MasterCard Incorporated announced that its Board of Directors has nominated Julius Genachowski and Merit Janow for election as independent directors at the company’s June 3, 2014 annual meeting of stockholders. Genachowski is managing director and partner at The Carlyle Group and served as Chairman of the U.S. Federal Communications Commission. Janow serves as Dean of Columbia University’s School of International and Public Affairs and has been a professor and served in various leadership positions at Columbia for the past 18 years. Janow served as a member of the Appellate Body of the World Trade Organization, following her tenure as Executive Director of the International Competition Policy Advisory Committee of the U.S. Department of Justice and Deputy Assistant U.S. Trade Representative for Japan and China.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Discover Financial Services announced that its Board of Directors has approved a new $3.2 billion share repurchase program and increased the quarterly common stock dividend from $0.20 to $0.24 per share. This replaces the prior $2.4 billion share repurchase program. The company expects to make share repurchases from time to time…
Bricks & Minifigs is now the largest aftermarket Lego store in the country with seven stores, including five family-owned franchise locations and two corporate locations throughout the United States. In need of an integrated mPOS system with sales, inventory and customer engagement capabilities from a provider that understands the retail space, they signed with NCR to deploy its Silver POS solution. Employees find that helping customers is easy with Silver since current inventory and customers’ purchase histories are both just a click away. The mobile POS also streamlines operations and helps the retailer operate with real-time data and customer information just as an e-commerce site does. Bricks & Minifigs uses the NCR solution to manage their email marketing campaigns and loyalty programs.
American Express posted a 1Q/14 net income of $1.4 billion, up from the year ago figure of $1.3 billion. Meanwhile consolidated total revenues totaled $8.2 billion, up 4% from the year ago figure of $7.9 billion, due in great part to more Card Member spending.
First Data Chairman announced Heidi G. Miller has joined its Board of Directors. Miller was president of JPMorgan International, a division of JPMorgan Chase & Co. Before that she served as CEO of JPMorgan Chase’s Treasury and Security Services, leading 35,000 people in 50 countries. Miller also served as executive vice president and chief financial officer for Bank One Corporation. She has held other CFO positions including at the Travelers Group and later at Citigroup. She graduated from Princeton University with a bachelor’s degree in history and completed her doctorate in history at Yale University in 1979.
First Data will continue to provide debit processing, ATM driving and network services through its card processing platform and Star Network to Bank of the West, an FDIC-insured bank serving customers for more than 135 years. This renewed five-year agreement will also expand the relationship. First Data has provided debit processing and network services to the bank since 1996, and has driven its ATMs since 2008. With this expanded agreement, First Data will also provide credit processing.
Fico announced The Fair Isaac Advisors P&L Insight Service, giving financial services organizations an analysis of their portfolio trends and profit drivers, along with portfolio-level profitability forecasts and what-if scenarios for strategic planning purposes.Unlike traditional P&L assessments, the P&L Insight Service examines potential impacts across the credit lifecycle, including marketing, originations, customer management and collections. FICO’s advisors can rapidly generate actionable insights using a proprietary FICO tool with built-in forecasting models that can be tuned to the particular dynamics of a bank’s portfolio. Advisors convert 12 to 24 months of portfolio-level data into coherent business intelligence, provide automated trend analysis of profit drivers, deliver actionable and quantifiable recommendations, and assist with strategic planning activities for short-, medium-, and long-range objective-setting.
JetPay has fully satisfied the arbitration award granted to EarlyBirdCapital Inc. As previously disclosed, the International Centre for Dispute Resolution (the “ICDR”), pursuant to an arbitration claim filed against the Company by EBC, rendered its decision on March 3, 2014 and ordered the Company to pay damages of $2,070,000 plus interest, attorney’s fees and expenses of approximately $740,000 within 30 days of the decision. The Company entered into a Securities Purchase Agreement (the “Common Stock SPA”) with Bipin C. Shah, its Chairman and Chief Executive Officer, and C. Nicholas Antich, the President of JetPay Payroll Services (aka AD Computer Corporation), a wholly owned subsidiary of the Company. Mr. Shah and Mr. Antich agreed to purchase an aggregate of 333,333 shares of the Company’s common stock at a purchase price of $3.00 per share, for an aggregate of $1.0 million. Additionally, on April 14, 2014, the Company issued 4,667 shares of Series A Convertible Preferred Stock to Flexpoint for an aggregate of $1.4 million.
TNS Announces Winners of 2014 TNS Choice Awards Award Recognizes Outstanding Performance in the Financial Services Marketplace
TNS, announced the winners of the 2014 TNS Choice Awards to recognize financial services organizations that have achieved superior performance in the competitive marketplace. Winners of the award have shown themselves to be the preferred choice by their strong performance in attracting new customers, satisfying and retaining customers, and winning a larger share of their customers’ total banking business. The program is developed to identify strong achievement on both the National and Regional level. Winners include JP Morgan Chase, U.S. Bancorp, Ally Bank and BB&T Corporation. These research programs also diagnose what is driving marketplace momentum through an assessment of each firm’s customer experience, brand health, and marketing effectiveness.
Millions of customers transfer money domestically each year, many of them struggling to navigate the complex and costly fees that come with each transaction. Today, Walmart and Ria are launching a retail industry first – Walmart-2-Walmart Money Transfer Service. Available April 24, the new low-cost service allows customers to transfer money to and from more than 4,000 Walmart stores nationwide for up to 50 percent less than similar offerings on the market.
Walmart and Ria are launching the Walmart-2-Walmart Money Transfer Service allowing users to transfer money to and from more than 4,000 Walmart stores nationwide. Walmart-2-Walmart offers a clear fee structure with just two pricing tiers: customers can transfer up to $50 for $4.50 and up to $900 for $9.50. Competitive offerings often include 10 or more fee tiers and charge up to $70 for transferring less than $1,000. Money transfers above $50 make up the majority of transactions in the U.S. Walmart-2-Walmart will bring dramatic savings to these customers. Walmart also offers other everyday money services such as check cashing, bill pay, money orders and tax preparation services, as well as industry-leading pre-paid card programs though the Walmart MoneyCard, and Bluebird, a checking and debit alternative.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Bank of America reported a net loss of $276 million for 1Q/14, compared to net income of $1.5 billion in the year-ago period. Revenue declined 3% from the 1Q/13 to $22.8 billion. These results include $6.0 billion in litigation expense related to the previously announced settlement with the Federal Housing Finance…