MPR Improves 5 Mos Running, Hits Highest Rate Ever

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Fitch’s February Monthly Payment Rate(MPR) Index continues to sit above the 20% mark, currently at 24.83%. Up over 10% since the year ago period, MPR has consistently remained well above the historical average of 16.55% since 2009. MPR, which measures how quickly cardholders are paying down outstanding balances, is breaking the…

Cummins Allison Announces Currency and Check Processing Solutions

The two-in-one JetScan iFX from Cummins Allison accommodates branch capture as complete deposits; checks, currency and transaction-related documents can be processed in the back counter or at the teller line in minutes. The JetScan iFX enables tellers and supervisors to image checks more than twice as fast as other scanners without sacrificing image quality, on the same machine that is also the fastest currency scanner in the industry. It also increases productivity by processing 1,600 bills per minute, even in the highest volume areas, such as count rooms. With quicker currency scanning speeds, staff tasks become faster, while accuracy remains high as the JetScan iFX ensures incorrect notes are instantly identified and counterfeit notes detected, where other currency scanning equipment might miss. This as IDC Insights expects North American technology spending to increase to $57 billion in 2013 on investment in currency and check processing solutions and branch/teller capture is projected to see an estimated 98% adoption rate of branch and/or teller capture solutions over the next two years.

Evolution1 Changes Product Identity

Evolution1 electronic payment, on-premise and cloud computing healthcare solution announced its products, solutions, and services under six brands within one product suite. The product suite enables the communities Evolution1 serves to quickly identify Evolution1’s products, solutions, and services and determine which one best meets their needs. The suite includes 1Cloud by Evolution1 healthcare financial services platform; 1Direct by Evolution1 on-premise healthcare financial services; 1Pay by Evolution1 suite of payment solutions, led by the innovative Benny Prepaid Benefits Card; 1Mobile by Evolution1 for healthcare access for consumers on the go; 1Plan by Evolution1 contribution solution; and 1View by Evolution1 self-service dashboard for healthcare management.

Leaf Announces Open Payment Acceptance

Leaf unveiled an open approach to payment acceptance, giving small businesses the freedom to work with the payment provider of their choice, as well as the ability to accept new forms of payment all from one device. Offering the first POS platform committed to open payment acceptance, Leaf empowers merchants to choose their providers and rate plans, offer the most novel and convenient payment options for their customers, and aggregate data analytics over all payment types and providers. Leaf enables merchants to choose from a list of more than two dozen credit card, gift card and next generation payment providers within its partner program, which it plans to grow in the coming months. Leaf also offers the ability to create new accounts with pre-approved partners through its “LeafBusiness” online analytics and management portal.

NCR Upgrades Gift Card Platform

NCR upgraded its “Silver” mobile POS system to give small business owners an edge on promoting and growing their businesses with gift card programs. The NCR “Silver” gift card platform makes loading, accepting and managing gift cards easy. Users simply take credit card payments for an affordable way to create powerful business-building gift card programs. Since gift cards usually result in sales higher than the gift card’s face value, this also generates added income. And because NCR Silver is cloud-based, the gift card update easily deploys to existing NCR Silver customers and is included in all new versions of NCR Silver delivered to customers.

Ex-AmEx CIO joins Good technology board

Good Technology secure enterprise mobility announced that Marc D. Gordon has been elected to its board of directors, bringing more than 25 years’ experience guiding technology companies. Gordon has served as the executive vice president and CIO of American Express since September 2012 and enterprise CIO and chief technology officer at Bank of America after joining the firm in 2004. Gordon has also held the CIO position at Best Buy and The Timberland Company, served on the U.S. National Security Telecommunications Advisory Committee and has advised government agencies on cyber security and emergency preparedness. Gordon has an extensive background as both a consultant and global technology leader and has led the deployment of several industry-moving innovations.

Global Travel Spend Up 6% Y/Y

Visa account holders continued packing their bags as aggressively as they did in 2011, according to 2012 Travel Snapshots. VisaVue Travel data showed spending by Visa account holders traveling to Brazil, Canada, Mexico and United States jumped 6% to $57 billion compared to 2011. With this, China knocked the U.K. out of the top three inbound countries traveling to the U.S. for the first time since 2009, up 30% Y/Y. Visa account holders from Brazil, Canada, Mexico and the U.S. showed more interest in Japan, boosting tourism spend in the country by an average of 25% to $948M while Visa account holders in Africa dramatically increased travel spending in the U.S. 17% to $585M on their Visa accounts.

Chase Changes Policies Regarding Payday Lenders

JPMorgan Chase announced that it is making policy changes that will protect customers when payday lenders and other billers seek inappropriate payments from Chase’s consumer deposit accounts. Chase will only charge one returned item fee to customers in cases where a biller presents items that are returned to them due to insufficient funds in the customer account more than once in a 30-day period Chase is working to proactively identify potential misuse of the Automated Clearing House (ACH) system – including misuse on the part of payday lenders or other companies – and report such practices to the National Automated Clearing House Association. Chase will work with NACHA to try to strengthen their own policies to disallow excessive presentments. Chase will also make it easier for customers to close their accounts when there are open pending charges, including payday lender payments. If we believe those pending charges are inappropriate, we won’t honor them.

Akimbo Debuts Pre-Paid Remittance Card

Akimbo remittance is now accepting enrollments. Combining electronic money transfers with the Akimbo Visa Prepaid Debit Card, users can send funds instantly for use at ATMs and POS anywhere Visa is accepted. Akimbo also enables sharing via Facebook, email, and text (SMS). The recipient must enroll for an Akimbo Card to collect the money, but once the account is created they are sent a pre-loaded card. Akimbo’s iPhone app also lets you add photos, notes, and ratings to purchase transactions. Akimbo provides more than just convenient money transfers. At its core, the Akimbo Card is a full service bank account alternative, offering direct deposit capabilities, transfers to and from other bank accounts, and even bill pay functionality.

Evolution1 Announces Successful Fiscal 2012

Evolution1 electronic payment, on-premise and cloud computing healthcare solution grew in 2012 to now serve nearly 500 third-party administrators, financial institutions, health plans, and software providers across the country, providing healthcare and other reimbursement account services to more than 75,000 employers and more than 9,000,000 consumers. Evolution1 grew the number of consumers on its platforms by nearly 40 percent. As in prior years, the top-performing Evolution1 Partners grew an average of 88%, saving customers and their employees more than $2 billion in 2012 through annual healthcare cost reductions and tax savings. Additionally, Evolution1 saved its Partners more than $80 million in annual operating costs through claim and payments automation.

Consumers Button Up On Paying Down Cards

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Fitch’s Prime Credit Card Chargeoff Index declined 30 basis points (bps) in February to a six year low of 3.88% from 4.18%. Chargeoff rates improved to 26% lower from the same period last year while delinquencies declined to 1.61%, the lowest level since index inception. Meanwhile late stage delinquencies are 65%…

Fitch Projects Positive U.S. Credit Card ABS Metrics

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Fitch Rating projects strong performance metrics to continue to support rating stability for credit card ABS. Master trust performance data for the February reporting period indicate that our prime credit card indices for gross yield, charge-offs, and 60+ day delinquencies are likely to be flat to slightly positive for the month.…