Chase Lifestyle Index Shows Consumer Spending Up

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Chase released its 3Q/12 “Freedom Lifestyle Index” quarterly barometer of consumer trends based on aggregated Chase Freedom cardholder spending data. Indicating overall cardholder spending was up 4% from the year ago period, the Index shows spending was strong in food, back-to-school, and outdoor/leisure expenditures. From 2Q/12, overall spending was up 1%…

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G&D Introduces All Encompassing mWallet

Giesecke & Devrient is launching its “SmartTrust Portigo” mwallet solution for NFC services, putting debit and credit cards, ID cards, loyalty cards, public transport tickets, and access keys for buildings and vehicles in one electronic wallet. When users download software called Wallet Client onto their smartphones, they establish a connection to a secure element and to the Wallet Manager, which is provided in the mobile network by the Wallet Issuer. The Wallet Manager allows the Wallet Issuer to conveniently deploy services provided by various NFC service providers and supply them to their customers, who can simply download the corresponding widgets onto their smartphones.

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Target to Sell Credit Card Portfolio to TD Bank

Target reached an agreement to sell its entire consumer credit card portfolio to TD Bank Group, currently assessed at a gross value of approximately $5.9 billion. The two companies entered into a seven-year program agreement under which TD will underwrite, fund and own future Target Credit Card and Target Visa receivables. The agreement applies to Target’s U.S. credit card operations and stipulates Target will maintain the current deep integration between its financial services operations and its retail operations. The agreement does not have any impact on Target’s 5% REDcard Rewards program. Target team members will continue to provide all servicing for Target Credit Card and Target Visa accounts. The portfolio sale and program agreement are designed to have minimal impact on Target’s current cardholders, guests and the Target team members who support financial products and services. Target expects to deploy proceeds from the sale in a manner that will preserve its strong investment-grade credit ratings. Specifically, the company expects to apply approximately 90 percent of net transaction proceeds to reduce the company’s net debt position, with the remainder applied to share repurchase over time.

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3V Launches mMoney Service

3V Transaction Services payment technology launched their “Moneybutton” white label mobile money service and now is offering a full service solution to mobile operators and other verticals intending to bring mobile financial services to market quickly. Moneybutton is an instant-issue virtual Visa or MasterCard account created after in-app (Apple, Android, Blackberry or Windows) or online registration. The Visa or MasterCard debit account can be funded by bank transfer, payment cards, cash at over 350,000 retail locations, or by charging to a customer’s mobile bill. Money can also be sent to anyone in the world in real time; if the recipient does not already have a Moneybutton account one will be created for them instantly and their balance credited.

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U.S. Bancorp 3Q/12 Total Revenue Up 8% Y/Y

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] U.S. Bancorp posted a 3Q/12 net income of $1,474 million thanks in part to $2.4 billion of lines related to new credit card accounts. With this, total net revenue was up 8% from the year ago quarter and 2.2% from the previous quarter. Also helpful to annual growth were net charge-offs…

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Visa Board Elects New CEO

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The Visa Board of Directors has elected Charles W. Scharf, formerly CEO, Retail Financial Services with JPMorgan Chase, to succeed Joseph W. Saunders as CEO. He also is a former director of Visa. The Board also intends to appoint a new non-executive independent chairperson with the retirement of the current chair…

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Citi Ranked Greenest Bank by Newsweek Magazine

Citigroup has been ranked the greenest bank in the United States by Newsweek magazine on the annual Newsweek “Green Rankings.” This comprehensively assess the environmental performance of the largest publicly traded companies in the U.S. and around the world, for which Citi was ranked the 17th in the United States- the highest ranking of any U.S.-based bank for the second year in a row. This is thanks to its role in the creation of the Equator Principles and Carbon Principles, two standards for addressing environmental and social risks in the financial sector, and its $50 billion Climate Initiative aimed at supporting renewable energy, energy efficiency and clean technology. Also, Citi has directed over $36.4 billion as part of the 10-year initiative announced in 2007, including financing for two of the world’s largest solar energy projects.

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AmEx Finds Fewer Mass Affluent Retirement/Health Care Concerns

Concerns about retirement and the cost of health care declined from six months ago among mass affluent Americans (consumers with $50,000-$250,000 in investable assets) according to the Fall 2012 Merrill Edge Report. Released today by Bank of America, the survey also found that college education continues to be a major concern, but this group is also taking greater responsibility for their finances. Seventy-three percent of mass affluent fear that their retirement assets will not last throughout their lifetime, down from 83% in April 2012, and 84% of this group are concerned about the rising cost of health care, also down from 89% in the same time period. Sixty-nine percent of mass affluent couples discuss their finances at least a few times per month with 34% of married mass affluent Americans are discussing their finances more than their sex life. Meanwhile, 52% of mass affluent have saved less than $250,000 for retirement. As a result, more than half of respondents plan to retire later than they had one year ago (56 percent), a year-over-year increase of 19 percent from November 2011. Three in four (73 percent) mass affluent who are between 10 and 19 years from retirement have made changes to the way they save for retirement over the past year with 36 percent trimming everyday costs to bolster their savings and 21 percent starting to work with a financial advisor.

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Clear2Pay and Backbase Combine Interface

Clear2Pay payment solutions for financial institutions and Backbase software specialists are set to conduct a joint demonstration at Sibos 2012 of a Payments 2020 customer experience ‘inside the bank’. This will offer users of the Clear2Pay payments technology a compelling user interface that matches the level of agility and sophistication that the Backbase technology brings to thousands of retail and business bank customers around the world. Clear2Pay and Backbase started discussions when it became obvious for Clear2Pay that the user experience should not be limited to the bank’s customers. Thousands of banks and payment providers’ staff around the world work with Clear2Pay’s applications on a daily basis and they too want a user experience that gives them what they need, how they want it and relevant to their work task, location and device.

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USA Tech Ranked 5th for U.S., 30th Worldwide 2011 POS Shipments

USA Technologies has been ranked as one of the top five shippers of POS terminals in the United States. The Nilson Report, a leading source of research on consumer payment systems worldwide, again ranked USAT 5th among the leading POS shippers in the United States for calendar year 2011. On a worldwide basis, USAT was ranked 30th. In addition to ePort EDGE and ePort G8 POS terminals, USAT’s PCI-compliant, cashless payments technology portfolio also includes QuickConnect™, an API Web service, all of which integrate with ePort Connect®, USAT’s comprehensive service platform designed specifically for small-ticket, self-service unattended retail locations such as vending and kiosk.

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Western Union Mastercard Available to Underbanked

Western Union global payment services, ICICI Bank and MasterCard have partnered to launch the “Western Union ICICI Bank Prepaid Card.” The card offers millions of underbanked a safe way to store and access their money anytime along with new options for saving and spending and will be the first in the market to allow the cardholder to load funds on the cards of family members and loved ones or to transfer funds card-to-card across the nation. The Western Union ICICI Bank Prepaid Card has the potential to elevate Indians into the financial mainstream.

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NCR to help ANZ Enhance Customer Experience

NCR Corporation announced a five-year agreement with ANZ to help transform its ATM network with “next generation” intelligent deposit ATMs. The agreement supports ANZ’s recently announced “Banking on Australia” initiative, a major investment program for its Australian business designed to make it easier for Australians to bank with ANZ. As part of the program ANZ will introduce 800 NCR SelfServ™ ATMs into branches, allowing 24-hour access to many traditional teller services. With its unique scalable deposit module (SDM), NCR SelfServ is the world’s only ATM that can accept, count and process cash and cheques simultaneously in one transaction, reducing the time for a typical mixed deposit to less than 60 seconds. Many of these new ATMs will also take loose coin deposits.

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