retailer is forced to pay on each card transaction it accepts. These interchange fees cost retailers hundreds of millions of pounds per annum.



Media Contacts:

BRC Press Office

020 7854 8924, Out of hours 07921 605544

richard.dodd@brc.org.uk


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The Definitive Guide to Choosing a Point of Sale System



Available Today from Cashier Live: The Definitive Guide to Choosing a Point of Sale System

New eBook from web-based POS leader Cashier Live helps retailers choose the right point of sale for their store.





Chicago, IL (PRWEB) June 15, 2010 -- Cashier Live, the leader in web-based point of sale, announced today the release of The Definitive Guide to Choosing a Point of Sale System. The guide is a comprehensive overview of the key things you’ll need to know in order to select the right point of sale system for your store. Included in the guide are checklists that help small business owners figure out which hardware is needed and what software features are essential.



The Definitive Guide to Choosing a Point of Sale System
The Definitive Guide to Choosing a Point of Sale System
“There are many choices out there for point of sale hardware and software, and it can be difficult for a small business owner to figure out which ones are right for their store,” said Thomas Greenhaw, Founder and CEO of Cashier Live. “Selecting a point of sale system is one of the most important decisions a retailer can make, so we’ve created this guide to help guide them through the process. It covers the basics all the way to more advanced topics, and even includes some checklists that make it easy to determine what they’ll need. Using this guide will definitely help retailers select the point of sale that’s right for them.”



With over 30 pages of content, this guide is packed full of content that is essential information for anyone tasked with choosing which point of sale software should be utilized at their store. If you’re new to retail, have an existing store that’s using just a cash register, or maybe even looking to switch software, then this guide is for you!

About Cashier Live

Cashier Live makes managing retail stores easy by providing retailers with easy to use retail management software. From conducting transactions to managing your inventory, Cashier Live gives you the tools to decrease costs and increase sales. And by taking advantage of web technology, retailers can use Cashier Live for a fraction of the cost for traditional software. Want to learn more about Cashier Live? Visit our website at http://www.cashierlive.com or follow us on twitter.
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American Express Faces Antitrust Complaint



By BARBARA LEONARD - Courthouse News Service


MANHATTAN (CN) - In an antitrust class action against American Express, the National Supermarkets Association claims its members have to raise prices across the board because of a surcharge that AmEx imposes on retailers. The group of 400 independent grocers claims AmEx's surcharge is illegal...  <<Read More>>





Visa Inc.
V.N
$76.93
+3.15+4.27%Data as of 12:00am MST
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