Sacramento Selects Bank Up's Remittance Processing Solution

Sacramento selects Bank Up's remittance processing solution

San Ramon, Calif., July 24, 2009 -- The City of Sacramento, capital of the State of California, has selected the outsourced remittance/lockbox solution of Bank Up Corporation, a growing payments processing solution provider to financial institutions and state and local governments, to process payments for its Revenue Division and Police Department.

The Bank Up solution will provide Sacramento with a remittance processing service from its Northern California ASP. The services provided by Bank Up will reduce the Revenue Division and Police Department’s workload since the payments will not be manually processed by City staff. Bank Up’s services will include item processing and image capture, an integrated image archive accessed through the Company’s secure, encrypted Web portal, on-site training for the City’s staff and daily electronic image cash letter deposits to the City’s bank account with Bank of America. This should further reduce work required by the City of Sacramento staff and will insure timely deposits of funds to the Bank. Bank Up will also provide a daily upload to the Revenue Division’s RevenueCollector payment database and the Police Department’s Cry Wolf Alarms and Renewal accounting systems.

Walker Black, Senior Management Analyst for the City of Sacramento Department of Finance stated, “Bank Up’s technical solutions, products and services met the City of Sacramento’s remittance processing needs and requirements. Based on extensive analysis of the City’s remittance processing needs and requirements along with Bank Up’s experience, technical expertise and cost, our staff recommended that Bank Up be awarded the City’s initial remittance processing contract for City invoices. Bank Up demonstrated a strong commitment to customer service in addition to being the cost effective bidder to the City’s RFP”.

“Timely and accurate processing of government payments is critical to maximize cash flow, especially when local governments in California are under tremendous pressure to contain costs,” said Michael Santimauro, CEO of Bank Up Corporation. “Our solutions are available to assist state and local governments improve operational efficiencies and contain escalating costs of payments processing”. Bank Up also provides a Disaster Recovery solution for the State of California’s Treasurer’s Office for item processing.

Bank Up’s remittance lockbox solution is scalable and comprehensive, providing various processing alternatives based on the workload requirements and operational resources available to financial institution and government customers. The solution can either be totally outsourced to the Bank Up ASP, provided through a financial institution in order to provide a solution for their various lockbox customers or installed as an in-house solution tailored to fit the requirements for a specific customer. The solution provided by Bank Up also enables a customer to blend the best of in-house and outsourced processing. In all cases, Bank Up provides its customers with everything required to process remittance payments including the technology, equipment, documentation, training, front-line technical support and system access. In all cases, Bank Up serves as the single point of contact for the support of its customers.

About Bank Up Corporation

Bank Up Corporation is a growing provider of technology solutions and services to financial institutions and government agencies. Bank Up solutions include item and remittance processing solutions, business continuity services, remote corporate capture processing, hosted data back-up and business continuity consulting. Founded in 1989, Bank Up works with more than 70 customers across the country. Headquartered in San Ramon, Calif., the company also has offices in El Monte, CA. Bank Up is SAS 70 Level 2 certified.

For more information, call 925-27..., or visit www.bank-up.com .
Bank Up Media Contacts
Michael V. Santimauro, Office: 925-277-3904, Mobile: 415-235-4630, msantimaur0@bank-up.comCzarina Chung, MutMut Media: 415-356-4000, Mobile: 415-601-3106, cchung@mutmutmedia.com
Source: Company press release.

PayPal Will Be Bigger than eBay, Opens Platform to 3rd Party Developers

PayPal will be bigger than eBay.com, CEO says

by Ina Fried

PASADENA, Calif.--PayPal is just over a third of eBay's revenue at the moment, but the online payment service will ultimately be bigger than the company's flagship e-commerce site, its chief executive said Thursday.

"PayPal is a business that will be bigger than eBay," CEO John Donahoe said in a talk at the Fortune Brainstorm: Tech conference here. However, he said that shift will take four to six years.

Donahoe's comments came just as the company announced that it is opening up its PayPal platform to third-party developers. "There is this opportunity for an explosion of growth."

Among the uses, Donahoe said we are not that far off from the day where a restaurant beams a bill to your mobile device and you pay via PayPal.

Asked about Facebook's long-rumored payment service, Donahoe noted that online payments require a company to be part financial services outfit and part Internet concern. Those that have been one, but not the other, have failed, he said.

"People will find a much better solution building on top of the PayPal platform," he said.

Donahoe, who has been CEO about 15 months, said the company is a leader that is adjusting to shifts in the market. "We're making the tough changes we need to make," he said. "We need to evolve on an auctions site to an e-commerce site."

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Yesterday they officially announced their open payment platform for third party developers:

PayPal has announced plans "to open itspayment platform to third-party developers with the release of new APIs(Application Programming Interfaces) that allow developers to embedPayPal’s secure global payment system into their applications andplatforms. In opening up the PayPal platform, developers can now createnew ways to send and receive payments for services beyond traditionale-commerce. According to a recent McKinsey report, the global paymentsmarket represents a $30 trillion opportunity."

PayPalhas spent over a decade creating a secure, global payments network fore–commerce and person-to-person transactions, which seamlesslyintegrates 27 financial networks, 15,000 local banks, 190 globalmarkets and supports 19 currencies.

Several developers have integrated PayPal’s new APIs as part ofa beta program. Some of these companies include Twitpay, aTwitter-based payment service; LiveOps, with its new on-demandworkforce service called LiveWork; and Microsoft’s Windows® Azure™platform, a cloud development environment.

PayPal also wants to hear ideas for innovative and interestingways to pay in the future from its community of users. Anyone withideas is invited to submit them to PayPal and the world via Twitterwith the hashtag #changehowwepay and can view responses atwww.changehowwepay.com.

“Until now, developer innovation has been stifled by thebarriers payment systems impose,” said Scott Thompson, President ofPayPal. “With an open platform, we’re solving fundamental challengespeople face when trying to pay or get paid and giving people the toolsto create new business models for their innovations.”

“The Windows Azure platform provides developers with ascalable, interoperable cloud development environment to build anddeploy services and applications,” said Yousef Khalidi, DistinguishedEngineer at Microsoft. “By allowing the developer community to takeadvantage of the PayPal adaptive payment platform through the WindowsAzure platform, developers will have the opportunity to utilize abilling solution for the Windows Azure platform services they offer byproviding customers with an easy on-line payment program option.”

“Using PayPal’s new open platform, we’ve dramatically improvedthe experience of commerce over the social phenomenon, Twitter,” saidMichael Ivey, CEO and co-founder of Twitpay. “The global nature andubiquity of the PayPal service helps us deliver a great service forTwitter users.”

“We were impressed by the seamless integration and theflexibility of PayPal’s payment solution to address LiveWork’steam-based virtual workforce model,” said Eckart Walther, LiveOps SVPand GM of LiveWork. “With LiveWork, different workers can receivedifferent payment amounts based on client specifications. PayPalautomatically calculates and distributes the appropriate amounts toeach worker and service provider. Moreover, PayPal’s established globalpayment solution allows LiveWork clients to easily tap into the globalwork community.”
Additional Information

• PayPal launches “Change How Way We Pay”
• Register now for PayPal’s Developer Conference on November 3, 2009
• Watch the PayPal Platform Preview event. http://www.x.com/platformpreview
• Follow the conversation on Twitter: @PayPal, @PayPalDeveloper, #PlatformPreview
• For more information on the PayPal platform, visit http://www.x.com

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• PayPal will be bigger than eBay.com, CEO says (news.cnet.com)
• PayPal moves to embed self in everything (theregister.co.uk)
• Paypal announces flexible, ubiquitous developer platform (arstechnica.com)
• PayPal to Become First Truly Global Payment Platform Open to Third-Party Developers (newswire.ca)

MasterCard Wants Ideas for New Products/Services

MasterCard (MA) isl hosting a Webcast of PowerPoint slides and short videos on various directions the company could take once the U.S. economy turns up again. The online presentations will feature findings from seven members of an internal, international scenario-planning "task force," which has been gathering ideas for months from MasterCard employees at all levels around the world.

In the recent past, such a production would have been reserved for senior management. But this Webcast will be open to all 5,500 employees of the credit-card giant, from fresh-faced interns up to its 58-year-old chief executive, Robert Selander.

The aim: to invite anyone with an idea for new products, services, or internal processes to speak up, and encourage staff members to "bring their best selves to work" during the downturn, says Rebecca Ray, senior vice-president of MasterCard's Global Talent Management & Development department.

Continue Reading at BusinessWeek.com

Filipino Bank Expanding ATM Network

Business Mirrorin the Philippines reports that United Coconut Planters Bank plans toexpand its ATM network by 87 percent, adding 191 new units, to meet thedemand that has built for a larger network over the last year.

 

In 2008, the bank’s 220 ATMs handled 12.2 million transactions.

 

According to Business Mirror, UCPB is poised for significant growth:

 

"With a stronger capital base, UCPBhad said it would be able to tap growth opportunities in the middle andconsumer markets. Its loan portfolio expanded by P10 billion or 43percent to P33.2 billion by end-March, with commercial loans increasingby 53 percent or over P7 billion to P22.8 billion. Consumer loans rose47 percent, or nearly P2 billion to P5 billion."

SMS Hacking Among Newly Discovered Threats to Cell Phone Users

Visa messin' around with messaging as tool for fraud reduction and is launching an SMS notification service trial for card fraud detection in the UK...

According to theregister.co.uk:

"The project involves the participation of the Visa staff in the UK and its network of member banks. The service sends SMS or email confirmation of card transactions to account holders' mobile phones each time their debit, credit or prepay card is used. The SMS include information on the time, location and amount involved in every transaction. The service can provide participating cardholders with updates via text message, mobile email or applications running on smartphones including the iPhone or Android-based devices, upon request.

Visa will test the service throughout the summer of 2009 and if the trial is successful, the company will offer the service to consumers and update it with new features including instant conversion into the user’s home currency while abroad. 

Editor's Note:  There is a cost involved with doing this, so don't expect this to be a free service. 

Source: The Paypers.com

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Report finds government vulnerable to cyber attacks Story Highlights Federal government should bolster cyber-security work force, report says Paper recommends developing plan for recruiting, training, keeping experts Report also recommends streamlining cumbersome federal hiring process President Obama calls cyber security a top challenge; plans coordinator post By Pam Benson CNN WASHINGTON (CNN) -- The federal government is at risk of being unable to fight off attacks on the nation's computer networks unless it strengthens its cyber-security work force, according to a report released Wednesday. The nation's security could be in jeopardy because not enough workers are sufficiently trained to protect computer systems from hackers, criminals, terrorists and foreign governments, the Partnership for Public Service and consulting company Booz Allen Hamilton found after studying 18 federal agencies and interviewing experts inside and outside government. President Obama has said the cyber threat is "one of the most serious economic and national security challenges" facing the nation. In May he announced his intention to create the post of cyber-security coordinator to oversee "a new comprehensive approach to securing America's digital infrastructure." "The overriding finding of our analysis is that our federal government will be unable to combat these threats without a more coordinated, sustained effort to increase cyber-security expertise in the federal work force," the report, titled "Cyber IN-Security," states. The report cites four challenges facing the government: an inadequate supply of potential new information technology experts; uncoordinated leadership of cyber-security workers; a cumbersome hiring process that discourages people from seeking government jobs and fails to provide a career path for those who do; and hiring managers and human resource specialists who disagree on the quality of IT candidates. The report recommends that the coordinator develop a strategy for recruiting, training and retaining cyber-security experts. The report also recommends the White House reach out to universities and the private sector to encourage Americans to develop technological skills, similar to what previous administrations did during the space race. The study calls on the Office of Personnel and Management to fix the federal hiring process, create a cyber-security career path and expedite security clearances. It suggests Congress provide significant funding for training federal workers in "state of the art" technologies and for college scholarships in the cyber- security field. Partnership for Public Service is a nonpartisan, nonprofit organization devoted to building a better federal work force. Booz Allen Hamilton is a management consulting firm. All About Computer Security

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• White House Among Targets in Cyber Attack (netnewsdaily.com)
• The Internet Kill Switch (computerworld.com)

Citibank Launches ePayment Service for Airlines

Citibank launches a new E-payment service for Airlines to pay service fees to Aeronautical Radio of Thailand Limited.

Citibank has announced the development of an E-payment channel for airlines to pay service fees to Aeronautical Radio of Thailand Limited. (AEROTHAI). AEROTHAI’s customers will now have access to an end-to-end, real-time service provided through CitiConnect, Citi’s web-based delivery platform. CitiConnect enables airlines and other AEROTHAI’s customers to make payments for air navigation and equipment rental fees directy to AEROTHAI 24 hours a day, seven days a week.

This additional payment channel strengthens Citi’s initial payment channel offered for the Airports of Thailand PCL.
Through using one single platform, all airlines can now pay their major expenses online.

Mr. Peter Eliot, Citi Country Officer, Citibank, N.A. Thailand said “Citi continues to innovate and invest in products and services that provide benefits to customers and we continue to be the market leader in Thailand. This new e-payment channel provides Citi with the necessary services to strengthen our position in the airline industry and airlines benefit from reduced time spent on payment preparation and are able to concentrate on their core business activities.”

“We at Citi are proud to introduce this new service to our customers. As a leading transaction bank operating in 100 plus countries, we continue to customize tried and tested innovation in other markets and fit it to Thailand’s business needs. This helps our clients reduce their operational costs in a structured manner” says Sandip Patil, Head, Treasury and Trade solutions. “In the recent past, we have launched over a dozen such innovations and are working on few more to help our clients fight the recessionary pressure with a positive spin”.

AEROTHAI is a state enterprise providing air traffic control and aeronautical communication services for airlines and other customers. AEROTHAI bills customers and places invoices to Airlines after rendering services. Currently, airlines can make payments online to AEROTHAI on real-time basis through CitiConnect.

Citi stands as the leading one-stop E-payment service provider in this market. In Thailand Citi provides E-payment services for the Airports of Thailand PCL., the Revenue Department, the Customs Department, the Excise Department, and also other utilities operators through CitiConnect.

The service is FREE of CHARGE and now available at https://www.citiconnect.asia.citibank.com/payment/aeroth/.

For more information:
• Information and details of CitiConnect service call CitiService on 0-2232-3000
• Information and details from AEROTHAI call AEROTHAI’s Finance Department on 02-285-9299
For more details log on to www.citibank.co.th

Citi
Citi, the leading global financial services company, has approximately200 million customer accounts and does business in more than 140countries. Through its two operating units, Citicorp and Citi Holdings,Citi provides consumers, corporations, governments and institutionswith a broad range of financial products and services, includingconsumer banking and credit, corporate and investment banking,securities brokerage, and wealth management. Additional information maybe found at www.citigroup.com or www.citi.com.

Growing Threat to Business Online Banking

The Growing Threat to Business Banking Online

Federal investigators are fielding a large number of complaints from organizations that are being fleeced by a potent combination of organized cyber crooks abroad, sophisticated malicious software and not-so-sophisticated accomplices here in the United States, Security Fix has learned. The attacks also are exposing a poorly-kept secret in the commercial banking business: That companies big and small enjoy few of the protections afforded to consumers when faced with cyber fraud.

Earlier this month, I wrote about Bullitt County, Kentucky, which lost $415,000 after criminals planted malicious software on the county treasurer's PC. That rogue program allowed the crooks to initiate wire transfers to more than two dozen so-called "money mules," people duped into laundering the money and wiring it to the perpetrators in Ukraine.

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online banking, 2FA, malicious software

Credit Card Rewards May Fuel Debt: Study

Credit-card reward plans may fuel debt: study

Last Updated: Monday, July 20, 2009 | 4:21 PM ET

CBC News

An academic study suggests that people would rack up less credit-card debt if card companies were barred from offering rewards based on the value of their purchases.   The study, by a marketing specialist at the University of Toronto and an economist at the Federal Reserve Bank of Kansas City, sifts through the results of a 2005 American Bankers Association survey of credit- and debit-card users.  About 3,000 people were asked whether they got rewards on their purchases and about their perceptions of the transactions.

'As rewards programs have become increasingly popular and generous, interchange fees charged to merchants have also increased.'—Andrew Ching and Fumiko Hayashi

Many Canadians collect such rewards, typically travel points or cash rebates, and many merchants grumble about paying for them through transaction fees.

"As rewards programs have become increasingly popular and generous, interchange fees charged to merchants have also increased," said the study, which focused on U.S. data.

"A merchant pays different interchange fee rates for credit-card transactions: non-rewards cards have the lowest fee rates, while high-end rewards cards have the highest rates," it added.

The authors — Andrew Ching, an assistant professor of marketing at the U of T's Rotman School of Management, and Fumiko Hayashi, a senior economist at the Kansas City Fed — conclude that "removing rewards today would cause a small percentage of consumers to switch from electronic payment methods (credit/debit cards) to paper-based methods (cash/cheques) at five types of retail stores.

"The majority of consumers who currently receive rewards on credit/debit cards would continue to use credit/debit cards, even if rewards were no longer offered."

An example from Australian policy on card fees

This conclusion is "consistent with the experiences in Australia, where the three major credit-card networks, Bankcard, MasterCard and Visa, were mandated to reduce their interchange fees in 2003," the study says.

"Although the value of the rewards points for these three networks has been reduced dramatically since the reform, we observed that the usage pattern of credit cards has remained essentially unchanged."

Even so, they conclude that eliminating credit-card rewards would have a bigger effect than eliminating debit-card rewards.

"We also find that rewards encourage consumers to use credit cards even if they carry balances," the authors say.

"This suggests that removing credit-card rewards could have some effects in reducing consumers’ credit-card debts. This could increase consumers’ welfare, but reduce credit-card issuers’ revenue from interest charged on their balances."