WorldRemit Launches Remittance Service

WorldRemit online money transfer business launched “Send Money to Yourself” service that enables diaspora members traveling to Somaliland to collect cash from local agents using their cards. In the absence of cash machines, the new service enables customers to use their debit/credit cards and pick-up cash from WorldRemit’s extensive agent network. WorldRemit also enables diaspora members to send money to their family and friends while travelling. They no longer need to call someone abroad to withdraw cash from an ATM and visit an agent location in order to send money, rather, just Internet access.

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Citi and Elavon Announce New President of Elavon

Antonio Castilho is the new president of Elavon in Brazil, the merchant services company created by a joint venture between Credicard, a wholly-owned subsidiary of Citigroup, and Elavon, a wholly-owned subsidiary of U.S. Bancorp and global payments provider. He will position Elavon as a competitive acquirer in Brazil’s fast-growing payments market by 2015. Elavon’s expertise in technology and specialized services for the aviation, tourism, health and large retailers segments and Credicard’s market expertise will be key drivers in the company’s ability to meet this objective. At present, the company is hiring personnel and organizing the structure of the Brazilian head office. It is estimated that Elavon will begin operating in Brazil by the end of the year. Castilho previously occupied senior positions at Visanet (currently Cielo), Banco Votorantim, in addition to Ticket and Vale Refeição.

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N&P’s debit card goes global

N&P’s debit card fee-free ATM withdrawals and POS transactions outside the UK, has gone global since it was launched in January 2011, the Society has announced. N&P’s VISA debit card has been used all the way from Afghanistan to Zimbabwe, with hundreds of thousands of ATM withdrawals and point of sale purchases being carried out without any additional fee to the cardholder, resulting in some very important savings for customers. Spain had the highest number of ATM withdrawals in the first six months of 2011, more than three times that seen in France (second highest), with Australia third and Thailand fourth; The average withdrawal of local currency from an overseas ATM was the equivalent of £108.60 in Sterling; The largest average withdrawal of local currency was in Afghanistan with the equivalent of £247.03 for each withdrawal, closely followed by Russia (£237.16), Ivory Coast (£217.87) and Swaziland (£204.66); The smallest average withdrawals were seen in Senegal (£20.25) per withdrawal, Botswana (£25.66), Bosnia (£26.51) and Cayman Islands (£27.06); and The average ATM withdrawal in super-rich Monaco was just £83.48, almost the same as Ethiopia (£82.37).

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J.P. MORGAN Appoints COMMERCIAL CARD BUSINESS Head

Andrew Pilkington will assume leadership responsibilities for JP Morgan’s Commercial Card business, which provides travel and entertainment card, purchasing card and single-use account solutions to thousands of private and public sector organizations around the world. He has also been designated the interim Principal Officer for JPMorgan Chase Bank, N.A.’s Canadian branch and President of J.P. Morgan Bank Canada and will continue to act as the Chairman of the Canada Management Committee. He led the growth of the business as chief executive officer of Chase Card Services Canada, which itself has introduced the Marriott Rewards Platinum Visa Card, the Chase Gold MasterCard, the Best Buy Reward Zone Visa Card, the Best Buy Card and the Future Shop Card.

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MoneyGram now offers remittance direct to BDO account

Beneficiaries with accounts in BDO Unibank can now receive remittances straight to their bank accounts following a recent agreement with MoneyGram. Through its “BDO Remit” remittance service, BDO expanded its credit to BDO account service in selected MoneyGram outlets in the US, Singapore, Brunei and Greece, which will soon be launched in MoneyGram locations worldwide to heighten convenient access and allow beneficiaries to receive remittances the fastest way possible. Apart from offering credit to BDO account in MoneyGram outlets, money senders may also remit online through www.emoneygram.com. Once the money has been credited to a BDO account, the client may claim his/her remittance from any of the more than 1,400 BDO ATMs or from over 10,000 Expressnet, Megalink and Bancnet ATMs nationwide.

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VeriFone Provides Managed Services Pay-At-The-Table

VeriFone Systems forged agreements to supply a managed services pay-at-the-table solution to the Rossopomodoro restaurant chain in Italy with its Wi-Fi enabled VeriFone “Vx 670” mobile payment acceptance systems through its “PAYware Express” gateway service. This allows staff to accept payment at the table, with check amounts automatically generated from the restaurant chain’s existing POS system. VeriFone managed services programs incorporate hardware, software, security and services into one cost-effective, secure and easy-to-budget solution that improves efficiency of servers and counter clerk and enhances the overall customer experience.

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XLN acquires Card Processing Solutions

XLN acquired Card Processing Solutions card processing services for UK small businesses. A significant number of XLN’s 125,000 SME customers currently use card processing services connected via fixed lines, with a growing proportion using GPRS connected terminals. Card Processing Solutions provides low cost card payment terminals and payment solutions to SMEs who need to process credit and debit card transactions – retailers, hotels, restaurants and online merchants. Working in partnership with major banks and card terminal providers, CPS offers a comprehensive range of reliable solutions that meet the card processing needs of most businesses.

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CHARGEOFFS DOWN, BANKRUPTCIES UP

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] While U.S credit card defaults are now at the lowest level since early-2008 while delinquencies are at the lowest level in four years, consumer bankruptcies jumped 4% from the May 2011 consumer bankruptcy total of 114,803 filings to 119,768, 5% greater than the year ago figure of 126,270 filings. The Fitch…

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Citigroup 2Q/11 Net Income Up $.6B Y/Y

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Citigroup reported second quarter 2011 net income of $3.3 billion, or $1.09 per diluted share, on revenues of $20.6 billion. Second quarter net income grew 24% from the prior year period and 11% from the first quarter 2011, while net revenues were 7% lower versus the prior year period and 5%…

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Amalgamated Bank Implements FIS Card Processing, Loyalty & Fraud Prevention

Amalgamated Bank of Chicago has signed a five-year agreement for several FIS card processing and fraud protection solutions, enhancing its customer experience as well as its consumer and commercial card processing and fraud prevention capabilities. With this, Amalgamated Bank selected FIS’ “Base2000,” “ScoreCard,” FIS card personalization and fulfillment, FIS “Secured,” “COMPROMISE MANAGER,” Merchant Processing and Fraud Alert Management to ultimately enhance its ability to provide personalized card services and quickly deliver new financial solutions.. The “ScoreCard” card loyalty solution has proven to increase card acquisition, activation and usage of both credit and debit card programs by members.

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Discover Card Website Tops in Customer Experience

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Discover announced it has been awarded first place in Best Overall Customer Experience for prospects in the 2011 Keynote Competitive Research Industry Study of U.S. credit card marketing websites. “As Discover continues to grow in the direct banking industry, we will continue to pay close attention to the online experience and…

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M&T Bank to buy HSBC data center

M&T Bank is set to purchase a building in Amherst, New York from HSBC, which it will then convert to its primary data center, then retrofit its current data center, located on Commerce Drive in Amherst, into additional office space. M&T said it will invest more than $105 million to improve and equip the two buildings over the next 10 years if the purchase goes through. M&T also would locate approximately 75 new jobs and retain 45 existing jobs in Amherst as a direct result of this investment. Some of those jobs will be located at the new data center, while others will go in the Commerce Drive location. M&T Bank already employs 1,314 people at two major operations centers and nine branch locations in the Town of Amherst. Across Western New York, M&T has approximately 5,000 employees, operates 84 branch office locations and owns and/or occupies nearly two million square feet of commercial real estate.

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