Zoot advanced instant credit decisioning and loan origination announced 20 years of service to the financial industry. Founded in 1990, Zoot has grown into a multi-million dollar company that has introduced numerous industry-changing innovations to the market and received several industry awards. Its innovations include the first PC-based credit retrieval, first automated instant prescreen and the first graphical user interface for business rules. Zoot technology today enables the companyâs solutions to evolve with its clients when their business strategies, compliance requirements or consumer expectations change.
MoneyGram International has signed agreements with BillingTree on-demand payment processor, with which MoneyGram will provide same-day, cash payment services at MoneyGramâs approximately 35,000 agent locations nationwide under the brand name BillingTree “PaynCash.”BillingTree provides billing organizations payments acceptance through ACH and credit card via online, IVR/VRU, MOTO and more. The addition of MoneyGram’s walk-in, cash payment solution rounds out BillingTreeâs suite of payment services, giving consumers another option when it is necessary to pay in cash or to make a last-minute payment. These agreements allow BillingTree billers to collect cash payments through MoneyGramâs network of retail locations found in national grocery, pharmacy and convenience store chains.
Cardlytics transaction marketing in banking platform has been deployed by Regions Bank to offer targeted reward offerings to its customers based on a customerâs actual Regions Visa Checkcard purchases. This is meant to ensure incentives are highly relevant to each recipient and relevant offers are presented in each customerâs checking account detail page within Regions secure online banking platform. By âclickingâ on the offers, account holders can activate or âacceptâ rewards before redeeming them at a number of national, local and online retailers. Without requiring coupons or promotion codes, offers are automatically redeemed when customers use their Regions CheckCard to make purchases according to the offersâ conditions; targeting, delivery and redemption occur without customer data ever leaving the bankâs secure environment.
By the end of 2010, overdraft revenue is expected to total no more than $35.4 billion, down from $37.1 billion in 2009 and on par with 2008. The first drop was seen in 4Q/09, during which $2 billion in revenue was lost, when banks and credit unions started to implement their own floors and ceilings on overdrafts in response to Congressional complaints, which was then followed by another $2.3 billion in revenue lost in 1Q/10 thanks to the Opt-In regulation by the Federal Reserve, which cost banks and credit unions about $2 billion in operational costs and training to implement. This, according to a recent Moebs $ervices study of fee revenue from 2,284 financial institutions and over 15,000 depositories throughout 1H/10, also shows 44.3% of banks and credit unions made some type of change to their overdraft program; 55.7% did nothing; 20.5% increased prices to offset cost and revenue loss while 6.5% decreased their overdraft price. Additional findings show 90% of overdraft revenue comes from frequent users. This comes on last month’s findings national retail merchants have increased what they charge consumers whose checks are returned insufficient funds (NSF) by 20% to a median $30, compared to $25 in 2009, the highest percent increase and surpasses banks and credit unions median fee of $27 for an NSF. This is to generate a more profitable bottom line and offset the cost of e-check use where the paper check is swiped(CardFlash Library 08/10/2010).
2011: $38.0 B
2010: $35.4 B
2009: $37.1 B
2008: $35.4 B
2007: $34.1 B
2006: $31.5 B
2005: $29.7 B
FICO analytics and decision management made this year’s InformationWeek 500 annual listing of the nation’s most innovative users of business technology. This was FICO’s second placement in a row on the annual list, which ranked FICO #165. The 2010 list was revealed last night at a gala awards ceremony at the exclusive InformationWeek 500 Conference taking place at the St. Regis Monarch Beach Resort, Dana Point, CA. The InformationWeek award recognizes FICO’s CIO division for the FICO Virtual Desktop Strategy, an initiative that involved the virtualization of 600 desktops across 12 server farms. The “Virtual Desktop Strategy” is built on the core foundation of VMWARE vSphere software, Hewlett Packard blade technology, Cisco Nexus Switching, and Network Appliance virtual storage.
Mark Bishopp has promoted as Chief Information Officer and SVP, Strategic Development with 2Checkout.com online payment solutions. Bringing with him more than 22 years’ progressive international executive experience in interim CIO roles, strategic planning/alignment management, contract negotiation and critical program execution, he will be responsible for all technology, strategic relationships, business plan/analysis and contract negotiations for the organization. He offers 2Checkout.com powerful perspective to how businesses can strategically plan for and implement new and existing technologies. Mark holds a Bachelorâs Degree in Business Administration from St. Bonaventure University in New York.
GTRC has signed a definitive purchase agreement with Fifth Third Processing Solutions to sell its National Processing Company (NPC). NPC merchant acquirers provides integrated electronic payment solutions and services targeted exclusively toward the small to medium sized enterprise segment. Through its broad distribution network and more than forty years experience in the payments industry, the payments processing business will extend Fifth Third Processing Solutionsâ ability to provide best-in-class capabilities to its client base and will expand the Companyâs already strong commitment of providing innovative electronic payment solutions to a more diversified client base that will now include ISOs and agent banks.
NACHA Electronic Payments Association announced that Secure Vault Payments (SVP) will move into full commercialization following a pilot designed to assess the feasibility of SVP. Supported by eWiseâs Online Banking ePayments (OBeP) platform, financial institutions, merchants, billers, payment gateway providers, and core payment processors have embraced SVP as a payment solution. NACHA will continue to serve as the governing body for SVP, creating, maintaining, and enforcing the use of SVP through the NACHA Operating Rules and business rules specific to SVP. eWise, as the exclusive switch operator and technology provider, will oversee all sales, marketing, and implementation activities necessary to fully develop the SVP network. Significant increases in sales and marketing activities have begun with the addition of dedicated sales and marketing teams to drive further adoption of SVP by financial institutions, merchants, and billers.
Wright Express has completed its acquisition of the Australian assets of Retail Decisions consisting of its fleet and prepaid card businesses from Palamon Capital Partners, a private equity firm, and its co-investors Morgan Stanley Alternative Investment Partners and AlpInvest Partners. With this, Wright Express will advance its long-term vision of providing both payment processing and card issuance services internationally. In addition, the acquisition furthers the company’s strategy of expanding its footprint in key international markets and diversifying its revenue.
Delta Air Lines and MasterCard Worldwide have implemented their brand partnership to offer the co-branded “Delta SkyMiles Debit MasterCard.” The comprehensive debit card program offered to Delta customers, the two companies will now work over the next several months to build a national network of financial institutions to offer the Delta SkyMiles Debit MasterCard through local bank branches across the United States. The “Delta SkyMiles Debit MasterCard” allow users to earn Delta miles on qualifying purchases; provide access to hundreds of merchant-funded discounts; purchase protections such Extended Warranties and Satisfaction Guarantee; and is available as Platinum Debit MasterCard, World Debit MasterCard and Debit MasterCard BusinessCard card.
The Western Union Company has introduced its enhanced walk-in payments service, offering formless payment for speed and convenience for same-day, next-day and second-day payment options. Throughout its U.S. network of 4,000 biller payment receivers, consumers will enjoy “one stop” convenience for mortgage, auto loan, credit card, utility, insurance, telecommunications and more. This is meant to complement Western Union’s web-based and text payment options, supporting its commitment to being an industry innovation leader in comprehensive payments solutions for consumers. Western Union has also eliminated the need for consumers to enter non-intuitive biller codes to make their payments for additional ease.
Bluepoint Solutions RDC, image-based item processing and enterprise content management (ECM) software has partnered with Access Softek banking solutions for financial institutions to offer community banks m-banking. Seamlessly integrating mobile remote deposit capture capabilities, the integration with BluePoint’s “QwikDeposit To Go” mobile remote deposit capture into a single application is meant to provides a more robust and user-friendly experience for the end-user. the integration is powered by Mitek Systems “IMagePROVE” technology to offer a complete mobile application to account holders to perform traditional banking services and deposit checks.