U.S. Bank wants to make innovation its middle name and as such has anointed Dominic Venturo to lead the charge. As executive vice president and chief innovation officer, Venturo will lead the efforts to identify emerging technology or new business models.
CPI Cards’ EFT Source is now providing financial institutions with an online portal through which cardholders can order fully customized debit cards. The new custom card design solution, MYCA, will increase card activation and usage, which generates additional interchange revenue.
A recent study of 10,000 U.S consumers shows credit unions took top spots in the trusted banking category, including credit cards.
The 2015 Temkin Trust Ratings rates the trust that consumers have with 293 companies across 20 industries.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Oren Levy, Chief Executive Officer of Zooz.
New research shows 61% of businesses store the unencrypted 16-digit sequence on the front of credit cards, also known as the Primary Account Number (PAN). Also, EMV-enabled payment terminals can still be used to make a payment transaction using an optional mag stripe swipe process, which means there’s still an opportunity for misconfigured software to inadvertently capture and store full track data.
The Network Branded Prepaid Card Association (NBPCA) and NetSpend urged the CFPB to show restraint in its final rule and avoid imposing overly broad restrictions on prepaid accounts, which could destroy the market.
Credit card Asset-Backed Securities (ABS) metrics for the February reporting period will weaken slightly in line with seasonal trends, but should remain near record levels of strength. The Monthly Payment Rate (MPR) fell to 27.36% in January and will likely slightly decline through the first quarter due to seasonal trends.
American Express Canada has completed its move to a new state-of-the-art facility in Toronto for 2,200 employees. The new location is incorporating AmEx’s new BlueWork environment, i.e. no traditional cubicles and no assigned desks.
International (excluding the USA) Gross Dollar Volume (GDV) for Visa (VS) and MasterCard (MC) credit cards rose 2.0% year-on-year (Y/Y) in the fourth quarter (Q4/14), on a dollar basis. On a local currency basis VS’s growth in Q4/14 international credit cards GDV growth slightly outpaced MC by 50 basis points (bps), according to CardData.
Facing the real possibility of one FOMC rate hike in the second quarter and two additional rate hikes in the second half of 2015, U.S. credit card rates will likely return to the highest rates in five years. RAM Research forecasts U.S. bank credit card rates for accounts assessed interest will climb to 14.24% by EOY 2015.
The U.S. bank credit card industry remained tightly concentrated in 2014, based on outstandings, with the top 5 issuers controlling nearly half of the market, the top 10 issuers holding a two-thirds share and the top 50 maintaining an 88% share, according to CardData.
Hyperwallet has repositioned itself to deliver a clearer message of its products and services, specifically: Mass Payments. The Company has updated its corporate logo, a fresh slogan, a redesigned website, and a new product line of Mass Payments Solutions.