Dallas-based ACE Cash Express is processing online payments through MasterCard’s “RPPS” for the payment of bills for utilities, retailers, and finance companies, and has about 85 partners. ACE customers are now able to make payments to a variety of businesses across the nation at many of ACE’s company-owned stores. ACE is adding over 20 new bill payment partners through MasterCard RPPS. ACE processed more than 9 million walk-in bill payment transactions in fiscal year 2004. ACE Cash Express, Inc. is a leading financial services retailer. It is the largest owner, operator, and franchiser of check cashing stores in the U.S. MasterCard International is a leading global payments solutions company that supports its global members’ credit, deposit access, electronic cash, business-to-business, and related payment programs by providing a variety of services. MasterCard serves financial institutions, consumers, and businesses in over 210 countries and territories.
KY-based Thorntons, which operates over 150 gasoline and convenience stores in the Midwest, has signed a three-year contract with Fifth Third Bank Processing Solutions for processing services, including credit, debit, and EBT processing as well as gift card services. Fifth Third Bank Processing Solutions processes more than 9 billion ATM and POS transactions each year for over 207,000 retail locations and 1,351 financial institutions around the world. Fifth Third Bancorp is a financial services company with $95.6 billion in assets. It operates 17 affiliates with 997 full-service banking centers.
Chrysler Financial and its “Jeep Rewards VISA Card” sponsored the “Camp Jeep” event in Virginia and California, which attracted 12,000 attendees. Chrysler Financial and Jeep Rewards Visa(R) sponsored the Camp Financial tent, which offered a trivia game that tested the knowledge of benefits of financing and leasing, credit health questions, the history of the Jeep brand, and questions about Jeep products. Jeep owners were able to apply for a Jeep Rewards Visa Card. Jeep Rewards Points can be exchanged for Dealer Dollars certificates, which can be used for services or products offered at participating Chrysler, Jeep, or Dodge dealerships.
Bankrate recently expanded its research to 407 distinct American markets and in 310 product categories. Consumers can access rate information and advice on banking products such as auto financing, credit card rates, CD rates, home equity loans, mortgage refinancing, and mortgages through Bankrates’ website and newsletter.
TH Lee Putnam Ventures, Freeman Spogli, along with company management, have taken a major equity interest into VA-based N.E.W. Customer Service Companies, provider of VISA USA’s credit card enhancement programs. NEW creates and administers warranty and extended service programs that retailers can offer to consumers. This acquisition will mean an enterprise value of approximately $370 Million.
Capital One unveiled the members of the “3rd Annual Capital One All-America Mascot Team” with online voting set to start October 11th. Over the past three years, Capital One has helped thrust the spotlight on these unsung heroes of the gridiron. In addition to starring in a national advertising campaign, team members each receive $5,000 worth of funds for their school’s mascot program. This year’s fuzzy crew was chosen from Division IA and IAA athletic programs with college football teams. A panel of judges, including mascot guru and historian, Dr. Roy Yarbrough; former college mascot and current sports marketer from Richmond Sports Backers Scott Schricker; and representatives from ESPN and Capital One, carefully analyzed each contender and scored them based on the following criteria: (1) interaction with fans, (2) sportsmanship and (3) community service.
OH-based The Huntington National Bank has signed a multi-year agreement with Transaction Network Services for always-on, managed ATM network connectivity. Under the multi-year agreement, Huntington National Bank will use TNS TransXpress(R) Secure to support its ATM portfolio. The Huntington National Bank is the principal subsidiary of Huntington Bancshares Incorporated , a $31 billion regional bank holding company. Transaction Network Services is one of the leading providers of business-critical, cost-effective data communications services for transaction-oriented applications.
[Click Here For The Full Story]
IN-based Marsh Supermarkets has signed a new five-year contract with Fifth Third Bank Processing Solutions to offer “Jeanie” POS services at its 110 stores. Marsh operates 67 Marsh(R) supermarkets, 37 LoBill(R) Foods stores, nine O’Malia(R) Food Markets, 164 Village Pantry(R) convenience stores and one Savin(SM) store in Indiana and western Ohio. Fifth Third Bank Processing Solutions processes over nine billion ATM and POS transactions per year for more than 207,000 retail locations and 1,350 financial institutions worldwide, including The Kroger Co., AutoZone, Abercrombie & Fitch, Nordstrom, Inc. and The Finish Line. Annually, Fifth Third processes $97 billion in credit card sales.
NY-based Newtek Business Services has secured the endorsement of 11 state credit union leagues to provide electronic payment processing services, representing a total of 1,540 credit unions nationwide, in addition to CUNA’s 9,600 credit unions. Ten of the state credit union leagues have endorsed Newtek Business Services for both SBA lending and electronic payment processing. Newtek Business Services, Inc. is a premier provider of business services and financial products to the small to medium-sized business market.
VA-based Union Bankshares has signed an agreement with Nationwide Money Services to place “Branded Cash” ATMs in a significant number of Food Lion stores throughout the state of Virginia. These ATMs will be installed in 34 stores within the communities served by three of Union Bankshares’ affiliate banks — Union Bank & Trust, Northern Neck State Bank, and Bank of Williamsburg. Union Bankshares is one of the largest community banking organizations based in Virginia, providing full service banking.
Capital One’s charge-off ratio dropped for the seventh consecutive month, however delinquency slipped upwards for the second straight month. During June, the issuer added $783 million in managed outstandings. Cap One reported that charge-offs dropped to 4.17% for June, compared to 4.40% in May, and 5.57% in November. In June 2003, Cap One’s managed charge-off ratio stood at 6.20%. Delinquency edged up to 3.76% during June, compared to 3.73% for May, and 4.39% for January. Delinquency peaked exactly one-year ago at 4.95%. At the end of the second quarter Cap One had $45.2 billion in U.S. card loans, compared to $45.3 billion in the first quarter. COF’s global managed loan portfolio grew by $1.6 billion to $73.4 billion in 2Q/04. For complete details on Capital One’s monthly metrics and 2Q/04 performance visit CardData ([www.carddata.com]).
Capital One 2003-2004
Month Charge-offs Delinquency
Jun 03 6.20% 4.95%
Jul 03 5.75% 4.92%
Aug 03 5.34% 4.74%
Sep 03 5.24% 4.65%
Oct 03 5.30% 4.52%
Nov 03 5.57% 4.46%
Dec 03 5.10% 4.46%
Jan 04 5.00% 4.39%
Feb 04 4.75% 4.14%
Mar 04 4.74% 3.80%
Apr 04 4.70% 3.69%
May 04 4.40% 3.73%
Jun 04 4.17% 3.76%
Source: CardData (www.carddata.com).