TNB Card Services has named Phil Davis, formerly with Citigroup, as first SVP . He will focus on cardholder operations, including credit underwriting, member servicing, fraud, collections and recovery, and compliance. Davis has played an integral role in the credit industry. He was a charter member of the Bankruptcy Issues Council, which spearheaded bankruptcy reform, has served as a member of the National Foundation for Consumer Credit Advisory Council, and on the Board of Directors for the Consumer Credit Counseling Services of Virginia. At Citigroup, where he was a senior vice president in the Citicorp Credit Services division, he was responsible for building and directing the team that supported The Home Depot’s commercial credit business. He has also held executive positions in the card services division of Bank of America and the outsourcing division of NCO Financial Systems. Davis has a degree in management economics from Hampden-Sydney College.
American Express announced another agent bank marketing agreement, this time in the Chicago area. Harris Bank will jointly market with the AmEx “OPEN” team small business charge and credit cards beginning in late September. The three new co-branded business cards will offered through more than 230 Harris branches in Chicago and Indiana. The “SimplyCash Business Card” offers up to 5% cash back annually on gas, office supplies, and wireless purchases and 1% on most other purchases. The “Business Gold Rewards Card” and “Business Platinum Card” offers automatic enrollment in the “Membership Rewards.” All three cards include access to the “OPEN Savings” program.
Hypercom has announced the appointment of Michel Sohrabi as Vice
President of Marketing and Business Development. Sohrabi’s VP
position concerns operations in the European, Middle East and Asian
Market (EMEA). His previous experience includes Security & Payment
Business Development Director for Wavecom, since 2005, and sales,
marketing and business development for Ingenico Group and COM One
Group. Sohrabi’s experience in the industry totals 21 years with an
education consisting of a Master’s degree in Marketing from Washington
University and a Master of Engineering degree from the University of Orsay in France.
BB&T is hosting a free educational webinar to help businesses understand and explore new developments in the payments industry. “Electronifying the HR Process: Payroll, FSA and HSA cards” will be presented by retail and card payment expert Scott Qualls, a senior vice president and manager in BB&T’s Payment Solutions division. Participants will learn why businesses are migrating from expensive paper-based payroll and benefit processes to electronic services; what are payroll, flexible spending account (FSA) or health savings account (HSA) cards and how these products and processes can benefit businesses of all sizes. The webinar is approved for up to one CTP/CCM recertification credit(s) by the Association for Financial Professionals. BB&T operates 1,507 financial centers and 2,068 ATMs with $127.6 billion in assets.
Capital One has inked a deal to acquire prepaid card specialist NetSpend for $700 million in cash. NetSpend has more than 1.5 million active customers nationwide and a retail network that has 15,000 locations where cards can be purchased and 50,000 locations where funds can be loaded. NetSpend has distribution relationships with Safeway, Pathmark, HEB Grocery Stores, ACE America’s Cash and others. Under the terms of the agreement, NetSpend will become a subsidiary of Capital One. NetSpend’s CEO, Richard Savard, will continue to lead the prepaid business after the acquisition has been finalized and will assume a key executive role within Capital One’s Payments business. The deal is expected to close in the fourth quarter.
GE Money and Modell’s Sporting Goods announced plans to offer a “Modell’s Most Valuable Player Platinum MasterCard” credit card and a private label “Modell’s MVP Credit Card” to customers at their more than 130 stores throughout the Northeastern US. The MVP program will enable cardholders to earn rewards at all Modell’s locations, and everywhere MasterCard is accepted worldwide, plus receive 15% off their first Modell’s purchase on the card. In addition to earning rewards, customers can receive exclusive cardholder offers, special sale events and discount coupons.
Capital One Financial Corp. and Yahoo! Shopping have partnered to create “Capital One Saving Zone”, a portal on Yahoo! Shopping that offers exclusive deals on select merchandise to Capital One cardholders Capital One cardholders can receive up to a 40 percent savings on already discounted items, as well as an additional 10 percent off everything they purchase on the site using their Capital One credit card. Each week the Capital One Saving Zone will feature 10 new “deals of the week,” offering discounts on designer items for men and women that can be found on Yahoo! Shopping Yahoo! Shopping users who do not have a Capital One credit card and are interested in purchasing items at the discounted rate will be able to sign up for the credit card at the Saving Zone.
Oberthur Card Systems reported that its second quarter payment smart card volume rose 54.9%, compared to one-year ago, to $47.9 million, with 26 million units delivered in the second quarter. Overall, second quarter revenues increased 17% to $198 million. During the quarter, conventional card business grew slightly in value sequentially, to $19.8 million. Year-on-year, the 18% decrease was mainly due to EMV and contactless migrations. The personalization services increased compared to the same period a year ago, in line with the bounce-back of activity in the microprocessor payment card segment. Sales amounted to $31.4 million, up 6.1% compared to the same period a year ago. Lower activity in the United States was largely offset by strong demand in the United Kingdom, the Netherlands and Italy. The whole payment segment, which represented 50% of Oberthur Card Systems 2Q/07 sales, amounted to $99.1 million, a 16.8% increase compared to 2Q/06. For complete details on Oberthur’s second quarter performance, visit CardData (www.carddata.com)
Paris and Los Angeles-based Oberthur Card Systems reported that its second quarter payment smart card volume rose 54.9%, compared to one-year ago, to $47.9 million, with 26 million units delivered in the second quarter. Overall, second quarter revenues increased 17% to $198 million. During the quarter, conventional card business grew slightly in value sequentially, to $19.8 million. Year-on-year, the 18% decrease was mainly due to EMV and contactless migrations. The personalization services increased compared to the same period a year ago, in line with the bounce-back of activity in the microprocessor payment card segment. Sales amounted to $31.4 million, up 6.1% compared to the same period a year ago. Lower activity in the United States was largely offset by strong demand in the United Kingdom, the Netherlands and Italy. The whole payment segment, which represented 50% of Oberthur Card Systems 2Q/07 sales, amounted to $99.1 million, a 16.8% increase compared to 2Q/06. For complete details on Oberthur’s second quarter performance, visit CardData ([www.carddata.com])
2Q/06: $168.8 million
3Q/06: $161.5 million
4Q/06: $201.6 million
1Q/07: $182.5 million
2Q/07: $198.0 million
Source: CardData (www.carddata.com)
GE Money’s Sales Finance unit and Southern States Cooperative have announced a new multi-year relationship to provide new financing options through GE Money’s private label credit program. The program will be offered at the cooperative’s more than 1,100 retail outlets across 23 states. Southern States is a provider of agricultural products and services with 300,000 farmer members and fiscal 2006 sales of $1.6 billion.
Thirty seven states and the District of Columbia have adopted laws in recent years giving consumers the right to put a security freeze on their credit files so crooks can’t use stolen information to open fraudulent accounts. Consumers Union, the nonprofit publisher of Consumer Reports, has created an online guide for consumers interested in learning how to take advantage of these new security freeze laws. A security freeze gives consumers the choice to “freeze” or lock access to their credit file against anyone trying to open up a new account or to get new credit in their name. When a security freeze is in place, an identity thief cannot open a new account in your name because the potential creditor or seller of services will not be able to check your credit. Most state security freeze laws allow each of the three major credit bureaus to charge $5 to $10 to initiate the protection or to lift the freeze. The best state laws keep all fees at $5 or less and allow consumers to temporarily lift or remove the freeze without charge.
Giesecke & Devrient has received ISO 9001 certification for its card-based operations in Virginia and Ohio. Giesecke & Devrient has received ISO 9001 certification for its card-based operations in Virginia and Ohio. The international ISO 9001 certification validates that business processes and procedures are performed in accordance with the highest quality management standards and incorporate consistent review to ensure adherence to the policies. The practices outlined in this international quality management system standard are used across industries to demonstrate a level of commitment to quality. Giesecke & Devrient is a provider of smart cards, providing smart card based solutions for the fields of telecommunications, electronic payment, health care, ID, transit, and Internet security.