Credit card chargeoffs fell to 5.51% through the end of October, much lower than the 9.20% the year ago period, and are projected to finish the year 40% lower than in 2010. At 11.28% it is nearly double the long-term average of about 6% recorded since the inception of the Fitch credit card index in…
MasterCard Worldwide and Microsoft partnered to deliver increased technology and payment services to small businesses. With this, MasterCard becomes a member of the partner program for “Office 365” cloud productivity service. Giving small businesses access to e-mail, documents, contacts and calendars from virtually anywhere on almost any device, “Office 365” is backed by robust security, reliability and control. MasterCard will provide a 10 percent savings to eligible small business cardholders when they purchase “Office 365” through the MasterCard Easy Savings Program. The MasterCard Easy Savings Program provides eligible small business cardholders with savings on some of the most popular services that help them run their businesses. For terms and conditions, go to easysavings.com.
GoPayment now gives small businesses and anyone who sells products or services a convenient way to receive and spend the money they’ve earned. As part of its GoPayment mobile payment offering, Intuit announced the recent launch of the “Intuit GoPayment” Prepaid Visa Card. The card expands Intuit’s strategy beyond processing credit cards on a mobile device to offering the convenience of a Visa prepaid account linked to GoPayment and makes it easy for users to have the funds they collect with GoPayment deposited into their “GoPayment Card” account. The “GoPayment Card” is a good option for many types of small and personal businesses, allowing those without a a business bank account to separate the money they make from personal finances.
Fiserv made available five products from Sageworks for financial institutions using its account processing platforms. This strategic partnership combines the strength of Fiserv as the U.S. market leader in account processing services and its expertise in lending, account origination and business analytics with Sageworks’ credit analysis and loan portfolio management solutions. The Sageworks suite collects and analyzes data, efficiently identifying and monitoring emerging loan portfolio risks and measuring and reporting the impact those risks represent. The products through Fiserv include Sageworks “Analyst” for credit analysis of commercial borrowers by performing a global cash flow analysis; “Surety” calculation module that calculates and summarizes loan reserves; “Certainty” for internal policies to risk rate each loan after a lending decision is made; “Clarity,” allowing financial institutions to stress-test entire portfolios and “Monitor” loan tracking module.
The Bon-Ton Stores forged a multi-year private label credit card program agreement with Alliance Data loyalty and marketing solutions. With this, Alliance Data will provide end-to-end proprietary credit card services from account acquisition to multi-channel marketing and customer service. Bon-Ton’s current proprietary credit card program will remain in place until the accounts portfolio conversion occurs, which is anticipated in the second quarter of fiscal 2012.
Brighton Collectibles partnered to implement “GlobalBay Mobile POS” (mPOS) from VeriFone. The “GlobalBay’s mPOS” is now deployed nationwide to speed sales of the Brighton Collectibles coordinated accessories at more than 150 company-owned locations. More than 300 iPod Touch systems equipped with credit card readers are being utilized to ensure sales associates are able to quickly engage and satisfy customer purchase needs, rather than asking them to wait in line at the cash register. Moreover, the “GlobalBay” Apps improve the interaction between store associates and the consumer while enhancing the overall in-store selling experience. Store associates are empowered to work with the customers as they are shopping throughout the store, reducing the risk that a shopper will grow frustrated by waiting in line and abandon the purchase process.
InspirePay launched the first universal payment platform that consolidates all online commercial transaction options into a single, streamlined, secure and customizable payments hub. By aggregating all Internet commerce choices – from credit cards to proprietary systems like PayPal, Google Checkout, Dwolla and AmazonPayments – InspirePay provides businesses and consumers with an easy-to-use, flexible and secure protocol to make and receive payments without the complexity of expensive, disconnected, closed systems that dominate the payments industry. Its customizable platform allows businesses to private-label their own payment experience or shopping cart for their customers.
Earthworks System recycled PVC sheets for the plastic card industry and plastic card recycling programs partnered Macy to provide a recyclable gift card program. Macy’s will be the first major department store to offer a recyclable gift card program, which partnered Earthworks System to keep millions of gift cards out of landfills. The Earthworks System Recyclable identifier will be imprinted on Macy’s gift cards to indicate it is made of Earthworks System approved recyclable material. Macy’s department store locations will collect spent gift cards for their return to Earthworks System where they will be reprocessed into printable sheet and re-sold to printers to make new cards.
FIS, the world’s largest provider of banking and payments technology, announced the completion of the amendment of its existing credit agreement and that, separately, it has closed its private offering of an additional $150 million aggregate principal amount of 7.625% senior unsecured notes due July 15, 2017 (the “2017 Notes”). The amended credit facility includes $2.15 billion of Term Loan A maturing July 2014, $1.0 billion of revolving loan capacity maturing July 2014 and $1.25 billion of Term Loan B maturing July 2016. The amended facility provides FIS with $400.0 million of additional Term Loan A maturing July 2014 and $78.5 million of additional revolving loan capacity maturing July 2014. FIS also has arranged further commitments for an additional $50 million in revolving loan capacity maturing July 2014 under its credit facility, which commitments FIS expects will be put in place in January 2012.
LogLogic scalable log and security intelligence platform (LSIP) for the enterprise and cloud, has alerted retailers to the significance of all 12 requirements of the PCI DSS standard, version 2.0, in protecting the credit card data of their online shoppers. Although data logging is either mentioned or implied in the 12 requirements, requirement 10 requires retailers to log all activity on their network in order to protect customer credit card information. The Body Shop, Plantronics, LAVEGO AG, The Lowry, and Republic Airways are among a growing list of companies using LogLogic log management solutions to provide customers with fast, reliable logging and archiving solutions for improved compliance, operational efficiency, forensics, and security.
Financial and retail industry leaders are gathering at the CARTES in North America expo & conference, March 5-7 to discuss the future deployment of the international Europay, MasterCard, Visa (EMV) standard for credit and debit card payments in the U.S. during a day-long-track on Monday, March 5. While Visa announced in August 2011 its intention to speed up the adoption of EMV contact and contactless chip technology in the U.S., the industry’s reaction has been mixed. Issues such as security, interoperability, infrastructure investments and the emergence of other payment technologies such as Near-Field Communication (NFC) are factors in North American adoption of EMV. The debate about EMV standards adoption in the U.S. will shift away from POS fraud to a larger focus on security solutions. The technology will also benefit international travelers, as it will create more card payment interoperability among countries.
Synovus Bank, the Columbus, Georgia-based, FDIC insured bank, has introduced the new Synovus Mobile Banking, a free mobile banking solution which can be accessed by virtually any mobile device. The solution features iPhone, Android and Blackberry apps as well as text and web browser (WAP) solutions. Synovus Mobile Banking delivers easy, quick and secure banking access via any mobile device, letting users see account balances; recent transactions; funds transfer; pay bills and find branches.