More than six billion VantageScore credit scores were used in the 12-month period running from 3Q/14 to 2Q/15. The Company says it is a 100% increase over the previous 12-month period.
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.
Gloucester Credit Card Trust announced MBNA Canada Bank, in its capacity as seller and BNY Trust Company of Canada as custodian will randomly remove accounts that have been identified as being included in MBNA’s credit card receivables securitization program. In connection, approximately $2,250,000,000 of credit card receivables and related assets thereunder will be removed from the pool of credit card receivables and related assets in which the Trust has purchased undivided co-ownership interests (the “Custodial Pool”). Also, MBNA will identify additional accounts to be included in the Program and, in connection with such addition, approximately $1,150,000,000 of credit card receivables and related assets thereunder will be added to the Custodial Pool.
The banking sector will be pivotal to Europe’s low carbon transition, and will finance and intermediate the vast majority of the EUR2.9 trillion capital required to implement low carbon infrastructure from 2011 – 2020. This is meant to help the Continent bring its emissions to 83% of 1990 levels by 2020 for a carbon abatement of 2.2 Gt CO2e. This, according to the “Carbon Capital” report published by Accenture and Barclays, also shows capital markets are to unlock EUR1.4 trillion for low carbon technology while 73% (EUR1.65 trillion) is to come externally from unprecedented demand for private capital and associated bank products and services. The largest share will be debt to finance the development of low carbon technology assets. The report calculates that securitization of the debt into “green bonds” – low carbon technology asset-backed securities – could provide access to secondary markets for €1.4 trillion of capital required, providing new products for pension funds, individual and other institutional investors.
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.
U.S. Bancorp reported net income of $974 million for 4Q/10, driven by record total net revenue of $4.7 billion and a provision for credit losses lower than net charge-offs by $25 million. Contributing to this success was $2 billion in new lines related to new credit card accounts. Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate and purchasing card services, consumer lines of credit and merchant processing and contributed $266 million of the Company’s 4Q/10 net income. This is up $206 million since the year ago period and up $51 million over the prior quarter. Total net revenue for the segment increased $12 million (1.1%) since the year ago period while net interest income increased $5 million and total noninterest income increased $7 million since the year ago period thanks to increased transaction volumes. Finally total noninterest expense increased $43 million (9.2 percent) thanks to higher compensation and employee benefits expense and processing costs.
JPMorgan Chase reported fourth-quarter 2010 net income of $4.8 billion, an increase of 47% compared with $3.3 billion for the fourth quarter of 2009 while full-year 2010 net income was $17.4 billion, an increase of 48% compared with $11.7 billion for the prior year. For the Card Services division, net income was $1.3 billion, compared with a net loss of $306 million in the prior year, and total merchant processing volume was $127.2 billion on 5.6 billion total transactions processed. Meanwhile, end-of-period loans were $137.7 billion, a decrease of $25.7 billion, or 16%, from the prior year and an increase of $1.2 billion, or 1%, from the prior quarter. Average loans were $135.6 billion, a decrease by 17% of $27.6 billion from the prior year and $4.5 billion from the prior quarter. With this, net revenue was $4.2 billion, a decrease of $902 million, or 18%, from the prior year. The provision for credit losses was $671 million, compared with $4.2 billion in the prior year and $1.6 billion in the prior quarter, thanks to lower net charge-offs and a reduction of $2.0 billion to the allowance for loan losses due to lower estimated losses.
The Citi Agency and Trust business of the Global Transaction Services division has appointed Adrian Nye Regional Head in the Asia Pacific region. Bringing with him over 17 years’ experience in the securities industry- 13 of which in Asia and the last 10 with Citi- Nye will focus on broadening Citi’s range of corporate trust services available to regional issuers and intermediaries active in the capital markets, M&A, project finance and securitisation sectors. His experience stretches back to the Industrial Bank of Japan in London where he helped establish their Corporate Trust business. He subsequently held similar positions at Bankers Trust Company, focusing on both Corporate Trust and the Depositary Receipts business. He joined Citi in 2001 and moved to Singapore to grow their corporate trust presence in Asia.
As of Dec. 31, 2010, Discover Financial Services has acquired he Student Loan Corporation (SLC) from Citi to expand its presence in the private student loan market. This combines its operations with a top-three originator of private student loans in the US with more than 50 years of expertise. The sales reduce non-core assets in…
Home Trust chip-enabled credit card customers can now manage their PINs free of charge at Canada Post offices across the country. Home Trust is the first credit card issuer in Canada to subscribe to the secure, innovative, face-to-face PIN Card Services solution from Canada Post. Most financial institutions that issue credit cards handle PIN management at their ATMs. In the absence of its own ATM infrastructure, Home Trust has chosen Canada Post’s PIN Card Services solution to provide greater convenience to its customers. The Canada Post PIN Card Services solution was developed in close conjunction with FIS payments technology.
Eric Marks has been appointed Managing Director, Alliance Development, with Auriemma Consulting Group (ACG) payment industry consultants. Bringing with him nearly 15 years’ experience at BearingPoint/KPMG Consulting, where he built and managed major client relationships across the firm with prominent card companies and lenders, Eric also designed and led the Key Account program for Navigant Consultingâs Financial Services practice, and managed Capgeminiâs relationship with one of the worldâs largest banks. Additional appointments at the Company include Patricia Sahm having joined the firm in June as Managing Director, Knowledge Management, most recently with TRW Credit Data (now Experian) where she led the initial implementation of automated FICO scores; and John Costa as Managing Director, Financial Strategies, in January 2010, who was formerly the CEO of Promontory Asset Finance Company.
JPMorgan Chase reported 3Q/10 net income of $4.4 billion, an increase of 23% compared with $3.6 billion in the third quarter of 2009 and with $2.7 billion in the second quarter of 2009. Chase Card Services reported a net income of $343 million compared to a loss of $303million last quarter and loss of $672million loss the year ago quarter. Chase Card Services reported net revenue of $4.3million, compared to $4.2million last quarter and 5.2million the year ago quarter. Additionally, the division reported a provision for credit losses of $1.6 billion, compared with $5.0 billion in the prior year and $2.2 billion in the prior quarter, thanks to lower net charge-offs and a reduction of $1.5 billion to the allowance for loan losses due to lower estimated losses. Meanwhile, the net charge-off rate was 8.87%, down from 10.30% in the prior year and 10.20% in the prior quarter; the 30-day delinquency rate was 4.57%, down from 5.99% in the prior year and 4.96% in the prior quarter.
CHASE NET INCOME
3Q/08 $292 million
4Q/08 -$371 million
1Q/09 -$547 million
2Q/09 -$672 million
3Q/09 -$700 million
4Q/09 -$306 million
1Q/10 -$303 million
2Q/10 $343 million
3Q/10 $735 million