Affinity Solutions launched its “Coupon-on-a-Card” real-time offer redemption technology through First Data Corporation. The “Coupon-on-a-Card” solution is to be demonstrated for the first time at FinovateSpring 2012 in San Francisco and is designed as a next-generation marketing system for financial institutions that delivers and electronically links offers directly to consumers’ credit and debit cards and allows these offers to be redeemed in real time. It is designed to offer consumers merchant offers from there financial institution, which can be linked to his credit card or debit card so the specific coupon can be automatically redeemed at the time of purchase.
payworks and PAY.ON AG have partnered on mobile payment solutions. payworks develops both turnkey white-label products and modular components, making it easy for payment providers, banks and telecommunications providers to enter the emerging mobile payment market and now clients of PAY.ON’s payment processing platform ‘PaySourcing’ can now rely on a professional partner for future mobile payment projects. The ‘payworks.terminal’, for example enables payment providers to release their own mobile POS solution, allowing small retailers to accept card payments easily at the POS, the only requirement being a smartphone with internet access. An optional card reader can be plugged into the phone for faster processing.
Visa and the Cash Learning Partnership have got together for the distribution of money in disaster relief faster, more effective and more secure. Beginning with a focus project in the Philippines, the partnership will support the development of knowledge and tools that will help humanitarian organizations deliver relief funds quickly and efficiently to people affected by natural disasters and other emergencies. The partnership also will promote knowledge-sharing with the broader humanitarian community through the development of trainings, case studies and other resources. The Visa/Cash Learning Partnership collaboration will rely on the experience and expertise of each organization to support cash transfer programming in the Philippines ‘ a country typically at-risk for natural disasters each year.
MI-based debt collector Asset Acceptance Capital reported that second quarter revenues declined more than 14% to $56.5 million. Net income for the quarter was $2 million, compared to net income of $8 million for 2Q/07. Purchased receivable revenues declined 14% to $56.2 million for second quarter. During the second quarter, the Company used $65.3 million to purchase charged-off consumer debt portfolios with a face value of $1.9 billion, for a blended rate of 3.38% of face value.
The Company also announced that COO Rion Needs will become President and CEO effective January 1, 2009. Current President and CEO Brad Bradley will remain as non-executive Chairman of the Board. The Board also voted to increase the total number of directors from eight to nine to add Needs. For complete details on AACC’s second quarter performance visit CardData ([www.carddata.com](http://www.carddata.com)).
Asset Acceptance Capital Revenues
2Q/07: $65.9 million
3Q/07: $52.6 million
4Q/07: $62.2 million
1Q/08: $64.4 million
2Q/08: $56.5 million
Source: CardData (www.carddata.com)
A monthly survey reveals that consumers are seeing spending for necessities grow and budgets for discretionary spending shrink. However, the latest “Discover U.S. Spending Monitor” rose 1.4 points in May to 86.8, still showing very little retreat from the prior economic concerns. The Discover poll found 54% of consumers say their finances are getting worse and 43% saying that shortfalls in income would force cutbacks in their current lifestyle. The most important factor in the spending outlook appears to be the record-high price of gasoline. Consumers’ views of their personal finances also show stark contrasts from a year ago, as a “Monitor” high 54% think their personal finances are getting worse, compared to 44% a year ago.
Standard Chartered has launched its ‘Gold Business Credit Card’,
co-branded with Singapore Airlines, to provide cardholders with a
flexible rewards program. The program, known as “KrisFlyer”, is
provided by Singapore Airlines and converts Business Rewards
to “KrisFlyer” reward miles, offers preferential rates and discounts
on various products and services. This partnership allows card
members to benefit from such perks as a discount membership to
Best Western Hotels, which has over 4100 hotels across the World,
20% discounts with DHL, a 20% discounts with Emirates Trading
Establishment, 15% Xerox discounts, 12% discount with CADD
Emirates and up to 40% discounts with Thrifty Car Rental.
In response to the popularity of debit card use, which outweigh the number
of issued credit cards by 77% according to VISA, Citibank has teamed
with Emirates Airline to provide the “Skywards” rewards program for its
debit card customers. The “Emirates-Citibank Debit Card” provides ATM
card functionality with frequent-flyer reward benefits, such as
promotions, that ensures against fraud. Currently, the “Skywards” program
provides over 3 million customers with “Skywards Miles” on every flight
with Emirates Airlines and its partner airlines, when patronizing partner-
hotels and partner-auto rental organizations. Citi has more than 170
million cards in circulation around the world, has had Mid-East
operations for nearly 50 years and oversees more than 200 million
Asset Acceptance Capital Corp. has appointed Rion B. Needs, most recently SVP and GM of Purchasing Services at American Express to the newly created position of COO. During the past 22 years, Needs has served in a variety of executive roles at American Express. As Senior Vice President and General Manager of Purchasing Services. In this capacity, Needs fundamentally transformed the purchasing function at American Express through a series of strategic expense reductions, operational enhancements and systems integrations, resulting in billions of dollars in cost savings over a multi- year period. Needs also served as strategic advisor to the American Express senior management team on issues of cost rationalization, corporate reengineering, process improvement and technology development. Asset Acceptance provides credit originators, such as credit card issuers, consumer finance companies, retail merchants and utilities an alternative in recovering defaulted consumer debt.
Bank Audi Syria has launched its first international credit card and the first of its kind in the country. The new “Bank Audi Syria Gold VISA,” offers cardholders the ability to settle their bills through monthly payments which suit their income (10% of their monthly bills), or in full, at 0% interest. Bank Audi Syria says it has has implemented a strategic plan focusing on the electronic cards and services market in Syria. The Syrian market is a very promising one, although it is relatively new to the electronic payment system. The new card also offers free IAPA membership which offers “VISA Gold” cardholders up to 50% discounts at more than 20,000 hotels worldwide, and up to 30% discounts at car rental companies worldwide, in addition to a free membership in the “Priority Pass” program which gives cardholders access to VIP lounges in over 500 airports, regardless of the plane ticket class.
VISA USA has introduced three new free web-based allowance calculators designed to help parents monitor their kids’ spending habits and providing a solid money management foundation. The calculators help parents set appropriate allowances for kids of all ages based on the following factors: what parents themselves received for an allowance as children, needs- based expenses versus discretionary spending, and saving for a goal. A recent VISA survey of credit and debit cardholders found that less than 50 percent of respondents learned how to manage money from their parents and 41 percent of those surveyed said they learned the hard way or were self-taught. Parents can access the allowance calculators in the “At Home” section of Practical Money Skills for Life at http://www.practicalmoneyskills.com/allowance.
Maharashtra-based Royal Sundaram Alliance Insurance Company and Citibank have launched a credit card that offers free medical insurance, special hospital benefits, pharmacy discounts, plus a rewards program. The rewards program for the new “Royal Sundaram Citibank VISA” offers (per Rs. 125) five points of insurance premiums billed to the card account, three points for hospital, pharmacy and utility bill payments made with the card and one point for all other spending. Each “Rewards Point” is worth Re 1 and is redeemable against either Royal
Sundaram insurance premium or Citibank’s reward program. Royal Sundaram has one million customers. VISA has more than 33 million cards in India.
MasterCard’s Debit Centre of Excellence has been awarded the prestigious Chairman’s Award at the “Lafferty European Credit Card and Consumer Finance Awards 2004.” The annual award recognize the industry’s leading players from processors to issuers, as well as the most dynamic and innovative newcomers, and their achievements over the last 12 months. The Chairman’s Award, one of the most prestigious of the categories, is being made to MasterCard for its proactive stance to lead the market rather than follow. MasterCard’s global Debit Centre of Excellence is based in Waterloo. It was established following the merger between MasterCard International and Europay International in June 2002. The aim was to bring together debit specialists from Europay and MasterCard to work with debit teams around the world for the benefit of their local customers.