Look out Automated Clearing House (ACH), as Dwolla has inked a major deal with the largest financial institution to provide real-time transfers to and from its network in the USA. BBVA Compass will enable its customers to send and receive funds instantly through the Dwolla all-digital payments network.
The BBVA Compass NBA American Express Card is coming. The new card will be the first credit card bearing the global NBA brand when it launches.
Bank of America Merrill Lynch has introduced its “Paymode-X” iPad application for its clients utilizing the all-digital online payment and invoicing system. This offers real-time access to critical corporate payments information and allows users to stay connected and informed, make decisions, and take the actions needed to ensure that their payment and settlement cycles continue to flow smoothly. The iPad release is the most recent innovation for Paymode-X, and is the first phase of a comprehensive set of mobile capabilities that BofA Merrill, in collaboration with Bottomline Technologies, plans to bring to market. The “Paymode-X” solution combines electronic purchase order submission, invoicing and payment settlement on a single platform.
iPipeline on-demand marketing, selling and processing solutions for the nation’s top insurance carriers, distributors and producers, announced that Columbus Life Insurance, a top-rated provider of retirement, estate planning, and advanced business planning services, has selected iGO e-App to automate and streamline business processes for independent producers.
Mike Steib is to take over as the Chief Executive Officer for an American Express JV with vente-privee.com. Bringing vente-privee.com’s online store for luxury goods and lifestyle products to the U.S. market, Steib will work to leverage the assets and long-standing relationships of both American Express and vente-privee.com to build the joint venture into a leader in the U.S. online private sales market. Most recently as Director of Video Advertising for Google’s Americas Operations, also on his resume is Director of Video Advertising for the Americas region at Google, the General Manager of Strategic Ventures at NBC Universal and vice president in the NBC Corporate Development. Steib holds three digital media patents and is a graduate of the University of Pennsylvania.
Bank of America Merrill Lynch announced that the expanded capabilities for “Paymode-X” all-digital online payment and invoicing system powered by Bottomline Technologies are now part of its supply chain and treasury solutions. “Paymode-X” enables companies to better control and predict their cash flow, reduce processing costs and strengthen relationships with suppliers. New features include enhanced purchase order presentment and matching, more efficient invoice workflow and approval capabilities, along with the ability for buyers and their suppliers to negotiate discounts for prompt payment. Paymode-X connects users to a private network of more than 125,000 suppliers that accept electronic payments, allowing companies to rapidly convert suppliers to electronic invoice and payment processing. It also supports ACH, ePayables, wire and paper check print services though a single file integration.
Dallas-based wireless communications services provider MetroPCS, along with MetaBank and Galileo Processing, have launched the “MetroPCS Prepaid VISA”. The MetroPCS Visa card is a general purpose reloadable card that enables MetroPCS subscribers to make everyday purchases, pay bills, send and transfer money and receive direct deposits and ATM withdrawals. MetroPCS Communications, Inc. is a provider of wireless communications services. Meta Payment Systems, a division of MetaBank, offers card issuing and program support.
Q Comm International announced a contract with Leap Wireless International to install”q xpress 200″ POS terminals in over 1,000 locations at Cricket-owned stores and third-party authorized dealers. Q Comm International is a prepaid transaction processor that electronically distributes prepaid products from service providers to the point of sale. Cricket Communications, Inc. is the operating subsidiary of Leap and is a provider of unlimited local and long distance wireless services.
GE reported that profit for its Consumer Finance unit climbed 26% in the fourth quarter to $637 million, however, the figure was off more than 6% over the prior quarter. Fourth quarter revenues hit a record $4.3 billion, a 22% increase over 4Q/03. GECF posted third quarter revenues of $4.0 billion. During the quarter, GECF completed the purchase of substantially all the assets of Dillard’s National Bank, including its private label credit card business, comprising the sixth-largest in-house private label credit card program in the U.S.A and adding 5.5 million active card members to GECF’s customer base. GECF also launched a business card with SAM’S CLUB and extended a retail credit card program with The Men’s Wearhouse. For complete details on GE’s fourth quarter performance, visit CardData ([www.carddata.com][1]).
GE CONSUMER FINANCIAL TRACK RECORD
Income Revenues
4Q/03: $506 million $3541 million
1Q/04: $602 million $3589 million
2Q/04: $600 million $3830 million
3Q/04: $681 million $4011 million
4Q/04: $637 million $4304 million
Source: CardData (www.carddata.com)
[1]: http://www.carddata.com
Sprint and Chase have teamed to launch a co-branded rewards cards that offers a 1%+ cash rebate. The new “Sprint Rewards VISA” rewards cardholders with two points for every dollar spent on Sprint purchases and one point for every dollar spent on all other card purchases. After accumulating 2,500 points, cardholders can redeem them for a $25 personal check, a $25 “Sprint Gift Check,” which can be used toward Sprint products and services, or a “$25 Gift Certificate” from select merchants, including gas stations, restaurants and other retailers. The new card offers a six-month 0% APR on purchases and balance transfers. The go-to APR equals the prime rate plus 6.99%, 8.99% or 12.99% depending on the applicant’s credit score.
GE Consumer Finance reported double digit growth in Europe and Asia, as its assets hit $122.2 billion, a 26% gain over the year-ago period. During the third quarter, GE purchased a 38% stake in Hyundai Capital Services under a joint venture agreement, and also agreed to acquire DeltaBank in Russia. Overall, GECF reported that its third quarter profit climbed 14% to a record $681 million. Third quarter revenues hit a record $4.0 billion, a 15% increase over 3Q/03. GECF posted $600 million in second quarter profit on revenues of $3.8 billion. Besides the Hyundai and DeltaBank deals, GECF agreed to purchase the credit card receivables of Target Corporation’s Mervyn’s retail subsidiary, and developed a new program with Dillard’s and agreed to purchase its private label credit card business, adding 5.5 million active card members to Consumer Finance’s customer base. For complete details on GE’s third quarter performance, visit CardData (www.carddata.com).
GE reported that profit for its Consumer Finance unit climbed 14% in the third quarter to a record $681 million. Third quarter revenues hit a record $4.0 billion, a 15% increase over 3Q/03. GE posted $600 million in second quarter profit on revenues of $3.8 billion. During the quarter, GE agreed to purchase the credit card receivables of Target Corporation’s Mervyn’s retail subsidiary, and developed a new program with Dillard’s and agreed to purchase its private label credit card business, adding 5.5 million active card members to Consumer Finance’s customer base. GE also teamed with SAM’S CLUB to launch the new “Premier Line of Credit.” Additionally, GE entered into a strategic joint venture with Hyundai Capital Services, Korea’s leading consumer finance company, purchasing a 38% stake and agreed to acquire DeltaBank in Russia. For complete details on GE’s third quarter performance, visit CardData ([www.carddata.com][1]).
GE CONSUMER FINANCIAL TRACK RECORD
Income Revenues
3Q/03: $595 million $3499 million
4Q/03: $506 million $3541 million
1Q/04: $602 million $3589 million
2Q/04: $600 million $3830 million
3Q/04: $681 million $4011 million
Source: CardData (http://www.carddata.com)
[1]: http://www.carddata.com