The Western Union Company posted 4Q/10 revenue of $1.4 billion, up 3% since the year ago period, and operating income margin of 24%. Also, the Company posted consolidated revenue of $1.4 billion up 3% from the prior year fourth quarter while global consumer-to-consumer transactions were up 9% and revenue growth in U.S. domestic money transfer was 7% on a 29% increase in transactions. Growth in agent locations to 445,000 helped the consumer-to-consumer segment generate $1.2 billion to represent 85% of total revenue, up 3% since the year ago period. International C2C transactions totaled 56 million in the quarter up 9% since the year ago period while revenue increased 3% for the international portion on transaction growth of 8% and the Global Business Payments segment represented 13% of Western Union’s revenue in the quarter. For the full year, Western Union consolidated revenue was $5.2 billion, up 2% from the prior year; the operating income margin was 25% compared to the same in 2009; the consumer-to-consumer segment represented 84% of Western Union’s revenue at $4.4 billion for the year at a 2% increase year-over-year; and the Global Business Payments segment represented 14% of Western Union’s revenue for the year, for which revenue was $722 million to increase 4% since the year ago period.
Credit card offers are back with 3Q/10 credit card direct mail volume having increased from the previous quarter by 600 million offers. Up over 100% on the second quarter to 1.2 billion mail offers, compared to only 391 million applications in 3Q/09, this demonstrates credit card issuers are showing more confidence in the economy and…
MasterCard Canada has signed CIBC as an issuer of its “PayPass”-enabled credit cards. With this announcement came CIBC’s to begin issuing its “Aventura World,” “Dividend Unlimited World” and the “Aventura” MasterCard “PayPass”-enabled credit cards. MasterCard “PayPass” eliminates wait time for both customers and merchants. Currently there are over 13,000 PayPass accepting merchants in Canada.
Capital Access Network (CAN) unveiled a Spanish language version of its Daily Remittance Platform. Introducing the concept of “daily remittance” finance through a demo of the DRP SPARQ Underwriting Module at FinovateFall 2010, the Platform offers small and mid-sized business (SMB) lenders, lessors, processors, acquirers, banks, credit card issuers and other working capital providers improved risk, decision-making and portfolio performance visibility. Advancing past simple credit score-based underwriting, DRP integrates all components of a finance operation into a single business layer, including required workflows and accounting modifications, enabling the provider to be in-market within 90-180 days.
Debit transactions outpace credit card transactions by a wide margin and are expected to grow thanks in great part to the economy and the cloudy perspective many have on the future of their finances. Outside the United States even, consumers in the UK are consciously choosing to use debit cards (and other forms of payment)…
doxo online place for consumers to get organized and go paperfree has made available its “doxoPAY” online payment feature. Letting users receive, manage, file and pay their bills, “doxoPAY” delivers payment for credit cards, utilities, cable, mobile, insurance and mortgages. Furthermore, with more than 50% of all consumer bills paid electronically and only 15% actually delivered paperlessly, “doxoPAY” addresses the “paperless adoption gap” through its 100%-paperless initiative. Users are granting permission for that business to turn off paper mail and deliver documents securely and privately to their doxo account, can track due dates and pay bills directly from within doxo.
Kenneth Traub has been appointed Chairman of the Board with Omnego mobile technologies. Currently President and CEO of Ethos Management private investment and consulting firm engaged in a wide range of global initiatives, Traub is also a member of the Board of Directors of iPass enterprise mobility services and with Phoenix Technologies computer input/output systems. He also serves as Chairman of the Board of the NJ Chapter of Young Presidents Organization. He holds an MBA degree from Harvard Business School.
ControlScan PCI compliance solutions for small- to mid-sized merchants announced a successful 2010, during which it saw a significant increase in Level 4 merchant engagement thanks to acquirer and ISO relations having grown to more than 85. With this, its available merchant base has grown more than 650,000 over the past year. ControlScan released its PA-DSS compliance program in 3Q/10 while its 2H/10 met the significant changes to the PCI Approved Scanning Vendor guidelines mandated by the PCI Security Standards Council by enhancing its scanning solution. To keep up, ControlScan nearly doubled its employee headcount and in 4Q/10 gained industry insight on the perception of data security, awareness of PCI compliance and the steps they take to protect sensitive information.
China Unicom has installed HID Global’s “OMNIKEY 1021” desktop smart card readers at its stores in more than 20 provinces and cities across the country to simplify the SIM card issuance process and improved the efficiency of frontline customer service staff. The readers allow customer service staff to personalize a blank SIM card with a mobile number and other optional services on the spot. The readers have also eliminated mobile number configuration and hence reduced SIM card inventory levels. With this, HID Global has delivered 80,000 “OMNIKEY 1021” desktop smart card reader units to China Unicom.
The STAR network is now the preferred provider of PIN-secured debit POS and ATM access for OH-based Kemba Credit Union while First Data is to supply its debit processing. STAR offers electronic funds transfer (EFT) networks nationwide with more than 2 million retail and ATM locations and is a First Data company. Kemba serves more than 60,000 members in the Greater Cincinnati area, has more than $468 million in assets, issues 37,000 debit cards and operates 10 ATMs. The STAR Network focuses on real-time debit payment processing for driving increased reliability, security, cardholder convenience, and choice wherever and whenever consumers demand access to their money.
Open Solutions’ “DNA” relational core processing will now serve the First National Bank of Elmer with integrated enabling technologies. Using .NET technology, the “DNA” processing enhances workflow, flexibility and productivity with the flexibility necessary for running a service-oriented financial institution. Available as an in-house or outsourced solution, it helps financial institutions streamline both front- and back-office processes and creates a centralized view of customers, employees and business partners. First National Bank of Elmer will implement DNA in an outsourced environment through Open Solutions’ data center.
Presented annually by Prepaid Media, Paybefore has chosen i2c clients Convenient Cards; Outlier, Inc.; Plastic Cash International; and Western Union as Paybefore Award winners in six different categories, all of which implement the i2c “My Card Place” (MCP) processing platform. The Paybefore Awards is in its fifth year and has become a recognition of excellence in the worldwide prepaid and stored value card industry. Namely, Plastic Cash International’s “MyPlash Teen Card” was awarded as BEST CONSUMER-FUNDED PREPAID CARD; Western Union’s “MoneyWise” Prepaid Card as BEST GENERAL PURPOSE RELOADABLE PROGRAM: IN-PERSON SALES CHANNEL; Plastic Cash International’s “MyPlash Teen Card” as BEST PREPAID CARD DESIGN; Outlier’s “SWAGG” as BEST VIRTUAL OR MOBILE PREPAID APPLICATION;
Convenient Cards’ “Tour Operator Program” as MOST EFFECTIVE PREPAID SOLUTION; and Outlier’s “SWAGG” as MOST INNOVATIVE PREPAID PROGRAM.