American Express posted a 1Q/14 net income of $1.4 billion, up from the year ago figure of $1.3 billion. Meanwhile consolidated total revenues totaled $8.2 billion, up 4% from the year ago figure of $7.9 billion, due in great part to more Card Member spending.
First Data Chairman announced Heidi G. Miller has joined its Board of Directors. Miller was president of JPMorgan International, a division of JPMorgan Chase & Co. Before that she served as CEO of JPMorgan Chase’s Treasury and Security Services, leading 35,000 people in 50 countries. Miller also served as executive vice president and chief financial officer for Bank One Corporation. She has held other CFO positions including at the Travelers Group and later at Citigroup. She graduated from Princeton University with a bachelor’s degree in history and completed her doctorate in history at Yale University in 1979.
First Data will continue to provide debit processing, ATM driving and network services through its card processing platform and Star Network to Bank of the West, an FDIC-insured bank serving customers for more than 135 years. This renewed five-year agreement will also expand the relationship. First Data has provided debit processing and network services to the bank since 1996, and has driven its ATMs since 2008. With this expanded agreement, First Data will also provide credit processing.
Fico announced The Fair Isaac Advisors P&L Insight Service, giving financial services organizations an analysis of their portfolio trends and profit drivers, along with portfolio-level profitability forecasts and what-if scenarios for strategic planning purposes.Unlike traditional P&L assessments, the P&L Insight Service examines potential impacts across the credit lifecycle, including marketing, originations, customer management and collections. FICO’s advisors can rapidly generate actionable insights using a proprietary FICO tool with built-in forecasting models that can be tuned to the particular dynamics of a bank’s portfolio. Advisors convert 12 to 24 months of portfolio-level data into coherent business intelligence, provide automated trend analysis of profit drivers, deliver actionable and quantifiable recommendations, and assist with strategic planning activities for short-, medium-, and long-range objective-setting.
JetPay has fully satisfied the arbitration award granted to EarlyBirdCapital Inc. As previously disclosed, the International Centre for Dispute Resolution (the “ICDR”), pursuant to an arbitration claim filed against the Company by EBC, rendered its decision on March 3, 2014 and ordered the Company to pay damages of $2,070,000 plus interest, attorney’s fees and expenses of approximately $740,000 within 30 days of the decision. The Company entered into a Securities Purchase Agreement (the “Common Stock SPA”) with Bipin C. Shah, its Chairman and Chief Executive Officer, and C. Nicholas Antich, the President of JetPay Payroll Services (aka AD Computer Corporation), a wholly owned subsidiary of the Company. Mr. Shah and Mr. Antich agreed to purchase an aggregate of 333,333 shares of the Company’s common stock at a purchase price of $3.00 per share, for an aggregate of $1.0 million. Additionally, on April 14, 2014, the Company issued 4,667 shares of Series A Convertible Preferred Stock to Flexpoint for an aggregate of $1.4 million.
TNS Announces Winners of 2014 TNS Choice Awards Award Recognizes Outstanding Performance in the Financial Services Marketplace
TNS, announced the winners of the 2014 TNS Choice Awards to recognize financial services organizations that have achieved superior performance in the competitive marketplace. Winners of the award have shown themselves to be the preferred choice by their strong performance in attracting new customers, satisfying and retaining customers, and winning a larger share of their customers’ total banking business. The program is developed to identify strong achievement on both the National and Regional level. Winners include JP Morgan Chase, U.S. Bancorp, Ally Bank and BB&T Corporation. These research programs also diagnose what is driving marketplace momentum through an assessment of each firm’s customer experience, brand health, and marketing effectiveness.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Bank of America reported a net loss of $276 million for 1Q/14, compared to net income of $1.5 billion in the year-ago period. Revenue declined 3% from the 1Q/13 to $22.8 billion. These results include $6.0 billion in litigation expense related to the previously announced settlement with the Federal Housing Finance…
Square has hired Alyssa Henry to lead engineering for the company to head up engineering operations for Square’s infrastructure and payments platform. Most recently the Vice President of Amazon Web Services (AWS) Storage Services, Alyssa led services including Amazon S3 and Amazon EBS through hypergrowth, and scaled the teams, software, and businesses. Alyssa was Amazon’s director of software development for ordering, with responsibility for Amazon’s ordering workflow software and databases. Before Amazon, Alyssa spent 12 years at Microsoft working on databases, data access technologies, and internal customer relationship management software in a variety of engineering, program management, and product unit management roles. Alyssa started her career as a developer in the financial services industry.
Skrill, announces the launch of its Global Payment Suite for merchants to give transactional businesses access to enhanced credit and debit processing, plus a range of international alternative payment options all rolled into one solution. The Skrill Global Payment Suite enables them to accept payments from customers across the world, in just one, easy integration. Skrill’s Global Payment Suite brings together Skrill Card Processing, Skrill Alternative Payments and the Skrill Digital Wallet into one package. It enables business to accept credit and debit card payments and multiple local payment methods, in 200 different countries and in 12 checkout languages, so that merchants can use the power of the Internet to do business wherever they choose. The Global Payment Suite includes robust security features, supported by Skrill’s team of anti-fraud and security experts to constantly monitor transactions and take action on behalf of customers.
Payment Alliance International Partners with Ventura County Credit Union to Brand ATMs at Select Rite Aid Stores
Payment Alliance International (PAI) retail ATM solutions and Ventura County Credit Union (VCCU) signed an agreement to brand 23 ATMs at California Rite Aid stores. PAI will own and operate the ATMs reflecting VCCU’s branding, giving Ventura County Credit Union members surcharge-free access to cash at these Rite Aid locations beginning late April 2014. PAI operates one of the largest ATM networks in the United States, with ATMs at more than 60,000 retail locations across the country. As part of the network, PAI provides ATM services for approximately 1,500 Rite Aid locations nationwide.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Citigroup 1Q/14 net income of $3.9 billion and revenues of $20.1 billion. This compared to the year ago figure of $3.8 billion on revenues of $20.2 billion, respectively. Citicorp cost of credit of $1.6 billion in the first quarter 2014 declined 4% from the prior year period. The decline reflected both…
CO-OP Financial Services signed an agreement with Visa to make the Visa EMV common debit solution available to its credit union clients. This long-term agreement between CO-OP Financial Services and Visa enables development of regulation-compliant debit EMV solutions using a common Application Identifier (AID). Some development will still need to be done at terminals (both POS and ATM) in order to choose the common AID, a priority for industry organizations such as DNA. CO-OP helped found DNA in December 2013, and will continue to play a key role in its activities. Michelle Thornton, Manager-Core Products for CO-OP, is a member of DNA’s Board of Directors. The Visa EMV solution provides portability for debit card issuers, and network routing choices for merchants and ATM acquirers.