CST & Cardtronics
CST Brands and Cardtronics Canada inked a deal to be the exclusive provider of ATM services at Corner Store locations across Quebec, Atlantic Canada and eastern Ontario locations.
Citi and Expedia Extend Credit Card Relationship
Citi and Expedia extended their partnership in a multi-year agreement. Through the new agreement, Citi and Expedia Inc., through the Expedia.com brand, will continue working together to provide more value to travelers and cardmembers. Since 2007, Citi and Expedia have worked together to provide the Citi Premier Pass® / Expedia® card, which has helped hundreds of thousands of travelers connect with the people and places that matter most to them.
Cardlytics to Present at Bank Director Growth Conference
Cardlytics will present at the Bank Director Growth Conference in May to demonstrate its Card-Linked Marketing platform. Cardlytics is one of only five companies that the Bank Director Growth Conference selected to present their latest innovations. Each company will have eight minutes on stage to give the audience an inside glimpse into their latest technologies. Cardlytics will highlight an upcoming technology, preliminarily named, ‘Cardlytics SmartPush’. The new feature allows consumers to map offers close to their current location. More than basic geo-location, ‘Cardlytics SmartPush’ will map offers that are relevant to their purchase behavior, not just offers in their immediate geography whether they are at home or traveling.
NCR Announces Latest Interactive ATM Client Bank
Cadence Bank will install two drive-up APTRA Interactive Teller units from NCR Corporation, which will extend service hours and create friendly and efficient customer experiences. APTRA Interactive Teller ATM-based technology allows people to talk to a live remote teller, while giving the teller remote control over the machine to conduct transactions. Adding an additional 10 hours of branch service each week to a typical financial institution branch can cost as much as $50,000 per year. APTRA Interactive Teller can conduct approximately 95 percent of typical teller transactions over the same timeframe at a fraction of the operational cost. Through its APTRA Interactive Tellers, Cadence can offer secure teller services during non-traditional banking hours and provide full teller services in areas not served by branches.
Vanilla Visa Awards Gift Cards to Schools
Vanilla Visa network-branded gift card is giving the Los Angeles Unified
School District (LAUSD) 100 Vanilla Visa Gift Cards valued at $100 each
for select teachers to use as needed. This is partly in response to
research from National School Supply and Equipment Association (NSSEA)
indicating 92% of teachers spend their personal money on school
supplies, and the average amount spent in 2009 was $170 per year.
Teachers at the selected schools were chosen because students showed
marked improvement in test scores during this year’s first periodic
assessment, often a strong indicator of how they will perform on the
annual California Standards Tests (CST).
Digital River Launches Global Payments
Digital River global e-commerce has introduced a comprehensive stand-alone global e-payments solution for online merchants in markets, including e-retail, travel and entertainment, and online services. Designed to increase revenue and customer lifetime value, Digital River “World Payments” enables online merchants to manage the entire payment lifecycle through a single connection to a payment gateway, merchant account services or fully outsourced payment programs. Digital River World Payments offers relevant payment options in more than 190 countries and over 170 transaction and display currencies. The e-payments solution is built based on a modular approach, with the “Payment Advance” program that combines merchant account services with a customized set of local payment methods, real-time fraud detection, back office solutions and check out optimization services; “Payment Stream” payment gateway service that simplifies global connectivity; and “Payment Source” comprehensive outsourced payments program designed to accelerate global expansion through fully-managed distribution and reseller services as well as local payment acceptance.
Target Annual & 4Q/09 Card Performance
Target reported its 2009 credit card segment average receivables decreased 10.2% to $8.1 billion in 2009 from $9.1 billion in 2008 while average receivables directly funded by Target declined 23.9% in 4Q/09 to $2.7 billion from $3.6 billion in 2008. Bad debt expense for 4Q/09 was $284 million in 2009, a 43.2% reduction from $500 million in 2008, thanks in large part to the addition of an increase in doubtful accounts. Credit card segment profit for the quarter was $39 million, compared with a loss of $135 million in fourth quarter 2008, while annualized segment pre-tax return on invested capital was 5.7% in 4Q/09, compared with negative 15.0 percent in 2008. Average receivables for fiscal 2009 decreased 4.0% to $8.4 billion from $8.7 billion in 2008 while average receivables directly funded by Target in 2009 declined 31.6% to $2.9 billion from $4.2 billion in 2008. For complete details on Target’s latest performance, visit CardData (www.carddata.com).
TARGET CARD LOAN HISTORICAL
3Q/08: $8.7 billion
4Q/08: $8.7 billion
1Q/09: $8.4 billion
2Q/09: $8.2 billion
3Q/09: $8.0 billion
4Q/09: $8.1 billion
Source: CardData (www.carddata.com)
Acxiom Marketing Reports 3Q Revenue of $29.9mm
Arkansas-based interactive marketers Acxiom Corporation reports income
from operations of $29.9 million in the current-year third
quarter. Income from operations of $29.9 million in the current-year third
quarter, compared to loss from operations of $8.6 million in the third
quarter last year. The prior-year loss from operations included $43.2
million in unusual loss items. Before the effect of the unusual loss
items income from operations for the prior-year third quarter would have
been $34.6 million.Revenue of $283.8 million in the current quarter,
compared to $301.0
million, excluding an Information Products pass-through contract
(approximately $20.1 million), in the third quarter a year ago. GAAP
revenue, including the pass-through revenue in the prior quarter, was
$321.1 million. This contract was modified in the fourth quarter of
fiscal 2009, and the company no longer recognizes pass-through revenue
from this contract.
PBS Reprises a 2004 Credit Card Documentary Tonight
A new “FRONTLINE” documentary will air nationally tonight on PBS that
focuses on the changes and challenges the U.S. credit card industry
faces in 2009. “The Card Game” is a follow-up to the “Secret History of
the Credit Card” that aired five years ago on PBS. It is a joint project
with The New York Times. Lowell Bergman talked to industry insiders,
lobbyists, politicians and consumer advocates as they square off over
attempts to reform the way the industry has done business for decades.
Among featured guests is Robert McKinley, the founder of Florida-based
CardWeb.com and CardTrak.com. McKinley was also featured on the 2004
documentary and provided much of the research data. The majority of
McKinley’s interview was taped in July in Washington, DC. One of the
most interesting interviews is former Providian CEO Shailesh Mehta who
tells Bergman how his company successfully targeted vulnerable
low-income customers whom Providian called “the unbanked.” Mehta told
“FRONTLINE” “When people make the buying decision, they don’t look at
the penalty fees because they never believe they’ll be late. They never
believe they’ll be over limit, right? … Our business took off. … We
were making a billion dollars a year.” “FRONTLINE” is produced by WGBH
Boston and is broadcast nationwide on PBS. Major funding for “FRONTLINE”
is provided by The John D. and Catherine T. MacArthur Foundation.
Additional funding is provided by the Park Foundation.
AUGUST LEI
The Conference Board Leading Economic Index (LEI) for Mexico increased
by 1.1% while The Conference Board Coincident Economic Index (CEI)
declined 0.6% in August. With the 1.1% increase in August, the
Conference Board LEI for Mexico now stands at 111.3 (2004=100) after
having increased 1.2% in July and 2.2% in June. Meanwhile, the CEI
posting for the month was preceded by a 0.4% increase in July, a 0.1%
decrease in June and now stands at 105.6 (2004=100). LEI results for the
month were attributed to positive gains in 5 of the 6 components, which
include US refiners’ acquisition cost of domestic and imported crude
oil, the (inverted) real exchange rate, stock prices, and net
insufficient inventories while the construction component decreased in
August and the (inverted) federal funds rate
remained unchanged.
JULY LEI
The Conference Board Leading Economic Index (LEI) for Mexico increased
for the 5th consecutive month by 1.3% while The Conference Board
Coincident Economic Index (CEI) increased 0.4% in July. With the 1.3%
increase in July, the Conference Board LEI for Mexico now stands at
110.3 (2004=100), which increased 2.3% in June, increased 2.3% in May
and having increased a total of 10.3% over the 6 months prior with all
components increasing. Meanwhile, the CEI now stands at 105.0
(2004=100), which decreased 0.1% in June, decreased 0.9% in May and
decreased a total of 2.3% throughout the six-month span prior to July.
LEI results for the month were attributed to positive gains in Net
insufficient inventories, stock prices and the construction component of
industrial production while negative contribution came from oil prices.
APRIL LEI
The Conference Board Leading Economic Index (LEI) for Mexico increased
2.9% amidst a 6 month rate of decline total of 5.5% while The Conference
Board Coincident Economic Index (CEI) decreased .2% in April. With the
2.9% increase in April, The Conference Board LEI for Mexico now stands
at 104.0 (2004=100), which increased 1.6% in March and decreased .6% in
February, while the CEI now stands at 105.7 (2004=100), which decreased
0.7% in March and 0.8% in February. Positive LEI results for the month
were attributed to real exchange rate, stock prices, the US refiners’
acquisition cost of crude oil, the industrial production construction
component and the (inverted) federal funds rate while negative results
were attributed to net insufficient inventories.