Mitek lets healthcare and insurance institutions use check imaging Mitek Systems which has long been offering its Mobile Capture imaging software to banks, is now expanding to cover the health care and insurance industries.

Mitek has created a cloud-based mobile document capture service to allow health care and insurance institutions to use for receipt clearance and other back-office workflow functions.

To host its new Mobile Imaging Cloud (MIC) app Mitek deploys Amazon.com’s Elastic Compute Cloud (EC2). The MIC allows mobile application developers, systems integrators and businesses to create smartphone and tablet apps that use a camera as an input method for a wide variety of tasks.

The application lets smartphone users take pictures of a receipt, and then it automatically enters values on, for example, a health care insurance reimbursement form. The technology can work in a stand-alone mode or be integrated into a company's enterprise financial systems.

"It's really a way [for healthcare and insurance companies] to acquire customers and retain them through the mobile imaging cloud," DeBello said. "Basically, we're enabling 600 million smartphones to become scanning devices."

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appMobi unveils new solution to encrypt credit card dataappMobi is introducing cloudKey authentication solution and its immediate integration into appMobi’s 1Touch “single touch” payment system. A combination of 1Touch and cloudKey provides a secure and streamlined e-commerce experience, says the company statement.

The cloudKey deploys a technology when the user’s credit card information is stored only on the user’s device, never in an online database. The personal information is encrypted via 256 bit Advanced Encryption Standard (AES). Using a “distributed key” topology, cloudKey stores in the cloud only the decryption keys.

“appMobi’s engineers have long recognized that securing a centralized database is basically impossible – if it’s online, it’s vulnerable to break-in ... there’s no way around it,” said Sam Abadir, appMobi’s CTO. “The real breakthrough of cloudKey is the “distributed key” data model - we don’t store anything of value in a centralized database, so there is nothing of value online for thieves to steal.

With this advance, cloudKey has eliminated all the tempting targets for the bad guys; even if they could steal appMobi’s entire crypto key database and a user’s device, they’d then have to guess the user’s password, and at most they could get only 1 credit card number. It would be a huge expenditure of effort for very little gain. By keeping private data local on the device, cloudKey makes massive security losses like the recent 77 million account Sony PlayStation network breach impossible.”

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PayPal becomes offline payment systemeBay’s online payment processor PayPal is moving offline, said Chief Executive John Donahoe in the wake of presenting quarterly results on Wednesday.

"We intend to help retailers grow their businesses offline in the same way we helped merchants grow online," Donahoe said during a conference call with analysts.

PayPal will be testing "point-of-sale innovation" with a major U.S. retailer by the end of this year, he added.

Within 2012 PayPal will be releasing in-store payment services with up to 20 national retailers, Donahoe said, without naming those companies.

One way may be to partner with daily deal companies including Groupon and LivingSocial, Sena said. Donahoe said eBay would consider such partnerships.

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Mazooma enables Discover merchants to accept online banking paymentsMazooma announced the introduction of its new micropay-in-a-box solution that features as much as a 71% reduction in merchant fees for digital content merchants.

Micropay-in-a-box solution is available for Discover’s direct merchants using the Centinel® Universal Merchant Platform through CardinalCommerce Corporation.

Merchants working with Centinel can place the Mazooma payment link on their checkout web page and consumers thus will be able to pay via their online banking account. These merchants need not undertake the implementation procedure or change their existing structures.

“With Mazooma’s micropay-in-a-box solution, Discover merchants selling digital content can enjoy instant, online payments, as well as ease of implementation, less technical resources and consolidated settlement and reporting,” says Farhan Ahmad, General Manager, Prepaid & Director of Emerging Payments at Discover. “At Discover, we aim to provide our merchants with more payment choices, and we believe the relationship with Mazooma will do just that.”

“We’re pleased to be able to leverage Centinel to extend the Mazooma payment option across the Discover Network of retail merchants,” said Janet Kapostasy, Vice President, Financial Institution Services, CardinalCommerce Corporation. ”The micropay solution addresses a key pain point in the digital goods vertical.”

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Revo Payments enables users to make different payments on FacebookA provider of payment software Revo Payments announced the beta release of the first Facebook Payment Applications for some industries including Property Management, Education, Non-Profits, and B2B.

Using the Revo PAAGO Facebook App customers can make online payments for Tuition, Donations, Rent, Homeowner Dues, and business invoices within Facebook. They may choose to pay by credit card, eCheck, ACH, Paypal, or Facebook Credits.

Thus, the service provides users with the convenience to stay on the website of Facebook while making their payments.

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Fiserv will further process payments for Heartland Financial’s banksA provider of financial services technology solutions Fiserv Inc announced that it will continue offering signature and PIN debit transactions processing for 7 of the 9 banks of Heartland Financial USA Inc. Besides, these 7 banks will remain members in ACCEL/Exchange®, the PIN debit network owned and operated by Fiserv.

"We chose to stay with Fiserv because we have an excellent relationship with them and have been well-served by Fiserv for many years," said Brian Fox, executive vice president of Operations, Heartland Financial USA. "Fiserv provides innovative solutions that allow us to realize important efficiencies while enhancing the service we deliver to retail and commercial clients."

"Relationships like the one we have with Heartland Financial are very important to us," said Kevin Gregoire, chief operating officer, Card Services, Fiserv. "At Fiserv, we are committed to helping our clients solve complex business challenges and by doing so, strengthen and deepen those relationships along the way."

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Clear2Pay purchases a US company Lexcel SolutionsAn international technology provider of next generation payment solutions for financial institutions Clear2Pay has acquired a US based provider of payment test applications for core payment platforms and system capacity Lexcel Solutions.

Lexcel Solutions makes payment testing software and services to third-party payment transaction processors, debit and credit networks, financial institutions, retailers, ATM/POS manufacturers and government organizations. Among the clients of Lexcel there are major US banks and blue-chip companies such as Heartland Payment Systems, STAR Network, Wincor Nixdorf, Mercury Payments, United States Postal Service, and WorldPay.

Michel Akkermans, Chairman and Chief Executive Officer of Clear2Pay states: "The Lexcel acquisition is a perfect fit with our growth strategy of both expanding our footprint, as well as our product range. We feel that payments modernization requires more than flexible technology alone. Testing across the full process chain from device manufacturer to processor and the end user is of vital importance to the delivery of secure payments or value in an increasingly unified and hybrid world. With the new combined test tool offering we can support the broadest possible range of devices and technologies and thus develop testing as a strategic line of business for the bank, card and mobile payment space alike".

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S1 Corporation to be called FundtechS1 Corporation is merging with Fundtech Ltd to create a single business in transaction banking solutions industry. Based on the stock prices at market close on June 24, 2011 for both S1 and Fundtech, the merger is valued at approximately $700 million.

As a part of the definitive agreement Fundtech shareholders will receive 2.72 shares of S1 common stock for each Fundtech ordinary share they own. Upon closing of the transaction, S1 shareholders will own approximately 55 percent and Fundtech shareholders approximately 45 percent of the combined company.

The combined company will be headquartered at S1's headquarters in Atlanta, Georgia and will be called Fundtech. Reuven BenMenachem will serve as Executive Chairman of the combined company and Johann Dreyer will serve as Chief Executive Officer. The combined company will have an eight-member Board composed of existing directors from both companies. The Board will have equal representation, with four directors each nominated by S1 and Fundtech. Type rest of the post here

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MoneyGram expands its networkA global money transfer company MoneyGram announced the addition of three new agents in South America to its wide network: Bancolombia in Colombia; Banco de Credito in Peru, and Banco Vision in Paraguay.

With these new partners MoneyGram expands its network with 1,103 new agent locations to a total of 11,305 locations.

"We are very pleased to welcome each of these new agents to the MoneyGram network. Our growth strategy for this territory is focused and these new relationships play an important part in increasing MoneyGram's market share in this remittance region," said Dan O'Malley, MoneyGram's executive vice president of the Americas and Emerging Markets. "We believe MoneyGram's fast and reliable service will meet our customers' and agents' expectations and set the standard for remittance service throughout South America."

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AlertPay unveils new banking features for some usersAn online payment system AlertPay announced that now it supports bank transfer deposits for customers in Germany and bank transfer AND withdrawals for users in Switzerland and New Zealand.

In order to add a bank account to AlertPay account users should follow these steps:

1. Login to your AlertPay account.
2. Click on "Profile".
3. Under "Financial", click on "Bank Accounts".
4. Select the country where your bank account is located and click on "Next".
5. Choose the option to use your account for bank transfers (deposits and withdrawals) and click on "Next".
6. Enter your bank account details and click on "Next".
7. Review details and confirm.

If you link your account right it will immediately appear in your AlertPay account. If you have made some mistake you should delete the account and follow the procedure from the beginning.

In order to make bank transfer deposit a user have to print out the transaction details and bring them to their bank to complete the transaction. Make sure you include your "Bank Deposit Code" in the "Notes" or "Details" section of your bank transaction. Forgetting to include this code will result in delays in the completion of your deposit.

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AlertPay announces free online payments to IndiaAlertPay announced that now its customers can send online payments for free in India. Users may receive unlimited funds in their AlertPay e-wallet and keep it there for indefinite time.

AlertPay account holders are free to send it to family and friends, make online purchases for goods and services or withdraw it by check or bank wire. Either with Personal or Business account users can send money for free by e-wallet or credit card to anyone with or without an AlertPay account.

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Moggle provides its payment platform to PropellOnline payment processing provider Moggle Inc has entered into an agreement with Propell Corporation to provide it with Virtual PiggyTM payment platform as part of its “instant ecommerce” system for K-12 schools.

Propell provides online shops and order fulfillment for thousands of K-12 schools, universities, businesses, nonprofits and the U.S. military nationwide and manufactures product on-demand for each shop, so there is no inventory or risk for the partner.

“This partnership with Propell will make VirtualPiggy available to hundreds of online stores created and maintained by Propell, including those in K-12 schools nationwide, where the ability for children under 18 to safely order product online, with parental approval, is so important,” said Dr. Jo Webber, Chairman of Moggle, Inc.

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Fiserv enables account-to-account and same day payments on its CheckFree RXPFiserv Inc has expanded the functionality of its CheckFree® RXP® money movement platform to include account-to-account transfers and same-day bill payments. The new features complement existing options available with the platform which makes it more convenient for financial institutions and their consumers.

While customers have an opportunity to make same-day payments and account-to-account transfers, financial institutions can avail themselves of a fee-based revenue source.

Fiserv facilitates these transactions through its network, which connects thousands of businesses and financial institutions with millions of consumers.

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Travelex becomes first in China to send yuan payments for businessesAn international payment specialist Travelex Global Business Payments unveiled a new service to allow its customers to trade in Chinese renminbi via its unique GEO Global Clearing Network. It will be the first non-bank institution to offer yuan transactions.

Now Travelex customers will be able to trade with high profile Chinese companies using the yuan currency to evade foreign exchange risks. For many businesses, the ability to price, settle and invoice in renminbi will encourage a faster, cheaper and more transparent supply chain.

Travelex says it will be implementing its GEO Global clearing Network to send renminbi payments. Its unique GEO Network is made up of Travelex owned bank accounts in more than 70 countries around the world – of which China is a new addition. The GEO Network enables Travelex to avoid sending payments through high-cost banking networks, which can be unreliable, slow and expensive.

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Radiant Systems launches new payment platformRadiant Systems Inc announced the launch of a new payment platform meant for restaurateurs and retailers to help them complete transactions faster with more intimate and pleasing on-site experience.

“Historically, the checkout and payment process has created excessive wait times, caused customer frustration and resulted in bottlenecks for retailers and restaurants,” said Andy Heyman, chief operating officer at Radiant Systems. “We believe strongly that improvements in technology can leave consumers with a more favorable and lasting impression of our customers. Radiant has heavily invested in mobile payment capabilities, including several we are introducing to the market this year. While many start-ups are bringing increased attention to the mobile space, Radiant can quickly enable our customers to accept and seamlessly integrate mobile payment into their operations by leveraging our open, secure point-of-sale technology.”

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Fiserv integrates databases from MorningstarFiserv Inc, a provider of financial services technology solutions, announced that it plans to upgrade its Financial Advice Solutions through the integration of best-in-class data and analytics from Morningstar.

Under the terms of the agreement with Morningstar, a provider of independent investment research, Fiserv will integrate a number of Morningstar databases into the front-office Financial Advice Solutions that deals with retirement income modeling, financial planning and Monte Carlo simulations. Using the new modules powered by Morningstar advisors will be able to access, analyze and propose multi-vehicle, multi-asset class investment portfolios with historical simulations and related performance statistics.

The front-end analytics engine from Fiserv will include Morningstar’s returns and holdings-data for U.S. mutual funds, exchange-traded funds (ETFs), separately managed accounts (SMAs) and individual U.S. equities. In addition, advisors will now have access to the Morningstar Rating™ for funds as well as dozens of industry-leading style and asset-class benchmarks from Morningstar.

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MoneyGram International unveiled two new agents in USMoneyGram International announced it has added two new agents this year to its agent network. Now Friendly Check and RiteCheck are also offering international money transfer and bill payment services under the brand of MoneyGram.

Friendly Check based in North Carolina started offering MoneyGram services May 16. This adds 45 more locations across North Carolina and Virginia. The agent offers MoneyGram Express Payment and Utility Bill Payment products in addition to money transfers.

Meantime, RiteCheck added 12 locations in Harlem and the Bronx, having started MoneyGram transfers on April 26. RiteCheck agent offers MoneyGram Express Payment and money transfer services.

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Western Union buys a European money transfer network agentThe Western Union Company signed an agreement to purchase one of its leading money transfer network agents in Europe Finint S.r.l.

Finint covers over 10,000 locations across Italy, Spain, and the United Kingdom. At the moment Western Union owns 30% of the company and now it will buy the remaining 70%.

“The acquisition of Finint is another step in advancing our European strategies to grow the money transfer business and introduce new products and services,” said Hikmet Ersek, Western Union’s President and CEO. “It represents a sound international investment, and in combination with our previous European acquisitions allows us to improve processes and productivity through centralized support functions.”

The transaction is subject to regulatory approvals and satisfaction of closing conditions, and is expected to close in the second half of 2011. The Company expects the acquisition to be slightly accretive to earnings in 2011 due to gains anticipated to be recorded on the revaluation of its previous ownership interest, partially offset by integration costs.

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PayPal expands its presence in Brazil and Mexico through Digital RiverA provider of ecommerce solutions Digital River Inc has partnered with PayPal. Now an eBay subsidiary payment system is implementing Digital River® World Payments™ solution to support local online payment processing in Brazil and Mexico.

“Digital River World Payments is a very important part of our payments program and will definitely offer a key structure support for the expansion of the company in Brazil,” said Mario Mello, PayPal’s general manager for Brazil.

“PayPal has one of the most recognized brands on the Internet. We are pleased to expand our relationship, which spans nine years. By leveraging the Digital River World Payments infrastructure, PayPal has been able to rapidly and efficiently localize its services in new geographies,” said Paul Bridgewater, vice president of World Payments for Digital River. “With proven technologies and worldwide banking relationships in place, our payment solutions are designed to help companies enter online markets quickly and cost effectively.”

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Western Union announces new partnership with Dollar FinancialWestern Union has announced a new agreement with dollar Financial which allows the company to extend its presence in Canada, The USA and the UK.

"Dollar Financial and Western Union are brands consumers know and trust. Today's announcement is an example of how two major retail financial services brands can leverage their global presence and strengths to work successfully together to offer consumers fast, reliable and convenient global money transfer and payment services. Consumers turn to Dollar Financial for convenience and value - and Western Union is constantly looking for ways to work with Dollar Financial to provide new services and better serve consumers worldwide," said Stewart A. Stockdale, Executive Vice President and President, Global Consumer Financial Services, Western Union.

"It is our mission to be the leading global provider of financial services to the under-banked and unbanked consumer, which we refer to as the ALICE demographic (or asset limited, income constrained, employed). The ALICE consumer typically lives paycheck to paycheck, often holding more than one lower paying job to meet monthly bills and living expenses. Many of these consumers follow labor oriented and general skilled job prospects to different areas and countries, and as a result need to frequently send a portion of their paychecks to their awaiting families back at home. This agreement enables us to continue to meet the needs of this growing demographic in an expedient and efficient manner by leveraging Western Union's strong brand in concert with our expanding service platform of now more than 1,200 retail store locations around the world," commented Jeff Weiss, Dollar Financial's Chairman and Chief Executive Officer.

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MoneyGram comes with excellent news for its shareholdersMoneyGram International has announced that all proposals submitted for a vote during the Special Meeting of MoneyGram International shareholders held earlier received shareholder approvals.

The proposals were related to the previously announced Recapitalization Agreement entered into by MoneyGram International, Inc., affiliates and co-investors of Thomas H. Lee Partners, L.P. and affiliates of Goldman, Sachs & Co. and related amendments to the Company’s charter documents reflecting proposed changes agreed in the Recapitalization Agreement.

Following the shareholder vote, the Company today also completed the recapitalization transaction contemplated by the Recapitalization Agreement. Pursuant to the transaction, affiliates and co-investors of Thomas H. Lee Partners, L.P. and Goldman, Sachs & Co. converted the Company’s Series B and Series B-1 preferred shares into common stock or Series D preferred stock (a common stock equivalent) and received additional shares of common stock or Series D preferred stock and a cash payment, all as described in the Recapitalization Agreement and the Company’s proxy statement.

"We are extremely pleased with our shareholders’ strong support of the recapitalization,” said Pamela H. Patsley, MoneyGram chairman and chief executive officer. “The recapitalization transaction is a significant step in the turn-around of MoneyGram. The transaction simplifies our capital structure, aligns the interests of our shareholders and brings clarity in our efforts to create long-term shareholder value.”

In addition to the closing of the recapitalization, the Company also today closed on its new senior secured credit facility. The new $540 million senior secured credit facility consists of a $150 million, five-year revolving credit facility and a $390 million, six and a half-year term loan. The new term loan bears interest at LIBOR plus 3.25 percent (with a LIBOR floor of 1.25 percent) and materially extends the company’s senior debt maturities to 2017.

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E-gold tells more about Value Access PlanE-gold online payment system has announced that the U.S. Government has taken an important step towards implementing the Value Access Plan (VAP). According to the online payment processor the Value Access Plan (VAP) allows access to e-metal account value. Also the VAP permits owners of VAP-Qualified Accounts to be paid in U.S. dollars their proportionate share of the monetized value of the e-metals in their Accounts.‪ ‪

“Specifically, we have learned that the Government has nominated a Claims Administrator to oversee the VAP. The Government is expected to apply for court approval of that nominee soon. Pursuant to our agreement with the Government, once the Claims Administrator is appointed by the court, we can provide our Account holders with notice of the launch of the VAP on this website and instructions on how to submit VAP claims,” says Douglas Jackson in his blog.

A VAP-Qualified Account is one (1) that does not contain value derived from suspected illegal activity; (2) as to which all required customer information has been provided to, and verified by, e-gold Ltd.; (3) that consents to having a VAP claim processed, which involves our transmission of all VAP-required customer information, account number, e-metal balance and monetized value to a Court-appointed Claims Administrator; and (4) after review by the Court-appointed Claims Administrator and the U.S. Government, is not disqualified by either of them on the basis of (a) known engagement in criminal activity, (b) activity relating to terrorism; or (c) residence in a country (other than Iran) subject to Office of Foreign Assets Control sanctions that would prohibit the Claims Administrator from paying the claimant.

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inComm expands into Brazilian market via partnership with UnikA specialist in sales and marketing of prepaid products inComm announced its partnership with Unik, a company specialized in the administration and processing of innovative ways of payment, to offer segments of the Brazilian retail market complete solutions to the management and promotion of prepaid card sales.

“Expanding our operations in Brazil with Unik, one of the leading payment innovators, affords us the ability to tap into a market that is experiencing exponential growth in the payments space,” said Frank Monaco, vice president international at InComm. “InComm is committed to being a global leader within the prepaid gift and digital content categories, and opportunities like this allow us to build international momentum while establishing a value proposition for our content and local retail partners that is unrivaled in the industry today.”

inComm believes that partnership with a company well established in Brazil’s market and connected to top retail and point-of-sale systems providers will allow it to gain local support from a company with years of success in the Brazilian payments market and to make it even easier for the Brazilian retailers to implement InComm’s patented point-of-sale activation technology. The companies and local retailers that process their prepaid cards with Unik will be able to create and distribute gift cards to their own stores as well as to InComm’s retail partner stores.

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VeriFone launches PAYMEDIA entertainment for PumpPAY payment locationsVeriFone Systems Inc launched PAYMEDIA for its PCI 2.0-approved Secure PumpPAY solution for pay-at-the-pump. PAYMEDIA was developed to provide an entertaining and engaging mix of content and advertising to enhance the customer’s experience at the gas pump while generating profits for convenience operators.

According to the official statement PAYMEDIA for Secure PumpPAY is powered by the VeriFone Digital Network (VNET), currently playing in more than 10,000 taxi cabs throughout the United States and the United Kingdom.

PAYMEDIA for Secure PumpPAY delivers media at eye-level and ensures content only plays when a consumer is actively fueling at the dispenser. Petroleum retailers can use the program to promote their own products and services or generate additional revenue by selling advertisements to local businesses. Promotions can be created and scheduled through an intuitive web-based media portal or the VeriFone Media team can work with gasoline retailers to create compelling promotions.

PAYMEDIA for Secure PumpPAY is available now from select VeriFone Authorized Distributors.

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Yahoo is in talks with Alibaba over Alipay spin-off differencesYahoo Inc. and Alibaba Group made a statement on Sunday that they are negotiating to resolve differences over the spin-off of Alibaba’s online payment business Alipay.

A Chinese ecommerce giant Alibaba and major stockholders Yahoo and Softbank Corp. are in talks “to resolve the outstanding issues related to online payment system Alipay in a manner that serves the interests of all shareholders as soon as possible,” the statement said.

Earlier last week search engine company Yahoo said it was not told until March 31 about the August 2010 transfer of Alipay, China’s largest online payment system.

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