North American Bancard is set to open its new corporate headquarters in Troy, Michigan tomorrow.Details
Business spending in the U.S. is expected to grow 4.4% this year to hit $14.5 trillion, and may approach $15 trillion next year. Between 2005 and 2010, commercial spending by American businesses is expected to grow at an compound annual growth rate of 3.7%. VISA’s “Commercial Consumption Expenditure” index, introduced in May, made the projections this morning. In the twelve months ending June 30th, VISA processed $104.7 billion in commercial volume over VisaNet, or about 0.7% of CCE. VISA says less than two percent of “CCE” is currently captured on all payment cards. VISA says it has produced a CAGR of nearly 22% since 1999, while the market segment itself, as defined by the “CCE,” experienced a CAGR of 2.5%. The new “CCE” is comprised of four key data elements including intermediate inputs, wholesale and retail purchases, private fixed investment and government spending. (CF Library 5/16/04).Details
AZ-based MapInfo has teamed with Information Asset Partners to offer predictive segmentation solutions to help credit card issuers more precisely measure market potential and drive target marketing efforts to the best prospects.Details
Elan Financial Services has launched two new e-services: ATM software distribution and electronic journal delivery. The new software download capability enables financial institutions to upgrade software, add and update .wav files that support voice-guidance and change graphics files that supply ongoing marketing messages. Particularly unique about electronic software distribution from Elan is that it is supported on some “OS/2” terminals, as well as Windows-based terminals from major manufacturers. The electronic journal delivery service means that each time a client’s ATM is balanced, the data on the electronic journal file will be saved to the hard drive of the ATM and uploaded to a secure website where it will be available to the client the next day. Once the client has authenticated to the site they are able to seamlessly research cardholder disputes and immediately access data and archive the files.Details
Dallas-based TNB Card Services has signed agent issuing agreements with four Midwest credit unions to purchase and manage their credit card portfolios. Combined, the card portfolios represent more than $10 million in receivables. The credit unions are: NuMark CU with 25,000 members in IL; Kansas City CU with 7,000 members in Missouri; Jefferson City Highway CU with 7,000 members in Missouri; and Riverview CU with 4,800 members in OH. Last month, TNB picked up 3,600 accounts from four Texas credit unions. All are longtime credit card processing clients of TNB. TNB Card Services serves more than 400 credit unions and manages more than 1.5 million cards. (CF Library 8/17/04)Details
The ABA/Foreword Financial “Bank Card Conference,” to be held in Orlando next week, has scheduled VISA USA CEO Carl Pascarella for the keynote address on Tuesday morning.Details
Dione has been listed as one of five finalists in the “Growth Strategy of The Year” category for the “National Business Awards.”
The U.K.’s prestigious business “Award” is the first award program to engage FTSE100 and blue chip companies with SMEs and new ventures.
This year the combined annual turnover of the companies that entered the “Awards” equates to 31.6% of the UK’s GDP. The “Awards” were launched three years ago. Dione is “Chip & PIN” solutions provider to the U.K.’s acquiring banks.
General Electric Consumer Finance expects to enter the consumer credit business in China within the next year. The company reportedly is currently in talks with several banks to provide consumer financing for retailers. Bloomberg news service says GE Consumer Finance CEO David Nissen believes the Chinese consumer is becoming far more comfortable with credit, in a country dominated by debit cards. Meanwhile, GECF is in the process of acquiring Moscow-based DeltaBank, a VISA issuer with more than 103,000 credit cards in-force. GECF also recently acquired the assets of U.S.-based Dillard National Bank and Mervyn’s credit card portfolio from U.S.-based Target. Over the past year, GECF’s assets have grown more than 20%, from $97.1 billion to $116.9 billion. During the second quarter, GECF produced net income $600 million on revenues of $3.8 billion.Details
Madrid-based EURO 6000 has signed a license agreement for JCB acquiring operations. This is the first time that JCB has granted an acquiring license to a payment network in Spain and completes JCB business relationships with the major Spanish acquirers. Thirty-five banks, primarily regional savings banks, participate in EURO 6000’s payment network and processing center services, for a total of approximately 260,000 merchants. EURO 6000 merchant acquiring operations and sales processing will begin by the end of March 2005. JCB card acceptance will be phased in, starting with about 140,000 merchants in the first year and 250,000 by the end of the third year. As a result, the JCB card acceptance rate in the Spanish market will nearly double, benefiting not only the “La Caixa JCB Card” cardholders who live in Spain, but also the large number of visitors from other European countries.Details