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.
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.
Among the nation’s top four Visa and MasterCard (V/M) issuers, bank credit card charge-offs are down 48 basis points year-on-year (Y/Y), but up nine basis points quarter-to-quarter (Q/Q). All credit card metrics are seasonally skewed in the first quarter as well as the fourth quarter by a higher denominator in Q4 and a lower denominator in Q1. Nevertheless, bank credit card charge-offs have been marching south throughout 2013.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] PayPal net total payment volume (TPV) grew 27% with Merchant Services volume up 32% and on-eBay volume up 15%. Revenue grew to $1.8 billion. PayPal gained 5.8 million new active registered accounts to end the quarter at 148 million, up 16%. Global on-eBay penetration increased to 78.9%. PayPal continued to invest…
Payoneer, a leading online payments company transforming the way technology companies and SMEs globally send and receive cross-border payments, announced today that Lázaro Campos, the former CEO of SWIFT, has joined its Advisory Board. Campos spent 25 years with SWIFT, including five as CEO. Under his leadership the company nearly doubled volume while maintaining a high standard of operational performance. He will work with Payoneer management as it accelerates development of new products and services in support of its growing global customer base. Mr. Campos is joining Payoneer at a critical time: Payoneer recently completed a Series D financing round of $25 million, and was selected by Google as a payment partner for Google Trusted Stores.
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.