Citi “ThankYou Rewards” loyalty program has been named the winner of COLLOQUY’s “Master of Enterprise Loyalty” award, honoring the Program’s innovations in the loyalty industry as voted on by COLLOQUY magazine subscribers. The “Master of Enterprise Loyalty” award is given to the company that can best demonstrate that its enterprise loyalty strategy had been adopted and integrated across the enterprise. This was awarded thanks to Citi having created customer-specific insights from transactional data and collected customer preferences; leveraged these insights to develop enterprise-wide customer strategies, including creating customer segments that reflect their existing and potential value; focused the organization’s entire retail or service offering based upon customer-specific insights including: merchandising, pricing, new product/service development, operations, marketing, customer experience, store layout/design, and store locations; and incorporated customer-based metrics as a measure of corporate performance.Details
AVT automated product dispensing is offering advanced vending systems that offer customers everything from activated cell phones, to board shorts, to popcorn. At the heart of each system is a state of the art computer running new, highly advanced software programs and patent pending technologies that process a customer’s credit card in a matter of seconds, while also sending alerts to the machine’s owner — providing instantaneous real-time sales reports and inventory notifications. AVT recently expanded, doubling their manufacturing and development space in Corona, California to approximately 60,000 square feet.Details
First Data electronic commerce and payment processing has partnered with
SK C&C USA to bring mobile commerce services to the US and eventually
worldwide. SK C&C has successfully provided services such as Trusted
Service Manager (TSM), a Mobile Wallet and Mobile Banking, to the South
Korean market since 2002. Its partnership with First Data will allow
collaboration with financial institutions, retailers and mobile
operators to provide innovative mobile commerce services to their
customers. SK C&C will deliver a complete set of convenient and secure
mobile commerce services to First Data’s financial institutions and
merchant customers. Meanwhile, the SK C&C TSM platform will allow First
Data’s financial institutions and merchant customers to issue payment
cards, including credit and debit cards, prepaid and gift cards to the
SunGardâs “IntelliMatch” solution suite, an enterprise-wide solution that streamlines processes for reconciliation, exception management, financial governance and archiving, has been accredited by SWIFT for the eleventh consecutive year. The “SWIFTReady” Reconciliation 2010 accreditation applies to the recently announced IntelliMatch solution suite version 9.0.
The latest SWIFT accredited release of SunGardâs IntelliMatch supports new transaction types, delivers analytical tools to drive continual process improvement, supports intraday reconciliation to enable real-time visibility, and scales to handle higher transaction volumes. As a result, IntelliMatch can help customers gain improved operational efficiency, reduced operational risk, and enhanced scalability and performance.
Bank of America is ahead of schedule on its 10-year, $20 billion business initiative focused on addressing climate change launched in 2007, comprised of hundreds of transactions throughout the world. Through June 2010, Bank of America has directed $8.4 billion through lending, investing, capital markets activity, philanthropy and the company’s own operations
in 45 states, the District of Columbia, Canada and markets across Asia and Europe. The 2010 report provides an update on the company’s progress toward its environmental goals, commitments and activities for $2.2 billion in equipment financing for energy efficiency projects and renewable energy projects in solar, wind, biomass and biofuel technologies for both utilities and end users; $102 million in transactions that have financed emission reductions in the global carbon markets; and $21 million in philanthropic support for nonprofit organizations focused on addressing climate change and other environmental opportunities.
Allied Wallet currently has proprietary ACH processing, Credit Card, E-Wallet software with an integrated affiliate system which it has successfully used for over 5 years. Development talks have begun to redesign these systems completely to enhance functionality for merchants and customers of Allied Wallet. Allied Wallet has seen a demand in the e-commerce marketplace for payment service providers to have more robust features in payment gateways ranging from reporting tools to more advanced ways to combat fraudulent transactions. This is in the hopes of offering the best payment platforms for e-commerce merchants worldwide.Details
First Data electronic commerce and payment processing has partnered with SK C&C USA to bring mobile commerce services to the US and eventually worldwide. SK C&C has successfully provided services such as Trusted Service Manager (TSM), a Mobile Wallet and Mobile Banking, to the South Korean market since 2002. Its partnership with First Data will allow collaboration with financial institutions, retailers and mobile operators to provide innovative mobile commerce services to their customers. SK C&C will deliver a complete set of convenient and secure mobile commerce services to First Dataâs financial institutions and merchant customers. Meanwhile, the SK C&C TSM platform will allow First Dataâs financial institutions and merchant customers to issue payment cards, including credit and debit cards, prepaid and gift cards to the mobile device.Details
With 77% of consumers having not paid an overdraft fee in the previous 12 months, this source of bank revenue is fast losing traction. Thanks mostly to the recently passed CARD Act, only 21% of consumers paid one or more overdraft fees while 2% did not know whether they paid an overdraft fee and 90% of overdraft revenue comes from frequent users. Among the minority who did pay an overdraft fee in the previous 12 months, 69% were thankful the payment was covered while 29% wished the bank had refused the payment. These findings come on the heels of research concluding by the end of 2010, overdraft revenue is expected to total no more than $35.4 billion, down from $37.1 billion in 2009 and on par with 2008. The hit to OD revenue was felt in 4Q/09, during which $2 billion in revenue was lost when banks and credit unions started to implement their own floors and ceilings on overdrafts in response to Congressional complaints, which was then followed by another $2.3 billion in revenue lost in 1Q/10 thanks to the Opt-In regulation by the Federal Reserve, which cost banks and credit unions about $2 billion in operational costs and training to implement (CardFlash Library 08/17/2010).
2011: $38.0 B
2010: $35.4 B
2009: $37.1 B
2008: $35.4 B
2007: $34.1 B
2006: $31.5 B
2005: $29.7 B
Brighterion has released its “iPrevent version 4.5.1,” which can concurrently analyze merchant and cardholder behavior in Real-Time. Acquiring fraud is a growing concern for merchants and banks in an area that lacked, until now, an effective solution to control this type of fraud. Detecting acquirer fraud is a complex, dynamic and continuously evolving process. With this “iPrevent” release, financial institutions can automatically design and benefit from highly efficient Real-Time acquiring fraud prevention models, for credit/debit/prepaid cards, mobile payments, e-commerce, chip/magnetic stripe card, ATM/POS transactions, Card Not Present, etc.Details
Mobio international m-payments and marketing is set to launch its advanced smartphone technology in Jacksonville, FL, for which the Jacksonville Jaguars have partnered with the Company to enhance the fan game-day experience at EverBank Field. The smartphone technology offers patrons the option to order food and beverages from their seat, scanning a barcode at their seat for a list of menu items brought up on the smartphone, and the user selects and pays for their choice. The order is then delivered to the user at their seat. Mobio also provides a barcode in the Jaguarsâ game-day program, which give fans the opportunity to win an autographed jersey of their choice. Mobio offers a mobile application that runs on an expanding portfolio of smartphones. Mobio for Appleâs iPhone, the companyâs flagship payment application, allows consumers to make payments while shopping online or in stores.Details
Discover Financial Services has reached an agreement to acquire The Student Loan Corporation (“SLC”) for $600 million, or $30 per share. Separately and immediately prior to the closing of Discover’s transaction, SLC will sell $28 billion of assets to Sallie Mae and $9 billion of assets to Citibank. Discover will acquire $4.2 billion of private student loans and related assets at an 8.5% discount, along with $3.4 billion of SLC’s existing asset-backed securitization debt funding. The amount to be paid by Discover for the private student loan assets is subject to a post-closing purchase price adjustment between Discover and Citibank, which owns 80% of SLC’s outstanding common stock.Details
Hypercom Chief Financial Officer is set to present at the Sidoti Ninth Annual Institutional Investor Forum at approximately 1:10 p.m. PDT on Friday, September 24 at the Ritz Carlton Hotel in San Francisco. Joining him will be Senior Vice President, Finance, Treasury and Investor Relations. Hypercom delivers a full suite of high security, end-to-end electronic payment products, software solutions and services. The Company’s solutions address the high security electronic transaction needs of banks and other financial institutions, processors, large scale retailers, smaller merchants, quick service restaurants, and users in the transportation, petroleum, healthcare, prepaid, self-service and many other markets.Details