BankNews Feb. 2015

Search Results: Bill

Billions Stolen from 12.7 Million Identity Fraud Victims in 2014

March 27 – The 2015 Identity Fraud Study by Javelin Strategy & Research reveals that 2014 was a mixed year in the fight against identity fraud, with some advances and some setbacks. The study found that fraudsters stole $16 billion from 12.7 million U.S. consumers last year.

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Federal Reserve Reports Nearly 100 Billion Dollars in Annual Earnings

March 20 – The Federal Reserve System has released the 2014 combined annual financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks, Maiden Lane LLC, and the Board of Governors. These financial statements are audited annually by an independent auditing firm and, consistent with prior years, received unmodified audit opinions for 2014. Continue reading “Federal Reserve Reports Nearly 100 Billion Dollars in Annual Earnings” »

$8 Billion Annual Savings Opportunity for U.S. Healthcare With Adoption of Electronic Business Transactions

March 18 – U.S. healthcare could save $8 billion annually by transitioning six routine business transactions from manual to electronic, according to the newly published 2014 CAQH Index. The CAQH Index tracks progress from manual (e.g., via phone, fax or mail) to industry standardized (HIPAA) electronic administrative transactions between health plans and healthcare providers. This annual report, the second from CAQH, details adoption rates and potential savings.

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Assets Reach $1 Billion at First Internet Bank

March 13 – First Internet Bank of Indiana, a premier provider of online banking services nationwide, has exceeded $1 billion in assets.

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More Than 2.3 Billion Chip-Based Payments Cards Now in Circulation Globally

February 23 – SmartMetric, Inc., figures released by standards body EMVCo demonstrate continued adoption of EMV chip technology with 2.37 billion EMV payment cards in circulation and 36.9 million EMV terminals active worldwide. Credit and debit cards with chips used to add greater security now dominate the payments card industry.

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ProfitStars’ iPay Solutions First to Implement NACHA’s Bill Payment Exception Program

February 5 – Jack Henry & Associates, Inc., is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars division has announced that iPay Solutions is offering payments with the NACHA Bill Payment Exception (BPE) Mitigation Opt-In Program. NACHA — The Electronic Payments Association, developed the program to improve the reliability of online banking bill pay and reduce checks issued in association with bill pay exceptions. The result will improve efficiency both for billers and bill pay originators.

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Global Smartphone Shipments Exceeded 1.2 Billion in 2014

January 29 – Leading mobile analyst firm Juniper Research estimates that the number of smartphone shipments exceeded 375m in Q4 2014, with an annual total of over 1.2 billion smartphones shipped for 2014, representing a 29% y-o-y growth.

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U.S. to Invest $9.5 Billion in Chip & PIN Smartcards

December 5 – According to the new U.S. Banking, Financial Services, Retail & Payment Cybersecurity Market – 2015-2020 report, published by Homeland Security Research (HSRC), the flood and sophistication of "successful” cyber-attacks during 2013 and 2014, pressed the U.S. administration, retail and payment cards industries to replace over one billion insecure magnetic-stripe payment cards, 1.2 million point of sale (POS) card readers and 7 million card reading terminals with the global EMV (EuroPay, MasterCard, and Visa ) standard Chip & PIN (Personal Identification Number) technology. The report forecasts that this process will cost more than $9.5B and that it will take until 2018 to reach a penetration of 80%. This is in sharp contrast to the retail & payment cards industry commitment to complete the conversion by December 2015.

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Mobile Commerce Transactions to Approach 200 Billion By 2019

December 2 – A new report from Juniper Research has found that mobile phone and tablet users will make 195 billion mobile commerce transactions annually by 2019, up from 72 billion this year.

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Mobile Remittances to Foster Growth in Bill Payments

December 2 – The report titled "The U.S. International, Domestic Money Remittance and Bill Payments Market Outlook to 2018 – Tie-ups and Mobile Remittances to Foster Future Growth" provides a comprehensive analysis of the various aspects such as inward and outward remittance statistics and flow corridors of the US domestic and international remittance market along with the market size of the US bill payment market. The report also covers the segmentations of the domestic and international remittance, and the bill payment market, as well as the market shares of major bank and non-bank players in the US domestic remittance space. The report also provides a comprehensive overview of strengths, weaknesses and service positioning of major players and the future of the international and domestic remittance market in the US.The US money transfer market has progressed steadily and had been driven majorly by international migration flows. The country is home to a large number of international immigrants. The number of international migrants in the US has doubled since 1990 and was recorded as 46.0 million in 2013. The country is deemed as the largest remittance sender owing to expanding immigrant population. The immigrant population has provided a strong impetus to the outbound or the international money transfer transactions. The US lags behind in terms of inbound remittances from other countries. The proportion of money received by the US in the form of remittances is comparatively very less in proportion to money being remitted from the US. The reason for the same is the least number of US born nationals working in other countries. Almost a quarter-million emigrants leave US every year, and the State Department estimates that between 5-5.5 million Americans presently reside overseas. The numbers of Americans leaving the US have increased steadily over the years, owing to tax structure, government policies, high penalty rates and other such reasons. Even though there has been an increase in American expat population in countries such as Canada, Mexico and the UK, there has not been a corresponding increase in the money being remitted by the Americans living abroad.

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