I have discussed how Payment Factories can help improve efficiency by centralising payments. I’d like to examine in more detail how a Payment Factory can improve cash visibility across an organisation.

When people hear the term “Payment Factory,” their immediate assumption is that this surely must be just about payments. And they’re mostly right, a Payment Factory’s job is to improve the efficiency of what we call the payments initiation process, meaning the process through which payments go from the point where they’ve been output from a back office system to being ready to send to the bank.  There are many things that can happen to those payments in between and the payment factory is there to help optimise that process.

News in brief

Users download the app and are prompted to repeat a simple pattern of words or numbers three times to enrol. Voicekey algorithms then generate a user-specific voice biometric classifier, which after encryption is stored securely on the mobile phone.

By Karl Dyer This email address is being protected from spambots. You need JavaScript enabled to view it. • nfcworld.com • 19 June 2013, 13:42 • Last updated 19 June 2013, 13:42

News in brief

By Rian Boden This email address is being protected from spambots. You need JavaScript enabled to view it. • nfcworld.com • 19 June 2013, 12:55 • Last updated 19 June 2013, 12:55

LONDON and MONTREAL--(Marketwired - Jun 19, 2013) - With Payza's help, law enforcement officials have identified and arrested 11 individuals in the UK, US and Vietnam, who have been accused of being responsible for a $200 million credit card fraud ring.

This arrest is another victory in the coordinated worldwide crackdown on cybercrime. Law enforcement agencies around the globe are collaborating with financial and technology companies like Payza to identify cybercriminals, track their behaviors, and gather the evidence required for arrest and prosecution.

Having officially opened its new London office last week, recurring billing expert Aria Systems is expanding its business operations in the EMEA market to meet the growing worldwide demand for subscription commerce solutions.

San Francisco, CA (PRWEB) June 19, 2013

New payment options lower invoicing costs and improves membership experience.

Visalia, California (PRWEB) June 19, 2013

Cognia, a provider of global communications services for compliance, risk and productivity, announced today that it has joined the PCI Security Standards Council as a new Participating Organization.

London (PRWEB UK) 19 June 2013

Cognia, a provider of global communications services for compliance, risk and productivity, announced today that it has joined the PCI Security Standards Council as a new Participating Organization.

London (PRWEB UK) 19 June 2013

PDC4U, one of the leading companies that enhance Revenue Cycle and Accounts Receivable Management, releases an essential solution with its valuable new feature, “Signature4U”.

Ogden, Utah (PRWEB) June 19, 2013

"You don't have to go home and go online to purchase the items later, you can chose to purchase right there and then," he adds.

Bankers have a reputation of being very conservative and well, frankly, boring. As an ex-banker I’d like to defend this and say that rather than the image of grey suited accountants, they should be seen as heroes like Tom Cruise in Mission: Impossible. After all – bankers are in the risk business – and are taking risks every day.

Here in Malaysia, bank branches have a little more edge to them, with armed guards casually caressing shotguns and looking very bored – you don’t get that in sleepy Norfolk where I live when I’m in the UK. The point is that bankers adapt locally to the risk, and balance it on how to mitigate the risk. A branch has the possibility of getting robbed – and the bank puts in compensating controls to reduce that risk – but short of never letting anyone in the branch it will always have the possibility of getting robbed.

Launched in February and now going into testing with several firms, ERN's Looop platform brings together card payment and merchant data in real time to enable banks and retailers to see the granular detail of every purchase.

Swedish social payments start-up iZettle has made its mobile payments service available in Mexico as a result of the Swedish company’s global partnership with Banco Santander, a Spanish financial institution.

For the Mexican market, iZettle has also launched a new mini chip and Magstripe card reader for Apple or Android phones and tablets, that allows small businesses to accept both chip card and magnetic stripe card payments.

The value of mobile commerce transactions conducted via mobile handsets and tablets is set to exceed USD 3.2 trillion by 2017, up from USD 1.5 trillion in 2013, a recent report has revealed.

According to a new report titled “Mobile Commerce Markets: Sector-by-Sector Trend Analysis & Forecasts 2013-2017” and issued by research firm Juniper Research, the increasing popularity of mobile devices for bill payment is reflected in the fact that the mobile banking sector accounts for the lion’s share of transaction values over the next five years. However, to put global m-commerce into context, total financial transactions in the US alone exceeded USD 4,400 trillion in 2012.

Mobile money transfer and payment services provider BelCash, financial institution Commercial Bank of Ethiopia, mobile money services provider M-BIRR and financial institution Zemen Bank's z-Birr are set to start operations later this year to launch mobile banking services in Ethiopia.

On 1 January 2013, financial institution the National Bank of Ethiopia (NBE) issued a directive that allows transaction-based mobile banking for the country's unbanked citizens.

Computer Services, a provider of end-to-end technology solutions, has launched its Social Payments Instant Network (SPIN), which enables banks to provide customers with direct P2P payment functionality through the company’s mobile and internet banking applications.

As a component of CSI’s Internet or mobile banking platform, SPIN’s P2P payments technology requires the 16-digit debit card number to send payment to any Visa cardholder. In addition, card information is encrypted to ensure complete security and compliance, and can be reused to send additional payments in the future without providing the full 16-digit card number each time.