Corporate Insight, a provider of competitive intelligence and user experience research to the financial services industry named Chase to its Credit Card Monitor Awards. For more than 15 years, Corporate Insight has presented its annual Gold, Silver and Bronze awards to recognize the most innovative and valuable digital offerings in the annuity, banking, brokerage, credit…
Elan Financial Services partnered to deploy the Edward Jones MasterCard personal and business credit card products and services. The “Edward Jones MasterCard” lets cardholders earn Loyalty Points for net dollars spent that can be redeemed for travel, merchandise, gift cards, charitable donations or ChoiceInvest. ChoiceInvest is a new option which allows clients to redeem points for cash that may be directly deposited into their Edward Jones account.
ATMmarketplace.com online trade publication released its “Mobile Banking: Future Trends and the State of the Industry” research report to help financial industry executives discover what people really want from mobile banking. The report also discloses how banks can use it to increase their ROI and what tactics are being used by competing banks and credit unions. It gives experts insight to what kind of investment financial institutions are making in mobile banking and how much they plan to invest in the future; how important mobile banking is to consumers when choosing a financial institution; what services consumers would be interested in receiving from a mobile banking application; and how to market mobile banking to customers.
The Board of Directors of the Electronic
Funds Transfer Association has elected
Raymond T. Crosier of VA-based Online Resources as its Chairman.
Richard G. Lyons, Jr., EVP of Global Debit and
Prepaid at MasterCard Worldwide was elected to serve as vice chairman.
Sandra Hartfield, President and CEO of Electronic Banking
Division of Palm Desert National Bank, and Lynn Barr, a partner in the
law firm of Goodwin Procter, LLP were re-elected treasurer and secretary
of the Board respectively. EFTA is the nationâs
leading trade association dedicated to the advancement of electronic
payment systems and commerce.
Holders of Bopo prepaid cards in Australia must use or withdraw their
remaining balances by August 15th, 2008 according to the Cuscal
financial-services firm, issuer of the Visa-branded card which will
initiate its own form of payment of unclaimed funds to Bopo cardholders
after the said date. This is a direct result of Cuscal’s issuing
partner, Bill Express, facing imminent bankruptcy which was fundamental
to the initial launch of the Bopo card nearly two years ago. Cuscal,
however, does not have full access to the bopo systems which may cause
difficulty in accessing certain data/services and has established a Q&A
web page to address possible questions of concerned consumers.
PA-based Turner Investment Partners’ “Sector Focus” Commentary, entitled
“MasterCard and Visa: profitable toll takers,” has conducted research
demonstrating transaction processing has remained lucrative for
MasterCard and Visa thanks to little competition and relative freedom in
determining fee rates. The commentary examines why the profit margins of
both companies exceed 30%, estimating both organizations have potential
to increase earnings per share by at least 20% annually over the next
two years, especially in developing countries. This especially concerns
Brazil and China. Turner investment firm publishes “Sector Focus”
commentaries monthly as part of the continuing efforts to monitor the
market sectors for its growth-stock portfolios.
Orlandi Valuta and Vigo have announced the implementation of
remittance services in 215 Soriana and Mercado Soriana grocery stores
throughout Mexico. With this development, consumers can send funds
from Vigo and Orlandi Valuta Agent locations to the 215 Soriana and
Mercado Soriana locations in Mexico to be disbursed on loyalty cards
issued on location. Orlandi Valuta is a subsidiary of The Western Union
Company offering money transfers to Central America and has more than
12,000 locations worldwide, approximately 7,000 of which that offer both
Orlandi Valuta and Western Union services. Vigo Remittance Corp is also
a subsidiary of The Western Union Company and has over 4,000 agents in
45 states in the U.S. and more than 30,000 locations worldwide. Soriana
currently has 234 stores in 108 cities and 29 states in Mexico and six
Enhancement Services Corporation, the loyalty services company of TSYS, announced it has re-branded the company as TSYS Loyalty. As part of the re-brand, TSYS Loyalty has transitioned from a rewards fulfillment provider to a full service loyalty and consulting partner. TSYS offers a broad range of technologies for issuing and acquiring, including support of consumer-finance, credit, debit and prepaid services. TSYS is a $31 billion financial-services company.
TSYS reported that first quarter profits rose 14%, hitting $57.3 million. Revenues of $430 million represented a 23% rise over 1Q/06. The Company says the results for the quarter compared to last year are impressive, as the results for last year include revenues from two significant clients that deconverted after the first quarter of 2006. TSYS’ says internal revenue growth in its core processing business was 12.3%, and new business, including acquisitions, added 20% of revenue growth, both of which helped overcome a 27% decline in revenues associated with deconverted portfolios. In addition, TSYS international revenues for the first quarter grew 47% over last year, and are now expected to produce continued growth for the remainder of the year. During the first quarter, TSYS completed the Capital One conversion; signed a contract extension with Spira de Mexico to continue processing its consumer-credit portfolio; the “PRIME” card and merchant management system was chosen by Norway’s DnB NOR Bank to manage the cards portfolio of DnB NOR Kort; renewed merchant-processing service agreements with Sage Payment Solutions and Moneris Solutions covering its U.S. portfolio; and signed agreements to provide merchant-processing services for Clearent and National Processing Company, formerly Iron Triangle Payment Systems. For complete details on TSYS first quarter performance, visit CardData ([www.carddata.com]).
TSYS REVENUE HISTORICAL
1Q/05: $350.0 million
2Q/05: $410.2 million
3Q/05: $422.0 million
4Q/05: $420.7 million
1Q/06: $412.3 million
2Q/06: $429.2 million
3Q/06: $441.8 million
4Q/06: $503.9 million
1Q/07: $429.6 million
Source: CardData (www.carddata.com)
Rabobank has entered an agreement with TSYS to process its consumer-credit portfolio. The multi-stage conversion of Rabobank’s one million accounts to the “TS2” platform is scheduled to conclude in the second quarter of 2007. Once complete, TSYS will be the leading credit-card processor in The Netherlands. Under the agreement, TSYS also will support the newly introduced “World Wildlife Fund for Nature” credit card. Rabobank Group has approximately 1.5 million members, 9 million business and private customers.
WI-based Fiserv has hired two seasoned top executives and made three other senior leadership appointments this week. Rahul Gupta, formerly with eFunds, will serve as Group President, Payments and Industry Products. He will oversee various payments businesses, risk management solutions and industry products. Thomas Warsop, formerly with EDS, will become Group President, Financial Institutions. He will manage large, non-core account processing financial institution solutions, which include all lending and global item processing businesses. Fiserv also promoted Tom Neill to Group President, Depository Institution Core Processing and promoted Mike Gantt to Group President, Health and Insurance Group. Matthew Epstein, formerly with Merrill Lynch, was named Senior Vice President, Strategic Partnerships.
Symstream Technology Group has teamed with NCR EasyPoint to globally market a range of “EasyPoint” ATMs with Symstream wireless technology. The wireless ATMS will initially be deployed in developing countries that have extensive GSM voice networks, but limited data
networks. The alliance will focus first on opportunities in Indonesia,
India and other parts of the Asia-Pacific region. Symstream is already working with a number of wireless-phone carriers throughout Asia, Australia and the Indian subcontinent, providing a highly secure wireless solution to connect ATMs and EFTPOS devices to banking networks.