Wright Express changed its name to WEX, reflecting its transformation and growth strategies which are focused on physical, digital and virtual corporate card payment solutions for businesses internationally. Since its beginnings as a fleet card provider in 1983, through a successful initial public offering in 2005, WEX Inc. has grown exponentially to become an international company with 2011 revenues of approximately $553 million.
Fiserv announced its Accurate Reconciliation solution for transaction matching, reconciliation and exception management has received the “SWIFTReady” Reconciliation Label for 2012. This renewal demonstrates Accurate Reconciliation solution meets stringent SWIFT criteria linked to the support of messaging standards, services and connectivity requirements, which are re-evaluated every year to ensure alignment with market changes. Complementing the SWIFTReady accreditation, the Accurate Reconciliation solution also introduced support for ISO 20022 XML messages, supporting clients in their integration of SWIFT MX message content and implementation of SEPA compliant controls.
Epson America pos solutions, announced that Groupon has selected Epson receipt printers for its recently launched Breadcrumb POS system, an easy-to-use, powerful and affordable solution that runs on iPads for restaurants, bars and cafes. Epson’s most popular food service receipt printers, both the TM-U220 and the TM-T88V, will be available to businesses that order Breadcrumb.
National Credit-reporting System announced the expected fulfillment of the IRS’ commitment towards e-Signature of the 4506-T. The electronic execution method will improve efficiencies for multiple industries, including mortgage finance, credit card and insurance utilizing the company’s solutions, such as TRV (R) Services in evaluation of a consumer’s ability to pay. According to an IRS communication this week to participants in its income verification service, beginning January 2013, the IRS looks to allow taxpayers the ability to execute a 4506-T for tax return transcripts using e-signature technology. Consumer satisfaction is expected to rise as the 4506-T may now be bundled with disclosures eligible for execution using electronic signature.
Elavon and 41st Parameter online fraud detection and prevention announced agreements whereby Elavon will offer its clients 41st Parameter’s “FraudNet” hosted fraud prevention solution. Elavon selected 41st Parameter’s FraudNet solution on the basis of its fraud detection results and extremely low false positive rates, in conjunction with its over eight years of continuous innovation, fraud expertise and a proven track record of servicing the world’s top banks, travel and ecommerce organizations.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Chase released its 3Q/12 “Freedom Lifestyle Index” quarterly barometer of consumer trends based on aggregated Chase Freedom cardholder spending data. Indicating overall cardholder spending was up 4% from the year ago period, the Index shows spending was strong in food, back-to-school, and outdoor/leisure expenditures. From 2Q/12, overall spending was up 1%…
Giesecke & Devrient is launching its “SmartTrust Portigo” mwallet solution for NFC services, putting debit and credit cards, ID cards, loyalty cards, public transport tickets, and access keys for buildings and vehicles in one electronic wallet. When users download software called Wallet Client onto their smartphones, they establish a connection to a secure element and to the Wallet Manager, which is provided in the mobile network by the Wallet Issuer. The Wallet Manager allows the Wallet Issuer to conveniently deploy services provided by various NFC service providers and supply them to their customers, who can simply download the corresponding widgets onto their smartphones.
Target reached an agreement to sell its entire consumer credit card portfolio to TD Bank Group, currently assessed at a gross value of approximately $5.9 billion. The two companies entered into a seven-year program agreement under which TD will underwrite, fund and own future Target Credit Card and Target Visa receivables. The agreement applies to Target’s U.S. credit card operations and stipulates Target will maintain the current deep integration between its financial services operations and its retail operations. The agreement does not have any impact on Target’s 5% REDcard Rewards program. Target team members will continue to provide all servicing for Target Credit Card and Target Visa accounts. The portfolio sale and program agreement are designed to have minimal impact on Target’s current cardholders, guests and the Target team members who support financial products and services. Target expects to deploy proceeds from the sale in a manner that will preserve its strong investment-grade credit ratings. Specifically, the company expects to apply approximately 90 percent of net transaction proceeds to reduce the company’s net debt position, with the remainder applied to share repurchase over time.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] U.S. Bancorp posted a 3Q/12 net income of $1,474 million thanks in part to $2.4 billion of lines related to new credit card accounts. With this, total net revenue was up 8% from the year ago quarter and 2.2% from the previous quarter. Also helpful to annual growth were net charge-offs…
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Visa Board of Directors has elected Charles W. Scharf, formerly CEO, Retail Financial Services with JPMorgan Chase, to succeed Joseph W. Saunders as CEO. He also is a former director of Visa. The Board also intends to appoint a new non-executive independent chairperson with the retirement of the current chair…
Citigroup has been ranked the greenest bank in the United States by Newsweek magazine on the annual Newsweek “Green Rankings.” This comprehensively assess the environmental performance of the largest publicly traded companies in the U.S. and around the world, for which Citi was ranked the 17th in the United States- the highest ranking of any U.S.-based bank for the second year in a row. This is thanks to its role in the creation of the Equator Principles and Carbon Principles, two standards for addressing environmental and social risks in the financial sector, and its $50 billion Climate Initiative aimed at supporting renewable energy, energy efficiency and clean technology. Also, Citi has directed over $36.4 billion as part of the 10-year initiative announced in 2007, including financing for two of the world’s largest solar energy projects.
Concerns about retirement and the cost of health care declined from six months ago among mass affluent Americans (consumers with $50,000-$250,000 in investable assets) according to the Fall 2012 Merrill Edge Report. Released today by Bank of America, the survey also found that college education continues to be a major concern, but this group is also taking greater responsibility for their finances. Seventy-three percent of mass affluent fear that their retirement assets will not last throughout their lifetime, down from 83% in April 2012, and 84% of this group are concerned about the rising cost of health care, also down from 89% in the same time period. Sixty-nine percent of mass affluent couples discuss their finances at least a few times per month with 34% of married mass affluent Americans are discussing their finances more than their sex life. Meanwhile, 52% of mass affluent have saved less than $250,000 for retirement. As a result, more than half of respondents plan to retire later than they had one year ago (56 percent), a year-over-year increase of 19 percent from November 2011. Three in four (73 percent) mass affluent who are between 10 and 19 years from retirement have made changes to the way they save for retirement over the past year with 36 percent trimming everyday costs to bolster their savings and 21 percent starting to work with a financial advisor.