Of the total $2.54 trillion in outstanding US consumer debt-up a jaw-dropping 10.2% since February- total outstanding revolving credit was up 7.8% in March for a steep jump from $798.5 billion in February to $803.6 billion. This compares to the year ago figure of 790.6. Revolving consumer credit plummeted from its peak of $973.6 billion…
Wright Express has acquired the stock of CorporatePay corporate prepaid solutions to the travel industry for approximately GBP 17 million (approximately US $27.5 million). The all cash transaction is anticipated to be slightly dilutive to the Company’s adjusted net income (which is a non-GAAP measure) in the first year of combined operations and slightly accretive thereafter. CorporatePay is a rapidly growing provider of direct, cobranded and private label prepaid solutions to the travel industry, including virtual cards, currency cards and expense management solutions and had GBP 248 million in load volume.
Merchant Warehouse payment processing solutions partnered Casio and PAX Technology EFT-POS payment terminal manufacturer to offer a fully-integrated payment solution. This will feature streamlined and convenient payment processing services at the lowest cost in the industry. This will allow merchants to achieve a seamless integration of payment technology with secure payment processing services through Merchant Warehouse; POS system/cash register services through Casio; and credit card terminal with IP access and phone backup through PAX.
The National Retail Federation is commending the Obama administration for its national strategy to promote international travel and tourism in the United States to boost the economy and create jobs. The National Travel and Tourism Strategy unveiled today calls on federal departments and agencies to coordinate efforts to encourage more domestic and international travel with the goal of welcoming 100 million international visitors to the United States by the end of 2021. A U.S. Travel Association study found that the reduction of visa wait times to 10 days could create 1.3 million jobs and add more than $850 billion to the economy by 2020.
Geezeo online financial management (OFM) tools, personal financial management (PFM), and web-based marketing platforms to financial institutions signed 2 more Sharetec credit unions, through it’s Bradford-Scott Data Corporation relationship. Each will be provided with Geezeo’s integrated, white label PFM solution and unique engagement banking platform. Bradford-Scott is one of Sharetec Systems four regional partner-owners. The others are Data Systems of Texas, GBS Corp. in Ohio and Northern Data Systems in Maine.
Plymouth and Lewisham Councils have decided to introduce an innovative new payment solution that will increase flexibility and simplify the management of benefits and other payments made by the Councils. Advanced Payment Solutions (APS), who is partnered with the Co-operative Bank, announced that it has won contracts to provide its award winning Cashplus® Prepaid MasterCard®…
TransCard, which enables financial institutions across the country to offer prepaid programs, presented HERO, Hale Empowerment & Revitalization Organization, with funds for a new commercial oven for its Pie Lab, at a ceremony on May 3, 2012. The ceremony took place at the main branch of United Bank in Atmore, Alabama. Betsy Skiles, the TransCard…
Sending money to Philippines can turn the lucky customer into a proud owner of a KIA RIO car in the Filipino Fest 2012 promotion launched by UAE Exchange remittance and foreign exchange brand. In this exclusive promotion for Filipino customers, all individual remittance transactions to Philippines, from UAE Exchange branches in the UAE, qualify for the draws. The promotion, which started on 1st May, will continue up to 29th June, 2012. The winners are selected through three lucky draws and a mega draw. The offer, exclusively for the Filipino community, has a total of 86 winners in three lucky draws and a mega draw. The mega draw will see the mega winner driving home a KIA RIO, while five customers win return air tickets to Philippines. 20 winners will get PHP 10,000 each, while 60 will take home a Bee mobile phone each.
OpenWay Group, provider of “WAY4” payment processing software is launching its multi-channel banking solution at the Cards and Payments Middle East conference and exhibition, May 15-16. Here the company is delivering a speech on major challenges and tips for driving businesses and bringing new payment experience to bank customers. The OpenWay universal financial hypermarket is illustrated by WAY4 Multi-Channel Management, mobile and Web banking, ATMs and self-service kiosks is set to take place in Abu Dhabi. OpenWay Group is an international software developer and is ranked as the leading vendor for tier 1 banks and payment processing companies.
The Westpac Group is now live with NCR’s scalable deposit module (SDM) for NCR “SelfServ” ATMs.The “SelfServ” ATM can accept, count and process bank notes and checks in one transaction when inserted into a single slot in any orientation and in any order, typically in no longer than 60 seconds.The SDM device is a key part of the Westpac Group’s customer experience model, providing its customers with convenient, quick and easy access to make deposits at any time, as well as supporting the Westpac Group’s transaction migration strategy.
Reserve Bank of India (RBI) has decided to permit non-bank entities to set up, own and operate ATMs. Such ATMs will be called White Label ATM. The draft guidelines on deployment of White Label ATMs were placed on RBI website for Public Comments. Various issues related to deployment of White Label ATMs were also discussed…
Reserve Bank of India (RBI) has issued guidelines on “Domestic Money Transfer – Relaxations” on October 05, 2011 which are available at RBI’s website www.rbi.org.in. Banks and authorized prepaid payment issuers have been advised to report the number of transactions effected under the above scheme which are being collected from banks by RBI. This information…