Smartphone Payment Processing for Shooting Sports Industry Now Available from Payment Alliance International

May 24, 2011 10:11 AM Eastern Daylight Time 

Offer Part of Comprehensive PAImobile™ Suite of Solutions

LOUISVILLE, Ky.--(BUSINESS WIRE)--Payment Alliance International (PAI), a leader in electronic payment processing solutions and the Electronic Transactions Association’s (ETA) 2011 “ISO of the Year,” is pleased to announce smartphone mobile payment processing capabilities for its Shooting Sports Payments Package. The new mobile payments capabilities garnered widespread attention and resounding support earlier this month when introduced at the National Rifle Association’s (NRA) Annual Meeting in Pittsburgh, Pa.

“We are very excited to help the shooting sports industry use payments technology to grow revenue, whether it’s in a retail store environment, through an e-commerce website or via mobile processing. We’re there every step of the way.”

The Shooting Sports Payments Package is an ongoing collaborative effort between PAI and shooting sports industry leaders, with the goal of providing payment solutions that meet the needs of firearm retailers and related professionals. Along with traditional brick-and-mortar and e-commerce card processing and check services, PAI now offers shooting sports merchants a cost-effective way to accept mobile swiped card payments from their iPhone, iPad, iPod Touch, Galaxy Tab and other Android devices, utilizing a Secure Card Reader Authenticator (SCRA) attachment.

Rather than prohibiting service to the firearms industry, PAI has embraced it, resulting in the Shooting Sports Payments Package being endorsed by the major associations, including the NRA’s Business Alliance, the National Shooting Sports Foundation (NSSF) and the Single Action Shooting Society (SASS).

“As a committed partner to the unique firearms market, we are constantly looking for ways to benefit our customers,” explains Nathan Danus, vice president of PAI’s target marketing group. “We are very excited to help the shooting sports industry use payments technology to grow revenue, whether it’s in a retail store environment, through an e-commerce website or via mobile processing. We’re there every step of the way.”

To learn more about the PAImobile suite of mobile solutions and the Shooting Sports Payments Package, please visit www.GoPAI.com/shooting or call us at 866.371.2273 (option 1).

About Payment Alliance International (PAI)

Payment Alliance International is a leading provider of payment processing solutions for businesses nationwide and has been recognized as the 2011 “ISO of the Year” by the Electronic Transactions Association (ETA). We provide credit/debit card acceptance and processing services, check processing, ATM network management and business information services, all designed to maximize customer success and make business easy. Payment Alliance International is based in Louisville, Ky., with offices in West Palm Beach, Fla., Jackson, Miss. and Billings, Mont. For more information, please visit www.GoPAI.com.

PAImobile is a trademark of Payment Alliance International (PAI). Other marks are trademarks or registered trademarks of their respective owner.

Contacts

Payment Alliance International
Terri Newton, 502-671-4088
Strategic Marketing Director
press@GoPAI.com

25% of Mobile Network Operator Survey Respondents not PCI DSS Compliant

25% of Mobile Network Operator survey respondents not PCI DSS compliant (from ePayment News - May 24th 2011) 35% of respondents unaware of potential penalties for non-compliance Dublin, Ireland, 24th May 2011 – A survey conducted by Vesta Corporation, a global pioneer and leader in electronic payments, has revealed over a quarter of Mobile Network Operators (MNOs) are not compliant with the Payment Card Industry Data Security Standards (PCI DSS). A further 35% of respondents did not know that financial penalties could be levied for non-compliance by the card associations. Today, just 37% of all payments are made with cash or cheque (Federal Reserve Bank of Boston: 2009). Consumer migration towards electronic payment methods means that securing payment information is becoming increasingly important. A number of recent high profile data breaches resulting in the loss of cardholder data, such as Sony, are a testament to this. In Q1 2011, Vesta invited 16 tier one and tier two MNOs in the U.S. and Europe to participate in a survey assessing PCI DSS compliance. Summarised in a whitepaper available today, Vesta’s indicative research reveals how PCI DSS compliance most impacts operators, how operators are managing compliance, and best practice solutions for maintaining the security standard.  The survey revealed that: 25% of respondents are not currently PCI DSS compliant The average cost of initial PCI DSS compliance was approximately $700,000 USD The average annual cost of maintaining PCI compliance was over $1,390,000 USD 35% of respondents did not know that penalties could be levied by the card associations for non-compliance Respondents believed the greatest risk of non-compliance is the loss of customer confidence in the MNO In the case of MNOs, PCI DSS compliance is particularly important. Compared to merchants in other industries, mobile operators usually operate more complex electronic payment channels including web, IVR, live agent, SMS and handset application, among others. Ensuring compliance across this range of payment channels provides a number of unique challenges. “The survey shows that there is clearly room for improvement by the mobile operator community in addressing PCI DSS compliance, and it is critical that operators not yet compliant take appropriate measures to ensure the security of their customer’s sensitive cardholder data,” said Joshua Rush, VP Marketing at Vesta. “However compliance should not be viewed as a mandatory demand by the card associations but as a competitive sales and marketing differentiator at a time where data security is of paramount concern to subscribers.” The full whitepaper can be downloaded here: http://www.trustvesta.com/download.aspx, alternatively please email vesta@ccgrouppr.com  For complete information on PCI Security Standards, self assessment information and guidelines, visit: www.pcisecuritystandards.org - Ends - About Vesta CorporationHeadquartered in Portland, Oregon, with operations in Europe and China, Vesta has been a pioneer and worldwide leader in electronic payment solutions since 1995. Vesta offers a full suite of payment services that can reduce and eliminate PCI scope and costs for wireless operators.  Vesta has established long-term, successful relationships with leading telecommunications and financial companies including AT&T, Boost Mobile, Bank of China, Bank of Ireland, Chase Paymentech, China Mobile, China Telecom, Cricket Communications, Green Dot, Metavante, NetSpend, O2, Sprint, T-Mobile, Verizon, and Vodafone. For more information, visit: www.trustvesta.com  Media InquiriesCCgroup for Vesta Daniel Lowther E: vesta@ccgrouppr.com   T: +44 7747 636 687 A survey conducted by Vesta Corporation, a global pioneer and leader in electronic payments, has revealed over a quarter of Mobile Network Operators (MNOs) are not compliant with the Payment Card Industry Data Security Standards (PCI DSS). A further 35% of respondents did not know that financial penalties could be levied for non-compliance by the card associations. Today, just 37% of all payments are made with cash or cheque (Federal Reserve Bank of Boston: 2009). Consumer migration towards e... read more»

Mitek Systems, VSoft Unite to Offer Mobile Deposit Solution to Banks, Credit Unions

May 24, 2011 08:00 AM Eastern Daylight Time 

Patented Solution Enables Mobile Check Deposits Via Smartphone, Tablet Cameras

ATLANTA--(BUSINESS WIRE)--VSoft Corporation, a global information and technology provider of process improvement solutions for financial institutions, announced today that it has partnered with San Diego-based Mitek Systems, Inc. (OTC: MITK.OB;), the leader in mobile imaging applications using smartphone cameras for check deposits, bill payments and ACH enrollments, to provide Mitek’s patented Mobile Deposit^® to financial institutions leveraging its Agile Mobile Capture™ solution.

“As the use of smartphones and tablets continues to grow, financial institutions that implement a strong mobile imaging platform and provide consumers with convenience in banking will gain a competitive edge”

The partnership will further improve consumers’ ability to deposit checks using smartphone and tablet cameras, including Apple iPhone, RIM BlackBerry and Google Android devices. Mitek’s advanced image analytics and mobile image-quality assessment (IQA) tests provide real-time feedback to mobile users, which, in turn, ensures quality images and high rates of completion for VSoft’s financial institution clients.

“Mitek’s powerful image analytics combined with our remote deposit capture technology create a superior offering in terms of both customer experience and image quality,” said Murthy Veeraghanta, chairman and managing director, VSoft Corporation. “This joining of advanced technologies will be of great benefit to both financial institutions and the end user. Rolling out a new product like mobile remote deposit capture with such a consistent and easy-to-use app will aid in adoption and customer loyalty.”

“As the use of smartphones and tablets continues to grow, financial institutions that implement a strong mobile imaging platform and provide consumers with convenience in banking will gain a competitive edge,” said Drew Hyatt, senior vice president of sales and business development for Mitek. “VSoft’s Agile Mobile Capture with Mitek’s Mobile Deposit® allows consumers to perform secure deposits from any location; together we can deliver a solution that greatly expands consumers’ deposit options while reducing transaction costs for financial institutions.”

About Mitek Systems

For more than 20 years, Mitek Systems (OTC: MITK.OB) has provided financial institutions with advanced imaging and analytics software to authenticate and extract data from imaged checks and other financial documents. Mitek’s patented technology has created the Gold Standard for Mobile Check Deposit and is currently used by leading financial organizations in the United States to process more than 10 billion items per year.

Today, Mitek is applying its patented technology and extensive expertise in image correction, optical character recognition and intelligent data extraction to mobile devices. Using Mitek Mobile Apps, smartphone users can now deposit checks, pay bills, save receipts and fax documents while on the road or sitting at a desk -- eliminating trips to the bank, Post Office and file cabinet. Simply take a picture of the document and Mitek does the rest -- correcting image distortion, extracting relevant data, routing images to their desired location, and processing transactions through users’ financial institutions.

For more information about Mitek Systems, contact the company at 858-503-7810 or visit www.miteksystems.com.

About VSoft Corporation

VSoft Corporation offers core and payment-processing solutions that improve service, reduce cost and maximize efficiency for financial institutions. Its solutions provide seamless, real-time, high-volume and high-performance transactions across multiple channels and can be delivered in–house, or as an outsourced ASP or SaaS model to best meet the needs of individual financial institutions.

VSoft’s services have been trusted by more than 1,900 banks, credit unions and savings institutions, as well as transaction processors, governments, utilities, telecommunications and retail organizations worldwide. The company’s growth and stability has been recognized by inclusion in the Inc. 5000 list for four years running and featured in Bank Technology News’ 9th Annual Innovator Awards for CoreSoft, its core solution. For more information call 770-225-7692 or visit www.vsoftcorp.com.

Editor's Note: The correct usage of the company name, VSoft Corporation, is either referring to it as VSoft Corporation or VSoft, with both the "V" and the "S" capitalized.

Contacts

VSoft Corporation
Jon Reneslacis, 770-840-0097
or
For VSoft Corporation
Heather Sugg, 813-374-6362

National Retail Federation and Montana Retail Association Air Radio Ads Aimed at Tester Bill to Block Swipe Fee Reform

May 23, 2011 04:24 PM Eastern Daylight Time 

WASHINGTON--(BUSINESS WIRE)--The National Retail Federation (NRF) and the Montana Retail Association today announced the launch of a radio advertising campaign urging Senator Jon Tester to rethink his opposition to a new federal law that would save retailers and consumers more than $1 billion a month by lowering “swipe” fees banks charge to process debit card transactions.

“Montana retailers don’t understand why Senator Tester has taken the side of Wall Street banks over Main Street businesses and consumers here at home”

“Americans pay the highest swipe fees in the world,” an announcer says in the new radio ads. “Senator Tester knows this. But he’s helping the big banks delay debit card swipe fee reform. Senator Tester says he’s for the consumer, but Tester lets the big banks swipe our money.”

The one-minute ads are running on stations across Montana this week as part of NRF’s nationwide 60-day lobbying, grassroots and media campaign aimed at ensuring that swipe fee reform passed by Congress last year goes into effect as scheduled on July 21. A provision in the 2010 Wall Street reform bill will reduce the fees by an estimated 70 percent, saving about $14 billion a year that retailers plan to pass along to their customers through discounts or other benefits, but the banking industry is spending millions of dollars to delay the reform.

“Congress concluded last year that swipe fees have been driving up prices for consumers by far too much for far too long,” NRF President and CEO Matthew Shay said. “Now that Congress has done something about these fees, retailers are ready to pass the savings along to customers through lower prices and higher value. We want to make sure swipe fee reform takes effect as planned, and consumers get to enjoy those new benefits as soon as possible.”

“Montana retailers don’t understand why Senator Tester has taken the side of Wall Street banks over Main Street businesses and consumers here at home,” Montana Retail Association President Bradley Griffin said. “These fees are driving up prices for Montana citizens at a time when the economy is still recovering. Montana doesn’t want swipe fee reform delayed.”

Tester, a Montana Democrat, introduced legislation in March that would delay implementation of swipe fee reform by two years and require a new government study of the issue. Last week, he said he would modify the bill to seek a 15-month delay, including a six-month study, six months for the Federal Reserve to draft new regulations replacing those proposed in December, and three months to prepare for implementation.

Tester’s call for further study comes despite the fact that Congress held seven hearings and ordered two Government Accountability Office studies before passing reform. Federal Reserve Chairman Ben Bernanke has testified before Congress that he has all the information he needs to prepare final regulations on schedule with no need for delay.

Swipe fees, officially known as interchange fees, are a charge averaging 1-2 percent for debit cards and 2-3 percent for credit cards taken by banks each time a card is used to pay for a purchase. The fees have tripled over the past decade to about $50 billion a year, and drive up prices paid by consumers by an estimated $427 for the average household. Debit cards account for about $20 billion of the total.

Congress has yet to deal with credit card swipe fees but included swipe fee reform for debit cards in last year’s Wall Street bill. Regulations proposed by the Federal Reserve to implement the provision would lower debit card swipe fees from their current level of 1 to 2 percent of each transaction to a flat fee of no more than 12 cents per transaction for large banks that adhere to fee schedules set by the card companies. Banks that set their own rates would be free to charge any fee they believe the market would bear provide that they do so independently. Financial institutions with less than $10 billion in assets are exempt.

As the world's largest retail trade association and the voice of retail worldwide, NRF's global membership includes retailers of all sizes, formats and channels of distribution as well as chain restaurants and industry partners from the United States and more than 45 countries abroad. In the United States, NRF represents the breadth and diversity of an industry with more than 1.6 million American companies that employ nearly 25 million workers and generated 2010 sales of $2.4 trillion. www.nrf.com

Listen to Radio Ad at http://swipefees.nrf.com/ads

Contacts

National Retail Federation
J. Craig Shearman, 202-626-8134
shearmanc@nrf.com
www.nrf.com/swipefees

Related articles

• Retailers, Banks Take Swipes Over Debit Card Fees (foxnews.com)

Consumers Are 39% More Likely to Go Online to Manage Credit Card Accounts Than They Were Two Years Ago, According to Auriemma Consulting Group

May 24, 2011 04:00 AM Eastern Daylight Time 

LONDON--(BUSINESS WIRE)--Between 2008 and 2010, consumers became 39% more likely to manage their credit card accounts online, according to research recently published in Cardbeat, a market research report on UK consumer credit card usage published by Auriemma Consulting Group (ACG). In 2010, 61% of consumers used their credit card websites to manage at least some aspect of their credit card accounts. Comparatively, in 2008, just 44% of credit cardholders managed their accounts online.

“There are two primary drivers of consumers’ increased reliance on the internet to manage their financial services accounts: card issuer websites have dramatically improved over the past 2 years, and consumers are increasingly reliant on the internet as a primary source of information for sensitive personal and financial information.”

When specific account management activities are examined, similar increases in consumer reliance on online account management tools becomes apparent. For example, in 2010, consumers were 60% more likely to go online to review recent credit card transactions, versus just 40% in 2008. Further, consumers were twice as likely to go online to order a replacement card (for a card that was lost or stolen) as they were in 2008 (36% vs. 18%).

				Percentage of Credit Card Users
Credit Card Account Management Activity				Who Perform This Activity Online
				2008			2010
Review recent transactions				40%			64%
Check account balance				40%			64%
Pay credit card bill				33%			65%
Check payment due date				33%			56%
Order a replacement card				18%			36%

Megan Bramlette, Director of International Knowledge Management for ACG says, “There are two primary drivers of consumers’ increased reliance on the internet to manage their financial services accounts: card issuer websites have dramatically improved over the past 2 years, and consumers are increasingly reliant on the internet as a primary source of information for sensitive personal and financial information.”

Matt Simester, Managing Director of ACG adds, “As consumers become more comfortable using smartphones and the web for personal transactions and information sharing, this trend of increased online account management is set to continue. However, paper- and phone-based servicing will continue to play a role in credit card account management until tools are developed that allow cardholders to conduct more complex tasks online, like reporting fraudulent activity.”

Cardbeat is a syndicated market research service that tracks changes in consumer attitudes towards topics that affect the payments industry. Cardbeat provides subscribers with reliable data about what consumers are thinking, how they behave and what motivates them. Subscribers are able to suggest new survey topics, and the service is designed to accommodate new questions on short notice. For additional information about this press release, please contact Megan Bramlette at +44 (0) 207 629 0075 or megan.bramlette@acg.net.

About the Auriemma Consulting Group

Since 1984, ACG has offered comprehensive management consulting, research, industry roundtable and benchmarking services to the financial services industry. ACG clients include credit card issuers and networks, commercial banks, auto and mortgage lenders, merchants, and industry vendors. With offices in London and New York, ACG offers actionable solutions to help clients make important business decisions to maximise their efficiencies and revenues.

Contacts

Auriemma Consulting Group
Megan Bramlette, +44 (0) 207 629 0075
megan.bramlette@acg.net

PCI Council Announces New Board of Advisors (with Video from Bob Russo)

May 20, 2011

PCI Council Announces New Board of Advisors (PDF)

Cross-industry group to represent more than 600 global organizations in increasing payment data security

WAKEFIELD, Mass., May 20, 2011 —The PCI Security Standards Council (PCI SSC), a global, open industry standards body providing management of the Payment Card Industry Data Security Standard (PCI DSS), PIN Transaction Security (PTS) requirements and the Payment Application Data Security Standard (PA-DSS), today announced the results of elections for the PCI SSC Board of Advisors, a cross-industry group chartered by the Council to ensure global stakeholder representation in the ongoing development of PCI Security Standards
.

Elected by the Council’s more than 600 Participating Organizations - including merchants, financial institutions and processors from around the world the 2011-2013 PCI Board of Advisors will provide strategic and technical guidance to the PCI Security Standards Council that reflects the varied and unique industry perspectives of those across the payment chain. In addition to advising on standards development, the Board of Advisors plays a critical role in soliciting feedback and ideas, leading Special Interest Groups (SIGs); and helping the Council fulfill its mission to raise awareness and adoption of PCI Standards.

More than 76 organizations from across the payment industry were nominated for their direct experience and leadership in the field. The 21 seats were distributed within the categories of: Financial Institutions; Merchants; Processors; Vendors, and Others (Industry Associations, etc), with 14 organizations elected by their peers in the PCI SSC.

Participating Organizations member base and seven seats appointed by the PCI SSC Executive Council to ensure broad and equal representation.The new Board of Advisors is comprised of representatives from the following organizations: Barclaycard, British Airways, Cartes Bancaires, Cielo, Cisco, Citi, Disney,  European Payments Council, First Data Corporation, Heartland Payment Systems, Ingenico, International Air Transport Association (IATA), JPMorgan Chase & Co, McDonald's, PayPal, RSA, Tesco Stores Limited, TSYS, VeriFone Systems, Inc., WalMart Stores, Inc. and Woolworth's.
.
“Industry participation is crucial to our work here at the Council. I am ecstatic to see the record number of people who were involved in this year’s election process and the breadth of experiences and perspectives that this new Board represents,” said Bob Russo, general manager, PCI Security Standards Council. “As we continue to strengthen the standards and their adoption globally, this group will play a leading role in the protection of cardholder data against security threats worldwide.

The new Board will kick off its work in June with its first face-to-face meeting with Council management. As the Council prepares for the annual Community Meetings, the board will be instrumental in this forum for engaging stakeholders to discuss and provide input on their implementation of the newest versions of the PCI Security Standards. Additionally, the board will play a leadership role in driving the first formal
feedback period in the current lifecycle beginning in November, working with Participating Organizations to solicit their feedback for the ongoing enhancement of the standards. 

“I am thrilled about the increase in European representation on the Board this term. It is a testimony to the excellent work and collaboration that is taking place in Europe to drive payment security forward” said Jeremy King, European regional director, PCI Security Standards Council. “With their input, I’m confident that we can continue to make great strides in engaging European stakeholders in this important global initiative.” 

Click here for a quick video message from Bob Russo, general manager, PCI Security Standards Council, welcoming the new Board.

For More Information: For more information on the PCI Security Standards Council, please visit www.pcisecuritystandards.org or contact the PCI SSC Secretariat for any questions or concerns regarding the Community Meetings at secretariat@pcisecuritystandards.org.

About the PCI Security Standards Council
The mission of the PCI Security Standards Council is to enhance payment account security by driving education and awareness of the PCI Data Security Standard and other standards that increase payment data security. The PCI Security Standards Council was formed by the major payment card brands
American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa Inc. to provide a transparent forum in which all stakeholders can provide input into the ongoing development, enhancement and dissemination of the PCI Data Security Standard (DSS), PIN Transaction Security (PTS) requirements and the Payment Application Data Security Standard (PA-DSS). Merchants, banks, processors and other vendors are encouraged to join as participating organizations. 

Heartland Payment Systems’ Chief Information Officer Steve Elefant Elected to PCI SSC Board of Advisors

Image via CrunchBase

May 24, 2011 08:05 AM Eastern Daylight Time 

Data Security Expert Joins PCI Board to Help Protect Payments Ecosystem from Cybercriminals

PRINCETON, N.J.--(BUSINESS WIRE)--Steve Elefant, chief information officer at Heartland Payment Systems^® (NYSE: HPY), one of the nation's largest payments processors, has been elected to the 2011-2013 Payment Card Industry Security Standards Council (PCI SSC) Board of Advisors. Comprised of 21 members representing a broad range of organizations, the Board will provide strategic and technical guidance as the Council continually develops security standards and seeks to raise awareness and compliance with its guidance.

“Strong, effective security standards and industry collaboration are mission critical in our collective fight against international gangs of professional cybercriminals, and I look forward to working with my fellow Board members and the Council to help safeguard all stakeholders in the payments ecosystem.”

“As we continue to strengthen the standards and their adoption globally, this group will play a leading role in the protection of cardholder data against security threats worldwide,” said Bob Russo, general manager, PCI SSC.

“It’s an honor to be on the Board and part of such a crucial organization for the payments community, as well as merchants large and small,” said Elefant. “Strong, effective security standards and industry collaboration are mission critical in our collective fight against international gangs of professional cybercriminals, and I look forward to working with my fellow Board members and the Council to help safeguard all stakeholders in the payments ecosystem.”

Elefant is an industry leader in payment card security and has been at the helm of Heartland’s progressive data security initiatives since he joined the company in 2008. He pioneered the company’s groundbreaking E3™ end-to-end encryption technology that combines layers of physical and logical security, including tamper-resistant hardware and the application of Advanced Encryption Standard (AES) — the most secure encryption available — to encrypt sensitive data from the moment of card swipe to and through Heartland’s network. A cost-effective solution, E3 provides the highest degree of payment card security currently available on the market without charging extra security fees. Heartland also protects merchants with an unprecedented E3 warranty that will reimburse a merchant’s breach-related fines in the unlikely event of a data breach while using E3.

Elefant was recently named one of ComputerWorld’s Premier 100 IT Leaders for 2011 and is also involved with various other groups and coalitions, including the US Secret Service Electronic Crimes Task Force, the Federal Bureau of Investigation’s Infragard Electronic Crimes Task Force, the Payments Processor Information Sharing Council (PPISC) and the Secure Remote Payment Council (SRPC).

Heartland’s Chief Security Officer, John South, will serve as an Alternate Advisor. South is an active member of the US Secret Service North Texas Electronic Crimes Task Force and the founding president of the Federal Bureau of Investigation’s North Texas Infragard Electronic Crimes Task Force.

“I am proud of Steve and John’s election to PCI Board. It’s a testament to their expertise, Heartland and our E3 program,” added Bob Carr, chairman and chief executive officer at Heartland.

About Heartland Payment Systems

Heartland Payment Systems, Inc. (NYSE: HPY), the fifth largest payments processor in the United States, delivers credit/debit/prepaid card processing, gift marketing and loyalty programs, payroll,check management and related business solutions to more than 250,000 business locations nationwide. A FORTUNE 1000 company, Heartland is the founding supporter of The Merchant Bill of Rights, a public advocacy initiative that educates merchants about fair credit and debit card processing practices. The company is also a leader in the development of end-to-end encryption technology designed to protect cardholder data, rendering it useless to cybercriminals. For more information, please visit HeartlandPaymentSystems.com, MerchantBillOfRights.org,CostOfABurger.com and E3secure.com.

Contacts

for Heartland Payment Systems
Vault Communications
Leanne Scott Brown, 610.455.2742
LBrown@VaultCommunications.com

Related articles

• PCI Standards Council Announces New Board of Advisors (brianpennington.co.uk)
• New PCI Board of Advisors Elected (brandenwilliams.com)

E-Payment Major Highlight of 2011 Lujiazui Forum; 99Bill Invited to Discuss Development and Market Potential

Image via CrunchBase

SHANGHAI, May 24, 2011 /PRNewswire-Asia/ -- On May 19, the 2011 Lujiazui Forum was held, hosted by the People's Bank ofChina (PBOC), the China Banking Regulation Committee (CBRC), Securities Regulatory Commission (CSRC), Insurance Regulatory Commission (CIRC) and the Shanghai Municipal People's Government, kicking off three days of discussion focusing on "The Financial System and its Macro-management in a New Era" chaired by CIRC Chairman Mr. Wu Dingfu and Mayor of Shanghai, Mr.Han Zheng.

This is the fourth annual session of the Lujiazui Forum, which provides a high-level, international platform for financial experts to discuss global financial issues. A highlight of this year's Forum was e-payment and its influence on e-commerce and e-business. This is the first time that e-payment has been a specific topic of focus and demonstrates increased recognition of this integral part of the important and growing e-business sector in China.

99Bill CEO, Mr. Oliver Kwan was extended a special invitation by the Shanghai Municipal Government to attend the Forum as a business representative, taking the opportunity to discuss his experience with, and hopes for, the future of e-payment services inChina, which he sees as a driving force pushing forward social and economic development in the country. His views on the role e-payment can play in bringing traditional industries into the scope of e-commerce and making capital flow more efficiently throughout the entire industry value chain resonated with everyone present.

Mr. Kwan and 99Bill believe that China's e-payment sector has already started to transition from the relatively simple role of facilitating online consumer purchases to a more integral position of influencing e-commerce in business-to-business transactions, which ultimately will have a much greater impact on economic development. As Chinese businesses, especially more traditional industries, move toward e-commerce, 99Bill sees massive potential for growth and expansion in the e-payment sector.

99Bill solutions are actively used in almost 20 industries including aviation, insurance, clothing, health care, education, etc., integrating the flow of both capital and information. In 2010, 99Bill's total transaction volume reached 400 billion RMB and will likely exceed one trillion RMB this year.

About 99Bill Corporation

99Bill Corporation is the leading independent third-party payment service provider in China, offering a comprehensive suit of secure, safe and convenient electronic payment solutions to all kinds of enterprises. With the widest range of product categories and user groups, 99Bill makes electronic payment available by various bank cards. Its services support a variety of terminals, including Internet, mobile phone and POS, which could meet different demands from all enterprises and individuals. By the end ofApril 2011, 99Bill has signed up a total of 91 million registered users and about 980,000 merchant partners.

SOURCE 99Bill (Shanghai)Co., Ltd

New Mobile Application from Tycoon Unlimited Protects Consumers from Credit Card Fraud and Identity Theft

Consumers can shop worry free using the new payment platform

LOS ANGELES, May 24, 2011 /PRNewswire/ -- Tycoon Unlimited today announced the development of a new system for mobile payments that can eliminate up to 99% of consumer credit card fraud and identity theft. Called NO MORE CARDS, the system allows consumers to use their mobile device or smartphone to pay for goods or services instead of carrying and using their physical credit and debit cards. Additionally, NO MORE CARDS allows for the immediate transfer of funds worldwide from one NO MORE CARDS user to another. Working for both physical store locations and online businesses, NO MORE CARDS maintains the consumers' financial information in a secure environment for them to conduct their transactions.

Arthur Torossian, CEO of Tycoon Unlimited, explains the key problem and how NO MORE CARDS approaches the issue. "Today, people are worried about Identity Theft and Credit Card fraud and they do everything they can to protect their personal information, but they freely hand over the most damaging piece of personal information they possibly could to anyone that asks, ...  their credit and debit cards or their account numbers. NO MORE CARDS keeps that information private. All of the consumer's information is maintained securely in an outside system with only the final authorization given to the retailer. At no time is any of the consumer's actual information given to the retailer. Doing this, in the way we do, can eliminate up to 99% of current Credit Card fraud and Identity Theft situations."

NO MORE CARDS is capable of being used with any credit, debit, store, or gift card and requires no additional hardware for either the consumer or vendor in order to take advantage of the NO MORE CARDS platform. As consumers and vendors adopt future wireless technologies, the payment platform is designed to be compatible with this new hardware as well. Once registered on the NO MORE CARDS website, consumers and retailers are able to begin using system to process and accept payments immediately. NO MORE CARDS is designed to work in conjunction with existing consumer and commercial banks to offer their clients the best, most reliable, and most secure payment environment possible for consumers and retailers and is aimed for a Q3 2011 initial launch.

About Tycoon Unlimited

Tycoon Unlimited, Inc. was founded in 2003 to provide production and development solutions to the fashion industry. With a management team possessing over 30 years combined experience in the retail, financing, and wholesale marketplaces, Tycoon Unlimited was rapidly recognized as an innovative problem solver who companies could depend on to support their needs. As Tycoon Unlimited grew, they began to extend their services to a range of other industries and outlets from medical technology to food production. In 2007, they began the initial development of the OWWTS Project, aimed at revolutionizing the way B2B marketing and sales are conducted. In 2010, development began on NO MORE CARDS, an application based mobile payment system for smartphones that eliminates the key scenarios for credit card fraud and identity theft.

To Contact Tycoon Unlimited
Direct inquiries to:
David Maxwell
Media and Investor Relations
Tycoon Unlimited
Phone: 323.589.5999
E-Mail: media@tycoonunlimited.com
Website: http://www.tycoonunlimited.com

Krestina Torossian
Tycoon Unlimited
Phone: 323.589.5999
E-mail: info@tycoonunlimited.com

SOURCE Tycoon Unlimited