Quatrro Processing its cards processing data centers in Hanoi and Ho Chi Minh cities are ready to cater to the requirements of Banks and Financial Institutions in Vietnam. These centers have been established through a local partner FPT Telecom.
One of Russia’s largest private listed banks is financing Net Element’s TOT Money. Bank Otkritie Financial will provide the company with a factoring facility up to US$4.2 million.
U.S. businesses now process 15.5 billion remittances monthly with domestic and international trading partners, only 14% of which are sent simultaneously with payments, indicating businesses currently re-associate the remaining 13.3 billion remittances that are sent separately each month. For businesses, the timeliness of remittance information is the most important aspect of remittance delivery for businesses,…
To help its Commercial Banking clients maximize the efficiency of the deposit process, Fifth Third Bank and International Financial Services web-based solutions for financial and retail services launched its “DTS System” deposit tracking system. The “DTS System” is designed to help Treasury Management customers using the Bank’s Cash Vault services consolidate information from any location, track armored carriers and provide a total view of their business’ cash collection process.
ActivePath 2-Way eMail Banking Systems that enable banking customers to securely communicate and conduct alert-driven financial transactions via email in real time has received Netbankerâs Online Banking Report âOBR Best of the Webâ award. OBR lauded ActivePath for its new, patented online technology that âraises the bar in online/mobile deliveryâ. ActivePathâs 2-Way eMail Banking System adds a secure, transactional component to alerts and other customer communications that simplifies banking for users and gives institutions a whole new way to deliver a full range of secure, interactive banking services at the customerâs convenience via desktop, laptop, and mobile devices.
American Express Business Travel received
Delphiâs 2010 Pinnacle Award for Supplier Excellence. This award
recognizes Delphiâs top suppliers for their
contribution to Delphiâs Excellence culture and provides
annual recognition to Delphi suppliers for their
commitment to “Quality, Value, and Cost” performance.
Pinnacle Award winners have met or exceeded Delphiâs quality, delivery,
service, and competitive costs expectations. Specific criteria are:
Supplier for at least three (3) years with greater than US $5 million Annual Purchase Value;
Green 12 month average quality score on the Delphi Supplier Scorecard;
Zero Major Disruptions, Zero Repeat Problems and single digit PPM and Zero Customer Impacts for quality;Zero parts on Controlled Shipping;
Green indicator for ISO/TS16949 certification on the compliance section
of the Delphi Supplier Scorecard; registered for the Problem Solver system and have an active supplier
receiver; meets category savings objectives; no commercial issues; meets requirements as identified in the Delphi customer specific
requirements; upports Delphi position on social responsibility; acceptable warranty performance; acceptable delivery performance and no ship threats
and current quality / contract issues.
Trustwave information security and compliance has made available its new portal that integrates all customer compliance and security solutions into a single dashboard. Trustwaveâs Managed Security Portal provides clients a unified view of their security posture, integrating Trustwaveâs compliance, managed security and product support services. Data from these services is consolidated within the portal to provide customers with a snapshot of their security posture. Searches and reports include information across all of these technologies, throughout a customerâs entire infrastructure. The new Managed Security Portal allows clients to view, create, and manage support requests with Trustwaveâs Security Operations Center (SOC).
Moody’s has confirmed the ratings on 34 classes and downgraded the
ratings on 22 classes of subordinated asset-backed securities issued out of
the “American Express Credit Account Master Trust” and the “American
Express Credit Account Secured Note Trust”. The
securities are backed by a $35.5 billion revolving pool of unsecured
consumer general purpose bank credit card receivables originated by
American Express Co. and its affiliates.
Approximately $3.3 billion of asset-backed securities are affected.
Moody’s performance expectation for the Trust charge-off rate is 12%-15%,
principal payment rate is 21%-24% and yield is 22%-25%. This range of
expected yield performance considers the recently employed structural
feature known as discounting that will bolster yield.
myContactCard and tyBit Unified Search have a forged a strategic
partnership to provide myContactCard customers with embedded “tyBit
Unified Search” in all of its email contact cards. MCCâs email
signature cards deliver a completely new and measurable way
for companies and individuals to improve their contact-to-contact
relations with all the functionality of a website wrapped into the
userâs everyday email. This offers a new measure of information,
convenience and credibility that canât be found in todayâs Web sites or
bulk email campaigns. With
tyBitâs customizable toolbar, MCC provides users with relevant results
based on preference, location, source and timeliness of the sites. As a
client-side application, the additional layer of security in tyBitâs
toolbar protects your personal information from being sent over the
Internet and guards your computer from malicious programs on the Web.
NC-based C-store chain Worsley Operating has signed a new deal with
Transaction Network Services and will extend
its broadband network. In 2006, its stores changed
from dial-up to IP communications for their ATM and POS terminals by
utilizing the TNS FusionPoint solution. Worsley uses FusionPoint to
simplify its communications infrastructure
for debit and credit card transactions, fuel tank monitoring and a
variety of back office applications. TNS
also provides all necessary network components and communications
hardware essential for this application.
Moody’s is predicting that the charge-off rate index for credit card
loans backing securities will likely rise to 8.5% in the fourth quarter,
well above the 7.1% post-recessionary peak in May 2003. The rating firm
say it continues to have a negative outlook on the credit card ABS
sector and believes that deterioration will continue into
and throughout 2009. Moody’s also notes that the sustained credit crunch
has constrained some issuers’ access to funding. Therefore, balance
sheet strength and liquidity will become an increasingly important
dimension to credit analysis, especially for those issuers with limited
alternative funding resources. Additionally, Moody’s notes that a
significant and sudden drop in excess spread comes at an exceptionally
challenging time for credit card trusts. For virtually all issuers,
excess spread has been steadily falling since January 2008 due mainly to
rising charge-offs and falling yield. The excess spread index, which at
6.12% in August, is still above the long-term mean of 5.8%.
Nevertheless, with the expectation of rising charge-off rates throughout
the coming year, excess spread will likely erode further.
A further weakening of the collateral performance of $457 billion of
U.S. bank credit card loans backing securities happened in May.
Nonetheless, from an historical perspective excess spread, which is
essentially the difference between the revenues and expenses in a
securitized transaction, remains on average relatively high. In the
credit card securitization market, excess spread is a keenly watched
indicator of the relative strength of a given credit card trust. That’s
because when the three-month average excess spread falls below zero, the
related bonds typically begin to amortize ahead of schedule. According
to Moody’s “Credit Card Indices” for May the charge-off rate rose to
6.41%, up from 4.68% for May 2007. The rise marks the seventeenth
consecutive month of year-over-year increase and the eighth consecutive
month of month-over-month increase. The May delinquency rate rose to
4.47% from 3.68% a year ago. However, the delinquency rate index fell
month to month for the second consecutive month. In May,
cardholders paid back on average 18.60% of their credit
card debts — about 4.9% lower than last year’s May rate of 19.55%.
Yield (the annualized percentage of income, primarily finance charges
and fees, collected during the month as a percent of total loans) fell
to 18.16% from 19.15% a year ago. The drop in May marks the third
consecutive month of year-over-year decrease.