Fulton Financial Corporation has selected a complete outsourced banking solution based on the “Signature” bank platform from Fiserv. Fulton chose Fiserv due to its advanced technology with flexible, scalable and integrated systems to help the company focus on its organic and acquisition growth targets, deepen its sales and service excellence culture and increase efficiency through streamlined processes. Also key to the organization’s decision was the company’s successful history of implementing integrated solutions and servicing large, complex financial institutions. Fulton will utilize Fiserv solutions to facilitate and support the company’s growth plans.
Amazon.com announced the arrival in New York City of AmazonLocal, a new local deals marketplace offering savings of at least 50 percent off products and services at restaurants, spas, fun events and more. The company also announced that AmazonLocal will provide unique deals from Amazon-affiliated websites, including Amazon.com, MYHABIT.com and endless.com. New Yorkers get 50% off tickets to Cirque du Soleil’s newest show, Zarkana, in Midtown; $50 for $100 at Uskudar Turkish Restaurant in Uptown; $13 for $27 worth of cupcakes at Brooklyn Cupcake; 74% off one month of unlimited hot yoga classes at Bikram Yoga Harlem; and $15 for $30 worth of groceries at any Upper East Side Gristedes. In the coming months, AmazonLocal is also introducing customers to unique deals from Amazon-affiliated websites, including $25 for $50 to spend on jewelry and watches at Amazon.com; $40 for $80 to spend at MYHABIT.com; and $25 for $50 to spend at 6pm.com.
Fifth Third Bank launched its “Duo Card” credit and debit card. This dual functionality allows customers to make purchases using either a line of credit or funds available in their checking account. To draw funds from their checking account, cardholders would simply select the debit option at the point of sale and enter their PIN, or they can withdraw money from their checking account at an ATM. To draw funds against a line of credit – like a traditional credit card – consumers need only select the credit option at the point of sale and sign to complete the transaction.
On-Line Strategies integrated its advanced switching platform with Phoenix Managed Networks’ [PMN] encrypted, PCI-compliant transaction transport system. The combination of technologies from these industry-leading providers assures greater processing speed, reliability and flexibility for customers using dial-up, wireless and IP transaction origination from a wide variety of POS devices. Phoenix Managed Networks is a privately held payments company that was established to acquire HBNet, the secure transaction transport business previously owned by Hypercom.
The national credit card delinquency rate was down for the sixth consecutive quarter, dropping to 0.6% at the end of the second quarter in 2011 to the lowest mark in 17 years. The 2Q/11 data shows credit card delinquency rates improving by more than at any other time since the recovery began in 2009, both on a quarter-over-quarter basis (-18.9%) and on a year-over-year basis (-34.8%). The analysis found that consumers made an estimated $72 billion more in payments on their credit cards than purchases between the first quarters of 2009 and 2010, in contrast to five years prior when consumers made an estimated $2.1 billion more in purchases than payments for a nearly $75 billion turnaround in consumer payment dynamics from 2004 to 2009. TransUnion forecasts that credit card borrower delinquency rates will continue to drift downward for the remainder of 2011 as the economy continues its slow recovery and financial institutions maintain a conservative approach to underwriting, based on economic assumptions such as gross state product, consumer sentiment, disposable income, and interest rates.
Reid D. Holmes has been named vice president of business development, payment, for INSIDE Secure semiconductor solutions in the Americas. Holmes’ extensive experience in a wide range of payment and mobile technologies combined with his deep familiarity of the payment industry ecosystem, make him ideally suited for bringing INSIDE solutions to major North American accounts. He will focus on building strategic relationships with major customers in the payment and transit market, as well as helping to define go-to-market strategies for those segments. Holmes joins INSIDE from Giesecke & Devrient, where he served as senior sales manager for emerging payment and transportation sales and also headed an independent consultancy, providing business development and support for electronic funds and benefits transfer services.
Dave Keenan has joined Fiserv financial services technology solutions as its GM, ACCEL/Exchange payments network. Bringing with him more than 25 years of payments experience to Fiserv, he served as vice president of Sales and Marketing at BankServ, a provider of specialized payment solutions for financial institutions and corporations using SWIFT, Fedwire, P2P, mobile and remote deposit capture technologies. He also served as managing director of Loyalty Marketing at United Airlines, where he was responsible for its loyalty program and corporate marketing partnerships. Keenan also served as senior vice president at MasterCard International, where he held a variety of leadership positions including head of global operations for the Cirrus network. He began his career as a systems programmer with Fifth Third Bank’s Midwest Payment Systems (MPS) subsidiary, writing machine language code that connected some of the first ATM/point of sale networks.
Western Union and The Pantry convenience store chain forged agreements to offer the Western Union “goCASH” service, an in-lane money-transfer service from Western Union. The goCASHSM service will let consumers pay for a domestic or global money transfer while shopping at more than 1,650 Kangaroo Express stores across 13 states. The Pantry agreement builds upon Western Union’s go-to-market strategy and complements Western Union’s consumer experience. Consumers can select any of three principal amounts ranging from $50; $100; and $200, and the goCASHSM package can be purchased for both domestic and international money transfers.
HSBC has agreed to sell its card and retail services business in the United States to Capital One, which consists of HSBC’s monoline US credit card and private label credit card business. Included in the sale are the Business’s MasterCard, Visa, private label and other credit card operations. The products of the Business are offered throughout the United States primarily via strategic affinity and co-branding relationships, merchant relationships, direct mail and via the internet. All HSBC employees in the Business will be offered the opportunity to join the Purchaser. The Business to be sold however does not include HSBC Bank USA’s US$1.1bn credit card program. The Business being sold has performed strongly through the financial cycle but it is not aligned with HSBC Group strategy.
SonicWALL intelligent network security and data protection solutions announced DavCo Restaurants deployed SonicWALL Network Security Appliance (NSA) 4500 firewalls, a Secure Remote Access (SRA) 4200 appliance, 154 SonicWALL TZ 210 firewalls and a SonicWALL E-Class Universal Management Appliance (UMA) EM5000. The company operates 154 restaurants in the Mid-Atlantic region, including Baltimore, Washington D.C. and Northern Virginia and selected SonicWALL to speed up its daily POS downloads to corporate headquarters for its 154 distributed Wendy’s locations. To become PCI DSS compliant and securely transmit credit card transactions over the Internet, DavCo deployed paired NSA 4500 firewalls at its corporate headquarters with a SRA 4200 appliance and 154 TZ 210 firewalls in all its locations.
Union First Market Bank has launched three mobile banking offerings for mobile web, text message banking and an iPhone application. With this, iPhone customers can download the Union First Market Mobile Banking app from Apple’s App Store. Union First Market Bank’s online banking customers with access to mobile web browsers can visit m.bankatunion.com to access their account information. Customers who want to bank via text messaging can set up this service within Online Banking.
Buffalo-based HSBC completed agreement to sell 195 retail branches to Buffalo-based First Niagara Bank for a consideration equal to a premium of 6.67% of the deposits to be transferred on closing, roughly $1.0billion. HSBC Bank USA remains committed to serving and further developing corporate banking relationships in Upstate New York and continue to provide a full suite of international commercial banking offerings, including trade and cash management products and services through its four business centres in the region. The all-cash transaction is expected to close in early 2012.