Reengineering back office processes, the increased digitalization and automation of these processes as well as smart document management are decisively contributing to increasing the productivity and efficiency of different financial entities in various countries.
CardWeb.com’s CardData database of Company Profiles today features Ingo Money.
Ingo Money announced the addition of Dickson Chu as executive vice president, Corporate Development and chief product officer. In this role, he will lead the company’s strategic corporate development efforts and oversee the evolution and development of Ingo Money’s product roadmap and user experience. Chu brings over 25 years of leadership experience in financial services technology, digital payments and marketplace innovation. An accomplished general manager and innovator, Chu most recently served as investor and active advisor to a number of emerging companies. Previously, Chu served as senior vice president, Merchant Solutions at LivingSocial, evolving the company’s strategy to create a new merchant-focused business line. He also spent nearly two years at Citi as managing director, Digital Networks in the Global Enterprise Payments business unit, where he was responsible for the development of global e-commerce and m-commerce capabilities, as well as the development and launch of Citi’s Google Wallet platform. Before joining Citi, Chu spent six years at PayPal, most recently serving as vice president and head of Global Products and Experience. In this role he led product strategy, development and user experience design for millions of consumers and merchant customers, having previously served as global general manager for PayPal’s Global Merchant Services business, which he helped grow from $60 million to more than $1 billion.
Genpact Limited business process and technology management and Ariba commerce network expanded their alliance beyond invoice solutions to encompass the full suite of Ariba’s cloud-based collaborative business commerce solutions into Genpact’s source-to-pay offering. Genpact will combine Ariba’s solutions with its comprehensive service offerings to create a new turnkey offering that will enable medium to large enterprises to improve their visibility into the procurement process and drive greater cost savings. The news came during Ariba LIVE Barcelona, the business commerce event of the year. The joint solution will provide clients with access to all aspects of the Ariba Collaborative Commerce Platform including cloud-based applications; a community of partners; and
Capabilities in the form of best practices and community-derived intelligence.
Citigroup reported second quarter 2011 net income of $3.3 billion, or $1.09 per diluted share, on revenues of $20.6 billion. Second quarter net income grew 24% from the prior year period and 11% from the first quarter 2011, while net revenues were 7% lower versus the prior year period and 5% higher than the first…
American Express U.S. Card Services posted 4Q/10 net income of $701 million, up 70% from $413 million a year ago. Total revenues net of interest expense increased 18% to $3.8 billion from $3.2 billion. This was thanks in part to higher cardmember spending. Provisions for losses totaled $111 million, down 68% from $346 million a year ago thanks to improved credit quality. Total expenses increased 18%, with marketing, promotion, rewards and cardmember services expenses up 16% from the year-ago period and salaries and employee benefits up 22%. The American Express International Card Services, meanwhile, reported 4Q/10 net income of $102 million, up 48% from $69 million a year ago. Total revenues were up 2% to $1.2 billion, also thanks to higher cardmember spending, while provisions for losses totaled $80 million, down 75% from $324 million a year ago.
American Express will experience restructuring and other reengineering charges of $113 million with Company-wide consolidation by the end of 2011. With this, its facility in Greensboro, North Carolina, will be closed while work will be transferred to other locations in the U.S. Subject to local consultations or feasibility studies; Madrid, Spain service operations will be moved to Brighton, U.K. and the Buenos Aires, Argentina location while service for Japanese customers will move from Sydney, Australia to Japan. This restructuring is anticipated to deliver annualized savings of approximately $70 million, starting in 2012. Also later this month American Express is anticipating a fourth quarter net income of $1.1 billion for an increase of 48% from $716 million in 4Q/09.
American Express reported a $522 million 2Q/10 profit for its U.S. card services business, following a $153 million loss in the year ago period and a $428 million gain in 1Q/10. Total revenues net of interest expense increased 27% to $3.6 billion from $2.9 billion thanks to the consolidation of securitized cardmember loans, related debt onto the balance sheet in the first quarter and cardmember spending up 16%. Provisions for losses totaled $519 million, down 56% from $1.2 billion a year ago while total expenses increased 18%. These expenses include marketing, promotion, rewards and cardmember services, up 36% from the year-ago period.
American Express U.S. Card Metrics
3Q/08: +$244 million
4Q/08: +$ 4 million
1Q/09: (-$ 25 million)
2Q/09: (-$153 million)
3Q/09: +$109 million
4Q/09: +365 million
1Q/10: +$428 million
2Q/10 +$522 million
Source: CardData (www.carddata.com)
TRX process automation has reaffirmed compliance with PCI Data Security Standard v1.2 compliance. TRX reaffirmed compliance with the latest standards after undergoing an extensive on-site audit conducted by an independent third-party, operating in accordance with the PCI Security Standards Council. TRX has adhered to a data security standard designed to provide additional assurances that client-confidential data is kept secure. As part of the certification maintenance process, TRX undergoes quarterly external vulnerability assessments to ensure that key systems remain secure and compliant between annual certifications.
Reid E. Simpson has been appointed SVP and CEO, Asset Acceptance Capital, effective May 17, 2010. Simpson was most recently the CFO, Aircell in-flight mobile broadband services. Reid was also the CFO of eCollege.com, CFO of CCC Information Services, an advanced software, communication systems, internet and wireless-enabled technology solutions to the automobile claims and collision repair industries. Prior to this he held CFO positions at Dun & Bradstreet Plan Services (from 1988 to 1991), Nielsen Marketing Research (from 1991 to 1993) and DonTech (1993 to 1997).
American Express reported a $365 million 4Q/09 profit for its U.S. card
services business, following a $109 million profit in the third quarter
and $64million in 4Q/08. Total revenues net of interest expense for the
fourth quarter decreased 4% to $3.1 billion, driven by lower commissions
and fees, as well as lower net card fees. Provisions for losses totaled
$346 million compared to $1.1 billion in the year-ago period, reflecting
lower loan volumes and improvements in charge card and lending credit
trends. The net loan write-off rate was 7.5%, down from 8.9% in the
third quarter and up from 6.7% a year ago. Owned net write-offs were
8.0% in the quarter, down from 9.8% in the third quarter and up from
7.0% a year ago. Marketing, promotion, rewards and cardmember services
expenses increased 23% from year-ago levels thanks to increased marketing
investments and higher volume-related rewards costs.
American Express U.S. Card Metrics
Charge-Offs Delinquency Net Income
3Q/08: 5.9% 3.9% +$244 million
4Q/08: 6.7% 4.7% +$ 4 million
1Q/09: 8.5% 5.1% (-$ 25 million)
2Q/09: 10.0% 4.4% (-$200 million)
3Q/09: 8.9% 4.1% +$109 million
4Q/09: 7.5% 3.7% +365 million
Source: CardData (www.carddata.com) )
American Express reports that gross dollar volume on its international cards topped $55 billion in the third quarter, rising 10%, as the recovery outside USA gains ground. However, the AmEx international cardbase declined to 32.8 million cards, compared to 33.4 million in the prior quarter and 34.3 million one year ago. International card income soared by 90% to $127 million, as total revenues net of interest expense decreased 7%, provisions for losses decreased 21% and expenses decreased by 16%. As a result, the pretax margin jumped to 11.1% for the third quarter, compared with 0.1% for 3Q/08. “Marketing, Promotion, Rewards and Cardholder Services” Expenses decreased 22%, reflecting reduced marketing and promotion expenses and lower rewards costs. “Discount Revenue, Net Card Fees and Other” declined 10%, driven primarily by the lower level of card spending, decreased other commissions and fees, lower other revenues and reduced travel commissions and fees, partially offset by an increase in net card fees. For complete details on American Express’ third quarter performance visit CardData (www.carddata.com).