After having seen an increase for the first time in 27 straight months for December to $799.7 billion- from $797.0 billion in November- revolving credit dropped 6.4% year-over-year in January to $795.5 billion. This after consumer credit debt dropped consistently for nearly 2 and half years from its peak of $973.6 billion in August 2008…
The National median price of overdraft fees has held at $28.00 for the past seven months, up 11% since 2008. Banks with greater than $50 billion in assets are shedding the average consumer checking account thanks to the loss of the fee revenue from overdrafts. These findings, according to a recent study from Moebs $ervices,…
Discover has inked agreements allowing InteliSpend Prepaid Solutions to issue and program manage prepaid cards on its network. This further enhances Discover’s prepaid cards with business-to-business incentive needs and expands its license for InteliSpend’s “DirectSpend SM RAN” process. The combination of the agreements provides for the issuance of point-based, commissionable RAN prepaid cards across the Discover network and sets the foundation for future program development for both companies’ clients and merchant partners. InteliSpend will process, issue and fulfill orders, take on risk and provide client and customer service support for Discover clients.
Cardtronics’ Allpoint surcharge-free ATM network has inked agreements with Intuit to provide surcharge-free ATM access at 43,000 Allpoint ATMs for all Intuit Refund Card and Intuit Pay Card customers. Intuit Refund Card and Intuit Pay Card enable a customer to deposit, respectively, their tax refund or payroll directly onto a prepaid card. Allpoint program cardholders have surcharge-free access to ATMs across the United States, Mexico, the United Kingdom and Australia at high-traffic retail locations.
Lecere software development has made available debit/credit card processing through its “FIRMS” software, which has been integrated with the iPay POS mobile processing solution for card payment acceptance. The iPay POS solution supports the iMag, uniMag, Daily Systems, and the P25-Mi reader/printer and card readers. iPay POS is currently compatible with 35 gateways, including Authorize.net E-Commerce, Authorize.net Retail, Authorize.net compatible gateway, Evertec, MerchantGuy, PayPal Website Payments Pro, PlanetAuthorize, RedFin, SkipJack, and 26 others. More are being added as they become available.
IBT financial services products and process innovation and customer experience has deployed its “I2RDC” remote deposit capture solution with IL-based Allied First Bank. The “I2RDC” remote deposit capture lets business customers electronically deposit right into their account at their convenience, providing images immediately available for viewing or researching through the I2OLB (Online Banking). TX-based IBT specializes in real time channel integration software applications with its unique design making all information available simultaneously across all delivery channels.
First Data payment processing has been granted U.S. Patent No. 7,822,640 for technology to activate multiple prepaid cards at the POS. The “Multi-card Bulk Package Identifying Activation Systems and Methods” patent covers technology that allows merchants to activate all of the cards within a multipack at once rather than having to individually scan or key in each number. Also First Data uses the technology to generate an additional account number for the entire package when multiple packs are purchased, which could be for open- or closed-loop cards.
SAS software and services received patent approval for “Computer-Implemented Predictive Model Generation Systems and Methods” for technology driving its “Fraud Management. The “SAS Fraud Management” platform employs a “Self-Organizing Neural Network Arboretum” (SONNA) modeling capability to build its unique hybrid approach to consortium and custom models. SAS Fraud Management offers significant improvement in fraud detection performance compared to the performance of regular, non-linear modeling techniques like neural networks. A “score-on-demand” process helps card issuers obtain updated scores based upon the passage of time. The SAS solution provides the creation of risk-based reason factor groups, giving an organization’s fraud operations and analytics groups more insight and context to the risks and reasons behind the model score – optimizing responses and automating actions to a high-scoring transaction.
FSV Payment Systems network branded prepaid debit card products and processing has signed a three-year contract renewal with Pay-O-Matic. This extends its current three-year relationship into 2014. With excella, POM boasts the largest and fastest-growing retail check-casher card program. POM employs a diverse acquisition and distribution strategy, and the program benefits from above-average direct deposit rates. FSV Payment Systems focuses on delivery of prepaid debit program management and processing services while Pay-O-Matic check cashing and financial service provider focuses on the under-banked market in New York State.
MoneyGram International global payment services has entered into a recapitalization agreement with affiliates of Thomas H. Lee Partners to convert all of their Series B Preferred into common stock in accordance with the terms of the Series B Preferred, and Goldman Sachs will convert all of its Series B-1 Preferred into shares of Series D Participating Convertible Preferred Stock. The Recapitalization Agreement provides that THL and its co-investors will receive approximately 28.2 million additional shares of common stock and $140.8 million in cash, and Goldman Sachs will receive approximately 15,504 additional shares of Series D Preferred (equivalent to 15.5 million shares of common stock) and $77.5 million in cash as consideration for completing the recapitalization transaction. In addition, the Company is currently working with certain of its relationship banks to put in place a new senior secured credit facility comprised of a revolver and a term loan, which would refinance the Company’s existing senior secured credit facility and provide the funding for the recapitalization transaction.
MasterCard Worldwide is introducing the “Expert Monitoring Compromised Account Service” to issuing banks as an addition to its suite of Expert Monitoring Solutions. Offering next-generation fraud detection and prevention capabilities that help issuers reduce their fraud-related costs, “Expert Monitoring Compromised Account Service” offers a comprehensive, real-time view of Account Data Compromise fraud risk during authorization with an ADC Threat Score that predicts the likelihood that fraud will occur on accounts exposed to Account Data Compromise events. It evaluates transaction information for the exposed accounts, merchants at which the cards transacted, confirmed fraud on exposed accounts, and behavior of similar accounts with common Account Data Compromise exposures. Using this information, it predicts the probability of fraud over the coming 7 to 14 days”helping issuers to determine when, or if, to close the exposed account and re-issue a new account number to the cardholder.
BOK Financial has completed the first phase of its deployment of FIS’ “TouchPoint” solution. The “TouchPoint” System will support sales and account opening, teller operations, and maintenance functions ‘ all through a single integrated application. BOK Financial selected TouchPoint to deepen existing client relationships and add new customers, as well as reduce courier costs and front- and back-office expenses. TouchPoint makes this possible by providing an automated solution that features a total customer view with contact history, account relationships, current work in progress and cross-sell opportunities that can be tailored to fit each customer. The TouchPoint’s Teller module automates all monetary transactions, compliance requirements and administrative functions. In addition, the bank will realize significant cost savings as TouchPoint is pre-integrated with the bank’s existing core processing platform, FIS’ Systematics.