CardWeb.com’s CardExecs database of card industry movers and shakers today features Jerry Craft, Chief Executive Officer of Corserv. The Company provides credit card (MasterCard and VISA) issuing support services
CardWeb.com’s CardExecs database of card industy movers and shakers today features Ray Costner, Chief Technology Officer of Corserv. Atlanta-based Corserv Solutions provides credit card servicing and consulting to the financial services community.
TSYS has formed TSYS Program Solutions to provide turnkey credit card
programs for regional and community financial institutions.
TSYS will provide the program development, implementation and ongoing
delivery to make it easy for smaller banks to enter or re-enter the
credit card market. The new division will be led by:
Wayne Johnson,, previously with First Data, Andrew Mathieson ,
previously CEO and founder of Fintura Corporation, Patrick Fox ,
previously EVP of business development for Metris Companies,
Fred J. Grigsby III previously chief marketing officer at Fintura
Corporation and George Whitley, previously EVP, Finturaâs Business
Performance and Analysis functions.
TSYSâ solution includes profitability analysis, portfolio management and
campaign and marketing support combined with TSYSâ core capabilities in
data processing, card and statement production, customer care, analytics
Atlanta-based SunTrust posted a 36% increase in outstandings and a 45% gain in sales volume during the fourth quarter, compared to one-year ago. According to CardData, the nation’s 42nd largest bank credit card issuer had fourth quarter credit card outstandings of $340.1 million and credit card volume for the quarter of $679.5 million. The issuer’s accountbase grew 16.6% to 86,674 accounts. Cards-in-Force at year-end were 235,636, an increase of nearly 18% year-on-year. In December, SunTrust signed an agreement with InfiCorp Holdings for issuing consumer credit cards. Under terms of the agreement, InfiCorp will market, originate and service SunTrust-branded cards starting in the first quarter of this year. SunTrust will be engaged in the underwriting process for the new cards, and will have the option to purchase card assets for its own loan portfolio. In October 1999, SunTrust entered into an agreement with MBNA, which expires this month, under which MBNA purchased SunTrust’s consumer credit card portfolio and marketed personal card products and services to the bank’s customers. The business, corporate and purchasing card portfolios were not part of that transaction and continue to be maintained by SunTrust. For complete details on SunTrust’s fourth quarter performance, visit CardData ([www.carddata.com]). (CF Library 12/12/06)
4Q/05: $249.9 million
1Q/06: $261.0 million
2Q/06: $292.8 million
3Q/06: $300.0 million
4Q/06: $340.1 million
Source: CardData (www.carddata.com)
Atlanta-based SunTrust Banks has signed an agreement with InfiCorp Holdings for issuing consumer credit cards. Under terms of the agreement, InfiCorp will market, originate and service SunTrust-branded cards starting in the first quarter of 2007, focusing on SunTrust clients. SunTrust will be engaged in the underwriting process for the new cards, and have the option to purchase card assets for its own loan portfolio. SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation’s largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. InfiCorp Holdings, Inc. is a wholly owned subsidiary of First National of Nebraska, a financial services holding company located in Omaha, Nebraska.
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Deleware-based American Spirit FCU has sold its $3.6 million credit card portfolio to Atlanta-based InfiCorp. In addition, InfiCorp entered into an agent agreement with American Spirit, whereby InfiCorp will issue credit cards under American Spirit’s name.
Atlanta-based InfiCorp has purchased the $4.2 million credit card portfolio of Poughkeepsie, NY-based TEG FCU with the assistance of NH-based Brookwood Capital. Under this agreement, InfiCorp will issue credit cards for the credit union under the credit union’s name. Brookwood Capital provides consulting and advisory services to credit card issuers nationwide.
Atlanta-based InfiCorp Holdings reports it has recently purchased more than $41 million in credit card outstandings from six credit unions. In each case, the CU entered into a long-term relationship with InfiCorp. Recent acquisitions include: Tucson Old Pueblo CU, Pan Am Horizons FCU, First Financial CU in Albuquerque, Royal Oakland Community CU in Michigan, Helena Community CU and Allegius FCU in Indiana. InfiCorp has partnerships with more than 100 credit union and community banks. InfiCorp Holdings is a wholly-owned subsidiary of First National of Nebraska.
Oregon-based AssetExchange has assisted two credit unions with the sales of their credit card portfolios to InfiCorp including First Financial CU of Albuquerque and Helena Community CU of Montana. AssetExchange is a leading credit card advisory and brokerage firm for financial institutions. Services include credit card portfolio brokerage, performance assessments, and market valuations.
A credit rating service has ranked five issuers, representing $103 billion in credit card-backed outstandings, for their seller/servicer operations. To-date, MBNA has earned the highest rating while Metris was rated the lowest. Fitch was the first agency to publish a formal rating criteria methodology for U.S. ABS seller/servicers. Fitch uses a scale of 1 to 5, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus and minus as well as the flat rating. In February the firm rated First National Bank of Omaha and InfiCorp Holdings. This week four more were added including HSBC, MBNA, Metris, and Providian.
InfiCorp has purchased the credit card portfolio of Royal Oakland Community CU with the assistance of NH-based Brookwood Capital. As of March 31, 2005 Royal Oakland reported about 4,000 credit card accounts and $7 million in receivables among its 20,000 members. The credit union has approximately $124 million in total assets. Brookwood Capital is an advisor to credit unions related to the credit card industry, including brokerage, consulting and advisory services to credit card issuers nationwide.