Citi Retail Cards Q3/15

Citibank’s average yield for its U.S. retail credit card portfolio rose 5 basis points (bps) in the third quarter, compared to one-year ago, but down 6 bps sequentially. The net interest revenue (NIR), which includes some fees, also jumped by 30 bps year-on-year (YOY) for Q3/15, and up sharply by 37 bps from the prior quarter.

Synchrony IPO

Synchrony Financial intends to file a Registration Statement on Form S-4 with the SEC in connection with the proposed exchange offer announced by General Electric Company. In the offer, GE shareholders will have the opportunity to exchange some or all of their shares of GE common stock for shares of Synchrony Financial common stock.

G&D + Ericsson

Giesecke & Devrient and Ericsson have partnered to deliver a commercial end-to-end subscription management solution. Via a highly secure process, the system will enable the remote provisioning and management of mobile operator SIM profiles and policies.

Alibaba Omni-Channel

Beijing-based Alibaba Group disclosed its omni-channel retailing plans for the 2015 11.11 Global Shopping Festival. This year, more than 1,000 retail brands, with 180,000 stores in 330 cities across China, will participate in this year’s 11.11 Global Shopping Festival. In Beijing alone, more than 8,000 stores will join the 11.11 festival.

WEX + EFS

ME-based WEX has entered into a definitive agreement to acquire Electronic Funds Source for $1.1 billion in cash and 4.0 million shares of common stock to be issued to investment funds affiliated with Warburg Pincus, EFS’ current owner. The acquisition is expected to be immediately accretive to adjusted net income.

Citi Payment Exchange

Citi has launched Citi Payment Exchange, its integrated and highly flexible institutional payment-processing solution, in Canada. This follows the successful launch of the service in the U.S. in 2012. Unlike other bank offerings available in the Canadian market, clients can utilize Citi Payment Exchange to migrate from paper-based instruments to electronic payments.

MasterPass & MDES

MasterCard says it will integrate a fully tokenized checkout experience within MasterPass, leveraging the MasterCard Digital Enablement Service (MDES). MasterPass enables issuers to deliver digital payments across channels and devices around the world, seamlessly extending the trusted relationships consumers have with their banks.