Wells Fargo & Company and EverKey Global Partners (EverKey) signed a definitive agreement for Wells Fargo to acquire EverKey. EverKey Global Partners was established in December 2007 and its 11-member team has offices in the Bahamas and New York and manages global equity strategies for institutional clients in Japan and North America. In line with WellsCap’s multi-boutique asset management model, the EverKey team will remain an independent investment team with no change to its structure, investment philosophy, or location; all day-to-day management will reside with the current team.
PreCash payment solutions has introduced its “Billocity” expedited bill routing and delivery service. Offering bill payment processors easier, faster and more profitable payment delivery “Billocity” uses virtual card accounts to help processors add revenue and deliver a better value to consumers and billers. An additional way to route expedited payments through a billerâs Internet and telephone channels using virtual payment card accounts, the bill routing solution accelerates average payment-delivery time, delivering consumersâ payments to avoid late fees and service disruption. “Billocity” offers payment for billers in the insurance, utilities, cable/satellite, wireless and local phone industries. PreCash processes about $1.6 billion dollars in payments annually across all product lines.
Competitive intelligence provider Corporate Insight has released a
report detailing the best consumer financial education tools provided by
the industryâs leading retail financial institutions. The report,
âConsumer Financial Education Today: Best Practices,â
indicates that in the past eight months alone, 33% of the self-directed
brokerage firms that Corporate Insight tracks have made major
improvements to their online education, incorporating interactive media
like webinars and other progressive features into their offerings.
Recommendations for how to achieve best practices in terms of content
and presentation are also included within the report. The report
highlights emerging trends for educating consumers about such timely
topics as home
financing in the current economic crisis, the proper use of credit,
planning for retirement across various life stages, options trading and
teaching young people about personal finance. Corporate Insight studied
the techniques used by industry leaders â like interactive online tools,
microsites targeting specific demographic groups, social media, and
webinars â and identified several best practices for each tactic. The
report provides detailed recommendations to help financial services
firms improve their existing educational content.
Career networking community Glassdoor.com has released its first annual
Employeesâ Choice Awards top 50 âBest Places to Work”. American Express ranked 34 and CEO
Ken Chenault was given a 80% approval rating.
USAA is ranking 36 and CEO John Robles enjoys a 83% approval rating.
Capital One comes in at 38 with a 68% approval for CEO Rich Fairbank and
Wells Fargo is ranked 45th with a 65% approval for CEO John Stump. The
ranking of the top 50 list was determined by each companyâs overall
rating on Glassdoor, which is the cumulative average rating from
employees who elected to participate in a 20-question survey that
addresses key workplace factors, including work/life balance, career
opportunities, communication, compensation and benefits, employee
morale, recognition and feedback, senior leadership as well as fairness
Equifax Inc. has elected John A. McKinley, co-founder of LaunchBox
Digital, to its Board of Directors, as Lee A. Kennedy, Larry L. Prince and
Jacquelyn M. Ward leave the Board. Previously McKinley was President,
AOL Technologies and
Chief Technology Officer and President, AOL Digital Services. Prior
thereto, he served as Executive
President, Head of Global Technology and Services and Chief Technology
Officer for Merrill Lynch & Co; Chief Information and Technology
Officer for General Electric Corporation;
and Partner, Financial Services Technology Practice, for Ernst & Young
International. He is a graduate of the Wharton School.
The company’s Board will consist of ten directors, including eight
independent directors. L. Phillip Humann will
assume the role of Presiding Director and will also chair the Board’s
Executive Committee and Compensation, Human Resources & Management
Succession Committee. Robert D. Daleo will chair the Finance Committee,
Siri S. Marshall will chair the Governance Committee and Richard F. Smith
will join the Finance Committee. Mark B. Templeton will move from the
Finance Committee to the Compensation, Human Resources & Management
First Data has signed a multi-year contract extension with MidAmerica BankCard Association, FDC’s first bankcard processing client, for credit card transaction processing and other card portfolio management services. MABA is a non-profit bankcard processing cooperative with 3.5 million accounts. Its members are 1st Financial Bank USA, Franklin Templeton Bank & Trust F.S.B., InfiCorp, INTRUST Bank and Zions Bancorporation. First Data Corp. provides electronic commerce and payment solutions for 4.1 million merchant locations, 1,400 card issuers and millions of consumers worldwide.
Kintera Inc. has launched the Kintera GivingFund. Through the online payment gateway, major donors can directly connect their Donor Advised Fund (DAF) to the nonprofit organization of their choice to immediately request funding a cause. The Kintera GivingFund payment choice is located with the MasterCard, Visa, Discover, American Express, PayPal and other payment options. Kintera provides an online solution for directed giving applications to more than 15,000 accounts in the nonprofit, government and corporate sectors.
Houston-based PreCash reported this week that payments on its nationwide network totaled $1 billion in 2003. PreCash reached this milestone through its exclusive offering of a simple and elegant alternative to customers who pay cash for subscription-based services such as cellular, Internet, cable/satellite television, etc. Unlike traditional cash payment methods, with the PreCash patented process, customers carry a reusable card that is permanently linked to their service account. PreCash has built the industry’s leading payment network that revolutionizes the way retailers and service providers collect cash payments for prepaid or postpaid subscription-based services. From its more than 22,000 retailers, PreCash is able to provide electronic access to the payment system to over 50 million Americans who do not have a credit card or bank account.
MA-based edocs has released “Focused Solutions” which includes a “Customer Self-Service for Credit Cards” solution that provides issuers with a complete end-to-end Web application that deflects customer calls by moving common customer inquiries to the company’s Web site. edocs is best known for developing and delivering comprehensive e-billing and online customer care systems for some of the leading companies in the world. Initially, edocs will offer three types of pre-packaged solutions: e-Statements, e-Billing, and Customer Self-Service. Solutions like e-Statements for Banking move transactional statements like those for checking/savings accounts, trade confirmations and tax documents online to improve customer access to account information and reduce paper and mailing costs.
Early returns in the “2Q/03 Portfolio Survey” has found weak growth in credit card outstandings. Based on returns from smaller issuers with outstandings between $28 million and $87 million, second quarter outstandings were up a mere 60 basis points from one year ago. The siphoning-off of credit card debt by home equity and home refinancing plus the sluggish economy appear to be factors. For complete details on the latest 2Q/03 portfolio reports visit CardData ([www.carddata.com]).
2Q/03 Early Bank Credit Card Early Snapshot
Issuer 2Q/03 OUT 2Q/02 OUT CHANGE
Randolph Brooks FCU (TX) $87,027,410 $84,738,119 +2.7%
Franklin Templeton B&T (UT) $35,801,058 $33,781,209 +6.0%
San Mateo CU (CA) $33,300,000 $34,900,000 -4.6%
Tinker CU (OK) $30,069,241 $30,200,000 -0.4%
Andrews FCU (MD) $28,329,837 $29,686,052 -4.6%
TOTAL $214,527,546 $213,305,380 +0.6%
Source: CardData (www.carddata.com)
Target donated $200,000 to school libraries as a result of its “Library of Books” contest conducted for “Target VISA” cardholders. Target guests who made purchases with their Target Visa Card were automatically entered in the Library of Books contest. The winning guests, selected at random, won a $200 Target gift card and selected a school of their choice to receive a $10,000 gift for its library.
While Target is gearing up to launch a ‘smart VISA’ card next month, the retailer said this week it has deployed edocs’ ‘eaSuite’ to enable its millions of ‘Target Guest Card’ holders to manage their accounts online at Target’s Web site and online store. Cardholders can now track spending, pay statements, and view their last six statements electronically. Customers will also be able to create direct payments from checking accounts, pay with electronic checks, and schedule e-mail reminders before payment due dates. ‘eaDirect’ transforms a guest’s transactional account history via a personalized online, interactive communications vehicle. Target is also using edocs’ ‘eaPay’ solution, which clears electronic and traditional payments with cardholders’ banks and notifies users and billers of any transaction errors, such as insufficient funds in a cardholder’s checking account. eaPay also allows customers to choose their preferred payment method, including standard checking, ACH, credit card or a leading payment processor. It also permits customers to initiate and track their online payments without leaving Target’s Web site. Target will also have the ability to see payments not yet cleared by banks. Target will issue the new ‘smart VISA’ cards through its Retailers National Bank affiliate, and will deploy smart card POS terminals in all 990 Target Stores by the spring of 2002. Target currently has 36.4 million retail credit card accounts. (CF Library 6/20/01)