Fintech

Banks processing their own debit cards should modify their networks to accept new payment technologies, but it may be too soon to determine whether vendors pushing software to make that process easier will trigger a quick change, an industry analyst says.

Standard Chartered Bank India Pvt. Ltd. is adopting a more aggressive stancetoward the Indian credit card market thanks to positive changes in the market, a top bank official said on Sep. 19.

Woori Finance Holdings Co. Ltd. plans to spin off its credit card business into a new company to diversify and bolster its nonbanking services, the South Korea-based issuer announced Sept. 18.

Shell Federal Credit Union says it has signed a full-service, single-sourced comprehensive electronic-processing contract with Vantiv.

Payments processor and technology provider Jack Henry & Associates Inc. has expanded the processing relationship between its iPay Technologies division and MasterCard Worldwide’s RPPS electronic bill-payment network, the companies announced Sept. 20.

Fidelity National Information Services on Sept. 19 confirmed it was the cause of the Sept. 16 shutdown of payments and ATM access at Co-op Financial Services and numerous bank systems across the country (see story).

Spending with Visa-branded credit cards in China last year rose 23.7%, to US$4.7 billion from US$3.8 billion in 2009, thanks to a growing number of international travelers visiting the country, Visa Inc.’s China Tourism Outlook report said.

As more prepaid debit card marketers target the underbanked, it is important for those programs to provide a link to mobile phone services so customers can monitor their balances, among other services, Bart Narter, an analyst at Celent, tells PaymentsSource.

MADISON, Wis. – The Filene Research Institute said the winner of its Idea Idol new innovations contest is HomeTrak, a device that follows the cost of owning a home in a unique way, helping homeowners plan for the maintenance and replacement costs of major appliances, home upkeep and other expenses.

Google Inc. has reached agreements with Visa Inc., American Express Co. and Discover Financial Services with the goal of eventually enabling other financial institutions to add their Near Field Communication-enabled payment card products to Google Wallet, the company announced Sept. 19.