Mutual of Omaha Bank’s Merchant Services division is collaborating with Omaha based payments technology company, TruBeacon to provide solutions for middle market sized merchants throughout the USA.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Charles Koo, President and Chief Executive Officer of Iris ID Systems.
IHS announced Eric J. Boyer joined the company as Vice President of Investor Relations. Boyer comes to IHS from Wells Fargo Securities in Baltimore, MD, where he most recently served as vice president and senior equity analyst within their Equity Research Division responsible for the information and business services sector, which includes IHS. His decade-plus experience has also involved work within the Equity Research Division of Deutsche Bank and as a management consultant with PricewaterhouseCoopers.
Asta Funding, Inc. today announced the acquisition of an 80% ownership interest in CBC Settlement Funding, LLC (“CBC”) On December 31, 2013, the Company, through a subsidiary acquired 100% of the ownership of CBC and its affiliate, CBC Management Services, LLC, for approximately $5.9 million. At the closing, the operating principals of CBC, namely William J. Skyrm, Esq. and James Goodman, were issued a 20% interest in CBC (10% to Mr. Skyrm, and 10% to Mr. Goodman). William J. Skyrm, Esq. and James Goodman, have over 30 years combined experience in the structured settlement industry. CBC purchases periodic payments under a structured settlement and annuity from individuals in exchange for a lump sum payment. In addition, the Company, through another subsidiary has agreed to provide financing to CBC of up to $5 million.
Sports Authority, one of the nation’s largest full-line sporting goods retailers, announced the launch of its first-ever customer Rewards program, The League, which offers members 5% back on their total point balances of 100 points or more earned quarterly. The League offers one of the highest reward funding rates, as well as the lowest reward…
Western Union plans to offer money transfer services across Russia through its latest agreement with Sberbank. In 2011, Sberbank is to offer consumer-to-consumer money transfers at 8,000 branches. The companies plan to expand the service and consider enabling customers to transfer money from their accounts online to any of the 386,000 Western Union offices around the world.
Fifth Third Processing Solutions has acquired certain assets Springbok Services in connection with the latter’s Chapter 11 bankruptcy proceeding, including the Springbok reloadable prepaid card processing platform. Developer of full-service, multi-touch prepaid solutions, Springbok employees on processing platform development will also be joining Fifth Third Processing Solutions, allowing the transaction acquirer to immediately expand its processing capabilities to include Visa and MasterCard branded gift cards, general purpose reloadable cards, payroll cards and loyalty programs to further complement its industry-leading debit card and credit card authorization, settlement and back office processing services. Fifth Third Processing Solutions processes 33 billion transactions and over $315 billion in sales volume annually.
The Arnold Palmer Invitational Presented by MasterCard (March 22-28, 2010) and MasterCard Worldwide have made available “The Arnold Palmer Invitational Presented by MasterCard” Prepaid MasterCard Business Gift cards, created exclusively for the tournament. Created in partnership with Springbok Services, the card design features the Arnold Palmer signature and umbrella logo and can be provided to tournament guests to make purchases anywhere on the tournament grounds. Cards can be preloaded with dollar amounts ranging from $20 to $1,000 and ordered via www.arnoldpalmerinvitational.com. After the tournament, remaining card balances can be used for purchases online, in stores or anywhere Debit MasterCard is accepted.
For each card ordered, The Arnold Palmer Invitational Presented by MasterCard will donate $1.00 to the Arnold Palmer Medical Center. Prepaid MasterCard cardholders also have access to significant merchant-funded discounts and special offers from more than 25,000 merchants across the U.S. through MasterCard Savings, a merchant-funded rewards program.
NJ-based debt collection Asta Funding reported a third quarter net loss of $79.2 million, compared to net income of $782,000 for the same period in 2008. Third quarter revenues were $16.5 million, compared
to $23.8 million for the year ago quarter. Asta says it recorded $137 million in significant non-cash impairments in the quarter. The Company completed $3.1 million of portfolio acquisitions with a face value of
$149.9 million during the quarter. This compares to $1.0 million of acquisitions with a face value of $47.5 million during the fourth
quarter of last year. The Company expects to generate positive cash flow of approximately $35.0 million to $40 million from its existing portfolio during fiscal year 2010, excluding the Great Seneca portfolio purchased in March 2007. For complete details on Asta Funding’s latest performance visit CardData (www.carddata.com).
Asta Funding reported second calendar quarter revenues of $17.3 million, a 27% decline over the same period in 2008. However, the Company returned to profitability after two quarters of reported losses.
Net income for the quarter was $1.5 million, compared to net income of $2.4 million for the year ago period. The profitability was attributed to prudent actions in cost management and debt reduction. The Company completed $13.8 million of portfolio acquisitions with a face value of $335.6 million during the quarter, compared to $2.7 million of acquisitions during the first six months of fiscal year 2009. Net cash collections of consumer receivables acquired for liquidation, including
net cash collections represented by account sales decreased 23% to $37.6 million for the quarter, but increased slightly over the prior quarter’s
$36.9 million. For complete details on Asta Funding’s latest performance visit CardData (www.carddata.com).
The Sports Authority sporting goods retailer will now be accepting
MasterCard Worldwide’s “PayPass” contactless payment solution at all of
its 450 store locations across the U.S. With “PayPass,” customers can
conduct retail transactions by tapping their contactless cards or
devices on electronic readers at the POS. Among those consumers with
“PayPass” cards, 77% of use it as their primary form of payment while,
as of 1Q/09, MasterCard had issued nearly 55 million “PayPass” devices,
nearly 100 times the volume issued as of 1Q/08. With these developments,
Sports Authority customers are allowed extra convenience, no longer
having to sign receipts for purchases valued under $25.
CO-based prepaid card provider Springbok has introduced the “enPay”
prepaid payroll card. “enPay” payroll cards enable companies to lower
costs and optimize payment processes. With the cost to cut and mail
checks approaching $2 each, employers can
save nearly $50 per employee annually by using Springbok enPay payroll
cards. Employers can customize their enPay prepaid payroll card with
their company name and
logo, distribute the enPay cards to employees and then upload funds
directly to the payroll card to pay salaries, reimburse out-of-pocket
expenses, pay bonuses and commissions, or fulfill termination payments.
For employees, enPay prepaid payroll cards eliminate the need to stand
in line at a bank or check cashing service and help them avoid the
associated costs. Springbok enPay gives employees immediate access to
their funds via more than 37,000 surcharge-free ATMs across the country
and more than one million ATMs worldwide. Employees can also use their
prepaid payroll cards to make purchases anywhere Visa debit cards are
accepted. Additionally, Springbok enPay payroll cards provide greater
security because cardholder funds are FDIC insured and Visaâs Zero
Liability Policy1 protects cardholders against unauthorized purchases.
Cardholders also have 24 x 7 access to transaction history and customer