In the wake of the 2007 “Great Recession” and the “2008 Credit Meltdown,” consumers fled from credit cards, abhorring debt of all kinds. Consequently, the top five credit card issuers outstandings nosedived by 15.6% since 2009. The Federal Reserve shows overall revolving credit dropped 6.7% over the same time period. However, it appears cardholders are warming back up to revolving credit card debt. Compared to 2012, credit card outstandings among the nation’s top issuers are only down by 60 basis points. Preliminary Federal Reserve figures show a slight uptick of 130 basis points in revolving credit usage last year. RAM Research predicts credit card outstandings will continue to rise in 2014, possibly gaining 200 basis points over 2013.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Paypal is announcing the end of StackMob Backend-as-a-Service, shutting down the StackMob brand, and focusing our team and resources on making PayPal the best global payments platform in the world. The StackMob Platform will cease operation on Sunday May 11th, 2014. Customers will no longer have access to their StackMob accounts…
BNY Mellon launched its new global payments infrastructure. BNY Mellon’s new global payments infrastructure is designed to deliver significantly enhanced levels of processing efficiency, reliability, transparency and cash management oversight. Focused initially on Euro clearing capabilities for BNY Mellon’s global clients, the new infrastructure will harness and extend BNY Mellon’s established strengths as a processor of US dollar-denominated payments across the extensive array of global currencies that BNY Mellon supports as a major provider of global payments and foreign exchange services. This brings efficiency and information management integration with an open architecture and custom-built modules covering the key phases of payment processing — including payment pricing and charges, account abstracts and lookup, liquidity monitoring and overall process surveillance.
The leading trade associations representing the merchant and financial services industries announced a new cybersecurity partnership. The partnership will focus on exploring paths to increased information sharing, better card security technology, and maintaining the trust of customers. Discussion regarding the partnership was initiated by the Retail Industry Leaders Association (RILA) and the Financial Services Roundtable (FSR), joined by the American Bankers Association (ABA), the American Hotel & Lodging Association (AH&LA), The Clearing House (TCH), the Consumer Bankers Association (CBA), the Food Marketing Institute (FMI), the Electronic Transactions Association (ETA), Independent Community Bankers of America (ICBA), the International Council of Shopping Centers (ICSC), the National Associations of Convenience Stores (NACS), the National Grocers Association (NGA), the National Restaurant Association (NRA), and the National Retail Federation (NRF).
The sky’s the limit for MasterCard cardholders and Uber users who will get the chance to share a personal sky-written message to their loved ones this Valentine’s Day through two unique promotions. Others will be surprised and delighted when they discover they are one of 2000 people that will have the price of their Uber ride paid for by MasterCard as part of its Priceless Surprises campaign. It’s all part of an initiative between MasterCard and Uber to bring cardholders in New York, Chicago, Los Angeles, Dallas and San Francisco something unique and special this coming holiday. With planes ready to go, MasterCard will sponsor the launch of UberSky, a one day promotion brought to you by Uber giving a limited number of users a chance to deliver a personal on demand sky-writing service, valued at $10,000, to their loved ones for the small price of $500.00. Additionally, on February 14th MasterCard will be offering cardholders up to 2,000 free Uber rides across the New York, Los Angeles, Chicago, and San Francisco up to twenty dollars each with the use of a MasterCard.
SRS|Shareholder Representative Services announced the company will operate two affiliated lines of business ” SRS and Acquiom ” under a single parent company: SRS|Acquiom (srsacquiom.com). One line of business, SRS, manages all post closing activity in private M&A transactions to maximize deal value and safeguard the interests of selling shareholders. The global leader in shareholder representation, SRS reached a new milestone in 2013: engagement on a total of 575 deals comprising $86 billion in aggregate deal value since the company’s founding in 2007. SRS represents 58,000 shareholders including 500 of the top venture capital and private equity funds.
Fiserv announced Greenville Federal has selected the DNA account processing platform and a host of add-on solutions to better serve its nearly 12,000 customers. The Fiserv solution set provides the $150 million asset bank with a deeply integrated enterprise platform to improve efficiency and drive growth. DNA from Fiserv is the first open, person-centric core banking platform built for collaboration. DNA was developed using Microsoft’s leading .NET Framework for a state-of-the-art core platform that banks and credit unions can rely on for the long-term. With DNA, Greenville Federal benefits from 24/7 real-time processing, robust retail, mortgage and commercial banking capabilities, as well as a 360 degree view of its retail and business relationships. Integration with DNAweb, Mobiliti and Popmoney will help Greenville Federal offer a real-time digital banking experience with the ability to send and receive social payments.
American Express and the NBA will take basketball fans behind-the-scenes of NBA All-Star 2014 with its “Off the Court” digital destination, which connects fans to some of their favorite players through shared personal passions and interests, including basketball, fashion, travel and music. American Express and the NBA will once again take basketball fans inside NBA All-Star Media Day and present the first-ever American Express “Off the Court” Rookie Roundtable giving them unprecedented digital and live stream access to players they love. These live streams will allow fans to submit their own questions to players via Twitter. Fans can also chat with each other online, reacting to player’s comments and join in on the excitement. The NBA All-Star Media Day live stream can be viewed on “Off the Court” at nba.com/offthecourt on February 14, beginning at 1:30pm EST. This is the second year, the global live stream courtesy of American Express will allow fans to watch four Eastern Conference All-Stars and four Western Conference All-Stars respond to media questions live. American Express is offering new ways for fans to experience the action of NBA All-Star 2014 by releasing NBA All-Star Mini Movies presented by American Express throughout the weekend.
A bit mind boggling, but Visa Inc.’s annual global gross dollar volume is nearing the $7 trillion milestone with nearly 90 billion payment and cash transactions in 2013. If Visa Europe (which is separate from Visa, Inc.) was considered it would add at least another $2 trillion. Therefore, the Visa brand could be the $10 trillion “baby” by 2016, according to RAM Research.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] First Data January SpendTrend same-store point-of-sale data by credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks from nearly four million U.S. merchant locations- serviced by First Data- shows dollar volume growth of 2.5%. This slowed from December’s 3.4% growth as severe winter weather pummeled the Midwest and eastern…
Merchant Customer Exchange (MCX) today announced that it will add Paydiant’s cloud‐based, white label platform to its custom developed mobile commerce infrastructure. MCX is a group of leading merchants dedicated to improving the shopping experience by offering consumers a widely‐accepted, customer‐focused and secure mobile commerce platform. MCX merchants represent more than 70 prominent brands with 110,000 locations that process more than $1 trillion in payments annually.
Fiserv announced its “Device Manage” device monitoring, performance measurement, and service dispatch and management system is now available as a software as a service (SaaS) solution. Even in a hosted environment, users can still configure Device Manager to fit their needs. Standard reports and dashboards can easily be supplemented with customized reports and queries using an easy-to-use, drag-and-drop report designer. Device Manager provides robust device management capabilities that automate the end-to-end process of detecting and resolving problems across an organization’s self-service device network.