American Bill Pay and American Benefits Foundation are getting slammed again by the FTC. Two new defendants have been named in a case against a phony debt relief and credit repair scheme.
MA-based MineralTree has received $11 million in Series B funding. The latest round was led by First Data.
NACHA Electronic Payments Association announced the recipients of its 2011 Payments System Awards. The winners are being recognized during the Payments Systems Award Luncheon, sponsored by TD Bank, at NACHA’s PAYMENTS 2011 conference. The Payments System Awards recognize outstanding individuals and organizations for their superior leadership, innovation, and excellence in the development, implementation, or advancement of electronic payments. This year’s awards recipients include the 2011 Kevin O’Brien ACH Quality Award; the 2011 NACHA PayItGreen Award; and the 2011 George Mitchell Payments System Excellence Award. NACHA celebrates the achievements of these three award winners for outstanding contributions to the industry.
United Bank Card (UBC) ISO partners are now able to offer potential merchants a free “Harbortouch” POS system with integrated payments The “Harbortouch” POS offers higher than average residuals and virtually non-existent attrition while providing a valuable tool to merchants. The standard “Harbortouch” system utilizes 5-wire resistive technology to help it last up to 35 million touches and features 160GB of storage space and 1GB DDR2 memory. Additionally, the “Harbortouch Hospitality 3.0” improves significantly on its predecessor with the addition of new Harbortouch Retail software that is wizard-based to guide the merchant step-by-step through the initial setup. This simplified setup process and intuitive user interface offer an easy transition for merchants so they can take advantage of all the benefits of POS without all the hassle.
The U.S. consumer ABS has to date experienced downgrade rates more
typical of a recessionary climate. This, according to Fitch Ratings in a
new study describing the impact to date of the recessionary surge in
delinquency rates on credit quality across U.S. consumer ABS asset
types, offers some contrast to areas directly exposed to the severe U.S.
housing market downturn. It shows delinquency rates vary considerably
with 60+ day delinquency rates of 4.1% and 0.8%, respectively, across
prime credit card and prime auto loan transactions; student loans in
forbearance reached 10.7% in 1H/09; and the downgrade rate on Fitch
rated credit card, auto and student loan bonds were 0.9%, 3% and 6.6%,
respectively, in September. Asset and ratings performance has
demonstrated trends similar to those seen during the 2001 recession
while the resilience of ABS ratings is driven by; structural features;
conservative loss expectations; and stable credit enhancement levels.
Click here for the full story in PDF format.
Consumers use credit cards to pay for more than eight out of ten purchases in European online retailing. New Research shows that credit cards share rose almost 6% year-on-year. The “Pago Retail Report 2008,” which was recently published by Deutsche Card Services also shows that that 5.04% of all retail transactions were paid for by offline methods and 11.97% by direct debiting. Their shares in overall e-commerce are only 0.77% and 8.34%. However, offline payment and direct debiting lose ground to credit cards in online retailing.
Consumers use credit cards to pay for more than eight out of ten purchases in European online retailing. New Research shows that credit cards share rose almost 6% year-on-year. The “Pago Retail Report 2008,” which was recently published by Deutsche Card Services also shows that
that 5.04% of all retail transactions were paid for by offline methods and 11.97% by direct debiting. Their shares in overall e-commerce are only 0.77% and 8.34%. However, offline payment and direct debiting lose ground to credit cards in online retailing.
A new survey has found that consumer interest in mobile banking and
payments services has risen significantly over the past two years.
About three out of four surveyed indicated they would consider using
mobile banking services if offered, compared to 49% in March 2006. The
poll, conducted in April for Fiserv by MQA Research, also found that
security continues were a concern to 72%, yet 82% of consumers say they
would sign up with their financial institution for mobile security text
messages that would alert them of password changes and other access
changes, while 79% would sign up for account balance alerts. Cost was
the second-most cited concern about mobile banking services.
Additionally, the survey revealed that consumers under age 35 are less
bothered than older segments with traditional barriers cited in the
study to new technology adoption such as lack of knowledge about how
The U.S. District Court for the Middle District of Florida has issued a warrant for the arrest of a payment processor. The court found Ira Rubin in contempt for multiple violations of a 2006 TRO and a 2007 PI, stopping his cross-border payment-processing scheme. On January 15th, the court ordered Rubin to appear personally and show cause why he should not be held in contempt by continuing to engage in payment processing, misappropriating over $500,000 in receivership assets, concealing $95,000 in credit card charges from the Commission, lying on his sworn financial statement, and hiding 13 boxes of corporate records. Rubin failed to appear for the hearing. According to the FTC, Rubin operated Global Marketing Group which provided substantial support and assistance to at least nine Canadian telemarketing firms that sell non-existent credit cards to U.S. consumers.
The Ceres Investor coalition has recently released its report on the most
climate-friendly consumer programs among the world’s 40 largest banks.
Ranking 16 U.S., 15 European, 5 Asian, 3 Canadian and 1 Brazilian bank,
Ceres used a point scale from 1- to 100, with “100” being the highest,
based on each institution’s ability to meet requisite criteria. This
combined with how well banks were judged, were used to determine how
well response was to climate change, such as internal greenhouse gas
reduction targets and funding for clean energy projects. With this, the
coalition found a median bank score of 42 points, European-based HSBC
Holdings to have the best rank with 70 points and ABN AMRO in a close
second having scored 66 points. Among 16 US Banks, Citigroup and Bank
of America posted the highest scores of 59 and 56, respectively. On the
opposite end of the spectrum, Franklin Resources scored only 1, followed by
Bear Stearns which came in last with 0. Additional results of the research
found that, among these banks, over 50 research reports on climate change
have been conducted in 2007, 28 of the banks have disclosed their
GHG emissions from operations, only 6 are formally calculating carbon
in their loan portfolios and not one bank has formally initiated a
avoidance policy. Overall, Ceres concludes that collectively these
do more to promote a safe and healthy earth. Ceres organization coalition
works with companies to address sustainability challenges, is composed
institutional investors and has collective assets of over $4 trillion while
RiskMetrics Group provides risk management products and services to
financial market participants.
A new report concludes that Americans are using credit cards to bridge the gaps created by stagnant wages and higher costs of living. The research by NYC-based Demos suggests that cardholders are trapped in a cycle of debt with unnecessarily punitive fees and interest rates. From 1989 to 2004, the percentage of cardholders incurring fees due to late payments of 60 days or more increased from 4.8% to 8.0%. Demos also says 46% of very low-income credit card-indebted households spent more than 40% of their income to pay off debt. About 84% of African-American households and 79% of Latino households carried credit card debt compared with 54% of white households. Additionally, since 1989, Americans over 65 have experienced the greatest increase in the amount of credit card debt carried. The average balance for this age group increased 194% from $1,669 in 1989 to $4,906 in 2004.