Prepaid card specialist, Blackhawk Network, has inked a deal to acquire Parago for about $290 million. Parago is a provider of end-to-end engagement management programs for consumers, sales channels and employees has more than 250 customers, including Fortune 100 companies, multi-national corporations and global consumer brands.
Bank of America has expanded it Preferred Rewards program to Michigan, Illinois, Tennessee, North Carolina, Georgia and Florida. This is part of a four-wave national rollout of the program that began in June and will be completed by the end of September.
hyperWALLET Systems has named payments industry expert Nadia Dombrowski as the company’s Chief Legal, Risk and Compliance Officer to oversee all legal, risk and compliance issues globally. The creation of this new executive role comes on the heels of massive growth at the payments company over the past 24 months. Since securing capital investment early in 2014, hyperWALLET continues to win new customers across various industries, verticals and global markets. As the new Chief Legal, Risk and Compliance Officer, Ms. Dombrowski will work closely with both the company’s senior executives and board members, continuing to position the company for continued growth.Dombrowski has also held the position of Senior Vice President, Group Head and Lead Region Counsel for the U.S. Markets at MasterCard Worldwide. She also served at MasterCard as Senior Vice President, Group Head for Emerging Payments and Advisors; as Vice President, Managing Counsel for Innovative Platforms and Advisors; and as Vice President, Senior Counsel for Advisors.
Provisions for credit card losses among the top U.S. bank credit card issuers declined among most, ranging from 0% to -48%. The issuer with the largest provisions for credit losses is Discover and the smallest provisions for credit card losses is American Express, according to CardData.
Pre-tax profits among the nation’s top four bank credit card issuers increased 2.2% in the second quarter (Q2/14), compared to one year ago. Sequentially net income rose by 2.7%, according to CardData.
All of the top U.S. issuers posted significant gains in purchase dollar volume (PDV) in Q2/14, with Chase and Capital One leading the charge with double digit gains. However, the growth in PDV is not reflected in bank credit card outstandings.
All of the top U.S. issuers posted significant gains in purchase dollar volume (PDV) in Q2/14, with Chase and Capital One leading the charge with double digit gains. However, the growth in PDV is not reflected in bank credit card outstandings.
Across Asia Pacific, clients are demanding flexible solutions that can integrate with a variety of back-end payment systems with minimal disruption to day-to-day operations. BofA and GPAP have come to rescue.
Mirroring delinquency ratios, charge-offs continue a steady decline south to record lows and headed even lower in the third quarter. According to CardData, the average charge-off rate among the top six issuers stood at 2.81% for Q2/14.
Discover leads the nation’s top credit card issuers in credit card outstandings growth, followed by American Express. Visa and MasterCard issuers flounder as U.S. consumers become more transactional.
The nation’s Big 6 credit card issuers reported a big decline in delinquency ratios during the second quarter. The leading indicator for charge-offs is now at a record low and headed lower in the third quarter.
Bank of America appoints a new head of Commercial Cards for the EMEA region. Melissa Gargagliano is moving to London to handle the assignment.