Provisions for credit card losses among the top U.S. bank credit card issuers declined among most, ranging from 0% to -48%. The issuer with the largest provisions for credit losses is Discover and the smallest provisions for credit card losses is American Express, according to CardData.
CA-based Virtual Piggy is beefing up payment fraud protection for its Oink payment technology. Oink is the first e-commerce solution that enables kids and teens to manage and spend money within parental controls.
More Americans are relying less on credit cards since the Great Recession. A new report finds millennials in particular may have a greater aversion to debt, especially credit cards, since they grew up witnessing its effects on the economy.
CardWeb’s CardPixes database of more than 7,000 card images today features the Webster Bank Visa Signature Bonus Rewards card. The card is issued by Elan Financial Services.
The Credit Card division of China Everbright Bank is implementing an instant issuance solution for in-branch issuance of permanent credit cards. The DIY instant issuance system will be deployed in Beijing with 807 branches.
CardWeb’s CardExecs database today features Nancy Murphy, SVP of Investor Relations at FIS. FIS is the world’s largest provider of banking and payments technology solutions.
Idaho’s PayPort payment service for utilities, state agencies and counties is expanding in the Gem State. Six more cities have jumped on the PayPort bandwagon.
Gem Bitcoin startup, launched a Bitcoin platform for developers at TechCrunch Disrupt SF’s Startup Battlefield. Selected as one of 30 companies competing for a chance to win $50,000 and the coveted Disrupt Cup, Gem’s full-stack API now provides developers with a complete solution that eliminates the pain of building Bitcoin security infrastructure into their apps. Founded by Bitcoin, Gem offers a platform for securing Bitcoin and other digital currencies. The importance of protecting Bitcoin balances and transactions is now mandatory in the wake of several recent industry security challenges resulting in the loss or theft of over half a billion dollars’ worth of Bitcoin. Gem’s solution, which can be deployed by developers in minutes, utilizes a three-key multi-signature system and several other integrated bank-grade security features to ensure Bitcoin wallets and funds are always secure and accessible. The combination of multi-signature technology with best-in-class authentication and monitoring systems in one comprehensive platform makes the Gem solution a first for the digital currency world.
Credit card usage in Malaysia grew at a compound annual growth rate (CAGR) of 6.87% between 2009-2013, driven by growing acceptance of card-based payments at POS terminals and on public transport were key factors driving growth.
NJ-based Heartland Payments Systems has closed on its acquisition of KS-based TouchNet Information Systems. Heartland paid a purchase price of $375 million in cash. The deal was first announced in July.
AcceptEmail e-bill payment has selected Worldpay to power its international e-billing solutions. AcceptEmail is the digital replacement for paper bills, reminders, bounced direct debits or payment plans. It allows consumers to pay their bills securely and directly from their e-mail inbox on a PC or notebook, tablet or smart phone. Real-time generated images convey the current bill status, resulting in an intuitive payment experience. Worldpay’s global payment capabilities and range of alternative payment types mean AcceptEmail customers are now able to pay using many of their preferred currency, language and payment methods, swiftly and simply.
SWIFT and The Association of Islamic Banking Institutions Malaysia (AIBIM) and the Malaysian Islamic financial community are set to launch a new rulebook for the usage of SWIFT MT messages for Islamic finance. Islamic finance is broadly defined as the financial services designed to comply with the principles of Islamic law. This rulebook will provide greater clarity around SWIFT MT message usage based on Islamic principles in order to enable straight-through processing (STP), thereby improving efficiency as well as reducing risk and cost. It will provide an efficient platform for exchanging Islamic finance messages and further promote the usage of message standards. The SWIFT Islamic Finance Rulebook will be available to the Message User Group (MUG) by the end of 2014, open in all global markets.