Fundtech Appoints Head, Cash Management

Fundtech announced it has hired Michael F. Jackson, Head of Americas Cash Management, brought on to lead Fundtech’s cash management business in the Americas as the company invests in and expands the business in this market. Jackson brings to Fundtech more than 25 years of experience in financial services, in areas including product strategy and product management, enterprise application software development, professional services, customer support, and bank operations. He was most recently Vice President of ACI’s Electronic Bill Presentment and Payment (EBPP) group. Before joining ACI he held various senior roles with S1 Corporation, including General Manager of the firm’s Americas Channel where he was instrumental in the design and development of S1’s Corporate Banking Application.

Oink Payments Accelerates Beyond 1 Million Consumers

Virtual Piggy and Oink announced that over 1 million users have signed up for their family wallet solution to shop online. Oink online payment technology allows teens and tweens to shop in a manner compliant with the FTC and other international regulations. The majority of Oink consumers are teenagers, with over 80% in the United States. Oink currently offers several online shopping and gaming destinations, and will be adding additional leading brands and secure in-store purchasing in the near future.

Penalty Fees Drop Again

Penalty fees paid by consumers last year took another dip. After rising predictably year/year for most of the last decade, 2010 saw the first penalty fee decline, down from $23.9B to $22.5B, with 2011 showing a further drop to $19.4B, 2012 dropping again to $17.8 B, and in 2013 falling to $12.0 B, according to the R.K. Hammer Card Penalty Fee Index, the lowest level since Hammer began tracking such fee trends. This is the fourth in their weekly series of seven year-end card trend papers, each one covering a different financial, marketing or operational card metric.

Conference Economic Index Hits Fever Pitch

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Conference Board Leading Economic Index for the U.S. was up 0.1% in December to 99.4 after a 1.0% increase in November and a 0.1% increase in October. This improvement is a clear reflection of gradually strengthening economic conditions through early 2014. Consumer expectations for business conditions and residential construction continue…

American Express 2013

Gross dollar volume for U.S. American Express cards rose 8% in 2013 to $637.0 billion, compared to full-year 2012. The average U.S. basic cardholder annual spend increased from $16,425 in 2012 to $17,211 last year or a 5% increase. AmEx ended the year with a 30+ day delinquency rate of 1.6% for U.S. cardholders, down 20 basis points from one year ago. The U.S. charge-off rate declined 30 basis points from Q4/2012 to 1.5%.

CardLinx CEO to Present at Goldman Sachs Technology Conference

The CardLinx Association will share insights on this rapidly growing sector at the Goldman Sachs Technology and Internet Conference. Silvio Tavares, CardLinx President and founding CEO, along with the following CardLinx board members, will participate in a panel presentation titled “The Convergence of Advertising and Payments.” The presentation will take place on Wednesday, February 12th at 9:00 am. Card-linked offers stand at the unique intersection of the payments, social media, advertising, and retail industries. As the “offers” space has become more popular, consumers have often found it cumbersome to take advantage of the variety and amount of offers available.

Datum Datacentres Meet PCI DSS Compliance

Datum Datacentres is now PCI DSS compliant. Datum provides secure co-location to enterprise and service providers within its highly resilient data centre. The Datum PCI is underpinned by its secure facilities, specific and documented processes, advanced technology and by its people. Focusing on robust and comprehensive standards to enhance payment card data security, the PCI Security Standards council helps organisations ensure the safe handling of cardholder information at every step. The keystone is the PCI DSS which provides a framework for developing a robust payment card data security process.

Credit Card Reward Participation Declines

Mercator Advisory Group reveals that credit card reward participation in the United States declined from 76% in 2012 to 68% in 2013. Reward participation appears to be age dependent as 81% of seniors, 68% of 35-64 year olds, but only 57% of young adults participate in credit card reward programs, marking significant declines in participation among each age group during the past year. Credit 2013: Consumers Eye Cobranded Rewards, the latest report from Mercator Advisory Group’s Primary Data Service, shows that some consumers who are offered retailer or other corporate-branded reward programs (e.g., airline branded) that compete with bank-issued reward programs, consider these rewards better than bank-issued rewards. Cobranded reward programs are luring consumers who may not have otherwise applied for a bank-issued credit cards.

CoinFlash Demo New Bitcoin ATM

This weekend, the Coinflash team will be attending the North American Bitcoin Conference in Miami Beach, Florida, giving attendees a sneak preview of the new Coinflash Bitcoin ATM. Coinflash is a San Francisco-based startup that plans on deploying 1000 ATMs worldwide by 2015. Team members will be conducting live demonstrations of the advanced functionality of the machine, which is based on the OpenWallet kiosk platform. The Coinflash ATM enables Coinbase and Ripple users to buy and sell bitcoins for cash, and even pay bills, transfer funds, and purchase gift cards with cash or digital currency.

Global Payments aquires PayPros

Global Payments Inc. announced today an agreement to acquire PayPros which is a California based innovative provider of fully-integrated payment solutions for 58,000 small-to-medium sized merchants in the United States. PayPros delivers its products and services through a network of over 1,000 technology-based enterprise software partners to vertical markets that are complementary to the markets served by Accelerated Payment Technologies, Inc., a Global Payments company since October 2012. Under the terms of the agreement and pending regulatory approvals and customary closing conditions, Global Payments will pay $420 million in cash to acquire PayPros, inclusive of tax assets. The transaction is expected to close by the end of Global Payments’ 2014 fiscal year. PayPros’ calendar 2013 annual revenues are anticipated to be approximately $100 million. Global Payments will provide further details when the transaction closes.

EVO Payments and ReD Partner

EVO Payments International (EVO) and ReD announced a global strategic partnership to deliver a powerful, fully integrated international payments fraud solution to existing and future EVO ecommerce merchants. The partnership will leverage ReD’s expertise in providing fraud solutions for all payment types and channels present in every part of the payments value chain, to deliver real-time fraud prevention capabilities to EVO’s ecommerce merchants across all of EVO’s geographic and vertical markets, including retail, hospitality, gaming, and financial services. ReD’s solution incorporates ReD Shield®, a real-time, online fraud prevention solution tailored to the requirements of major ecommerce merchants, reducing payment fraud and the need for costly manual reviews.

Credit Card Spending Limits Highest Since 2008

Experian® today announced an analysis of bankcard trends from the Q3 2013 that showed a 29 percent year-over-year increase in bankcard origination volumes (limits), equating to a $16 billion increase in new bankcard limits issued. The Q3 2013 bankcard origination volume of $73 billion was higher than the conclusion of the 2008 recession, as origination volume in Q4 2008 was $70 billion.