Nearly halving the improvements seen in January over December-with filings having plummeted a staggering 22% to only 92,669 from 118,146-consumer bankruptcy filings exploded 11% between January and February. This follows the lowest monthly filing total since the two-year ago figure in January 2009 when 88,773 filings were recorded. With this increase, filings now stand at…
Nonfarm payroll employment was 192,000 in February as the unemployment rate was stagnant at 8.9% from 9.0% in January. Those unemployed totaled 13.7 million, having fallen 0.9% since November 2010. Meanwhile, 8.3 million lost jobs a figure which has fallen by 1.2 million over the past 12 months as those jobless for 27 weeks or more totaled 6.0 million, accounting for 43.9% of the unemployed. Involuntary part time workers subsidizing for lost hours totaled 8.3 million in February, while 2.7 million were marginally attached to the labor force, up from the year ago figure of 2.5 million. Among these, 1.0 million are workers having given up job searching, down from the year ago figure of 184,000.
BillingTree on-demand payment processing grew 33% throughout 2010 while in January and February 2011 closed two consecutive record months. Throughout the year, BillingTree increased its staff headcount by 25% and has now established a 1,600 strong base of customers, along with the formation of 63 strategic alliances and its new ISO program, which has already led to considerable opportunities in new verticals. In 2010 BillingTree added key technology developments to its payments processing portfolio to drive its growth, including Pre-funded accounts, “PaynCash” and “Debit Cards Only.” In 2011 it has already added a new mobile payments suite, which includes billing and paying by text. With these developments and additions, the Company is forecasting at least 20% growth for 2011.
Premier Credit Union is set add online, mobile and social payments platform Dwolla to its existing member services. This no more than 24 hours after Dwolla mobile, supported by The Members Group (TMG), introduced its “Dwolla Spots” location-based payment technology, allowing users to pay for goods or services on-site for a flat transaction fee of 25 cents. Allowing users to exchange money on location from a mobile device, the Dwolla platform lets users download the Dwolla mobile app and begin making mobile transactions immediately. The Dwolla user selects the new Spots tab from within Dwolla’s mobile application to pay merchants on a location-based map and entering the transaction amount. The “Dwolla Spots” solution is exclusive to the Apple iOS and will be released later this month in the Apple App Store (CardFlash Library, 2011-03-03).
CSI Enterprises financial solutions for enterprises and business has forged its new alliance with Advantage Software to offer the “CSI Virtual MasterCard” program. The “CSI Virtual MasterCard” electronic payment program works with its customers’ existing accounts payable (A/P) systems for security and control by generating unique “one-time” use credit card account numbers for each vendor payment. It reduces A/P processing costs and offers cash rewards on all payments made through the program for corporate purchasing. CSI Enterprises provides controlled financial payment products such as business fleet fueling/maintenance payment cards and its MasterCard is issued by Regions Bank.
Cachet Financial Solutions RDC solutions for financial institutions nationwide has kicked off its “CheckReview” to help better identify potential check fraud. Cachet will begin offering “CheckReview” through all of its RDC offerings starting April 2011. This allows financial institutions greater control when reviewing digital images of checks submitted for deposit via remote or mobile deposit. The proprietary software enhancement provides financial institutions the ability to view and approve a check before it is deposited. The feature can be customized for each financial institution using it.
The Smart Alliance submitted its comments to the ONC, U.S. Department of Health and Human Services, on February 24, 2011, in response to the Health IT Policy Committee’s Request for Comment – Stage 2 Definition of Meaningful Use of Electronic Health Records (EHRs) [PDF – 126 KB]. These disclosed the requirement for strong, multi-factor authentication needs to be incorporated into Stage 2 of Meaningful Use in order to adequately protect identities, networks and information systems and weak username and password authentication puts personal health information at serious risk. The SCA went on the recommend the ONC should require multi-factor authentication solutions based on smart card technology.
Emphasizing it’s goal to offer more choices and better rewards, PNC Bank is making available improved credit card rewards. Targeting its customers, the Bank wants to offer deeper relationships with more rewards because the more they bank with the Company, the more they want to reward them. Additional features allowing them to conjunctively save and better manage include its online and mobile wallet feature, offering real time spending alerts and budgeting controls.
Dollar Financial unbanked and under-banked consumer services opened a four-year $200 million global revolving credit facility. With a potential to further expand the credit facility to $250 million, borrowings under the new facility replaces the Company’s existing $75.0 million revolving credit facility in the United States and C$28.5 million facility in Canada. The new revolving credit facility may be used to initially fund a portion of the Company’s previously announced $195.0 million pending acquisition of Purpose U.K. Holdings Limited, the parent company of Month End Money (“MEM”). MEM, which operates under the brand name PaydayUK, is the leading provider of internet loans in the United Kingdom through both internet and telephony-based technologies.
Wright Express Corporation Chairman and Chief Executive Officer is set to participate in a fireside chat at the Lazard Capital Markets Annual Technology & Media Conference in Boston. A webcast of the presentation will be available live at the “Investor Relations” section of the Company’s website, http://www.wrightexpress.com. Wright Express offers value-based, business payment processing and information management solutions through its fleet, corporate, and prepaid payment solutions provide provided to more than 350,000 customers.
CEDICAM, Credit Agricole Group’s payment subsidiary, and Equens have forged a commercial partnership to develop strategy in the European card and payment processing market. Their commercial partnership represents a unique joint opportunity across the French, German, Dutch and Italian geographies which will mutually benefit each organisation’s clients. With this, they will combine volumes and developing synergies in order to reduce unit processing costs and foster growth dynamics in order to be able to offer technical and commercial expertise and broad regional coverage.
JCC Payment Systems card transaction processor has implemented inteli-scape’s “inteliWare” solution, powered by FMT’s Application Mediation platform, to protect its e-commerce payment gateway from fraud and provide merchant risk management capabilities. In conjunction with its recent growth, JCC deployed “inteliWare” given its ability to pro-actively assess risks and take inline, real-time interventions and decisions based upon the vast analytical data which the business had acquired over the years. It allows JCC to acquire and attract new e-commerce merchants, together with the ability to offer new, innovative products and services from a single platform.