Visa profits for the fourth calendar quarter increased 11.5% year-on-year (Y/Y) to $1.57 billion and soared 46.0% sequentially. Visa took a $450 million pre-tax litigation provision, or $283 million on an after-tax basis, in the third quarter related to the interchange multi-district litigation case.
Toronto-based CIBC reports it has supported the enrollment of tens of thousands of CIBC credit card holders in Visa Checkout since the bank introduced direct client access to the online payment service through its website last fall, the first Canadian bank to do so.
CT-based VantageScore Solutions reports nearly one billion VantageScore credit scores were used in 2014, by over 2,000 lenders and other industry participants, including six of the 10 largest banks. This represents a 24% increase in the number of users of the VantageScore models and a nearly 600% increase in the number of scores used as compared with 2013.
MyECheck has signed a LOI to acquire 100% of the stock of Seergate, developer of an electronic payment software platform for banks.
The Seergate system will be integrated with the MyECheck payment systems adding multiple new capabilities to MyECheck’s payment platform.
PULSE debit/ATM network unveiled a new corporate logo and acceptance mark. The rebranding preserves many elements of PULSE’s original marks while also identifying the network more closely with its parent company, Discover Financial Services (DFS). The new logo and acceptance mark are more contemporary and feature the familiar Discover orange. PULSE has expanded beyond PIN debit to support the processing of the full range of cardholder verification methods (CVMs), including PINless Bill Pay, Internet PIN Debit, signature, no-signature and no-CVM transactions in both single- and dual-message environments. PULSE also has worked to advance new technologies such as mobile payments, EMV chip cards and tokenization. PULSE PAY Express is a key part of the company’s strategy to champion choice and competition and to be the best network option for all debit transactions.