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Alto Global Processing: Should Russia Be Your Next E-commerce Frontier?

Written by Guest Writer Julie-Lynn Tikekar for VentureBeat

Russia is home to one of the world’s largest economies and continues to be an attractive option for e-commerce ventures. The question at this point is whether Russia is the right choice for your next e-commerce frontier.

In 2012, Russia’s base of Internet users surged to about 70 million people — overtaking both Germany and the United Kingdom. This is particularly impressive considering that in 2003, less than 10 percent of the Russian population was online and today more than 50 percent are active users. Russia now boasts the most Internet users of any country in Europe and, with another 20 million Russians expected to log on for the first time during the next two years, it will approach both Japan and Brazil in web population by 2015.

In terms of economic activity, research shows Russian web users are much more than just window shoppers. Online purchasing among Russian e-commerce customers is expected to grow 27 percent annually

through 2015 and reach $25 billion by 2014, according to McKinsey & Company. What’s more, annual revenues per shopper will likely more than double to $1,272 in the next two years — edging ahead of France, Brazil, and South Korea.

The development of Russian e-commerce will soon position it alongside many of the world’s top contenders. Although shoppers in other developed markets like the United Kingdom and Germany currently spend far more their Russian counterparts, their total purchases are expected to actually decrease on an annual basis during that same period, primarily due to economic factors. And while China and India will continue to outpace Russia due to sheer population numbers, the growth in the Russian market will make it among the most valuable in the world in just a few short years.

There is no doubt that current online trends in Russia present a strong business case for any company interested in growing their global e-commerce footprint. Yet, like any international market, the Russian e-commerce market presents its own set of unique challenges.

Here are some of the most pressing factors to consider before expanding your online business into Russia:

Cash is king: As much as 80 percent of Russia’s 89 million online purchases in 2011 were paid for with cash on delivery (COD). However, shopper preferences in Russia are expected to change as credit and debit card use grows and consumer trust increases. In the meantime, merchants should make absolutely clear on websites what their COD policies are in order to minimize non-payments or order rejections.

Keep it simple: While Moscow and St. Petersburg are known as the economic centers of Russia, e-commerce activity is following a different trend. Seventy-five percent of online orders are made from smaller cities where economic strength is growing but consumers are still evolving in their online shopping expertise. That is why it is vitally important to take some extra steps to facilitate the shopping experience and create a credible and trustworthy site. For example, prominently display recognized brands on your home page. Present your content in the Russian language. And make links to customer support and FAQs easy to find.

Physical trumps digital: Many Russians have opted to purchase physical software over digital software due to trust, security, and fraud concerns as well as the preference to pay in cash. Although online shopper trust is increasing and payment preferences are evolving, an e-commerce strategy should address both channels to maximize effectiveness in the marketplace.

Keep connected: Social media is another hot topic in Russia. While the opportunity of social commerce is debated in established markets, 93 percent of online users use social media at least once a month and 23 percent are regular content contributors. This is significantly higher than the global average of 70 percent and shows the desire for Russian consumers to stay connected. So keeping a social media as part of your local communication and commerce strategy is key.

Accept uncertainty: The Russian market is growing fast and evolving faster. And while the potential is exciting, the lack of historical market data requires that companies conducting e-commerce in Russia be flexible in their financial planning. Other uncertainties exist as well, such as the lack of carriers providing full nationwide delivery and the overall difficulty in doing business. (The World Bank currently ranks Russia at No. 120.) To take advantage of Russia’s revenue potential, seek partners who are highly experienced in local logistics and payment methods.

With a population of over 140 million highly educated, increasingly tech-savvy people, Russia is a country ready to assume its place in the global e-commerce economy. By building a Web presence with high quality branded products, competitive pricing, good language translation, customer convenience, and strong payment/logistics options, it’s possible to take a commanding position in one of the strongest developing markets in the world.f

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Alto Global Processing: International e-commerce sales to triple by 2018

Sales of online goods between countries are set to triple over the next five years to be worth USD307bn. The figure, which comes from a report commissioned by PayPal, represents a jump from USD105bn this year in cross-border e-commerce between Australia, Brazil, China, Germany, the UK and the US.

The report found that last year a quarter of all marketplace revenue and more than half of payments processed by PayPal came from international transactions. With figures set to rise, PayPal has been upping its cross boarder promotion in emerging markets, focussing on China as a particular area for further growth.

The US was the top exporter, with 45% of those surveyed saying they bought goods from there, followed by the UK with 37%. China was the biggest destination for US goods, with 84% of Chinese online consumers asked buying from the region. Clothes and shoes are expected to remain the most popular items, followed by beauty products and consumer electronics devices.

Source: http://www.paymenteye.com/2013/07/24/international_e-commerce_sales_to_triple_by_2018/?goback=%2Egde_2196752_member_260551702#%2EUe_PK42ceuI%3Futm_source%3Dlinkedin%26utm_medium%3Dinsight%26utm_campaign%3Dincrease_traffic

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Alto Global Processing: Visa and NetHope Announce Five Supportive Grants

There is more to the credit card industry than just payments, transactions, etc. We at Alto Global Processing believe in giving back to the community, which is why we wanted to share this news from PaymentEye.com.

Visa Inc. and NetHope, a consortium of more than 40 humanitarian organisations, have announced the five recipients of the Visa Innovation Grants Program. The grants will help leading development organisations modernise the distribution of payments related to microfinance, agriculture, health, and emergency relief.

Every year, billions of dollars in cash payments are distributed to people in need through emergency relief efforts, benefit stipends, conditional cash transfers, microfinance programs, and other development initiatives. Digitising these payments, through mobile phones or other electronic methods, not only improves security and speeds distribution, it also can promote financial inclusion by providing recipients access to broader financial services, including savings and electronic payments tools.

The group of five grantee organisations includes: Agribusiness Systems International (ASI), Freedom from Hunger,International Federation of Red Cross and Red Crescent Societies (IFRC), Mercy Corps, and Pathfinder International.

“Around the world, humanitarian and development organisations are delivering important programs that are tackling poverty and helping improve lives,” said Douglas Sabo (@DSabo), head of Corporate Responsibility at Visa Inc. “We have heard the call from these organisations for assistance to modernise the way they distribute funds by shifting to electronic payments, allowing them to be even more efficient and effective. We are proud the Visa Innovation Grants Program can help enable this transition.”

Source: http://www.paymenteye.com/2013/07/19/visa-and-nethope-announce-five-supportive-grants/

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Alto Global Processing: “The B2B payments revolution will eliminate 90% of accounts teams” – GoCardless

At the inaugural Wired Money conference Tom Blomfield, founder of online payments start-up GoCardless, declared a long overdue revolution in B2B payments that could leave 90% of accounts teams redundant.

Speaking at the conference in London on Monday, Tom told audiences that business-to-business payments are stuck in the dark ages, whilst payment providers have made consumer payments online instant, convenient and intuitive.

“In the 90s the biggest problem on eBay was transferring money to another person,”

says Blomfield.“PayPal innovated around that problem. The same revolution is needed in business-to-business payments.”

With a lack of innovation in online payment and billing, businesses are forced to rely on antiquated payment methods such as cheques. Audiences were shocked to hear that 80% of B2B payments in the US are still made by cheque. Accounts teams are left to contend with a laborious job of sending invoices, chasing late payments and manually reconciling bank accounts. The result is that UK businesses are suffocating under GBP30bn of late payments.

“At GoCardless we want to make business to business payments easy. We do so by making it simple for companies to take Direct Debit payments online, which puts them in control of when they are paid without the need for a merchant account or expensive credit card fees.”

He went on,

“By being resolutely data-driven, we’ve built a fully automated payment system. It has helped small to medium sized enterprises such as the Ask Driving Schools reduce their accounting time by 80%, and double in size in just a year. Using GoCardless with their accounting software means Ask don’t have to re-key invoices and receipts. With the right authorisations in place, we make computers do the hard work for us – and can render 90% of accounts teams redundant.”

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Source: http://www.paymenteye.com/2013/07/05/the_b2b_payments_revolution_will_eliminate_90_of_accounts_te/#.Udrb3z5AREA

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Alto Global Processing: New Online Tool Launches to Help Consumers Understand the Cost of their Credit Cards

The UK Cards Association’s new website will give consumers better access to tailored information on their credit card costs

Following a research project undertaken with the Personal Finance Research Centre (PFRC) at The University of Bristol*, The UK Cards Association today announces the launch of a new website – www.cardcosts.org.uk with the objective of helping consumers improve their understanding of their credit card costs. The website is built on the findings of the research, which concluded that consumers are struggling with the ‘APR’ as the traditional measure of illustrating the cost of borrowing.

The CardCosts website will allow credit cardholders to:

Gain a better understanding of the cost of their current repayment choices;
Experiment with different levels of payments and desired periods to pay off a balance;
Learn from a range of informative messages which explain what can be complicated terms;
Link to other help and guidance, such as credit card statements and summary boxes; and
Quickly receive details of sources of free independent debt advice.

The website looks to go further than other similar existing tools by capturing details of different types of Balance, covering not only traditional card purchases, but also balancetransfers and cash advances. Furthermore, it allows the user to clearly see the impact of paying just a little more than the minimum payment. These enhanced features will ensure that the indicative costs provided are as tailored to a customer’s individual circumstances as possible.

Jo Swinson and The UK Cards Association Chair, Melanie Johnson discussing the launch of a new online tool giving consumers better access to tailored information on their credit card costs — www.cardcosts.org.uk

This is the latest in a series of important enhancements to transparency and responsible lending delivered by the card payments industry over many years, which has included the introduction of summary boxes, the delivery of a series of new consumer rights offering greater control and convenience, a contact process to provide advice for cardholders who are frequently paying only the minimum payment and also the introduction of annual creditcard statements.

The initiative has received support from the Department for Business, Innovation & Skills, where the Minister for Employment Relations, Consumer Affairs & Postal Services, Jo Swinson MP, has welcomed the alignment of this work with its own ambitions around ‘consumer empowerment’.

The development process for the new website included feedback from key stakeholder round-tables involving Which?, the Money Advice Trust, Citizens Advice, AdviceUK, StepChange Debt Charity, Money Advice Scotland and with subsequent input from the Money Advice Service.

The UK Cards Association will now be working with its members and other stakeholders to discuss how best to ensure that the benefits of the website are made available to as many customers as possible via various channels.

Melanie Johnson, Chair of The UK Cards Association, commented:

“I am delighted with the outcome of this important research, the result of working closely with the highly respected Personal Finance Research Centre. The research confirmed that customers find it difficult to understand APRs and would prefer to see credit card costs displayed in a way that is more easily understood. This website does just that, allowing people to better understand their costs in a clear, tailored and interactive way. This is another important step in the industry’s transparency journey, which has seen a series of initiatives delivered in the interests of customers over many years.”

Andrea Finney, Senior Research Fellow at the Personal Finance Research Centre, commented:

“One of the most striking findings to come out of our research was how strongly the people we spoke to wanted to understand the costs of their credit card in relation to their own spending. A hypothetical balance, such as the one used for calculating the APR, simply wasn’t meaningful. This new website was developed to give users the opportunity to see the cost of their cards as a direct reflection of their actual balance and how they use theircard.

The way that credit card costs are calculated and applied can be complicated enough, but when you add in the potential different combinations of types of balance and the many different approaches consumers can take to repay their cards, the picture becomes even more complex. It’s extremely difficult for consumers to navigate this complexity on their own. The key challenge in developing a tool like this therefore lay in stripping back this real-world complexity to make the interface as simple and intuitive to use as possible, while retaining the validity and representativeness of the results.”

Jo Swinson MP, Consumer Minister, commented:

“The Government is committed to helping consumers in financial difficulty. A big part of managing financial problems and debt is knowing how to avoid them, and well informed consumers make better choices and spending decisions. That is why I am pleased that The UK Cards Association and Bristol University have launched the CardCosts website today, which I’m confident will be a welcome aid to consumers seeking more information on credit cards. This website will help consumers take control of their bills and pick the best credit card for their needs. “Consumers who are in financial difficulty can talk to the Money Advice Service on 0300 500 5000, who provide free and confidential debt advice.”

To view a short film of Jo Swinson and The UK Cards Association Chair, Melanie Johnson discussing the new website please visit: http://youtu.be/CZepNRj-41w

To view the press release as a PDF, with notes to editors, please click the link below.

26.06.2013 New Online Tool Launches to Help Consumers Understand the Cost of their Credit Cards

Source: http://www.theukcardsassociation.org.uk/news/cardcosts-release.asp

For further information please contact The UK Cards Association Press Office on 020 3217 8436 /07767 114703 or email press@ukcards.org.uk

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Alto Global Processing: MasterCard to deploy 410,000 Contactless Terminals In Japan

MasterCard has announced that it will deploy a target of 410,000 MasterCard PayPass– enabled point of sale (POS) terminals throughout Japan over the next three years, enabling travellers visiting the country to enjoy the speed and convenience of making contactless transactions.

In February, MasterCard announced strong growth of contactless payments on MasterCard-enabled cards across the Asia/Pacific, Middle East and Africa region in 2012, citing a 28% (YoY) increase in merchant locations, reflecting a strong demand from consumers in the region for simple and secure ways to make everyday payments.

The early adoption and penetration of contactless payments in Japan, ahead of other countries, saw transactions amounting to over 2 trillion yen in 2011, according to the Bank of Japan. Contactless payments continue to expand at a rapid rate, in part due to the increased use of NFC payments.

The 410,000 MasterCard contactless terminals will be deployed by domestic card companies including Mitsubishi UFJ NICOS, Sumitomo Mitsui Card, Orient Corporation and UC Card.

Robert Luton, division president of MasterCard Japan said, “Consumers around the world are embracing the contactless payment experience. With the introduction of MasterCard’s contactless terminals across the country, cardholders traveling from abroad will get the benefit of safe and secure contactless payments in Japan. We look forward to providing more contactless payments opportunities for cardholders around the globe when they visit Japan, through a wider range of MasterCard-enabled cards and devices.”

Source: http://www.paymenteye.com/2013/06/06/mastercard-to-deploy-410000-contactless-terminals-in-japan/

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Alto Global Processing: PKO Bank Polski launches mobile payment service

PKO Bank Polski has launched IKO a comprehensive mobile payment service. The roll-out includes all Bank’s ATMs and ultimately more than 65000 POS terminals of eService, the Bank`s daughter company.

“The possibility of paying by a telephone creates brand new quality regarding convenience, availability, as well as meeting of customers` expectations. Combination of banking and transactional functions in one device is a real breakthrough. We are pioneers in mass mobile payments in Poland, and this proprietary solution has realistic chances for becoming a local mobile payments standard in the European market”, says Piotr Alicki, CIO at PKO Bank Polski.

The IKO mobile payment service is available for PKO customers and at the service launch available on Android and iOS systems (ultimately also on BlackBerry, Symbian, Java and Windows Phone).

The mobile payment service is based on Accumulates mobile financial services technology platform, Mobile Everywhere (ME) and Pera Mobile, the global open technology standard for mobile payment. The basic solution have been customised and functionally extended within PKO Bank Polski`s project, thanks to the support of HP and Accumulate. With the ME platform ALL mobile payments, mobile banking and mobile security services can be enabled using ONE platform. More services like mobile ticketing, loyalty, coupons and gift cards can easily be added to mobile service based on Accumulates technology.

Source: http://www.paymenteye.com/2013/03/14/pko-bank-polski-launches-mobile-payment-service/

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Alto Global Processing: InComm Acquires Giftango Corporation, Expands Digital Gifting Solution

ATLANTA, Jan. 8, 2013 /PRNewswire/ — InComm, a leading prepaid product and transaction services company, has acquired Giftango Corporation, a leading digital gifting solutions provider. Giftango expands InComm’s reach into ecommerce gift card sales and distribution through high volume channels.

(Logo: http://photos.prnewswire.com/prnh/20110525/CL09221LOGO )

“This acquisition opens doors to new and meaningful distribution channels for InComm merchants and product partners. Giftango is the digital gifting technology behind very large loyalty, incentive and mobile platforms in the US market and has made inroads internationally as well,” said Brooks Smith , InComm president and CEO. “This also adds proven B2B, ecommerce and promotional toolsets to the portfolio of InComm products.”

Founded in 2005, Giftango entered digital gifting by providing turnkey solutions to help merchants sell gift cards from their websites. After identifying needs in the fulfillment, customer service and management of gift cards between leading merchants and their largest gift card purchasing partners, Giftango created solutions specifically designed to streamline these processes. Today, more than 150 leading brands deliver digital gift cards through Giftango’s network of more than 80 partners.

Digital gift cards are rapidly growing in popularity among consumers. A holiday forecast by Mercator Advisory Group, an independent research and advisory services firm focused on the payments industry, predicted that retailers would issue eight million virtual gift cards during the 2012 holiday season. Giftango finds that as many as 80 percent of consumers select digital delivery when the option is presented alongside a plastic version of the same card in a loyalty program.

“The combination of our two companies brings together the cutting-edge digital ingenuity of a startup with an established leader in the prepaid space, creating a complete prepaid solution for all market participants that is unmatched,” said David Nelsen , Giftango CEO. “Coming together allows us to extend digital prepaid functionality that is necessary for mobile wallets, incentive and loyalty distribution, financial institutions and the new mobile payments ecosystem. It is an exciting day for Giftango, our partners and our clients.”

Giftango will become a wholly owned subsidiary of InComm and will continue to grow its operations in Portland, Ore.

About InComm
InComm is a leading provider of cutting-edge prepaid products, services and transaction technologies to retailers, brands and consumers. InComm supports more than 400,000 points of distribution and helps retailers build prepaid card destinations, connects brands with new markets and gives consumers a simple, secure shopping experience. InComm stays ahead of emerging trends by analyzing market needs and leveraging its global, innovative commerce platform, go-to-market expertise and extensive partner relationships. With 123 global patents, InComm is headquartered inAtlanta and has offices in North and South America, Europe and the Asia-Pacific region. For more information, visit www.incomm.com or follow us on Twitter at www.twitter.com/incomm.

About Giftango
Giftango Corporation, founded in 2005, has redefined gifting with their innovative delivery of digital eGift Cards to email, mobile phones and Facebook. Merchants utilize the Giftango platform to power ecommerce sales, a wide variety of promotions, and distribution through Channel Partners. Giftango’s Channel Partner solutions give business-to-business and direct-to-consumer companies the ability to add eGift Card fulfillment to their existing user interface for a wide variety of national brands. For more information, visit www.giftango.com.

Source: http://www.prnewswire.com/news-releases/incomm-acquires-giftango-corporation-expands-digital-gifting-solution-186011982.html

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Alto Global Processing: Credit card settlement unlikely to help stores charge fees

By Jessica Dye

NEW YORK | Mon Jul 23, 2012 5:47pm EDT

(Reuters) – Stores may not find it easier to charge shoppers fees for paying by credit card as a result of a $7.25 billion class action settlement with Visa Inc. and MasterCard Inc, a problem that may delay or derail its approval, an analyst said on Monday.

The proposed settlement between retailers and the two biggest credit card companies would resolve stores’ claims that Visa and MasterCard conspired with major banks to fix swipe fees—- the amount paid to process debit and credit card payments.

In addition to a $6.05 billion payment and temporary $1.2 billion swipe-fee reduction, the deal would also allow stores to start charging so-called checkout fees to customers who pay with MasterCard or Visa credit and debit cards.

But senior Bernstein Research analyst Rod Bourgeois wrote in a July 23 report that retailers would in reality not get much help from the deal in offsetting the swipe fees by charging customers more.

“We think the settlement’s much-touted surcharging provisions (as currently written) actually have no real usefulness to merchants,” he said.

Buried in the fine print of the agreement are provisions that undercut the stated intent of the settlement, he said.

For example, if retailers force customers to pay more for using Visa and MasterCards, they essentially must charge consumers more when they pay using other credit card networks, such as American Express, according to Bouregois’ analysis of the proposed settlement.

But American Express prohibits merchants from implementing policies that discriminate against its cards, like discounts designed to steer customers to different forms of payment, Bourgeois said.

The settlement is subject to approval by a federal judge.

The surcharge rules will also not apply in the 10 states that prohibit that practice, including Texas, California and New York.

“This situation could undermine the settlement if merchants voice their objections to this provision during fairness hearings prior to the court’s final approval,” Bourgeois wrote. Such objections may open the door for some stores, particularly large ones, to object to the settlement or appeal its approval, he said.

Some stores have said they will not impose extra fees for paying with plastic, even if they can. One of the largest U.S. retailers, Target Corp., issued a statement Friday saying it did not intend to impose checkout fees, and calling it “bad for both retailers and consumers.”

Hours after the proposed settlement was filed, the National Association of Convenience Stores rejected the deal, saying it did not alleviate stores’ long-standing concerns over how Visa and Mastercard set swipe-fee rates.

RETAILERS SAID TO HAVE OPTIONS

Craig Wildfang, a lawyer for merchants who helped negotiate the deal, said the settlement would give retailers several different options should they choose to pursue checkout fees.

For instance, stores could choose not to assess the fees, or if they did, they could re-examine their agreements with competing card issuers or even drop those other cards altogether, he said.

“We see the settlement agreement as providing freedom to merchants to make those choices that they think are in the best interest of their business and their customers,” Wildfang said.

Noah Hanft, general counsel for Mastercard, said it was unlikely that many merchants would wind up charging checkout fees, largely because of anticipated customer feedback.

“The value merchants get from Mastercard acceptance is far in excess of the actual cost of acceptance, and we think that when merchants consider all those factors they’re not likely to impose checkout fees,” Hanft said.

Visa declined to comment.

Ultimately, it will be up to U.S. District Court Judge John Gleeson to approve or reject the proposed settlement, a process that will play out in Brooklyn federal court over the next few months.

Objectors will be given a chance to voice their positions at a fairness hearing in Brooklyn federal court. Stores will also have the opportunity to opt out of the settlement altogether, although that would only apply to their share of damages, and not the rule changes outlined in the proposal.

The case is In re Payment Interchange Fee and Merchant Discount Antitrust Litigation, in the U.S. District Court for the Eastern District of New York, No. 05-1720.

(Reporting by Jessica Dye; Editing by Cynthia Osterman)

Source: http://www.reuters.com/article/2012/07/23/us-creditcards-fees-analyst-idUSBRE86M1CK20120723

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Alto Global Processing: Fiserv to Expand Popmoney P2P Payments Capabilities with MoneyGram

DALLAS–(BUSINESS WIRE)–MoneyGram International (NYSE: MGI), a leading global money transfer company, and Fiserv, Inc., a leading global provider of financial services technology solutions, announced today an agreement to add MoneyGram’s money transfer services to the menu of money movement options available to financial institutions and consumers through the Popmoney^®from Fiserv person-to-person payments product.

“Working with MoneyGram will allow Fiserv to enhance the Popmoney service with cross-border and cash payment options, and expand consumer choices for managing their money.”

Upon integration, the 1,400 financial institutions that currently are part of the Popmoney network will have the opportunity to offer customers the ability to send money through MoneyGram’s vast global network, which spans more than 267,000 locations in 192 countries and territories. Consumers receiving money via Popmoney will also have the option to receive cash payments in person at any MoneyGram agent location.

“This relationship provides MoneyGram with access to a wide number of financial institutions that have existing relationships with Fiserv, expanding our reach in an easily scalable way,” said Tim Summers, MoneyGram global head of strategic partnerships.

“With Popmoney, financial institutions can provide their customers with a faster, easier and more secure way to send and receive money from their bank or credit union accounts,” said Neil Platt, senior vice president and general manager of payments, CashEdge Division, Fiserv. “Working with MoneyGram will allow Fiserv to enhance the Popmoney service with cross-border and cash payment options, and expand consumer choices for managing their money.”

Popmoney provides an easy and convenient consumer experience, enabling bank and credit union customers to request, send and receive electronic payments using their existing bank account. Consumers only need the recipient’s email address, mobile phone number or bank account information to send money. For more details on the service, visit www.popmoney.com.

About MoneyGram International

MoneyGram International, a leading global money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers money transfer services worldwide and bill payment services in the United States and Canada through a global network of more than 256,000 agent locations—including retailers, international post offices and financial institutions—in 192 countries and territories around the world. To learn more about money transfer or bill payment at an agent location or online, please visit www.MoneyGram.com or connect with them on Facebook.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider serving the financial services industry. Fiserv is driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For six of the past eight years, Fiserv ranked No. 1 on the FinTech 100, an annual international listing of the top technology providers to the financial services industry. For more information, visit www.fiserv.com.

Source: http://files.shareholder.com/downloads/AMDA-1TA9OX/0x0x677733/11025b6f-687c-4284-b5aa-53fc3e1e235c/MGI_News_2012_3_19_Corporate_Releases.pdf

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