Abn Amro IcsAmro Abn Ics
Netherlands regulatory authority imposes 2.4 million fine on international card services - FinTech Frautures
Certain ICS customers received too high loan lines for which they were paying interest and in some cases commission. AFM penalises International Card Services (ICS), a wholly-owned ABN Amro affiliate, for excessively high overdrafts. The ICS declares in March 2017 that it has taken the lead in creating a remuneration scheme for its customers.
Certain ICS customers received excessive lines of credit for which they were paying interest and, in some cases, commission. Company has begun to implement a remuneration scheme for affected customers "as expected". The company has a more than three million card product range and has been in charge of Visa and Mastercard card issuance and operations in the Netherlands for more than 25 years.
Netherlands regulatory authority beats ABN Amros ticket deal with ? 2.4 million fines.
AFM has fined International Card Services (ICS), a wholly-owned ABN Amro affiliate, 2.4 million for making available excess loan lines to its customers. Certain ICS customers were granted excessively high loan lines for which they were paying interest and partial commission.
Internationally Card Services operates a more than three million card business and has been providing and managing Visa and MasterCard in the Netherlands for over 25 years.
Worldwide ACI to implement the innovation strategy for ABN AMRO in payment transactions
The ACI Worldwide (NASDAQ: ACIW), a world leader in real-time digital cash and debit processing, today announces that it has extended its partnership with ABN AMRO, a major Dutch multi-national financial institution. ACI' UP Retail payments software is used by ABN AMRO to speed up its innovative approach to transactions and better meet the needs of its expanding retail and business client base.
For many years, ABN AMRO has been an ACI client using the award-winning UP Payments Risk Managementsolution. UP Retail Payments enables the leading bank to tap new sources of revenues in a fiercely contested environment and reduce costs by moving to a more cost-effective IT environment. And ABN AMRO can expand its investments in the ACI messaging ecosystem to simply introduce new modes of commerce, meet new demands such as open APIs, and adapt to innovations in the pipeline.
ACI' UP Retail Payments solutions provide round-the-clock security and are used by eight of the world's ten leading retail payments providers. While more and more MFIs are transforming themselves, they are turning to UP Retail Payments, which combines the functionality and functionality of their existing system with next-generation technology to ensure that they can carry on doing their business as normal while they add new service and innovate in a safe haven.