Mandatory Arbitration Credit Card Clauses Prohibited

Mandatory Arbitration Credit Card Clauses Prohibited

To the chagrin of U.S. credit card issuers, the Consumer Financial Protection Bureau (CFPB) has proposed rules prohibiting mandatory arbitration clauses. The CFPB says these widely used clauses leave consumers with no choice but to seek relief on their own – usually over small amounts. Through the Dodd-Frank Wall Street Reform and Consumer Protection Act,…

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AmEx Surviving Cobrand Losses as US CIF +6.4% YOY

AmEx Surviving Cobrand Losses as US CIF +6.4% YOY

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The impact of the loss of the U.S. Costco and JetBlue programs is manifesting itself in the American Express (AmEx) U.S. Card Services (USCS) unit during the first quarter (1Q/16). However, AmEx continues to open new accounts at a record clip. Revenue and income were up slightly year-on-year (YOY) as outstandings…

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Affirm Ankles eBay Executive as CMO

Affirm Ankles eBay Executive as CMO

San Francisco-based Affirm has ankled eBay Vice President Carl Gish to be its first Chief Marketing Officer (CMO). Gish will be responsible for enhancing and building Affirm’s global brand as the financial technology company begins expanding beyond point-of-sale payments. As Affirm’s first CMO, Gish brings over 25 years of marketing and general management experience, most…

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Sezzle to Get Some Sizzle at FinovateSpring Next Week

Sezzle to Get Some Sizzle at FinovateSpring Next Week

Sezzle’s bank-to-bank payments technology will breakthrough next week at the FinovateSpring 2016 event in San Jose. Sezzle’s technology allows for an alternative low-cost payment method at checkout – effectively halving the cost of traditional credit and debit card merchant processing – all via bank to bank payment technology. At checkout, Sezzle allows consumers to link…

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Synchrony Retail Cards Continue to Bulldoze Profits

Synchrony Retail Cards Continue to Bulldoze Profits

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Synchrony Financial’s retail credit card business revenues posted a huge 14.7% year-on-year (YOY) gain for the first quarter (1Q/16) to $2.03 billion. During the quarter Synchrony renewed the Stein Mart and La-Z-Boy programs; signed a partnership with Marvel to offer Marvel MasterCard and co-promote Synchrony Bank’s deposit products; launched the Citgo…

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NetSpend Drives TSYS 1Q; TransFirst Will Drive 2Q

NetSpend Drives TSYS 1Q; TransFirst Will Drive 2Q

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] GA-based acquirer TSYS reported a solid first quarter (1Q/16) as total revenues hit $739 million, a jump of 11.7% year-on-year (YOY). Net income increased 16.6% YOY from $77.8 million in 1Q/15 to $90.6 million in 1Q/16. NetSpend continues to be a driving factor, up 19.3% YOY. Revenues for the North America…

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Despite -23% Fuel Prices WEX 1Q Rev +12% FX; TX +9%

Despite -23% Fuel Prices WEX 1Q Rev +12% FX; TX +9%

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] ME-based fuel card kingpin, WEX, reported first quarter (1Q/16) total revenue inched up 1.8% year-on-year (YOY), however net income rose 3.6% YOY in 1Q/16. Total revenue was $205.9 million for 1Q/16, compared to $212.6 million in 4Q/15, and $202.3 million for 1Q/15. WEX notes adjusting for constant currency (FX), fuel prices,…

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BRIEFS: BLUEFIN; 3DCART; SYNCHRONY; and SHOPIFY

In Other News: BLUEFIN (DSP); 3DCART (Vantiv); SYNCHRONY (Suzuki); and SHOPIFY (1Q). BLUEFIN -Bluefin Payment Systems will provide the Visa Data Secure Platform (DSP) through their Decryption as a Service P2PE Solution. 3DCART -Shopping cart software provider 3dcart has partnered with Vantiv, a provider of payment processing services and related technology solutions for merchants and…

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