Chase Paymentech and Kount
team on fraud prevention
US merchant acquirer and payment
processor Chase Paymentech has teamed up with card-not-present
(CNP) fraud prevention specialist Kount to offer a suite of fraud
detection, management and prevention tools for merchants.
The two companies claim that by
combining their expertise, infrastructure and fraud prevention
technology, they will be able to offer a new class of fraud
management tools that will significantly improve the reliability
and security of CNP transactions.
Coupled with dynamic order linking,
device fingerprinting, proxy piercing and other Kount capabilities,
merchants will be able to accurately detect and reject a
significantly higher percentage of fraudulent orders, saving
merchants costly charge-back fees and fines associated with
MasterCard launches BlackBerry
MasterCard Worldwide has announced
the availability of the MasterCard ATM Hunter application for
BlackBerry smart phones. The app lets BlackBerry smart phone users
locate the nearest ATM no matter where in the world they are. ATM
Hunter is available for free download on BlackBerry App World.
The MasterCard ATM Hunter utilises
the BlackBerry platform’s location awareness technologies to
pinpoint the search and locate the nearest ATM.
Users without GPS-enabled
BlackBerry smart phones, or who are outside of GPS coverage, can
still search for nearby ATMs using MasterCard’s database of ATM
locations. Users can customise their hunt based on their banking
needs, focusing on a financial institution if they need to make a
deposit or wish to avoid ATM withdrawal fees.
MasterCard ATM Hunter can also
identify wheelchair accessible, drive-through, or 24-hour access
ATMs and provide directions for BlackBerry smart phone users.
Bank Freedom selects FIS for
Bank Freedom, a wholly owned
subsidiary of US prepaid solution provider Prepaid Card Holdings,
has entered into an agreement with Fidelity Information Services
(FIS) for transaction processing of Bank Freedom’s prepaid card
FIS will provide transaction
processing and card issuer services for Bank Freedom’s branded
prepaid card programmes and co-branded prepaid card programmes.
Bank Freedom will also leverage the
FIS platform to support its prepaid business expense card programme
and its consumer general spend reloadable prepaid cards, payroll
cards, and co-branded prepaid card programmes.
First Data CEO Capellas steps
Global payment processor First Data
has announced that chairman and CEO Michael Capellas is to step
down to take up a role at First Data’s private equity owners
Kohlberg Kravis Roberts (KKR). The move follows First Data’s
fourth-quarter 2009 results, which saw revenues rise by 12% from
the same period in 2008 to reach $2.6bn.
Net losses for the quarter were
$338m, compared to $3.2bn in 2008, which included a huge $3bn-plus
write-down. For the full year, consolidated revenue was up six% to
$9.3bn. Full-year net loss attributable to First Data was $1.1bn,
which includes after-tax interest expense of $1.1bn.
Capellas became CEO in 2007 after
KKR acquired First Data for $29bn. He will become a senior adviser,
focusing on technology, at KKR. Joe Forehand, a former chairman and
CEO of business consultancy Accenture, will take over on an interim
basis with Capellas continuing to serve in an advisory
Visa to launch online shopping
Payment network Visa is set to
launch Rightcliq, an online shopping tool that provides users with
a centralised location to store and manage their e-commerce
activity in a bid to make it easier and safer. Rightcliq is a free
service that lets shoppers store their card details and shipping
address for use when making online purchases, create wish lists and
receive offers from merchants.
Users download a plug-in for their
browser and can then click on it when visiting shopping sites to
add items to a wishlist, which can be organised into clusters of
If they decide to make a purchase,
a ‘fast fill my data’ tab automatically inserts billing and
shipping details during check-out at the merchant site. Customers
can also track information on what they have bought at various
sites in one place.
Bank of America to cease
overdrafts for debit card transactions
Bank of America has announced that
from this summer, it will only authorise single debit card
transactions at the POS if the cardholder has sufficient funds in
According to the bank, this change
will help customers by reducing the likelihood they may
inadvertently overdraw their account and thus eliminate unexpected
overdraft fees on these transactions.
Customers will still have the
choice to link their checking account to another account through
the bank’s overdraft protection facility to cover these types of
Open Solutions processes CUP
cards via Interac
Open Solutions Canada has begun
processing China UnionPay (CUP) cards through the network of
Canadian national debit scheme Interac, meaning that CUP
cardholders will be able to withdraw money from participating ATMs
on the Interac network while travelling in Canada.
Open Solutions Canada operates
ATMs, accepts the designated cards, approves and settles the
transactions on its POSHnet network in order to provide transaction
authorisation via Interac. POSHnet is a Canadian white-label ATM
and POS payments processing centre.
Canadian regulators float
proposals for card reform
Canadian Finance Minister Jim
Flaherty has submitted his budget plan to the Canadian Parliament,
which contains proposals for regulating payment card networks and
credit and debit card interchange.
Included in Flaherty’s 451-page
budget plan is a proposal to move ahead with a code of conduct for
payments industry participants.
Flaherty also is proposing that the
government appoint an independent task force to “conduct a
comprehensive review of the Canadian payments system and make
recommendations to the Minister of Finance,” the document says.
The task force would review the payment system’s safety and
soundness, efficiency, competition, and “whether there is
sufficient innovation in the system,” among other things. The panel
will submit its report by the end of 2011.