May 6th, 2014 by Elma Jane
Bank of Lanzhou in China, has rolled out ATMs assimilating finger vein authentication technology from Japan’s OKI Vendor.
Bank of Lanzhou has deployed Recycler G7 machines – OKI’s ATM following a trial, which include a finger vein authentication module co-developed by Mofiria.
Japan’s OKI Vendor says that using vein patterns to identify customers is more secure than fingerprints and also minimises the calculations required for authentication.
The deal is OKI’s first for finger vein ATMs in China, but the technology is widespread in Japan, where tens of thousands of machines now require customers to scan their hands to access their cash.
Posted in Payment Card Industry PCI Security, Smartphone Tagged with: ATMs, authentication, finger vein authentication, fingerprints, Recycler G7 machines, scan, vein patterns
December 5th, 2013 by Elma Jane
Recently, Consumer Reports reviewed 26 different prepaid cards and evaluated them based on different factors. The cards Consumer Reports considered to be the best scored well in each of these four factors:
- Clarity of Fees — How well the fees are disclosed.
- Convenience — Availability of in-network ATMs, bill pay features and how widely the card network brand is accepted.
- Safety — Whether funds are protected with FDIC deposit insurance.
- Value — How much they cost to use.
This is the first time Consumer Reports has evaluated and ranked prepaid cards, revealing a shift in the market for prepaid. As prepaid cards continue to grow in popularity, consumers are going to become savvier about which prepaid cards they purchase. Consider taking a closer look at this Consumer Report to determine how your financial institution’s (FI’s) prepaid offering measures up.
Highest ranked cards are those like the ATIRA suite of prepaid cards TMG’s clients issue. They have fewer fees and make it easier for consumers to avoid them, carry FDIC insurance for each cardholder, offer features comparable to traditional checking accounts and do a better job of disclosing fees.
Not surprisingly, the worst prepaid cards reviewed scored poorly in at least one, and sometimes several, of the above categories. All of the lowest ranked cards have high, unavoidable fees, including activation and monthly fees. Additionally, the lower scoring cards fail to make their fees clear and easy for consumers to access and understand.
Specifically, the report found some prepaid cards fail to provide clear explanations of how to use features such as electronic payments, text alerts and mobile remote deposit capture, and the fees that may be charged for them. Further, while all of the cards reviewed claim to offer some form of protection for consumers, the report found in these policies are often not clearly defined.
Consumer Reports also found it problematic that although issuers provide safeguards voluntarily, they can cancel them at any time. Additionally, according to the report, fee information is often hard to find and difficult to understand. The report states this problem is compounded by the lack of consistency with fee names and descriptions” from card to card, making it challenging for consumers to compare fees and costs. Consumer Reports also found that prepaid cards offered by some of the big banks are not necessarily less expensive than other prepaid cards. Also, these big bank offerings may be less attractive to consumers because they often don’t provide the option of making both electronic payments and payment by paper check.
Posted in Credit card Processing, Financial Services Tagged with: accounts, activation, ATMs, banks, bill pay, card network, cardholder, cards, costs, deposit, electronic payments, fees, financial institution, In-network, insurance, mobile remote deposit capture, monthly fees, paper check, prepaid, text alerts
December 2nd, 2013 by Elma Jane
U.S. Bank has announced the U.S. Bank Contour Card – saying that the new card gives customers the convenience of a debit card, the control of a bank account and the freedom of cash. Giving customers innovative options to manage their finances. The Contour Card is the latest example. It’s a great tool to manage expenses by giving you the power to budget your money across multiple prepaid cards under the same account. Customers can use Contour as their primary payment card, but it is also a good fit for anyone who wants a new way to manage money.
Contour gives control over your spending in so many ways. From tracking your spending to transferring money between accounts, Contour gives customers the ability to manage it all from one location through their personal My Contour Dashboard.
Cardholders can open up to five additional card accounts that can be linked to their primary account. Cardholders can use Contour anywhere Visa Debit cards are accepted, get free cash withdrawals at any U.S. Bank or MoneyPass ATMs, and direct deposit paychecks to their accounts at no additional charge.
Posted in Financial Services Tagged with: account, ATMs, budget, card, cardholders, debit card, deposit, finances, money, MoneyPass, paychecks, prepaid, tracking, tranferring, U.S. Bank, US Bank, visa, withdrawals
