DFC Global financial services for the unbanked and under-banked announced selected, preliminary financial results for its fiscal quarter ended March 31 with an adjusted EBITDA of between $52 to $54 million. Company lowers its fiscal 2013 diluted operating earnings guidance, which excludes any one-time charges or gains that may occur, the non-cash impact of ASC-470-20,…
Mogreet mobile messaging launched Mogreet Express self-service text messaging platform for small- and medium-sized businesses (SMBs) to use text and multimedia messaging to communicate with their customers on mobile devices. Mogreet Express is an extension of Mogreet’s enterprise text marketing solution, offering SMBs an innovative way to communicate with their customers. Mogreet’s platform – which is able to reach 2 billion consumers and used by major retail and entertainment brands – will now give SMB owners the ability to use the same trusted services to effectively reach their consumers. Using Mogreet Express, businesses can build a mobile customer database and drive sales with branded promotional offers.
BBVA Compass redesigned bbvacompass.com, offering more customer-centricity. The new bbvacompass.com is visually enhanced and streamlined to offer customers clear direction on the products and financial solutions best suited to them. Using rollover navigation, the site simplifies the process of finding a product, while a home page sign-in for online banking gives customers direct access to their personal accounts.
Made commercially in November, Coalfire Systems PCI Qualified Security Assessors validated Heartland Payment Systems’ “E3” end-to-end encryption magnetic stripe reader wedge eliminates the scope of the Payment Application Data Security Standard (PA-DSS) for POS developers. The “E3” reader prevents plaintext data from being available to the payment application, removing the payment application from PA-DSS scope and encrypts sensitive cardholder data in a tamper-resistant security module to offer a variety of security options to merchants using computer-based POS systems. To fully eliminate PA-DSS scope, Coalfire specifies provisions including that no encrypted data can be stored locally; no other payment systems can be supported; and that merchants cannot possess or have access to decryption keys in their retail or corporate environments. Coalfire also determined the “E3” wedge solution can provide significant risk mitigation of data compromise and is one of the most effective data security controls available to merchants; its use of Format Preserving Encryption (FPE) meets encryption best practices and standards for cryptographic algorithms and key strength and meets industry standards and VISA best practice guidance; and its use of Identity-Based Encryption key management processes removes most of the challenges of key management for the merchant that have been found in many other end point encryption solutions.
F5 Networks and CA-based DNS, DHCP and IPAM solution provider
Infoblox have partnered to speed Domain Name System Security
Extensions (DNSSEC) deployment.
Infoblox’s industry-leading DNSSEC features replace manual key
generation and zone signing with a “one-click” process that generates
and securely distributes encryption keys to all appliances in the
Infoblox Grid that serve DNSSEC data. F5 provides a FIPS-compliant
option to satisfy the most stringent military grade key security. Both
F5 and Infoblox systems handle the NIST recommended key policies and
automatic rollover. This configuration mitigates denial of
service attacks on DNS and allows
customers to manage the adopt IPv6.
The Hong Kong Monetary Authority has published its 4Q07
credit card lending survey, reflecting an 8.8% increase in card
receivables, due largely to salaries tax payments, and a 1.6% increase
in total cards issued. Moreover, since 3Q07, the survey demonstrates
the amount customers spent with their credit cards reached HK$24.6
billion, up HK$.2 billion, the charge-off amount dropped HK$38 million
and the annualized charge-off ratio dropped by .37%. Also for 4Q07,
the delinquency ratio dropped to 0.35% and rescheduled receivables
remained at HK$52 million, while the combination of the 2 ratios
declined to 0.42%.
The Hong Kong Monetary Authority has released the findings of
its 4Q07 credit card survey showing card receivable increases of
8.8% and total card accounts up by 1.6% for the quarter.
Moreover, the total customers charged on credit cards amounted
to HK$24.6, up .2 billion from 3Q07, while charge-offs decreased
by HK$38million since the previous quarter. Other findings show the
delinquency ratio dropped to 0.35% while rescheduled receivables
remained at HK$52 million for a combined ratio decline of 0.42%.
According to Lafferty Research, credit card use among Turkish
consumers has surged 523% since 2002 with a total volume of
$17.9 billion for 2007 and is showing no signs of slowing growth.
Additional findings show that total debt on credit cards account
for only 20% of consumer spending, affecting 36 million consumers
in 2007, up from 15 million in 2002. Given these findings, the
research group concludes that Turkey is now among the top ten
most profitable global card markets with profits of $1.8 billion in
2007. Lafferty Group’s Turkey research examines trends in the
Turkish consumer finance and the payment cards market.
Consistent with past practices, AR-based Pulaski Bank and Trust Company has unloaded a new batch of super prime credit cardholders outside its local footprint. The issuer received 29,000 applications and increased receivable balances by $10.9 million last year, reaching $58.8 million in outstanding balances as of December 31st. In a deal, which closed last week, Pulaski sold $30.4 million in credit card receivables for a 22.7% premium. During 2007, the portfolio experienced losses of 1.46% of outstanding balances, had an average FICO score of 726, and had loans past due 30 days or more of only 0.82% in the fourth quarter. Since 1997, Pulaski has periodically sold credit card receivables at significant premiums, and replenished balances over time. The Company anticipates no significant change in its current national credit card market origination operations during 2008.
PULASKI PORTFOLIO HISTORICAL
1997 2002 2005 2008
Receivables Sold $18.8mm $34.0mm $34.0mm $30.4mm
Premium 20.0% 18.8% 17.4% 22.7%
Source: Pulaski Bank
Recent research conducted by the Lafferty Group shows the U.S. and
Canadian credit card market trends are currently opposite one another.
While the Canadian credit cards have been increasing by 7% annually
over the past 3 years the U.S. market has dropped 1% over the same
time period. Furthermore, Canadians on average use their card three times
a month while the average American uses theirs less than twice a month
and Canadians rollover only 50% of outstanding card balances per
month while Americans rollover an average of 75% of their balance. Aside
from these findings, the research shows that profits per card in both
countries is relatively equal at CAD $58 for Canadian-issued cards and
CAD $55 for American. Further research by the company shows that
nearly half of all cards offer a reward program in one form or another.
The Hong Kong Monetary Authority has reported 2Q07 survey results
showing that, after a 6.3% decrease in 1Q07, card receivables have
increased by 2.1%. Other information collected through the survey
shows that the total number of credit card accounts rose 2.4%, the
amount charged to credit cards fell HK$.2 billion, charge-offs
increased by 9 million, and the charge-off ratio rose by .13%.
Additionally, the survey shows that delinquency rose by HK$14 million
since 1Q07 and the amount of rescheduled receivables remained stable
at HK$51 million.
The Hong Kong Monetary Authority (HKMA)has announced its findings
on credit card lending for 1Q07. Total card receivables decreased by
6.3% in the
quarter after rising by 11.8% in 4Q06, the transfer of nearly HK$126
million outside the credit card portfolio contributed to the decline in
receivables, the number of credit card accounts rose by 1.1% and
borrowing increased by HK$.1 billion. In addition, the charge off total
increased by 0.79% from HK$0.54 billion in 4Q06, charge-off ratio rose
.04% from 3.13%, The delinquent amount decreased to HK$262 million
by 7 million from 4Q06, however, this ratio increased to 0.39% from
0.37%. The HKMA surveyed authorized institutions (AIs) and some
subsidiaries of AIs that are engaged in credit card business for this data.