Vantiv, Inc. announced financial results for the first quarter ended March 31, 2014. Revenue increased 8% to $537.6 million in the first quarter as compared to $498.0 million in the prior year period. Net revenue increased 6% to $288.5 million in the first quarter as compared to $272.9 million in the prior year period, primarily due to a 6% increase in transactions. On a GAAP basis, net income attributable to Vantiv, Inc. was $28.1 million or $0.18 per diluted share during the first quarter, compared with $26.1 million or $0.18 per diluted share in the prior year period.Details
Social Finance peer-to-peer lending refinanced more than half a billion dollars in student loans, with the number of schools represented having grown nearly 800% to more than 550 universities over the past year. SoFi has streamlined the lending process with a pain-free online application, mobile document upload, and helpful customer service via text, email, or phone. Borrowers can combine their Federal and private loans into a single monthly payment, and customize payment terms to fit their lifestyle. Unlike traditional lenders, SoFi borrowers become members in a powerful community with programs to reach life milestones such as entrepreneurship support, job placement assistance, unemployment protection and exclusive access to new financial products.Details
MasterCard announced the New Zealand launch of its ground-breaking digital payments technology MasterPass this week. MasterPass is the digital platform from MasterCard that gives shoppers a seamless, secure and speedy checkout – regardless of where they may be and what device they may be using. MasterPass eliminates the need for consumers to enter detailed shipping and card information to complete their online shopping at MasterPass merchant sites.Details
Ukash announced Betfair has signed up to their popular service which enables customers to use cash to transact online with Betfair. Betfair customers who pass strict verification processes will be able to make cash deposits into their account through Ukash vouchers, which are available from over 50,000 sale points in the UK, with a reverse process being available to make cash withdrawals. The service is available on both desktop and mobile. Ukash enables players to spend cash securely online with unique 19 digit codes to pay directly on thousands of websites that accept Ukash transactions worldwide.Details
Worldpay Group announced that it has acquired Cobre Bem Tecnologia payment solutions. Worldpay’s eCommerce division will further strengthen its global reach, giving its customers access to a wide range of payment products in Brazil, Argentina, Colombia, Chile and Mexico. Cobre Bem is a payment service provider that offers single point access to popular local payment methods in Latin America, including eight different credit/debit card types and more than 20 banks for direct online transfers, direct debit and Boleto Bancario. Cobre Bem will continue to operate its current business model, and the existing Cobre Bem management team will join the senior leadership of Worldpay’s eCommerce business unit. In addition, Worldpay has committed to further investments in Cobre Bem’s technology and product offering, as well as to bringing Worldpay functions such as Relationship Management, Corporate Support and Implementation to Sao Paulo and Buenos Aires – guaranteeing a consistent customer engagement model around the world.Details
There comes a time when some agent card programs elect to pick a new service provider. Perhaps because of erratic service level performance at the current provider, or due to new account rewards which seems to be less than competitive market value, because a current contract has reached its contractual period ending, or even due to an existing provider exiting from that business.
Whatever the reason(s), there are number of preliminary steps one must go through to ensure the change is a smooth one for your card members and meets your expectations. In managing over 800 such agent card programs over three decades in the card business, R.K. Hammer has some strong opinions about how to achieve the best outcome.
Chase Card Services and Marriott Rewards announced the launch of the Marriott Rewards Premier Visa Signature® Business Credit Card designed for small business owners who travel frequently for business or pleasure. With the Marriott Rewards Premier Business Credit Card, small business owners have the ability to earn accelerated Marriott Reward points on all purchases, accumulate free night stays, and receive automatic Silver Elite Status once they become a cardholder. The card also offers EMV chip-and-signature technology, charges no foreign transaction fees and comes with a variety of travel and business benefits. With the Marriott Rewards Premier Business Credit Card, small business owners have the ability to earn Marriott Rewards points at an accelerated rate. Cardholders will earn thousands of points for different increments spent on the card. The card also comes with travel insurance benefits, including trip cancellation, trip delay, lost luggage, baggage delay and auto collision damage waiver. Additional benefits include purchase protection insurance, including purchase security and extended warranty.Details
First Data appointed Christopher Foskett head of global, strategic and national accounts. He will lead the organization responsible for bringing strategic value, business partnership and new innovation to the firm’s major financial institution, retail, government and business clients. Foskett most recently was global head of sales for J.P. Morgan’s Treasury Services business and regional executive of the Treasury Services business for North America. Foskett brings a wealth of experience from his 30-year career in financial services spanning a wide range of client-facing activities across corporate and investment banking and transaction services. Global Finance magazine has cited Chris as one the select bankers featured in their ranking of “Who’s Who in Treasury and Cash.Details
American Express Group (AXP) President, Enterprise Growth, Dan Schulman, will participate in the Sanford Bernstein “Disruptive Trends in Financial Services” Conference in New York City. He will oversee and participate in a question and answer session relating to the company’s Enterprise Growth business and digital payments strategy.Details
Barclays has appointed Michael Harte as Chief Operations and Technology Officer. A member of the Group’s Executive Committee, Michael is currently Group Executive of Enterprise Services and Chief Information Officer at the Commonwealth Bank of Australia Group (CBA). Prior to CBA, he held Chief Information Officer, IT and Operations and Technology roles at PNC Financial Services and at Citigroup.Details
Unity Bank plc has recorded a 1Q/14 26% profit before tax from the year ago period, corresponding with its mandatory annual re-certification of its PCIDSS. The bank also received its Report on Compliance (RoC) from the external Qualified Security Assessor (QSA), NetHost Legislation Ltd. This is in line with the directive from the Central Bank of Nigeria that all banks must achieve certification to the PCI standards, Unity Bank had successfully attained its certification on April 5, ahead of almost three-quarter of the banks in the country and is among the first to complete its annual recertification. The bank has also disclosed that to ensure that it continues to maintain its high security standards for the protection of card-holder data and card production environments, it is putting resources in place to train its own team of Internal Security Assessors (ISAs) to lead future recertification exercises and work with external Qualified Security Assessors (QSAs) to obtain RoC.Details