Cleveland-based National City reports it has topped one million VISA gift cards since it introduced the prepaid product in 2002. Approximately 60% of gift cards were sold this year through National City branches and 38% were purchased in bulk by business customers, either online or by phone. The average load on individual gift cards sold year-to-date is $129, representing an increase of 26% over last year for individual cards, and a 25% annual increase on the average load for bulk gift card sales to businesses. National City offers the “VISA Gift Card,” “Diamond Edition VISA Gift Card,” “VISA Buxx Teen Card” and “VISA TravelMoney.”Details
Credit card debt in Australia soared to a new record, slightly topping A$37.0 billion in August. Credit card volume hit its second high for the year after declining for two consecutive months according to this week’s CardFlash International. Card volume hit A$16.5 billion during August, compared to A$15.4 billion in July. During the past twelve months, credit card debt has increased 16% in Australia. Year-on-year credit card volume has increased 8% in Australia. Card credit limits reached A$99.8 billion at the end of August, compared to A$88.4 billion for August 2005. There are currently 13.1 million credit card and charge card accounts in Australia, compared to 12.2 million one-year ago.Details
First Data has been certified by Discover Financial Services to process general acceptance healthcare transactions on the Discover Network. By providing certification to First Data Healthcare Services, Discover Network expects to broaden the agreement for future testing and certification of additional processing functionality, which will further enhance the consumer’s experience when using a Discover Network employee benefit card to access qualified tax advantaged healthcare, dependant care, and transit accounts. First Data Healthcare Services offers a multi-purpose card that provides access to HSA, HRA, and FSA accounts and line of credit, along with eligibility, benefit, and claims data, through a powerful point-of-care network. Discover Financial Services LLC, a business unit of Morgan Stanley (NYSE:MS), operates the Discover Card with more than 50 million Cardmembers, and the Discover Network with more than 4 million merchant and cash access locations.Details
Terminal manufacturer Ingenico reported third quarter sales of $151.3 million compared to $131.2 million for 3Q/05. The Company says sales was driven by strong sales in North America, as well as in Southern Europe, the Middle East and Africa. Historically, the third quarter is a slower period for the company. However, year-to-date sales are running more than 20% over 2005. During the third quarter Ingenico implemented the SNMP protocol in its TCP/IP payment terminals and received “Class B” certification on the “i7780,” “i5100” and “3010” PIN Pad from Chase Paymentech Solutions. The Company also recently teamed with Gilbarco Veeder-Root to develop and deliver comprehensive integrated indoor and outdoor payment technologies that automate petroleum retail sites. Ingenico is currently in the process of mergering with MoneyLine. For complete details on Ingenico’s latest results visit CardData ([www.carddata.com]). (CFI Library 8/28/06; 10/2/06; 10/10/06)
Transaction Network Services has signed a three-year deal to provide network services for Electronic Payment Exchange’s U.S. merchant transactions. Straight Through Processing from EPX solves the problems created by multiple vendor payment processing and provides efficiencies for merchants. With an end-to-end solution, EPX not only reduces merchants’ costs by eliminating third-party gateway fees, but also increases speed and efficiency. Transaction Network Services is one of the leading providers of business-critical, cost-effective data communications services for transaction-oriented applications. Electronic Payment Exchange is a full-service payment processing company that specializes in enabling businesses to accept credit card, debit card and electronic check payments.Details
Seattle-based Washington Mutual reported that it opened 815,000 new credit card accounts during the third quarter and that card outstandings rose 14%, compared to one-year ago. Net income for the quarter of $210 million matched its first quarter record and was up an estimated 12% over 3Q/05. Managed card receivables were $21.9 billion as of September 30th, compared to $19.3 billion one-year ago. The 30+ day delinquency rate rose 30 basis points to 5.53% compared to 5.23% for the second quarter. However, charge-offs declined from 5.99% in the second quarter to 5.68%. WaMu notes that without the impact of the planned sale of $403 million of higher risk accounts, managed receivables at the end of the third quarter would have been approximately $22.3 billion and the delinquency rate would have been 5.99%. During the quarter WaMu teamed with ESPN to launch a co-branded sports credit card, the “ESPN Total Access VISA.” For complete details on WaMu’s latest performance, visit CardData ([www.carddata.com]). (CF Library 9/14/06)
WaMu/Providian Net Income Track Record
3Q/05: $188.1 million*
4Q/05: $166.0 million
1Q/06: $210.0 million
2Q/06: $183.2 million
3Q/06: $210.0 million
* not publicly disclosed
Source: CardData (www.carddata.com)
Terminal manufacturer Ingenico reported third quarter sales of 120 million euros compared to 104.0 million euros for 3Q/05. The Company says revenues were driven by strong sales in North America, as well as in Southern Europe, the Middle East and Africa. Historically, the third quarter is a slower period for the company. However, year-to-date sales are running more than 20% over 2005. During the third quarter Ingenico implemented the SNMP protocol in its TCP/IP payment terminals and received “Class B” certification on the “i7780,” “i5100” and “3010” PIN Pad from Chase Paymentech Solutions. The Company also recently teamed with Gilbarco Veeder-Root to develop and deliver comprehensive integrated indoor and outdoor payment technologies that automate petroleum retail sites. Ingenico is currently in the process of mergering with MoneyLine. For complete details on Ingenico’s latest results visit CardData (www.carddata.com). (CFI Library 8/28/06; 10/2/06; 10/10/06)Details
More than 1,000 volunteer bankers this week visited high schools, colleges and after-school programs to teach the fundamentals of credit under the ABA’s “Get Smart About Credit Day”. The national financial education campaign is sponsored by the American Bankers Association Education Foundation. The ABA Education Foundation promotes financial education by connecting bankers and young people. The ABA Education Foundation, a non-profit subsidiary of the American Bankers Association, is committed to developing and providing education programs that lead to financial literacy.Details
Citibank India has launched its nationwide festive season promotion which runs from October 18th through December 31st. The “Citibank Most Wanted Brands Offer” ties together thirteen top brands across 12 different categories. It enables customers to avail an assortment of assured gifts, cash back offers, discounts, rebates and sweepstakes on purchases made on their Citibank credit and debit Cards.
Citibank’s partners in the promotion are Shopper’s Stop (retail) and Indiaplaza, a FabMall.com venture (e-Shopping), Hutch (mobile services) and Nokia (mobile phones), Jet Airways (air travel), Travel Guru (holidays), Gili (jewelry), Hewlett-Packard (computers and accessories), Philips and IFB (consumer durables), Reebok (footwear and accessories) Mitsubishi Cedia (automobiles) and The Grand (restaurants).
Denver-based PaySimple has hired Jeffrey Gardner, formerly of Avaya, as its new President. With over 10 years’ experience in technology marketing, strategic planning, and financial management, Mr. Gardner has a track record of propelling growing companies into market leadership positions. He earned a Masters of Business Administration from the Darden School of Business at the University of Virginia, and a Bachelor of Science in Finance & International Business from Pennsylvania State University. PaySimple is an industry-leading provider of payment management solutions.Details
Intuitive Group has teamed with VISA to launch a pre-paid multi-currency debit chip-and-PIN reward card. The “myreward card” is a world-first in the sales incentive market. The new card is suitable for delivering reward, incentive, bonus and commission payments for any business from SME to blue-chip companies. The “myreward card” can also be used to accrue rewards through overnight payments made to participants’ card accounts. Users will also have access to a secure e-commerce site where they can check balances online and monitor
progress of their incentive program. The card can be used to pay for goods and services in Pounds Sterling, US Dollars or Euros.
Pay By Touch has named Ron Carter, former President and COO of Verus Financial Management and former EVP of Vital Processing Services and President of BUYPASS, as President of Pay By Touch Payment Solutions. Carter brings more than 35 years of experience in general management and operations for the banking and financial services industries to Pay By Touch. As President of Pay By Touch Payment Solutions, he will report directly to Pay By Touch’s President and Chief Operating Officer, John Morris. Pay By Touch is wowing the world one touch at a time as the leader in biometric authentication, personalized marketing and payment solutions.Details