July 25 – San Francisco-based Varo Money Inc., a mobile banking startup, announced that its leaders have applied to the Office of the Comptroller of the Currency for a national bank charter and to the FDIC for federal deposit insurance to form Varo Bank N.A. The bank would be the first national bank in American history designed for people who want to bank on their smartphones.
July 25 – Credit card use continued to expand in the first quarter, according to the American Bankers Association’s latest Credit Card Market Monitor. Monthly purchase volumes rose 3.3 percent on a year-over-year basis for prime and super-prime accountholders, but dipped slightly for subprime borrowers. Compared to the prior quarter, monthly purchase volumes fell 7–10 percent across risk tiers, reflecting the regular post-holiday decline as well as relatively weak consumer spending in the first quarter. (more…)
By Toni Lapp
July 27 – Taking aim at Visa’s recent “cashless campaign,” the ATM Industry Association is going on offense. In its position paper, titled “Cash Is Good for Society,” the trade association takes Visa to task for its recent campaign that will offer awards of $10,000 to 50 eligible U.S.-based small business food service owners if they go cashless.
July 27 – In the aftermath of Visa Inc’s contentious current “cashless campaign,” ATMIA has published a position paper entitled “Cash is good for society.” In the new paper, the not-for-profit global trade association looks beyond the war of words waged against cash to the real, underlying role of cash in today’s society.
Ensenta Business Mobile with Multi-Check Capture
Ensenta Business Mobile with multi-check was developed to meet the growing demand for financial institutions to provide SMBs with an inexpensive, easy to use mobile remote deposit solution. Our platform enables business users to quickly deposit multiple checks at once through their mobile devices without entering any check amounts. No more need for costly scanners or trips to the branch.
Greater cost-efficiency: According to Celent, SMBs using RDC can reduce the average number of teller transactions by up to 40 percent. Ensenta Business Mobile serves as a tool for banks to increase internal cost-efficiency by providing SMB customers with an easy-to-use mobile solution, reducing the amount of in-branch transactions made.
Improved customer relationships or service: Small businesses are often underserved when it comes to mobile banking options, and often times use their personal accounts to deposit checks through their mobile devices. Because of this, small businesses are more likely to experience cash flow issues. Ensenta Business Mobile was designed to build better relationships with SMBs through efficiency and user experience gains from mobile banking, including accelerated funds availability and real time posting.
Expanded banking services: Ensenta Business Mobile provides community banks with a new product line geared towards the more than 27 million SMBs nationwide. Ensenta Business Mobile helps community banks provide a fast-to-market solution for their SMB customers who aren’t currently using RDC. The product is available as an API or a stand-alone app.
Improved security: Ensenta Business Mobile is pre-integrated with Ensenta’s Agile Risk Management platform, which supports custom hold policies, real-time alerts and third party check verification, over 200 risk filters, geolocation verification services and guarantee services for accelerated funds availability. This business suite builds upon Ensenta’s dedication to providing “Smarter and Safer” solutions for community banks.