Robert Klein has been appointed as President and Country CEO, South Africa, responsible for leading FNDS3000 Corp international prepaid processing company in South African. Klein was a consultant engaged to review mobile banking platforms to be integrated into FNDS3000’s system. His remit quickly extended to key account management and customer service. His success in these areas led to his becoming the logical choice for assuming the key executive management role in South Africa. Prior to FNDS3000, Klein served as Executive Director of International Sports Media digital media and content provider owned by Raymond Goldsmith, the Chairman of the Company, where he managed key industry partnerships in North America, Europe and Australasia. He graduated from Bangor University with a BA honors degree in French.Details
Inovium Corporation electronic invoicing and payment systems has partnered with Global eTelecom electronic check processing and gift/loyalty card provider. Integrating Inovium’s flagship “InoviumPay 2.0” full function payment gateway with the GETI processing system, the partnership will provide clients capabilities in accounts receivable and accounts payable, including electronic invoicing, billing, automatic payments, and direct deposit to vendors. This partnership marries GETI’s proven processing reliability with Inovium’s innovative payment solutions. The “InoviumPay 2.0” solution also offers Direct Deposit payment capabilities.Details
Airdrie Savings Bank independent savings bank has signed a five-year hosted debit card processing contract with FIS for its “Cortex” card management solution to go live by 3Q/10. FIS “Cortex” modular software application processes card-based transactions for electronic funds transfers, allowing organisations to issue debit, credit and prepaid cards from a single platform. FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in over 100 countries worldwide. It provides financial institution core processing, and card issuer and transaction processing services, including the NYCE Network.Details
Banks need a more vigorous approach to both customer education and co-operation with retailers to increase debit card usage at the point of sale (POS) in emerging markets, which is as low as 10%. This, compared with 70 to 80% in the US, especially pertains to the unbanked and underserved populations in developing markets, according to First Data’s âWorldwide Opportunities for Debit.â Examining the growth of debit around the world and assess both the drivers behind this increase and its implications for the banking industry, the report incorporates data from interviews of 34 banks across a mix of 10 mature and emerging markets around the world. It concludes increasing debit usage at the POS is a clear priority for banks in Europe, and in emerging markets where ATM withdrawals can account for up to 90% of debit card transactions; regulation of debit usage is increasing in nearly all of the markets included in the study and is challenging current debit business models; and tight margins on debit mean fraud levels can make the difference between profit and loss.Details
Visa’s first phase of a national marketing campaign touting the benefits of reloadable prepaid debit cards is underway. Designed to reach the 80 million financially underserved US consumers in particular â those without a traditional banking relationship, access to a payment card or mainstream financial services, and who rely heavily on cash for everyday transactions- the campaign highlights how prepaid debit cards can enable better money management. The campaign focus is on control; convenience; security; and access. The multi-channel campaign integrates social media, mobile, digital, grassroots events, and radio advertising, as well as in-store demonstrations, displays, and promotions.Details
Firstmark Credit Union credit union and Cardtronics have signed agreements to place the Firstmark brand on three Cardtronics-owned and operated ATMs in Costco warehouses. The Firstmark Credit Union brand will be prominently displayed on the exteriors of the ATMs, the ATM screens will carry Firstmark’s customized messages and the branded ATMs will be available surcharge-free to Firstmark members. In addition to expanding its ATM footprint through branding, Firstmark extended its existing relationship with Allpoint, Cardtronics’ nationwide surcharge-free ATM network, for an additional three years. Through Allpoint, Firstmark is able to provide its members with surcharge-free cash access at over 37,000 ATMs.Details
Tim Munto has joined TSYS Acquiring Solutions as Group Executive, Sales and Client Relations. Bringing with him more than two decades of experience in the payments industry, Munto served as Bank of America Merchant Servicesâ Sales Executive and gained extensive sales experience in the financial services industry with National Processing Company (NPC), eFunds Corporation and Bank One. He holds a Bachelor of Science degree from Wright State University and masterâs in business administration from the University of Dayton. TSYS outsourced payment services provides issuer- and acquirer-processing technologies that support consumer-finance, credit, debit, healthcare, loyalty and prepaid services for financial institutions and retail companies.Details
JPMorgan Chase reported 2Q/10 net income of $4.8 billion, compared with $2.7 billion in the second quarter of 2009. Chase Card Services reported a net income of $343 million compared to a loss of $303million last quarter and loss of $672million loss the year ago quarter. Meanwhile, Chase Card Services reported net revenue of $4.2billion, compared to $4.4billion last quarter and 4.9billion the year ago quarter. Additionally, the division reported a provision for credit losses 2.2 billion, compared to 3.5 billion last quarter and 4.6 billion last year with a noninterest expense of 1.4 billion, as compared to 1.4 billion last quarter as well and 1.3 billion the year ago quarter for an increase of $103 million, or 8%, due to higher marketing expense. End-of-period loans were $143.0 billion, a decrease of $28.5 billion, or 17%, from the prior year and $6.3 billion, or 4%, from the prior quarter. Average loans were $146.3 billion, a decrease of $27.8 billion, or 16%, from the prior year and $9.5 billion, or 6%, from the prior quarter. The declines in both end-of-period and average loans were consistent with expected portfolio run-off.
CHASE NET INCOME
1Q/08 $609 million
2Q/08 $250 million
3Q/08 $292 million
4Q/08 -$371 million
1Q/09 -$547 million
2Q/09 -$672 million
3Q/09 -$700 million
4Q/09 -$306 million
1Q/10 -$303 million
2Q/10 $343 million
TransFS.com marketplace for comparing credit card processors has launched its “Square Calculator,” offering an easy way to compare ‘Square’s’ fees against credit card processing fees for mobile transactions. The “Square Calculator” compares average transaction size and monthly volume of the merchant, handles the case of a merchant already owning an iOS device, and offers a more exact comparison based on their particular credit card mix of credit, debit, reward, and business credit cards. The “Square Calculator” runs a real-time fee analysis between ‘Square’s’ rates and an average of the credit card processors that participate in the TransFS.com comparison shopping marketplace for merchant accounts based on these inputs.Details
Pentagon Federal Credit Union (PenFed) now offers electronically scanned check deposits through its
“Deposit Anywhere” online check deposit service. PenFed’s “Deposit Anywhere” program allows a member to initiate a deposit from their computer to their checking account for immediate credit on deposit amounts up to $5,000 per member per day. The new check scanning deposit feature allows a member to use their home scanner to deposit an image of their check(s) directly to their PenFed accounts — completely eliminating the need for a physical check to be mailed. In addition to ease of use that saves time and money by avoiding postal costs, the new scanned check Deposit Anywhere service offers enhanced versatility and access.
Prepaid Card Holdings’ has launched and is currently issuing and managing prepaid card programs on a Tier 1 processor. The operating subsidiary first began issuing prepaid debit cards in February 2008 on another processing platform. The company believes this successful launch on a Tier 1 processing platform is an important asset to the companyâs future and a condition precedent to its ability to attract an institutional investment in todayâs market. The Tier 1 processor delivers banking and payments technologies to more than 14,000 financial institutions and businesses in over 100 countries worldwide, and maintains processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10.Details
The United States Bowling Congress and Nationwide Bank have partnered to give bowlers more for their membership with the launch of the new USBC Platinum Visa credit card.
Card holders will receive more cash back rewards when they bowl and USBC members will receive a credit on their 2010-11 national membership dues with the USBC Platinum Visa credit card, offered through Nationwide Bank. The card has no annual fee and USBC Platinum Visa credit card holders receive a one-time $10 credit on your USBC membership when renewal; membership dues are automatically applied to the card; double cash-back rewards on purchases from selected USBC merchant locations; 0% introductory APR on purchases and balance transfers for six billing cycles; 1% cash back on all other purchases each month; and 24-hour online account management.