NBPCA Supports New Fed Rules under CARD Act

NBPCA Statement in Support of New Rules Issued by FED under CARD Act

 

MONTVALE, N.J., March 24 /PRNewswire/ -- The Network Branded Prepaid Card Association (NBPCA), a non-profit trade association, supports the new rules issued by the Federal Reserve today regarding gift certificates, store gift cards and general use prepaid cards required by the CARD Act.  However, the NBPCA does have significant concerns about the short deadline of August 22, 2010 for companies to make card products that comply with the new rules. The tight deadline will be logistically difficult to meet and may limit consumer access to what are consistently ranked as the most popular gifts during the holiday season. This will be disappointing and inconvenient for consumers and costly for retailers struggling to weather the recession.

"The Network Branded Prepaid Card Association (NBPCA) plans to continue a positive and productive dialogue with lawmakers, regulators and law enforcement to enable consumers to continue to have safe and convenient access to prepaid cards," said Kirsten Trusko, NBPCA President and Executive Director. "Consumer satisfaction with prepaid cards determines the success of our industry. Consequently, we support a regulatory framework that strikes the right balance between consumer protection and a structure allowing businesses to continue to offer these innovative card products in the marketplace."

Each day prepaid cards are used by millions of consumers, businesses and governments as a preferred payment method to reduce fraud and safely and conveniently access funds. Numerous studies indicate prepaid card users are overwhelmingly happy with the products and find their fee structures to be clear, transparent and fair. The NBPCA and its members support many of the new regulations issued on expiration dates, disclosures and fees. In fact, many companies have already implemented many of the new rules, some of which include:

• No more than one fee a month for service fees, including "activity based" fees such as ATM, reload fees, etc.


• Gift cards will now have an expiration date of 5 years from last load - and must be prominently disclosed on the card near the expiration date.


• Free replacement cards must be provided or the card issuer can give the remaining balance to the cardholder.


• A "toll free" telephone number written on the card.


• Pre-purchase disclosures must be made regarding all fees, expiration dates and cannot be changed after purchase.

The NBPCA's primary goal is to ensure consumers continue to be highly satisfied with their prepaid card experiences. The NBPCA remains committed to supporting a regulatory framework where there are fewer, not more, barriers preventing consumers from being able to choose the best possible products in the financial services marketplace.

About the NBPCA

The Network Branded Prepaid Card Association (NBPCA) is a non-profit, inter-industry trade association that supports the growth and success of network branded prepaid debit cards and represents the common interests of the many players in this new and rapidly growing payments category. For additional information, visit www.NBPCA.org.

SOURCE The Network Branded Prepaid Card Association

NBPCA Supports New Fed Rules under CARD Act

NBPCA Statement in Support of New Rules Issued by FED under CARD Act

 

MONTVALE, N.J., March 24 /PRNewswire/ -- The Network Branded Prepaid Card Association (NBPCA), a non-profit trade association, supports the new rules issued by the Federal Reserve today regarding gift certificates, store gift cards and general use prepaid cards required by the CARD Act.  However, the NBPCA does have significant concerns about the short deadline of August 22, 2010 for companies to make card products that comply with the new rules. The tight deadline will be logistically difficult to meet and may limit consumer access to what are consistently ranked as the most popular gifts during the holiday season. This will be disappointing and inconvenient for consumers and costly for retailers struggling to weather the recession.

"The Network Branded Prepaid Card Association (NBPCA) plans to continue a positive and productive dialogue with lawmakers, regulators and law enforcement to enable consumers to continue to have safe and convenient access to prepaid cards," said Kirsten Trusko, NBPCA President and Executive Director. "Consumer satisfaction with prepaid cards determines the success of our industry. Consequently, we support a regulatory framework that strikes the right balance between consumer protection and a structure allowing businesses to continue to offer these innovative card products in the marketplace."

Each day prepaid cards are used by millions of consumers, businesses and governments as a preferred payment method to reduce fraud and safely and conveniently access funds. Numerous studies indicate prepaid card users are overwhelmingly happy with the products and find their fee structures to be clear, transparent and fair. The NBPCA and its members support many of the new regulations issued on expiration dates, disclosures and fees. In fact, many companies have already implemented many of the new rules, some of which include:

• No more than one fee a month for service fees, including "activity based" fees such as ATM, reload fees, etc.


• Gift cards will now have an expiration date of 5 years from last load - and must be prominently disclosed on the card near the expiration date.


• Free replacement cards must be provided or the card issuer can give the remaining balance to the cardholder.


• A "toll free" telephone number written on the card.


• Pre-purchase disclosures must be made regarding all fees, expiration dates and cannot be changed after purchase.

The NBPCA's primary goal is to ensure consumers continue to be highly satisfied with their prepaid card experiences. The NBPCA remains committed to supporting a regulatory framework where there are fewer, not more, barriers preventing consumers from being able to choose the best possible products in the financial services marketplace.

About the NBPCA

The Network Branded Prepaid Card Association (NBPCA) is a non-profit, inter-industry trade association that supports the growth and success of network branded prepaid debit cards and represents the common interests of the many players in this new and rapidly growing payments category. For additional information, visit www.NBPCA.org.

SOURCE The Network Branded Prepaid Card Association

Visa Inc. and U.S. Hispanic Chamber of Commerce Launch Small Business Alliance

Joint Effort to Help Hispanic-Owned Merchants Run, Expand Their Businesses

WASHINGTON, March 24 /PRNewswire/ -- Visa Inc. (NYSE: V), a global payments technology company, and the United States Hispanic Chamber of Commerce (USHCC) today announced a new strategic alliance to help strengthen and grow the three million Hispanic-owned businesses that USHCC advocates on behalf of through their member chambers.  

Together, Visa and USHCC will provide Hispanic-owned merchants with an array of tools to help them improve cash flow, manage payment acceptance costs, streamline operations and grow their businesses.  Additionally, USHCC members will receive customized access to Visa's suite of small business solutions and educational resources, including:

• Visa Business Network (VBN), a dedicated community on Facebook that provides small business owners exclusive access to networking opportunities with other businesses and trusted advisors, small-business news feeds, videos, blogs and editorial commentary about issues such as cash flow management and new ways to attract customers.


• Visa's comprehensive online self-help business education content, including podcasts, interactive workbooks and workshops on topics such as managing and building a business.  


• Tailored cash flow management workbooks and complimentary Point of Sale signage.  

The USHCC and Visa will also work together to develop acceptance solutions for USHCC merchants, especially smaller players with sales up to $1 million, to ensure that they have access to best-available interchange rates and other acceptance solutions from Visa.

"Our card acceptance partnership with Visa will offer Hispanic small businesses an important economic advantage," saidJavier Palomarez, President and CEO, Hispanic Chamber of Commerce.  "This initiative will offer our members access to affordable card acceptance programs that support business growth, especially during these challenging economic times."

Hispanic-owned businesses are one of the fastest growing sectors in the United States today, on track to grow 41.8% to 4.3 million merchants over the next six years according to recent estimates from HispanTelligence.  

"Visa is keenly aware of the role merchants – large and small – play in the health of our economy. We are committed to doing our part by developing payment products and services that enable merchants to strengthen and grow their businesses and, in turn, help drive economic growth," said William M. Sheedy, Group President, The Americas, Visa Inc.  "The United States Hispanic Chamber of Commerce and its members are an important part of this effort, and we are honored to be working with them in this partnership."

About Visa

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks -- VisaNet -- that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants.  Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers.  Visa's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.

About the United States Hispanic Chamber of Commerce

Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of nearly 3 million Hispanic-owned businesses in the United States that generate nearly $400 billion annually. It also serves as the umbrella organization for more than 200 local Hispanic chambers in the United States and Puerto Rico.

SOURCE Visa Inc.

Visa Inc. and U.S. Hispanic Chamber of Commerce Launch Small Business Alliance

Joint Effort to Help Hispanic-Owned Merchants Run, Expand Their Businesses

WASHINGTON, March 24 /PRNewswire/ -- Visa Inc. (NYSE: V), a global payments technology company, and the United States Hispanic Chamber of Commerce (USHCC) today announced a new strategic alliance to help strengthen and grow the three million Hispanic-owned businesses that USHCC advocates on behalf of through their member chambers.  

Together, Visa and USHCC will provide Hispanic-owned merchants with an array of tools to help them improve cash flow, manage payment acceptance costs, streamline operations and grow their businesses.  Additionally, USHCC members will receive customized access to Visa's suite of small business solutions and educational resources, including:

• Visa Business Network (VBN), a dedicated community on Facebook that provides small business owners exclusive access to networking opportunities with other businesses and trusted advisors, small-business news feeds, videos, blogs and editorial commentary about issues such as cash flow management and new ways to attract customers.


• Visa's comprehensive online self-help business education content, including podcasts, interactive workbooks and workshops on topics such as managing and building a business.  


• Tailored cash flow management workbooks and complimentary Point of Sale signage.  

The USHCC and Visa will also work together to develop acceptance solutions for USHCC merchants, especially smaller players with sales up to $1 million, to ensure that they have access to best-available interchange rates and other acceptance solutions from Visa.

"Our card acceptance partnership with Visa will offer Hispanic small businesses an important economic advantage," saidJavier Palomarez, President and CEO, Hispanic Chamber of Commerce.  "This initiative will offer our members access to affordable card acceptance programs that support business growth, especially during these challenging economic times."

Hispanic-owned businesses are one of the fastest growing sectors in the United States today, on track to grow 41.8% to 4.3 million merchants over the next six years according to recent estimates from HispanTelligence.  

"Visa is keenly aware of the role merchants – large and small – play in the health of our economy. We are committed to doing our part by developing payment products and services that enable merchants to strengthen and grow their businesses and, in turn, help drive economic growth," said William M. Sheedy, Group President, The Americas, Visa Inc.  "The United States Hispanic Chamber of Commerce and its members are an important part of this effort, and we are honored to be working with them in this partnership."

About Visa

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks -- VisaNet -- that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants.  Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers.  Visa's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.

About the United States Hispanic Chamber of Commerce

Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of nearly 3 million Hispanic-owned businesses in the United States that generate nearly $400 billion annually. It also serves as the umbrella organization for more than 200 local Hispanic chambers in the United States and Puerto Rico.

SOURCE Visa Inc.

Fourth Annual Mobile Banking and Emerging Applications Summit

	American Banker and Bank Technology News present the Fourth Annual Mobile Banking & Emerging Applications Summit June 6 – 8, 2010 M Resort Casino & Spa | Las Vegas, NV Extra $100 SAVINGS available until Friday, 3/26 Use Promo Code SAVE100 & Register NOW Pamela A. Joseph Vice Chairman, Payment Services U.S. Bancorp KEYNOTE SPEAKER ANNOUNCED Pamela A. Joseph is vice chairman of U.S. Bancorp Payment Services and chairman of Atlanta-based Elavon, Inc., a wholly owned subsidiary of U.S. Bancorp. As a member of the 14-member managing committee at U.S. Bancorp, she is responsible for U.S. Bank Retail Payment Solutions, U.S. Bank Corporate Payment Solutions, Elavon Global Acquiring Solutions (formerly NOVA Information Systems and euroConex), and Elavon Financial Services, U.S. Bancorp's chartered European financial institution. [Read more] Register Early & Save Pre-register online today or call Joe Frega at 212-803-8348. Use promo code SAVE100 and save an extra $100 off the BEST RATES! Early incentive offer expires 3/26/10. Reserve your seat now and the attend industry's most credible conference dedicated to bringing together the various constituencies in the mobile financial services value chain, including banks, payment networks and processors, manufacturers, retailers, mobile vendors and service providers. Join us June 6-8 at the M Resort in Las Vegas, Nevada. Reduce Your Travel Expenses Reserve your room early to receive the exclusive attendee discount at the M Resort and Casino. Be sure to mention that you are a Mobile Banking Emerging & Summit participant. Go here for travel details. JetBlue provides a great discount-no matter where you are jetting from! Relax and stretch out before and after you hit the floor at M RESORT - you can now enjoy JetBlue's award-winning service and roomy leather seats for less! Book now and save 5% on our lowest fare. Simply use the promo code MOBILE2010 when booking on jetblue.com/promo. Build Your Mobile Network Connect with past attendees and other mobile banking professionals via our LinkedIn® Group. This is your chance to network and exchange valuable insight both before and after the event! We look forward to seeing you and your colleagues this June in Las Vegas.
Presented by:

*All special offers are valid for NEW registrants only and cannot be applied to current registered attendees. Offers are not transferable and cannot be combined with any other offer. SourceMedia cancellation policies apply. Please call our Customer Service department at 800-803-3424 or 212-803-6093 if you have any questions. You are currently subscribed to Mobile Banking & Emerging Applications Summit as

Fourth Annual Mobile Banking and Emerging Applications Summit

	American Banker and Bank Technology News present the Fourth Annual Mobile Banking & Emerging Applications Summit June 6 – 8, 2010 M Resort Casino & Spa | Las Vegas, NV Extra $100 SAVINGS available until Friday, 3/26 Use Promo Code SAVE100 & Register NOW Pamela A. Joseph Vice Chairman, Payment Services U.S. Bancorp KEYNOTE SPEAKER ANNOUNCED Pamela A. Joseph is vice chairman of U.S. Bancorp Payment Services and chairman of Atlanta-based Elavon, Inc., a wholly owned subsidiary of U.S. Bancorp. As a member of the 14-member managing committee at U.S. Bancorp, she is responsible for U.S. Bank Retail Payment Solutions, U.S. Bank Corporate Payment Solutions, Elavon Global Acquiring Solutions (formerly NOVA Information Systems and euroConex), and Elavon Financial Services, U.S. Bancorp's chartered European financial institution. [Read more] Register Early & Save Pre-register online today or call Joe Frega at 212-803-8348. Use promo code SAVE100 and save an extra $100 off the BEST RATES! Early incentive offer expires 3/26/10. Reserve your seat now and the attend industry's most credible conference dedicated to bringing together the various constituencies in the mobile financial services value chain, including banks, payment networks and processors, manufacturers, retailers, mobile vendors and service providers. Join us June 6-8 at the M Resort in Las Vegas, Nevada. Reduce Your Travel Expenses Reserve your room early to receive the exclusive attendee discount at the M Resort and Casino. Be sure to mention that you are a Mobile Banking Emerging & Summit participant. Go here for travel details. JetBlue provides a great discount-no matter where you are jetting from! Relax and stretch out before and after you hit the floor at M RESORT - you can now enjoy JetBlue's award-winning service and roomy leather seats for less! Book now and save 5% on our lowest fare. Simply use the promo code MOBILE2010 when booking on jetblue.com/promo. Build Your Mobile Network Connect with past attendees and other mobile banking professionals via our LinkedIn® Group. This is your chance to network and exchange valuable insight both before and after the event! We look forward to seeing you and your colleagues this June in Las Vegas.
Presented by:

*All special offers are valid for NEW registrants only and cannot be applied to current registered attendees. Offers are not transferable and cannot be combined with any other offer. SourceMedia cancellation policies apply. Please call our Customer Service department at 800-803-3424 or 212-803-6093 if you have any questions. You are currently subscribed to Mobile Banking & Emerging Applications Summit as

AARP Members Get Discounts via Billeo

Exclusive Shopping Discounts Are One-Click Away for 40 Million AARP Members Using Billeo's Offer Assistant

 

 

Members Can Unearth AARP-Specific Discounts, Alongside Those from Banks, Retailers, Bing Cashback and Credit Card Issuers

SANTA CLARA, Calif., March 24 /PRNewswire/ -- Billeo (www.billeo.com) – a suite of Online Assistants that save people time and money in all types of online transactions, from shopping to bill pay – today added AARP membership-based discounts to its Offer Assistant. By automatically showing thousands of discounts and deals from the loyalty and rewards programs of banks, retailers, Microsoft's Bing, credit card issuers and now AARP, Billeo's Offer Assistant makes it convenient for online shoppers to find high-value offers right when they search for products and services in Google, Yahoo! or Bing.

(Logo: http://www.newscom.com/cgi-bin/prnh/20091215/BILLEOLOGO)

AARP has a dedicated team surfacing hundreds of valuable discounts at hotels, airlines, retailers, and other companies and organizations, to help its members save money. Billeo's Offer Assistant ensures that members know about these specials and use them when they are shopping online. If each of AARP's 40 million members used Billeo's Offer Assistant and spent at least $500 while shopping online, members could save $2 billion annually.

"It's our belief that you should have easy access to as many online discounts and deals as possible available through your loyalty programs," said Murali Subbarao, founder and CEO of Billeo. "With more than a third of our users over 50 and therefore eligible for AARP membership, it was a no-brainer for us to add AARP to the stable of programs we support."

To take advantage of these discounts, AARP members simply visit www.billeo.com to download the free Billeo toolbar, which includes the newly upgraded Offer Assistant. After selecting AARP as a preferred rewards program under the Offer Assistant's Loyalty Program Selector, members will automatically see every AARP discount in their Google, Yahoo! or Bing search results. Once they click on a specific discount, Billeo guides them through the purchase process to ensure they reap their rewards.

For even more savings, AARP members using the Billeo toolbar can "double-dip" their discounts and rewards. For example, a member paying for a purchase with a debit or credit card tied to a rewards program can add the AARP discount on top of the card's own special offer.

Billeo saves consumers time and money when shopping online. In addition to the Offer Assistant, users can take advantage of Billeo's other online tools:

• The Password Assistant to autofill login information at shopping sites


• The Shopping Assistant to autofill checkout forms with address, billing and payment details


• A receipt saver that stores every payment confirmation in one place

Billeo has presented millions of offers to online shoppers since unveiling its Offer Assistant in September 2009, saving them an average of 8 percent on each purchase. To discover what kind of savings Billeo's Offer Assistant can give you, please visit www.billeo.com.

About Billeo, Inc.

Billeo provides a suite of Online Assistants that save people time and money in all types of online transactions, from shopping to bill pay. Its latest tool, the Offer Assistant, delivers high-quality discounts and deals from the loyalty programs of major card programs such as American Express, Visa and others – with no work required. Billeo was founded by seasoned executives well-versed in the online shopping and bill payment spaces. Over 40 banks, six of the top 10 card issuers, and more than 1,500 merchants are part of the trusted Billeo network. For more information about Billeo visitwww.billeo.com.

SOURCE Billeo, Inc.

AARP Members Get Discounts via Billeo

Exclusive Shopping Discounts Are One-Click Away for 40 Million AARP Members Using Billeo's Offer Assistant

 

 

Members Can Unearth AARP-Specific Discounts, Alongside Those from Banks, Retailers, Bing Cashback and Credit Card Issuers

SANTA CLARA, Calif., March 24 /PRNewswire/ -- Billeo (www.billeo.com) – a suite of Online Assistants that save people time and money in all types of online transactions, from shopping to bill pay – today added AARP membership-based discounts to its Offer Assistant. By automatically showing thousands of discounts and deals from the loyalty and rewards programs of banks, retailers, Microsoft's Bing, credit card issuers and now AARP, Billeo's Offer Assistant makes it convenient for online shoppers to find high-value offers right when they search for products and services in Google, Yahoo! or Bing.

(Logo: http://www.newscom.com/cgi-bin/prnh/20091215/BILLEOLOGO)

AARP has a dedicated team surfacing hundreds of valuable discounts at hotels, airlines, retailers, and other companies and organizations, to help its members save money. Billeo's Offer Assistant ensures that members know about these specials and use them when they are shopping online. If each of AARP's 40 million members used Billeo's Offer Assistant and spent at least $500 while shopping online, members could save $2 billion annually.

"It's our belief that you should have easy access to as many online discounts and deals as possible available through your loyalty programs," said Murali Subbarao, founder and CEO of Billeo. "With more than a third of our users over 50 and therefore eligible for AARP membership, it was a no-brainer for us to add AARP to the stable of programs we support."

To take advantage of these discounts, AARP members simply visit www.billeo.com to download the free Billeo toolbar, which includes the newly upgraded Offer Assistant. After selecting AARP as a preferred rewards program under the Offer Assistant's Loyalty Program Selector, members will automatically see every AARP discount in their Google, Yahoo! or Bing search results. Once they click on a specific discount, Billeo guides them through the purchase process to ensure they reap their rewards.

For even more savings, AARP members using the Billeo toolbar can "double-dip" their discounts and rewards. For example, a member paying for a purchase with a debit or credit card tied to a rewards program can add the AARP discount on top of the card's own special offer.

Billeo saves consumers time and money when shopping online. In addition to the Offer Assistant, users can take advantage of Billeo's other online tools:

• The Password Assistant to autofill login information at shopping sites


• The Shopping Assistant to autofill checkout forms with address, billing and payment details


• A receipt saver that stores every payment confirmation in one place

Billeo has presented millions of offers to online shoppers since unveiling its Offer Assistant in September 2009, saving them an average of 8 percent on each purchase. To discover what kind of savings Billeo's Offer Assistant can give you, please visit www.billeo.com.

About Billeo, Inc.

Billeo provides a suite of Online Assistants that save people time and money in all types of online transactions, from shopping to bill pay. Its latest tool, the Offer Assistant, delivers high-quality discounts and deals from the loyalty programs of major card programs such as American Express, Visa and others – with no work required. Billeo was founded by seasoned executives well-versed in the online shopping and bill payment spaces. Over 40 banks, six of the top 10 card issuers, and more than 1,500 merchants are part of the trusted Billeo network. For more information about Billeo visitwww.billeo.com.

SOURCE Billeo, Inc.

PayPal to Let Companies Accumulate MicroPayments

PayPal Inc., plans to introduce a cheaper way for businesses to handle online transactions that are less than $10, a company executive said.





BusinessWeek reports that PayPal will let companies accumulate so-called micropayments until a certain volume is reached, at which point PayPal will charge merchants a single processing fee. The new plan will be rolled out later this year.

The popularity of digital music, videos and e-books has exploded in the past decade as consumers migrate to the Web. Merchants have been reluctant to accept credit cards for some of these items, which sell for as low as 79 cents, because fees make up a high percentage of the value of the transaction, reducing profit. Changing the fee structure will allow merchants to sell these goods more profitably, Rovetta said.  PayPal’s standard fee for processing a transaction is about 3 percent of the transaction plus a flat rate of 30 cents. For purchases less than $10, it charges 5 percent plus 5 cents.  That means when a consumer buys a 99-cent song online, the merchant would pay PayPal about 10 cents, or 10 percent of the transaction. Under the aggregation model, PayPal wouldn’t charge the merchant until consumers bought, say, 10 or 20 songs, thereby reducing the percentage of the transaction the merchant is charged.

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PayPal to Let Companies Accumulate MicroPayments

PayPal Inc., plans to introduce a cheaper way for businesses to handle online transactions that are less than $10, a company executive said.





BusinessWeek reports that PayPal will let companies accumulate so-called micropayments until a certain volume is reached, at which point PayPal will charge merchants a single processing fee. The new plan will be rolled out later this year.

The popularity of digital music, videos and e-books has exploded in the past decade as consumers migrate to the Web. Merchants have been reluctant to accept credit cards for some of these items, which sell for as low as 79 cents, because fees make up a high percentage of the value of the transaction, reducing profit. Changing the fee structure will allow merchants to sell these goods more profitably, Rovetta said.  PayPal’s standard fee for processing a transaction is about 3 percent of the transaction plus a flat rate of 30 cents. For purchases less than $10, it charges 5 percent plus 5 cents.  That means when a consumer buys a 99-cent song online, the merchant would pay PayPal about 10 cents, or 10 percent of the transaction. Under the aggregation model, PayPal wouldn’t charge the merchant until consumers bought, say, 10 or 20 songs, thereby reducing the percentage of the transaction the merchant is charged.

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Dynamic Card Solutions Signs Amalgamated Bank

Fully Automated Solution Will Allow Bank to Offer Unembossed Instant Issuance to Its Customers in New York

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Dynamic Card Solutions (DCS), the leading provider of instant issuance and PIN selection solutions for banks, credit unions and retailers that issue magnetic stripe, EMV and contactless cards, today announced that it has signed Amalgamated Bank of New York.

“As a bank that is committed to providing excellent and reliable customer service, we did not want to risk going with a vendor that didn’t have a proven track record of success in doing instant issuance, PIN selection and card activation.”

Utilizing DCS' technology, Amalgamated Bank will now be able to instantly issue unembossed MasterCard® debit cards at the branch level. Looking to eliminate the cost, risk and delay for their customers to receive a card in the mail and to improve overall customer satisfaction levels, the New York-based bank is rolling out DCS’ CardWizard® software and FCP 20/20 unembossed card printers to its branches in Manhattan.

By issuing unembossed MasterCard® debit cards, Amalgamated Bank will have the ability to offer a variety of images that cardholders can personally select for their card background. Once the background is selected, DCS' CardWizard software transfers all personalization data fully encrypted to the FCP 20/20 printer which quickly and securely prints high-definition color onto both sides of white blank card stock the personalized unembossed card.

“We chose DCS because their CardWizard software, FCP 20/20 hardware, integration capabilities with our core and EFT processors, service and support are all field-proven,” said Debi Gupta, senior vice president and director of Information Technology. “As a bank that is committed to providing excellent and reliable customer service, we did not want to risk going with a vendor that didn’t have a proven track record of success in doing instant issuance, PIN selection and card activation.”

Known for its ability to interface into many core card management systems and network switches, DCS’ CardWizard instant issue software was able to interface with Amalgamated’s core card management system and card processor for automated instant issue, PIN selection, rePIN and instant activation. The CardWizard solution consists of central software and branch level hardware which is PCI PA-DSS compliant.

“Along with offering a reliable, mature and field-proven instant issue and PIN selection product, DCS worked closely with Amalgamated to integrate into their existing core and processor systems so the entire process is easy, efficient and secure for both branch staff and customers,” said Ron Zanotti, senior vice president of DCS.

For more information about DCS’ instant issue technology, please visit www.instantissuance.com.

About Amalgamated Bank

Established in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC insured commercial bank with $4.5 billion in assets. The Bank’s corporate divisions also include Commercial Banking, Real Estate Finance and Amalgamated Capital^TM, the new, specialty leveraged finance division.

Amalgamated Bank is also one of the leading providers of investment and custody services to Taft-Hartley plans in the United States. Amalgamated’s Asset Management & Custody Division serves over 850 public sector and Taft-Hartley clients, manages over 1,100 accounts and has over $10.5 billion in assets under management.

Amalgamated’s retail banking network consists of 22 branches including 16 in New York City as well as branches in: Las Vegas, Nevada; Lyndhurst, New Jersey; Pasadena, California, and Washington, D.C. The Bank’s website is www.amalgamatedbank.com.

About Dynamic Card Solutions

Founded in 1996 and a wholly owned subsidiary of Dynamic Solutions International, Dynamic Card Solutions (DCS) is the leading provider of instant issuance and PIN selection solutions for banks, credit unions and retailers that issue EMV, contactless and magnetic stripe cards. With over 500 financial institution customers supporting thousands of active branches, DCS is the leading instant issuance provider for Visa® and MasterCard® debit cards worldwide. DCS is dedicated to meeting the needs and requirements of complex issuance environments, and has the experience to guide you through the procedures and processes required to implement a best-in-class instant issuance operation for contact and contactless EMV and magnetic stripe cards. For additional information, call +1 303.754.2000 or visit the Dynamic Card Solutions Web site at www.instantissuance.com.

Contacts

Dynamic Card Solutions

Kristin Eckmann, 303-840-4428

eckmann@instantissuance.com

Permalink: http://www.businesswire.com/news/home/20100323006585/en/Dynamic-Card-Solutions-Signs-Amalgamated-Bank

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