Bankruptcies were down 7% since the year ago figure, dropping along side credit card chargeoffs .43% to 7.88% of outstanding credit card volume in April. But not everything is just fine and dandy with said outstanding consumer credit now up 2.9% year-over-year, a first since November, just as the Conference Board Leading Economic Index dropped…
Currently, 62% of Americans who use a mobile phone would be open to using their device to make purchases wherever their errands may take them, particularly, 18-34 year-olds. With 63% of 18-34 year olds at ease using mobile phones to make purchases versus the 37% of those 35 or older, 65% feel more naked without their phones than their wallets, compared to only 34% of the elder group. These findings, according to the latest survey by MasterCard Worldwide, also indicate more men than women (51% vs. 40%) would be at ease using it to make purchases; 49% vs. 45% would be more impressed by someone who paid a bill with a mobile application than with a credit card; women more so than men (50% vs. 36%) feel more exposed without their mobile device than their wallets; while 45% vs. 34% would rather have their phones than their wallets ‘surgically attached.’ Across the board, however, 54% agree someone’s phone is more telling of their personality than their wallet.
New bankcard growth is on its way back up, with year-over-year (YOY) total number of originations (Feb. 2011 vs. Feb. 2010) up by more than 28%. Notable within the data is that lenders continue to expand the subprime category with Feb. 2011 subprime bankcard originations up by more than 75% over Feb. 2010 numbers, and total new subprime bankcard credit up by more than 66%. These findings, according to the Equifax “April National Credit Trends Report,” also shows new bankcard credit limits are increased by more than 27% YOY; individual new bankcard average credit limit decreased slightly from the previous year (Feb. 2011 average of $4,008 vs. Feb. 2010 average of $4,086; and the average subprime bankcard credit limit has decreased slightly from $1,025 (Feb. 2010) to $977 (Feb. 2011).
Andrew Chamberlain has joined Wright Express as CIO, Wright Express International to oversee international platforms and outsourced developments. This will include the assessment of platforms for future growth strategies, as well as the development of processing solutions for the Company’s international fuel and other payment processing systems. Mr. Chamberlain brings with him a wealth of IT experience, having spent 20 years within American Express and as Chief Technology Officer for Vertex Group with responsibilities in North America, United Kingdom, India and Australia.
FI-MOBILE launched its “UniFI” mobile banking application platform. Allowing financial institutions to deliver and manage a branded mobile presence, “UniFI” is designed to help credit unions and banks deliver a unified and powerful mobile banking experience to account holder and members. It provides instant access to critical financial services and information making it easy for customers to do their banking on the iPad, iPhone, Android, Blackberry, and any other browser-enabled smart device. Features include branding and marketing options; unified cross-platform support; real-time feature and content updates; existing mobile application support; and management analytics.
NCR deployed its “APTRA Cash Connect 6.0” software to help financial institutions and employees use, monitor and integrate multi-vendor automation units. The units, which include teller cash recyclers, allow banks, credit unions and other financial institutions to spend more time with customers. The manufacturer’s multi-vendor software strategy allows financial institutions to select their preferred hardware partner because APTRA Cash Connect 6.0 supports all major teller automation units in the market. Enhancements to 6.0 include Microsoft SQL Server Express database that enables consolidated branch-wide data and branch-wide reporting capabilities for teller automation activity. APTRA “Cash Connect” for teller cash recyclers can cut transaction times by an average of 30 seconds for withdrawals and two minutes for deposits.
Fico analytics and decision management technology has been awarded four new patents by the U.S. Patent and Trademark Office to members of its “Labs” team. The first patent is for technology that mines transaction data for predictive trends, using genetic algorithms to find the most potent transformations of transactional data, which is behind the Data Spiders module in the FICO “Model Builder” for improving targeting for cross-selling and conversion, improving fraud detection and predicting online purchase decisions. The second patent provides an architecture for optimal strategy design using both historical data and human expertise, which defines decision models as a visual influence diagram, translates the influence diagram to a nonlinear optimization problem and derives decision rules that achieve mathematically optimal strategies.
From a telegraph agency in upstate New York to the international remittance powerhouse it is today, the Western Union Company has hit its 160 year anniversary mark and is subsequently renewing its focus on developing new ways of moving money for better. With 455,000 Agent locations in 200 countries and territories, in 2010 the company performed an average of nearly 1.7 million transactions a day, or about 19 per second. The Company’s financial services now include prepaid cards, bill payment, in-country transfers, and account-based money transfer. And with a position at the center of the emerging cross border mobile money transfer infrastructure, Western Union is poised to stay ahead of the evolving needs of consumers. Founded in 1851 as a telegraph business in Rochester, New York, Western Union added its money transfer service in 1871 and has since grown to become a global leader in the money transfer industry.
Hudson Valley Bank has selected Fiserv financial services technology integrated banking solution set. Based on its Signature bank platform, the integrated banking solution set allows the community bank to focus on the financial needs of local businesses and professional services firms. Fiserv will provide its complete commercial banking solution to help Hudson Valley Bank and other organizations like it to maximize their assets, provide greater insight into their customer base and increase sales while managing risk and fraud. The Signature bank platform and other Fiserv solutions can help commercial banking customers achieve a more efficient and customer-centric lending process.
Western Union global payments and Dollar Financial international diversified financial services company forged multi-year global agreement that extends and paves the way to add Western Union Money Transfer, Bill Payment and Money Order services across Dollar Financial locations in Canada, the United States and the United Kingdom throughout 2011. Dollar Financial Corp is a leading international diversified financial services company primarily serving unbanked and under-banked consumers and small business owners for over 30 years. Through its retail storefront locations as well as by other means, such as via the Internet, the Company provides a range of consumer financial products and services in seven countries (Canada, the United Kingdom, the United States, the Republic of Ireland, Sweden, Finland and Poland).
Bankers’ Bank has signed on with Aptys Solutions payments network for image exchange and Active Archive modules within “PayLOGICS” platform to support all aspects of payment processing. The “PayLOGICS” platform supports image exchange, ACH processing, wire processing, payments archive, Federal Reserve messages, least cost routing, in-network exchange (INEX) payment processing and mobile payments. Bankers’ Bank is implementing the “PayLOGICS” image exchange and Active Archive components to leverage access to enterprise-wide payments data and analytics. Aptys Solutions was selected for its unified payments technology that successfully bridges legacy and emerging payments, as well as its strong commitment to its customers. Aptys Solutions streamlines payment systems, allowing financial institutions to make informed decisions through the payment analytics module and eliminating the need for multiple vendors.
Valutec Card Solutions turnkey gift and loyalty card services and SNAP (Social Network Appreciation Platform) web-based platform to link traditional loyalty programs to social networks partnered to give consumers access to seamlessly “turn on” SNAP functionality. Allowing their loyalty programs to become social, the SNAP platform will give Valutec customers the ability to expand on current in-store loyalty programs by rewarding customers for automated online mentions and check-ins on sites like Facebook, Twitter and foursquare.