MyBank Mandates has been set to launch for 27th October 2014. MyBank Mandates provide direct debit users with a simple way to agree online and in real time that their account can be debited. Merchants and public authorities across Europe will be able to replace paper mandates with this efficient new solution. Paper mandates are expensive and lead to higher rejection rates for the first collection. Moving to a real-time electronic process that involves the bank of the debtor reduces costs and the time required to collect funds. MyBank Mandates will also support mandates by consumers waiving their automatic “no-questions-asked” refund right. MyBank Mandates do not interfere with the statutory refund rights provided under consumer law. This will help bridge the gap between today’s situation, where no-refund direct debits still exist as niche products in several countries, and the introduction of a pan-European scheme foreseen in the coming years.
U.S. bank credit card profits for the top U.S. Visa and MasterCard (V/M) issuers declined 3.5% year-on-year (Y/Y) and 5.4% quarter-on-quarter (Q/Q) in the first quarter (Q1). According to CardData, Q1 revenue dropped 12.1% Y/Y and 8.9% Q/Q.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Conference Board Consumer Confidence Index was down to 82.3 in April from 83.9 in March. Meanwhile the Present Situation Index was also down to 78.3 from 82.5. These findings coincide with consumers took a less than favorable stance on the current business and labor market conditions. Meanwhile, those claiming business…
TSYS announced the appointment of Paul M. Todd as Senior Executive Vice President and Chief Financial Officer effective July 1, 2014. Paul Todd has served as executive vice president for strategy, mergers and acquisitions, product and marketing since 2008. Over the past four years, Todd directed TSYS’ diversification strategy that included four acquisitions in the direct merchant acquiring business and TSYS’ largest acquisition, NetSpend, which occurred last year. He has been the key driver in developing strategies to lead TSYS into new and faster growing sectors and markets. Prior to 2008, Todd was President and Chief Executive Officer of Synovus Financial Management, a unit of Synovus Financial Corp.
MyCheck collaborated with PayPal to enable consumers to pay at table through the PayPal app. The app itself enables users to select a restaurant from a list, check-in to the venue, and once there, view ordered items and prices on the mobile device, split the bill (if desired), add a tip, redeem an offer, accrue loyalty card stamps, quickly check out by hitting the pay button without waiting for a check, and receive an email receipt. The MyCheck capability has been operating in the UK version of the PayPal app for approximately nine months, where successful joint advertising campaigns with the Prezzo and Busaba Eathai restaurant chain drove significant adoption and usage of the app. Merchants benefit from offering the pay at table option in multiple ways, with faster turnarounds, fewer chargeback’s, the ability to spend time on customer service that would have otherwise been spent preparing checks, and developing more targeted marketing based on consumption.
Comexposium named the finalists for the first American SESAMES Awards. Based on the 19 year heritage of the SESAMES Awards held each year at the CARTES SECURE CONNEXIONS Exposition in France, recognize technology innovation for smart cards, digital security, identification, secure transactions and contactless technology developed for the U.S. market. The finalists include Emerging Payments, Oberthur Technologies for Omni-channel Wallet, ROAM for RP750x, Sequoia Retails Systems, Inc. for the QuadPoint Compact Register, Card Manufacturing, Oberthur Technologies for Lasink, SKIMPROT Ltd. for SkimProt, SmartDisplayer Technology Co., Ltd. for iCARD4, Identification, Brigham Scully Public Relations for Zwipe Biometric Card, DigitalPersona, Inc. for DigitalPersona Altus and GOTrust Technology Inc. for SDencrypter Lite.
The Electronic Funds Transfer Association in conjunction with the ATM Industry Association, has announced the release of a commissioned research report into the digital currency Bitcoin. The intensive report, written by Value Partners Management Consulting, authors of the industry’s bi-annual Global ATM Benchmarking studies, is called “Bitcoin: Virtual Currency with Real Opportunities”. ATMIA and EFTA are keen to develop industry positions on the current and future significance of Bitcoin. It presents a history and comprehensive international analysis of Bitcoin. Bitcoin digital currency allows people to send and receive payments within an entirely decentralized peer-to-peer network.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] ChannelAdvisor Corporation (ECOM), a leading provider of cloud-based e-commerce solutions that enable retailers and manufacturers to increase global sales, announced its financial results for the quarter ended March 31, 2014. Total revenue of $19.3 million for the first quarter of 2014 increased 30 percent compared with total revenue of $14.9 million…
Mark Graf, executive vice president and chief financial officer of Discover, will present at the Barclays Capital Americas Select Franchise Conference in London. Presentation slides and a link to the live audio webcast will be posted on the day of the conference to Discover’s corporate website at http://investorrelations.discoverfinancial.com/.
Vantiv, Inc. announced financial results for the first quarter ended March 31, 2014. Revenue increased 8% to $537.6 million in the first quarter as compared to $498.0 million in the prior year period. Net revenue increased 6% to $288.5 million in the first quarter as compared to $272.9 million in the prior year period, primarily due to a 6% increase in transactions. On a GAAP basis, net income attributable to Vantiv, Inc. was $28.1 million or $0.18 per diluted share during the first quarter, compared with $26.1 million or $0.18 per diluted share in the prior year period.
Social Finance peer-to-peer lending refinanced more than half a billion dollars in student loans, with the number of schools represented having grown nearly 800% to more than 550 universities over the past year. SoFi has streamlined the lending process with a pain-free online application, mobile document upload, and helpful customer service via text, email, or phone. Borrowers can combine their Federal and private loans into a single monthly payment, and customize payment terms to fit their lifestyle. Unlike traditional lenders, SoFi borrowers become members in a powerful community with programs to reach life milestones such as entrepreneurship support, job placement assistance, unemployment protection and exclusive access to new financial products.
Ukash announced Betfair has signed up to their popular service which enables customers to use cash to transact online with Betfair. Betfair customers who pass strict verification processes will be able to make cash deposits into their account through Ukash vouchers, which are available from over 50,000 sale points in the UK, with a reverse process being available to make cash withdrawals. The service is available on both desktop and mobile. Ukash enables players to spend cash securely online with unique 19 digit codes to pay directly on thousands of websites that accept Ukash transactions worldwide.