Holiday Debt
Consumer holiday spending drove total credit card debt to its highest level in nearly five years, hitting $642 billion in December, a 6% gain over the prior year.
Sam Esfahani
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Sam Esfahani SVP, Chief Information Officer of PSCU.
Rock Processing
Detroit-based Rock Processing is here, the brainchild of Rock Ventures, the Quicken Loans family of companies and International Bancard.
Consumer Debt Outlook
Consumer credit outstandings are ratcheting up as delinquency heads strongly upward in conjunction with an improving economy. However, 2015 could be a reversal of the current trends. It’s a deja vu all over again for the payments industry.
Pinnacle Payment & FTC
Pinnacle Payment Services, operating out of Atlanta and Cleveland, has been halted for abusive debt collection practices of an operation that used fictitious names and threatened consumers into paying debts they may not have owed. The Federal Trade Commission (FTC) says the Company is subject to a Nearly $10 million judgement.
Rob Reeg
CardWeb’s CardExecs database today spotlights Rob Reeg, president, MasterCard Technologies & Operations (MTO). He oversees the strategic processing platform, global network and quality of technology operations at MasterCard Worldwide. Based at the MTO headquarters in St. Louis, Missouri, Reeg serves as a member of the company’s Executive Committee.
Retail Merchants Working With Payscout
The use of debit cards has traditionally come at a high price to retail merchants. Retailers have paid upwards of $48 billion a year in “swipe fees”, with nearly $17 billion of that coming from debit card transactions. (1) Transactions processed by debit card had required retailers to pay fees which then resulted in large…
Payscout Reducing Fraud
In today’s age of increased use of credit cards for global eCommerce transactions, merchants are choosing to expand their accepted methods of payment not only in domestic regions, but abroad, as well. Merchants wanting to sell internationally are subject to high levels of fraud, high fees and misguided information, but this risk can be greatly…
TSYS Inks Extended Payments Agreement Partner
TSYS announced that it has signed a long-term payments agreement with KeyBank to provide payment processing for the bank’s consumer credit card portfolio. KeyBank made the strategic decision to bolster its payments business last year and begin self-issuing credit cards. At that time, Key purchased a $725 million Key-branded credit card portfolio from Elan Financial Services. KeyBank has selected TSYS’ TS2 platform to convert the portfolio and issue new cards going forward. In addition, KeyBank has contracted with TSYS to provide fraud prevention and risk management services to bank clients. TSYS’ past success with KeyBank involved a smaller portfolio acquisition conversion to the TSYS Program Solutions (TPS) platform in 2012.
Dollar Bank to Expand NCR Deployment Agreement
NCR Corporation is growing its relationship with Dollar Bank, which will begin replacing 60 older non-NCR ATMs with NCR’s deposit-taking NCR “SelfServ.” Complete with scalable deposit module, Dollar Bank’s ATMs will run on NCR “APTRA Edge” software for multivendor ATM environments. NCR “SelfServ” ATMs with scalable deposit module (SDM) make the deposit portion of an ATM transaction twice as fast. SDM is the only technology in deployment that allows consumers to deposit both cash and checks simultaneously, in any orientation, through a single slot. This consumer-friendly technology makes ATM deposits faster and easier, and helps banks improve the customer experience. In addition to the SDM units, Dollar also is replacing 10 older ATMs with traditional NCR SelfServ ATMs.
Diebold Board Elects New Chairman
The Diebold board of directors elected Henry D.G. Wallace chairman of the board, who’s been a member of the Diebold board since 2003. Wallace is a former group vice president and chief financial officer of the Ford Motor Company. Wallace experience as group vice president for Ford’s operations in the Asia Pacific region and as president and CEO of Mazda Motor Corporation is extensive. During his 30-year career at Ford, he also held numerous positions in finance and general management at Ford’s operations in the UK, Germany, United States, Mexico, Venezuela and Japan. Wallace received a bachelor’s degree in economics from the University of Leicester in England.
CardinalCommerce Partners Virtual Piggy for eCommerce Access
Virtual Piggy has announced its partnership with CardinalCommerce to integrate its youth payment technology into their Centinel Universal Merchant Platform. Virtual Piggy allows parents to set up a monthly allowance for their children and promotes financial management while empowering U21s to make purchasing, saving and other money management decisions for themselves, within the boundaries setup by their parents. Cardinal facilitates authenticated payments, secure transactions and alternative payment brands both for eCommerce and mCommerce.