Capital One’s third quarter earnings were relatively good as the company delivered a 1.43% return on average assets (ROAA), up from the sequential quarter which was impacted by a large restructuring charge, but down 8 basis points from the year-ago quarter.
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.
MoneyGram signed an agreement with Southeast Bank Limited (SEBL), a Bangladesh-based private commercial bank, and is now offering money transfer services at the bank’s branches across the country. The agreement increases MoneyGram’s presence in Bangladesh, adds it to its growing agent network, and makes the company’s services easier for customers to access. The addition of SEBL to MoneyGram’s agent network in Bangladesh creates an easy-to-access footprint of locations with MoneyGram services.
Bank of Ningbo has deployed its 500 ATM on the NCR APTRATM Edge multi-vendor software application while its network has been migrated to be compliant with EMV1 (PBOC 2.02) card payment standards. NCR has installed its Terminal Management Services solution, which provides real-time remote monitoring and recovery ability to ensure the ATM network’s availability and visibility. In addition, NCR has upgraded Bank of Ningbo’s ATM network with a suite of security solutions, including NCR Remote Key Management solution, Dynamic eLock Management Platform, and SolidCore for APTRA security solution, which will help improve security and ATM uptime. NCR immediately kicked off the project through detailed testing and analysis of its multi-vendor ATM environment, and implemented software to be shared among different vendors’ ATM terminals.
BSI Financial Services (BSI) has selected the Fiserv “LoanServ” platform. BSI is replacing its previous banking system with LoanServ from Fiserv to automate many of its manual processes and provide enhanced default management capabilities and other services to its clients. Deploying “LoanServ” strengthens BSI business model and provides an advanced technology platform to support unprecedented growth. The “LoanServ” platform is available to help automate all loan servicing processes, including integrated default management and collections, cashiering, escrow and investor accounting for both closed-end and revolving loans.
Western Union signed agreements with Industrial and Commercial Bank of China (ICBC), allowing customers to send or receive money from their online bank accounts on a 24/7 basis around the world through Western Union’s global network. ICBC can now activate the Account Based Money Transfer Service which will allow customers to receive funds in US or RMB currencies. ICBC is a much awarded bank on a global and national scale and has a portfolio of 282 million account holders, of which 115 million are activated for online banking. The agreement with Western Union will propel ICBC to lead Bank account-linked inward and outward remittances in a nation that receives the second largest amount of remittances in the world – US$62 billion based on the World Bank 2011 data.
TCF Financial Corporation posted 1Q/11 net income of $29.7 million, compared with $33.9 million in the first quarter of 2010. With this, card revenues totaled $26.6 million, down 1.8% from 1Q/10 and down $1 million by 3.8% from 4Q/10, thanks in great part to seasonal decreases in sales volume. Meanwhile, the net interest margin was 4.06 percent, compared with 4.21 percent in the first quarter of 2010 and 4.05 percent in the fourth quarter of 2010. Also, its banking fees and service charges only reached $53.5 million, down $12.7 million by 19.1% from 1Q/10 and down $8 million by 13% from 4Q/10. This is a direct reflection of overdraft fee regulations implemented in 3Q/10, a decrease in the number of checking accounts and customers maintaining higher average deposit balances, lower seasonal activity and lower monthly maintenance fees as more customers qualified for fee waivers.
TCF is leading the fight against the Durbin Interchange amendment. Questioning the constitutionality of the Durbin Amendment’s exemption for banks with assets less than $10 billion under the equal protection clause of the U.S. Constitution, TCF is adamant the government’s position on a two-tier pricing system for banks above and below $10 billion in assets will eventually result in a single rate to all banks is speculation on the government’s part.
Commerce Bancshares announced earnings of $.69 per share for the three months ended March 31, 2011 compared to $.50 per share in the first quarter of 2010, an increase of 38.0%. Net income for the first quarter amounted to $60.5 million compared to $44.2 million in the same quarter last year while the return on average assets totaled 1.32%, the return on average equity was 11.9% and the efficiency ratio was 59.6%. Total assets at March 31, 2011 were $19.0 billion, total loans were $9.4 billion, and total deposits were $15.5 billion.
Global Debt Registry (GDR) is now included on Visa’s list of PCI DSS compliant Service Providers thanks to its commitment to the very highest industry standards for protecting confidential consumer data throughout the securitization and receivable lifecycle management process. Global Debt Registry delivers significant consumer protections as well as measurable ROI benefits to all participants in the Accounts Receivable Industry by providing the nation’s only proven, patent-pending AR titling solution. GDR maintains the integrity of traded data and documentation (validates debt); maintains accurate ownership (account-level chain of title); and provides automated access for media lifecycle management.
Hypercom has won contracts with the Bank of the Philippine Islands
(BPI), which will now offer Hypercom card payment through its more than
800 branches. BPI will begin deploying thousands of Hypercom Optimum
payment systems to merchants across the country over a three-year mass
rollout. Global payment technology leader Hypercom Corporation delivers
a full suite of high security, end-to-end electronic payment products,
software solutions and services to address the high security electronic
transaction needs of banks and other financial institutions, processors,
large scale retailers, smaller merchants, quick service restaurants, and
users in the transportation, petroleum, healthcare, prepaid,
self-service and many other markets. Hypercom is also a founding member
of the Secure POS Vendor Alliance (SPVA).
Hypercom has won contracts with the Bank of the Philippine Islands (BPI), which will now offer Hypercom card payment through its more than 800 branches. BPI will begin deploying thousands of Hypercom Optimum payment systems to merchants across the country over a three-year mass rollout. Global payment technology leader Hypercom Corporation delivers a full suite of high security, end-to-end electronic payment products, software solutions and services to address the high security electronic transaction needs of banks and other financial institutions, processors, large scale retailers, smaller merchants, quick service restaurants, and users in the transportation, petroleum, healthcare, prepaid, self-service and many other markets. Hypercom is also a founding member of the Secure POS Vendor Alliance (SPVA).
With 69% of CFOs most concerned with the challenge of managing cash flow, only 7% plan to slash expenses in 2011. Meanwhile, 39% expect their capital investments to increase next year, mostly on new technology, and 41% will focus on proper capital allocation and cash flow management. Additional findings, according to a recent TD Bank survey of small and medium sized companies, shows 78% projecting the recovery to take up two years to materialize, with the surest signs of a lasting upturn accredited to falling unemployment rates for 46%; 21% depending on sustained growth in their own organization’s sales; and 9% looking to an influx of new customers as an indication. Also, 45% of financial executives have seen their sales increase in the past year, of which 25% say by 10% or more; 58% project their sales to increase in the next year, of which 25% say by 10% or more; 46% believe the most likely constraints on capital investments will be cash flow; 18% blame unsure levels of funding from clients and government; 13% say the political climate is strangling cash flow.