The Bancorp Bank Teams Up with EPS Financial and Drake Software

WILMINGTON, Del.--(BUSINESS WIRE)--The Bancorp Bank Payment Solutions Group, a division of The Bancorp Bank (“Bancorp”), a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq: TBBK), today announced its partnership with EPS Financial, LLC to provide services to Drake Software customers.



Tax preparation customers of Drake Software can now utilize flexible and innovative systems provided by EPS Financial to enable electronic payment of their tax refunds. Taxpayers may choose from several options to receive their Federal and/or State refund using EPS’ new program known as e-Collect™. Options available to a taxpayer include receiving a fully reloadable personal use E1 Visa® Prepaid Card, receiving an ACH transfer, or returning to the tax preparer’s office to receive a check immediately after the refund has been processed. The E1 Visa Prepaid Card, issued by The Bancorp Bank, can be used anywhere that Visa debit cards are accepted and at thousands of ATMs worldwide. Cardholders are able to use their cards year round and reload their cards via participating load networks and direct deposit.



“Tax professionals nationwide are looking for the tools they need to build successful tax preparation businesses. Our e-Collect™ refund processing program, which includes the E1 Prepaid Card, enhances the user experience by offering multiple ways to receive tax refund proceeds, which offers greater flexibility to the refund recipient and the tax preparer. In these changing times in the tax industry it is important to provide flexible and sensible banking solutions," says Clark Gill, President of EPS Financial.



“We are delighted to announce this partnership with EPS Financial and Drake Software as it is consistent with our commitment of developing innovative products to meet changing payment needs. Our goal is to simplify payment processes and EPS Financial has created a refund processing infrastructure that is unique to the industry and can assist tax preparers and taxpayers by providing solutions that will improve the tax preparation experience,” says Jeremy Kuiper, Managing Director – The Bancorp Payment Solutions Group.

For more information regarding The Bancorp Bank’s prepaid card payment solutions, please contact Lindsey Frank at lfrank@thebancorp.com or 952.449.6014.



The E1 Visa Prepaid Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. The Bancorp Bank; Member FDIC.

 

About EPS Financial, Inc.

EPS Financial, LLC provides refund processing solutions to the tax industry as well as prepaid card program management services. Founded in 2009, EPS has quickly established itself as a leading-edge service provider for the tax industry. The EPS system architecture combines a number of services and customer options onto one platform which provides a one stop fully integrated system to innovate and lead the industry. For more information, please visit www.epsfinancial.net.

 

About Drake Software

For over 33 years, Drake Software has provided tax preparers the tools they need to build their business and attract new clients. Today, over 30,000 customers use Drake Software. Drake delivered over 15 million federal and state accepted returns last year. The company continues to meet its goals of customer satisfaction and product improvement by encouraging open customer feedback, listening closely to evaluations from industry authorities, and backing the product with a knowledgeable and innovative programming and support team. For more information, visit DrakeSoftware.com, or call 800.890.9500.

 

About The Bancorp Bank Payment Solutions Group

The Payment Solutions Group is a division of The Bancorp Bank (“Bancorp”), a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq: TBBK), and is a leading issuer of network branded prepaid cards. It has consistently delivered outstanding results for its program partners. Long-standing relationships with card associations and industry leading networks and processors are the key to the organization’s success. For more information about The Bancorp Bank Payment Solutions Group visit www.thebancorp.com or contact Lindsey Frank at lfrank@thebancorp.com at 952.449.6014.

Featured Post: Banks Have a New Troubled Asset..."Their Customers"

Guardian Analytics and Ponemon Institute Study highlights 40 percent of small and medium businesses change banks after a fraud incident



LOS ALTOS, Calif., March 9 /PRNewswire/ -- Guardian Analytics, the innovator in predictive analytics-based fraud prevention software, together with independent research firm, Ponemon Institute, today announced the results of the 2010 Business Banking Trust Study.



Over 500 executives and business owners from small and medium businesses (SMB's) in the United States participated in the study.

The research offers the first comprehensive look into the pervasiveness of fraud, the state of security at banks and SMB's, and the impact of fraud on businesses' relationships with their banks. The results indicate that criminals are successfully attacking SMB bank accounts at an unprecedented rate, banks are failing to proactively catch fraud, and a high percentage of SMBs are firing their banks because they are experiencing fraud.

"Banks have a new troubled asset – their customers," said Terry Austin, CEO, Guardian Analytics.  "The survey data proves that financial institutions are failing to protect the small and medium businesses that are at the heart of our economic recovery.



SMBs are fed up with the banks that are leaving them vulnerable to fraud and not reimbursing them when they are attacked. Banks that do not improve their fraud prevention practices will lose customers and hurt their own recovery."

The 2010 Business Banking Trust Survey sheds light on where security, communication and trust are breaking down between SMB's and their banks, and the destructive impact that fraud has on the SMB-financial institution relationship. It also highlights that customers and banks are out of alignment regarding responsibility for protecting online accounts. Data highlights include:

• Fraud Attack Rate: 55 percent of businesses reported experiencing fraud in the last 12 months, with 58 percent of fraud enabled by online banking activities.
  
   


• Fraud Detection Rate: 80 percent of banks failed to catch fraud before funds were transferred out of their institution.
  
  


• Fraud Loss Recovery: In 87 percent of fraud attacks, the bank was unable to fully recover assets.
  
  


• Fraud Loss Reimbursement: 57 percent of the respondents that have experienced a fraud attack were not fully compensated by their banks. 26 percent were not compensated for any part of their losses.
  
  


• Customer Churn: 40 percent of businesses said have moved their banking activities elsewhere after a fraud incident. 11 percent of businesses that have experienced fraud claimed they have terminated their banking relationship following fraud attacks, and additional 29 percent said they did not fully terminate their relationship, but moved their primary cash management services to another institution.
  
  


• Transparency: 24 percent of businesses claim that their banks do not provide a policy explaining the bank's responsibilities to secure and protect their companies' accounts from fraud. 39 percent are unsure if such a policy exists.

"Ultimately the data points to the need for banks to evolve their definition of reasonable security and proactively invest in process and technology to better protect their online banking customers," said Dr. Larry Ponemon, chairman and founder, Ponemon Institute.



"Only 20 percent of banks were able to identify fraud before money was transferred. The ROI of investing in fraud prevention is clear when you consider how fraud and churn drive productivity and profit loss as well as legal and reputation risks."





The Guardian Analytics 2010 Business Banking Trust Study includes more details on SMB's online banking behavior, their views of banks' security practices, and top five recommendations for banks to retain customers through better security and communication practices. The full report is available for download at www.guardiananalytics.com/newtroubledasset.





Ponemon Institute was commissioned by Guardian Analytics to conduct the survey independently in February 2010. Guardian Analytics protects financial institutions and their customers from online fraud attacks and recently released FraudMAP® for Business Banking, the industry's first solution designed to prevent fraud in online business banking accounts from login to logout.

Click to Tweet: Guardian Analytics Business Banking trust Survey Reveals 40 percent of SMB's change banks after fraud incident  http://bit.ly/dp99c3



About Guardian Analytics

Headquartered in Los Altos, Calif., Guardian Analytics is focused on the prevention of online account fraud. The company's real-time risk management approach to fraud detection, forensics and risk monitoring is built on strong analytics and predictive models of individual behavior. Leading financial services institutions rely on Guardian Analytics to protect individual account assets and the integrity of their online channels. Founded in 2005, Guardian Analytics is privately held with venture funding from Foundation Capital. For more information, please visit www.guardiananalytics.com.



About Ponemon Institute

The Ponemon Institute© is dedicated to advancing responsible information and privacy management practices in business and government. To achieve this objective, the Institute conducts independent research, educates leaders from the private and public sectors and verifies the privacy and data protection practices of organizations in a variety of industries.

SOURCE Guardian Analytics

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FDIC: Hackers Took More Than $120M in Three Months

• PCWorld

This is the "type" of news we will continue reading until we stop entering/typing passwords and start authenticating ourselves the same way we authenticate ourselves at an ATM or at the Point of Sale in a retail store.  Swipe your Bank Issued Card and Enter Your Bank Issued PIN. .  Why should the internet be any different?  The web inherently makes people think everything should be software-based. NOT financial transactions.   They MUST be conducted "outside the browser space." It's just the way it is.  Extremely sensitive financial information (either online banking credentials or credit/debit card numbers) have no business being entered/typed.  It makes it readily available to hackers.  Why do you think they call it a "browser?"  Various keylogging/malware and phishing attacks have now risen to the tune of $120 million in the 3rd quarter of 2009.  I have a sneaky suspicion that the Q4 numbers will be higher.  If the online banking credentials or cardholder data was encrypted inside a separate machine there wouldn't be anything to obtain.  It would all be gobblygook protected by Derived Unique Key Per Transaction end-to-end encryption.  It's why we have the only PCI certified PED designed for eCommerce financial transactional use.  Don't you believe it's time for a change?

Robert McMillan, IDG News Service



Online banking fraud involving the electronic transfer of funds has been on the rise since 2007 and rose to over US$120 million in the third quarter of 2009, according to estimates presented Friday at the RSA Conference in San Francisco, by David Nelson, an examination specialist with the FDIC.



The FDIC receives a variety of confidential reports from financial institutions, which allow it to generate the estimates, Nelson said.



Almost all of the incidents reported to the FDIC "related to malware on online banking customers' PCs," he said. Typically a victim is tricked into visiting a malicious Web site or downloading a Trojan horse program that gives hackers access to their banking passwords. Money is then transferred out of the account using the Automated Clearing House (ACH) system that banks use to process payments between institutions.



Even though banks now force customers to use several forms of authentication, hackers are still stealing money. "Online banking customers are getting too reliant on authentication and on practicing layers of controls," Nelson said.

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ProfitStars(R) Reports Strong Remote Deposit Capture Growth with Record Transaction Volume

Company Marks New Height with Daily Record of more than 1.25 Million Transactions

MONETT, Mo., March 9 /PRNewswire-FirstCall/ -- Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced the continuation of record growth for the Remote Deposit Capture (RDC) solution provided by its ProfitStars division.



RDC is a Web-based electronic payment processing platform that enables businesses to make remote deposits by scanning the checks they receive as payment and converting them into electronic transactions that are processed through the ACH or Check 21 image exchange networks. Jack Henry & Associates sells its RDC solution to financial institutions and other businesses outside the financial services industry that in turn offer it to their merchant and business customers. RDC is an enterprise-wide solution for Jack Henry & Associates that is sold to the core bank clients supported by Jack Henry Banking™, to the core credit union clients supported by Symitar™, and to financial institutions outside the company's core client bases and to other diverse businesses by its ProfitStars division.



Strong industry demand for the best-of-breed solution drove record transaction volume. On January 4, 2010, an all-time daily high was achieved with more than 1.25 million transactions processed, and the overall volume continues to rise. In January, ProfitStars processed more than 14 million RDC transactions and moved approximately $13 billion in funds, representing an increase of 52 percent in transactions processed when compared to the same month in 2009. ProfitStars now supports more than 32,000 businesses in more than 100,000 locations with its RDC solution.



According to David Foss, president of ProfitStars, "The continued record growth that we are experiencing speaks to strong industry demand. ProfitStars is a definitive authority in RDC and we expect continued demand for our comprehensive, industry-leading solutions."



To support its RDC customers and future growth in the industry, ProfitStars will be hosting its 2010 ProfitStars Educational Conference in Las Vegas March 9-12. Industry professionals will convene for thought-leadership discussions and networking about best practices for payment processing, financial performance, retail delivery and more, all to help minimize challenges while maximizing opportunities.



ProfitStars also recently launched an online RDC Knowledge Center to assist customers and prospects with fulfilling aggressive, strategic RDC initiatives. The microsite – http://discover.profitstars.com/remotedepositexpert – is an educational resource for disseminating relevant and timely information to any financial institution wanting to begin, grow, or enhance its RDC offerings while also creating awareness of the breadth and depth of all ProfitStars RDC products and related solutions.



About ProfitStars



ProfitStars, a division of Jack Henry & Associates, Inc., provides best-of-breed solutions that improve the performance of financial institutions of all asset sizes and charters, and diverse corporate entities. These solutions facilitate revenue and growth, risk mitigation and control, and cost control; and complement virtually any core information processing platform. Additional information is available at www.profitstars.com.



About Jack Henry & Associates, Inc.



Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 11,800 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking supports banks ranging from de novo to mid-tier institutions with information and transaction processing solutions. Symitar is the leading provider of information and transaction processing solutions for credit unions of all sizes. ProfitStars provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Additional information is available at www.jackhenry.com.



Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.



SOURCE Jack Henry & Associates, Inc.Back to top RELATED LINKS

http://www.profitstars.com

http://www.jackhenry.com





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StorValue to Launch Fifth Reward-filled Prepaid Card Program, Demonstrating Its Novel, Rapidly Growing Offering

Leading Manager, Distributor of Branded Prepaid Debit Cards Shows Its Lowest-Fee Programs Generate Loyal Cardholders with High Reload Rates, Reward Redemptions

COCONUT CREEK, Fla.--(BUSINESS WIRE)--StorValue™ Card Solutions will soon launch its fifth branded card program, Campus Dough DebitSmart™ Visa® Prepaid Card, filling a void left by the recent Credit CARD Act, which makes it more difficult for students to get credit cards. StorValue teamed with University Parent Media to offer the innovative, reward-filled Campus Dough card to address this issue.



The University Parent card program is on the heels of other recent successful card launches including the EA SPORTS DebitSmart Visa® Prepaid Card, DebitSmart™ Visa® Prepaid Card, MySchoolDebitCard™ Visa® Prepaid Card, and the FuelLinks DebitSmart™ Visa® Prepaid Card Program.



Last year, credit card companies mailed millions of decline letters to credit card applicants due to more stringent underwriting standards. Since then, the Credit CARD Act was passed, requiring consumers less than 21 years old to provide proof of income to repay card loans or have a co-signer. This has left many people – young and old - without a card option, or has forced them into looking at high-fee debit cards with few, if any, benefits. StorValue’s cards are quickly becoming the solution and setting a new standard for what a prepaid debit card should be.



Thomas Borzilleri, CEO of StorValue, said, “For consumers, we have opened their eyes to a whole new way to think about prepaid debit cards – make them work for you with rewards and discounts from tens of thousands of retailers. By offering the lowest available user fees, StorValue is demonstrating that prepaid debit cards can be used to save money and spend responsibly. And, cardholders are beginning to recognize the convenience of virtual banking with StorValue prepaid cards, too.



“For businesses, StorValue has created a novel way to entrench customers across a variety of social and economic demographics. Our card programs’ unmatched benefits, features and high reload rates are appealing to student and young adult, sport, ethnic, middle-market and luxury brands alike because we help them to build loyalty – whether the company is selling insurance or clothing or food,” concluded Borzilleri.



At the same time, the programs provide consumers with security and enable them to use ‘plastic’ to buy online or at the 20 million places where Visa prepaid cards are accepted, while allowing sponsoring businesses and organizations to provide a vital and engaging service to their stakeholders. With a strong track record of performance, StorValue is emerging as the industry leader in providing rewards-based and loyalty-branded card solutions.



With each program, the company collaborates with a brand from concept to activation, creating a seamless ‘end-to-end’ solution to achieve a successful co-branded rewards program through prepaid debit cards. Last fall, StorValue introduced the StorValue Card Design Studio, establishing it as the first prepaid card program manager in the industry to offer card personalization functionality across its entire suite of card products. StorValue cardholders can now customize their card designs with their own personal image or photo. Today, StorValue is the fastest-growing program manager and distributor of Visa and MasterCard® prepaid cards.



The co-branded prepaid cards are reloadable, and funds can be loaded from a payroll direct deposit, checking account or GreenDot and Western Union retail locations nationwide. In addition, the cards are accessible through millions of ATMs worldwide.



About StorValue

StorValue is the country’s fastest-growing program manager and distributor of branded stored value prepaid debit cards. Emerging as the industry leader in providing rewards-based and loyalty-branded card solutions, our programs deliver unmatched benefits, features, and resources to a wide variety of businesses and consumers. StorValue’s cards provide security, convenience, and value-added benefits to cardholders, while allowing sponsoring businesses and organizations to provide a vital and engaging service to their stakeholders. For more information, please visit http://www.storvalue.com or call 877-481-9333 ext 101.





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