Chargeoffs and Bankruptcies Near Record Breaking Numbers

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Delinquencies for U.S. credit card ABS fell for the 30th straight month for unprecedented positive performance while bankruptcy filings fell between 8-10% in 1Q/12 from the year ago period and were down significantly during the period from June 2011 to June 2012 from the year ago period. After peaking in January…

Bluefin Payment Systems Ranks on Inc. 500/5000 List

Inc. Magazine has announced that Bluefin Payment Systems achieved the #6 position overall on its annual 500/5000 list of the fastest-growing, private companies in the United States. Bluefin Payment Systems provides a highly secure payment gateway for electronic payments, including debit/credit card processing, ACH, and more. Placements on the list are based on the percentage of revenue growth from 2008 to 2011 for private US-based companies with minimum revenue of $100,000 in 2008 and $2 million in 2010. Bluefin Payment Systems achieved the #6 spot on Inc.’s list by generating 2011 revenue of $55.6 million and experiencing an 11,675.7% growth rate from 2008 to 2011.

U.S. Bank Launches New Business Visa Charge Card

The U.S. Bank Business Visa Charge Card pay-in-full card is designed to give small businesses a way to build their business credit, manage their cash flow and earn cash rewards on all their purchases. With no monthly or annual fee, benefits of the U.S. Bank Business Visa Charge Card include no interest charges or revolving balances because customers pay in full every month; ability to build a business credit profile; 25-day monthly grace period for owners to pay their bill; up to one percent cash back on purchases; 24/7 domestic call centers with dedicated U.S. Bank small business specialists and zero liability fraud protection.

Chase & LivingSocial Award 12 Small Businesses $250K

Chase and LivingSocial announced the 12 small businesses that will receive grants of $250,000 each through “Mission: Small Business” grant program. To increase awareness of the important role small businesses play in local communities, “Mission: Small Business” is supported by the U.S. Chamber of Commerce. Moreover, nearly 70,000 small businesses registered and 3.1 million while consumers showed voted for their favorite small businesses. Participating small businesses from across the country were evaluated based upon their applications which were required to demonstrate a feasible growth plan, creativity, overall passion for their business and the potential to make a positive impact within the local community. Chase will offer grant recipients access to a Chase Relationship Manager who will provide guidance for utilizing the grant efficiently and effectively. Chase and LivingSocial also partnered with the U.S. Chamber of Commerce to help announce the program and drive small business engagement and participation.

Cleartouch from Fiserv Sees Popularity Growth

Fiserv announced that six financial institutions have recently chosen “Cleartouch” from Fiserv for account processing. Related solutions for this service include online banking, risk management, check capture, mobile banking, document imaging, card production, bill payment and accounting. These institutions include Mansfield Bank, a $372-million bank headquartered in Mansfield, Mass; The Home Building & Loan Company, a $43-million bank in Greenfield, Ohio; Kennebec Federal Savings & Loan Association in Kennebec, Maine; Magyar Bank, headquartered in New Brunswick, N.J.; Webster City Federal Savings Bank, a $91-million bank in Webster City, Iowa; and Winchester Savings Bank in Winchester, Mass.

CFSI Study Shows 15mm Consumers at Risk with SDC

The Center for Financial Services Innovation (CFSI) released a new study that uncovers reasons consumers use harmful small-dollar credit products, highlighting the need for better high-quality credit solutions. Having surveyed over 1,100 small-dollar credit (SDC) consumers, plus an additional 500 non-SDC consumers for comparison, the study suggests an estimated 15 million consumers used at least one SDC product in the past year; 59% of surveyed SDC consumers had only a high school education or less, compared to 45% of non-SDC consumers polled; and 27% of SDC consumers had a credit card, compared to 61% of non-SDC consumers. The top three reasons identified for funds shortage included living expenses consistently more than income, bill or payment due before paycheck, and unexpected events such as emergency expenses or income drops.

Grant Victor’s Ranks on 500|5000

Grant Victor’s and eGlobal were ranked in Inc. Magazine’s 500|5000, a 2012 ranking of the nation’s fastest-growing private companies. Grant Victor had a three-year growth rate of 151% and was also ranked No. 96 among the Financial Services industry. had a three-year growth rate of 127% and was also ranked No. 105 among the Financial Services industry while eGlobal had a three-year growth rate of 107% and was also ranked No. 117 among the Financial Services industry. The median growth rate of 2012 Inc. 500|5000 companies remains 97 percent, despite a lagging economy.

Delinquency Lows Show Record-Breaking Month

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Delinquencies for U.S. credit card ABS fell for the 30th straight month for unprecedented positive performance, according to Fitch Ratings. After peaking in January 2010 at 4.54% delinquencies currently stand at 1.82%, five basis points above the record of 1.78% set in August 1994. Additionally, the Fitch Prime Chargeoff Index is…

Discover Offers Cardmembers Google Wallet Solution

Discover is partnering Google to offer cardmembers means to input their credit card directly into Google Wallet by logging into the online Account Center at This will give Discover cardmembers the ability to tap and pay for purchases in-store in conjunction with the Google Wallet application on a compatible NFC smartphone and make purchases online. Cardmembers using Google Wallet to pay for items with their Discover card will continue to earn Cashback Bonus® rewards. The credit card will automatically sync to the Google Wallet application for those that have a compatible NFC smartphone.

Fifth Third Bank Launches EMV Chip Technology for Commercial Cards

Fifth Third Bank launched its Europay, MasterCard, Visa (EMV) compliant chip for commercial cards that will allow business clients to authorize transactions more efficiently while traveling abroad and help improve the security of international transactions. This new offering will help commercial card users facilitate authorizations in Canada, Europe and other countries that are EMV-compliant and help reduce the risk of counterfeit and stolen cards through more secure chip and Personal Identification Number (PIN) technology. Fifth Third’s new EMV chip card has a microprocessor chip programmed according to the global EMV standard for offline processing between the card and the terminal in a secure manner. The EMV-compliant chip card is available as part of Fifth Third Bank’s Commercial Card solutions.

Fundtech Hits Payment Benchmark

Fundtech global transaction banking solutions released results for its benchmark test conducted in conjunction with IBM for a Tier 1 global bank. This demonstrates Global PAYplus Services Platform (GPP-SP) running on an IBM software and hardware stack is able to far exceed the Bank’s current and future performance targets for processing mass payments. Mass payments refers to consumer and business low-value payments (such as ACH or SEPA transactions) that are typically processed in very large quantities, and therefore require a highly scalable system. In the benchmark test, Fundtech’s GPP-SP was able to process 20 million payments in under two hours, less than half the time established as the benchmark by the Bank. In variations of the test, GPP-SP processed double and even triple the volumes in the target timeframes.

Fico Implements Savvis for Debt Manager Solution

Fico has selected Savvis to deliver Fico “Debt Manager” as a service in the cloud to lenders and collection agencies. The “Debt Manager” solution transforms collection and recovery processes for credit card accounts, secured and unsecured loans, mortgages and deposit/current accounts with game-changing adaptive control capabilities, and a flexible architecture that aligns with business needs. FICO “Debt Manager” is now optimized for Savvis data center services and Savvis Symphony Dedicated Cloud, an enterprise-class cloud computing solution. Lenders can now deploy the solution faster, cut collection costs, improve productivity and collect more from delinquent customers.