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MasterCard, Zwipe partner for biometric contactless card

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LONDON (10/21/14)--MasterCard and biotmetrics technology firm Zwipe have partnered to launch a contactless payment card featuring an integrated fingerprint sensor.
 
The Zwipe MasterCard card includes an integrated biometric sensor and the Zwipe secure biometric authentication technology that holds the cardholder's biometric data. It contains an EMV-certified secure element and MasterCard's contactless application.
 
"Our belief is that we should be able to identify ourselves without having to use passwords or personal-identification numbers," said Ajay Bhalla, MasterCard president of enterprise security solutions. "Biometric authentication can help us achieve this. However, our challenge is to ensure the technology offers robust security, simplicity of use and convenience for the customer. Zwipe's first trial is a significant milestone, and its results are very encouraging."
 
Cardholder fingerprint data is stored directly on the card, not in an external database. After activation by a simple fingerprint scan, the Zwipe MasterCard card can be used to make contactless payments. The biometric authentication replaces the PIN entry, thus enabling cardholders to make payments of any amount, unlike other contactless payment cards on the market.
 
Zwipe is working on the next generation of its card that will be the same format as a standard card and designed to work with all payment terminals for release in 2015. This new card will harvest energy from the payment terminals without the need for a battery.

Love My CU Rewards adds ADT to discount list

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LIVONIA, Mich. (10/20/14)--CU Solutions Group's Love My Credit Union Rewards program is expanding its ADT credit union member discount nationwide.

The exclusive offer from ADT includes a free ADT monitored home security system valued at $850, and $425 in credit union member savings on additional equipment.

More than 3.6 million credit union members have saved over $1 billion with Love My Credit Union Rewards. The program has generated in excess of 340,000 auto loans for credit unions totaling more than $7.5 billion.

Formerly known as Invest in America, Love My Credit Union Rewards offers credit unions four bundles of products to help save credit union members money on the products and services they use every day. The bundles make it easier for credit unions to market the programs to members and to link to core products and services. The four bundles include All, Auto, Home and Invest in America:
  • The All bundle allows credit unions to holistically participate in the program and market discounts to members with streamlined marketing requirements. The All bundle offers discounts from Sprint, GM, TurboTax, Credit Union Auto Club, ADT, DIRECTV, Allied Moving Services and Love to Shop;
  • The Auto and Home bundles were put together for credit unions to use in conjunction with their low loan rates and to add value to special promotions, such as auto loans, mortgages or home equity lines of credit. The Auto bundle includes discounts on GM vehicles and roadside assistance from Credit Union Auto Club. The Home bundle includes discounts from Sprint, ADT, DIRECTV and Allied Moving Services; and
  • The Invest in America bundle offers discounts from American companies, including GM, Credit Union Auto Club, TurboTax, DIRECTV and Allied Moving Services.
The nationwide expansion of ADT will be offered under the All and Home bundles of Love My Credit Union Rewards, as well as an individual program. The ADT credit union member discount offers exclusive savings to credit union members and creates opportunities for credit unions to drive core product growth as well as earn non-interest income.

NWCUA's betaSpace connects CUs, fin. tech startups

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PORTLAND, Ore. (10/17/14)--The Northwest Credit Union Association (NWCUA) and its Strategic Link subsidiary have launched betaSpace, an online marketplace where credit unions can help finance promising financial technology startups.
 
"Credit unions are ready for the fintech revolution," said Troy Stang, NWCUA president/CEO. "Although some might not have the resources to develop new technologies internally or search out the latest innovations themselves, collectively as an association we can find and vet the most promising fin-tech startups and connect them with our members through betaSpace."
 
Startups selected for betaSpace will offer Northwest credit unions access to their technologies at preferred prices ( Anthem Oct. 9). betaSpace already has launched two companies: Profits4Purpose and LifeCounts.
 
LifeCounts is an online tool to help people manage their financial lives. It securely links all of their accounts, even those from different institutions, into one central dashboard. Users can see an overview of their full financial situation, receive personalized spending insights and budgeting advice, and set up goals and alerts to help them move their finances in the direction they choose.
 
Through betaSpace, LifeCounts has committed to link any Northwest credit union into its proprietary aggregation system at no cost to the credit union, and with no work on the credit union's part.
 
San Diego-based Profits4Purpose helps institutions discover, track and report their charitable work, including volunteerism, individual giving and grant management. Its client list includes both credit unions and several Fortune 500 companies.

500 FIs commit to Apple Pay, says CEO Cook

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CUPERTINO, Calif. (10/17/14)--With commitments from 500 financial institutions, Apple said Thursday that Apple Pay, its much-discussed electronic wallet, will become available to U.S. consumers on Monday.
 
Through ApplePay, iPhone 6 and iPhone 6 Plus use Touch ID for purchases in stores and within apps. Touch ID authorizes purchases using the device owner's fingerprint, which is also used to access the device. Users of the just-announced iPad Air 2 and iPad mini 3 will be able to use Touch ID on their devices for Apple Pay within apps. The new service will be enabled by a free software update to iOS 8.
 
Apple Pay is designed to protect the user's personal information. It doesn't collect any transaction information that can be tied back to a user, and payment transactions are between the user, the merchant and the user's bank. Apple doesn't collect purchase history. Actual card numbers are not stored on the device, instead, a unique device account number is created, encrypted and stored in the secure element of the device.
 
Apple Pay supports credit and debit cards from the three major payment networks: American Express, MasterCard and Visa.
 
CO-OP Financial Services is in active negotiations with Visa and MasterCard to bring the lowest aggregated issuer fees to credit unions ( News Now Sept. 11). Brookfield, Wis.-based Fiserv has said that all Fiserv-processed debit and credit issuers have tokenization capabilities--the security measure used by Apple Pay--available to them through the Visa Token Service and MasterCard Digital Enablement Service.

Denali Alaskan joins CO-OP ATM network

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RANCHO CUCAMONGA, Calif. (10/16/14)--Denali Alaskan FCU has added the CO-OP ATM network to its member services menu.

"Denali Alaskan joined the CO-OP ATM network to give members added value and options when it comes to ATM access," said Bob Teachworth, president of the $544 million-asset, Anchorage, Alaska-based credit union.

"It's particularly important to us to offer more than 30,000 surcharge-free ATMs nationwide. Denali Alaskan has thousands of members located throughout the Lower 48 and Alaskans also travel often throughout the rest of the nation," he said. "Our partnership with CO-OP Financial Services is just another way the credit union fulfills its commitment to our member needs."
 
In addition to using CO-OP ATM, the credit union also participates in CO-OP Shared Branch, enabling its members to visit more than 5,100 "live-teller" branches throughout the United States and conduct their business as if they were at Denali Alaskan's home branch.
 
Eight Alaska-based credit unions participate in CO-OP Shared Branch. There are a total of 36 shared branches in Alaska. Any member of any participating CO-OP Shared Branch institution across the country may access these branches.
 
With 30,000 ATMs, the nationwide CO-OP ATM network is larger than the network of any national bank. In addition to credit union branches, CO-OP ATMs can be found at retail outlets such as Walgreens, 7-Eleven and Costco.

Diebold unveils concierge, anti-skimming ATM at ATMIA

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NORTH CANTON, Ohio (10/15/14)--Diebold Inc., a CUNA Strategic Services alliance provider, introduced a new line of ATMs with anti-skimming technology during the ATM Industry Association's Security Conference in London.
 
Diebold's new 5500 series of ATMs is equipped with ActivEdge, which the company said is the industry's first anti-skimming card reader that prevents all known forms of skimming, the most prevalent type of ATM crime.
 
Skimming is a type of fraud that occurs when an ATM is compromised by a card reader that's often disguised to look like a part of the machine. The card reader saves the user's card number and PIN code, which is then replicated into a counterfeit copy for theft.
 
Additional features, such as biometric finger vein readers, security camera provisioning, encryption technology and monitoring services are also available with the 5500 series.
 
Diebold's newly developed dispenser technology, ActivDispense, increases the ATM's availability while optimizing dispensing performance.
 
An intelligent power management system decreases downtime by controlling power on individual modules during servicing--avoiding the need to power down the entire unit, Diebold said. Total power consumption is reduced by as much as 60%, which lowers the total cost of ownership for institutions and reduces the environmental impact.
 
The 5500 series, with a 15-inch touchscreen display, also offers mobile-ready functionality and optional two-way video capabilities.

Registration still open for Wednesday's Discovery Conference

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MADISON, Wis.  (10/14/14)--Registration is still open for CUNA Mutual Group's fifth annual, daylong Discovery Conference, scheduled for Wednesday.
 
The Discovery Conference is the Web-based equivalent of a face-to-face conference without the expense--it's free.
 
Conference participants simply log on from their computer and choose their first session to attend.
 
"Conference participants will interact in much the same way they would if they were attending a face-to-face conference," said Christy LaMasney, manager of Discovery for CUNA Mutual Group. "Participants will attend sessions and ask questions of the presenters, click through the Expo Center, download business cards and chat with other conference attendees," she added.
 
The conference offers 13 credit union-focused sessions, scheduled live chats, networking opportunities such as chat rooms, an exhibit hall and prizes. In addition, registration guarantees access to conference materials after the event is over.
 
More than 1,300 credit union professionals have registered to date.
 
The online event is designed for CEOs and senior leadership teams of credit unions, but all credit union and league employees are welcome.
 
To view the agenda, read the session descriptions and see which industry thought leaders will be presenting, use the link.