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.
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.
There comes a time when some agent card programs elect to pick a new service provider. Perhaps because of erratic service level performance at the current provider, or due to new account rewards which seems to be less than competitive market value, because a current contract has reached its contractual period ending, or even due to an existing provider exiting from that business.
Whatever the reason(s), there are number of preliminary steps one must go through to ensure the change is a smooth one for your card members and meets your expectations. In managing over 800 such agent card programs over three decades in the card business, R.K. Hammer has some strong opinions about how to achieve the best outcome.
Chase Card Services and Marriott Rewards announced the launch of the Marriott Rewards Premier Visa Signature® Business Credit Card designed for small business owners who travel frequently for business or pleasure. With the Marriott Rewards Premier Business Credit Card, small business owners have the ability to earn accelerated Marriott Reward points on all purchases, accumulate free night stays, and receive automatic Silver Elite Status once they become a cardholder. The card also offers EMV chip-and-signature technology, charges no foreign transaction fees and comes with a variety of travel and business benefits. With the Marriott Rewards Premier Business Credit Card, small business owners have the ability to earn Marriott Rewards points at an accelerated rate. Cardholders will earn thousands of points for different increments spent on the card. The card also comes with travel insurance benefits, including trip cancellation, trip delay, lost luggage, baggage delay and auto collision damage waiver. Additional benefits include purchase protection insurance, including purchase security and extended warranty.
First Data appointed Christopher Foskett head of global, strategic and national accounts. He will lead the organization responsible for bringing strategic value, business partnership and new innovation to the firm’s major financial institution, retail, government and business clients. Foskett most recently was global head of sales for J.P. Morgan’s Treasury Services business and regional executive of the Treasury Services business for North America. Foskett brings a wealth of experience from his 30-year career in financial services spanning a wide range of client-facing activities across corporate and investment banking and transaction services. Global Finance magazine has cited Chris as one the select bankers featured in their ranking of “Who’s Who in Treasury and Cash.
American Express Group (AXP) President, Enterprise Growth, Dan Schulman, will participate in the Sanford Bernstein “Disruptive Trends in Financial Services” Conference in New York City. He will oversee and participate in a question and answer session relating to the company’s Enterprise Growth business and digital payments strategy.
Market experts believe real-time ACH payments will become a reality in the U.S. within the next two years, based on a survey of 120 financial industry professionals. Momentum for faster payments has been accelerating with government call to action for the U.S. to adopt a real-time payment system within 10 years. The results of ACI’s latest survey highlight that the majority of industry professional respondents believe this vision can and will be achieved in far less time. ACI’s survey found 27% of respondents have not made a payment through their mobile device, somewhat surprising given that those surveyed are the same professionals pushing forward the ‘mobile revolution.’ Findings also show 70% believe real-time ACH payments will become a reality within the next one to two years and 92 percent within the next five years, 86% believe real-time ACH will add “significant” value to businesses and corporate bank clients and 34% rated social media’s importance to financial institutions as neutral to not important.
Citi and Expedia extended their partnership in a multi-year agreement. Through the new agreement, Citi and Expedia Inc., through the Expedia.com brand, will continue working together to provide more value to travelers and cardmembers. Since 2007, Citi and Expedia have worked together to provide the Citi Premier Pass® / Expedia® card, which has helped hundreds of thousands of travelers connect with the people and places that matter most to them.
PayCargo electronic invoicing and settlement solutions for the ocean shipping industry, and until recently part of a major financial electronic commerce and payment processing firm announced an instant online freight payment and settlement system. PayCargo has enormous flexibility to make decisions on matters such as contract terms, pricing, and geographic reach. As part of the new strategy, PayCargo is expanding into other transportation segments such as Air Cargo, Trucking, Rail, and Warehousing. PayCargo has provided the ocean shipping industry a business-to-business payments solution with tools that create efficiencies by automating the payments process. PayCargo offers multiple financing options, dispute resolution, systems integration, email alerting, and reporting capabilities.
Cardlytics will present at the Bank Director Growth Conference in May to demonstrate its Card-Linked Marketing platform. Cardlytics is one of only five companies that the Bank Director Growth Conference selected to present their latest innovations. Each company will have eight minutes on stage to give the audience an inside glimpse into their latest technologies. Cardlytics will highlight an upcoming technology, preliminarily named, ‘Cardlytics SmartPush’. The new feature allows consumers to map offers close to their current location. More than basic geo-location, ‘Cardlytics SmartPush’ will map offers that are relevant to their purchase behavior, not just offers in their immediate geography whether they are at home or traveling.
Spindle announced the availability of Yowza!! POS cloud-based, comprehensive POS and retail management platform.The new solution is a component of Yowza!! Merchant, a suite of tools that allow merchants to conduct and manage a full range of business functions, including inventory management, order processing, workforce management, payment functionalities, marketing and other core business operations from an iOS and Android device. Yowza!! POS serves as a cloud-based central management console for small, medium, and larger merchants, giving them instant visibility into a number of mission-critical operations, including inventory across multiple locations, scheduling, and accounting functions. Yowza!! POS is latest offering from Spindle’s line of advanced mobile commerce solutions, which includes mobile marketing solutions for merchants and consumers, as well as advanced and secure mobile payment processing capabilities.