GE Money Bank has implemented BNP Paribas Securities Services (GE Money) to provide fund distribution services. The BNP Paribas’ open distribution platform will form a key component of its distribution strategy. By continuously improving its range of products and services across each of its locations as well as extending its local presence, BNP Paribas Securities Services aims to provide its clients with the same world-class solutions across the globe.Details
SIX Card Solutions signed agreements with Transaction Network Services (TNS) to offer its merchants access to multiple acquirers across Europe through the TNS Secure Payments Network. This will provide SIX Card Solutions a managed payment network service for the hospitality and car parking, streamlining its payment-related connectivity on just one connection, replacing multiple local suppliers. SIX Card Solutions payment transactions will be routed via TNS’ PCI-certified Secure Payments Network on the “TNSPay” payment gateway services and its broad portfolio of payment network connectivity solutions. SIX Card Solutions Group provides innovative payment processing solutions to hotels, restaurants, parking, retail, vending and e-commerce.Details
Kuwait Finance House (KFH) conducted its last monthly draw for its campaign concerning KFH’s banking cards (credit-prepaid-ATM), awarding different clients during February and March KD 20,000 when using their KFH cards. The campaign managed to accomplish its objectives, which are boosting commercial business in the local market, and increase sales through tools offered in the campaign, which was positively reflected in KFH’s banking cards’ market share. The campaign gave KFH card holders the opportunity to win KD 40,000 in awards during the past two months through using their banking cards, where each user who used his card through points of sales machines at stores and shops, had the opportunity to be a winner every month during the draw for every KD 50 purchases or its equivalent in other currencies, and then having 10 clients every month win KD 2000.Details
Indicating growth is starting to surpass survival as the number one priority for business owners, 35% of small business now plan to hire, the highest level since the fall 2008. With this, concerns of economic uncertainty are starting to recede (27% vs. 35% in the fall) as 37% expect to grow and 56% are willing…Details
Those having written credit cards off as a thing of the past might want to reevaluate their assessment. That’s because as credit losses continue-now down to 8.31% after overall improvement for the past six months from October figures of over 10%- credit card provider shares are slated to continue growing. The higher gas prices are…Details
Bank of America reported 1Q/11 net income of $2.0 billion, compared to net income of $3.2 billion a year ago and a $1.2 billion loss last quarter. Performance improved thanks in part to 30+ day delinquency rates near all-time lows, net losses declining for the sixth straight quarter, and customer payment rates improving for the seventh straight quarter. Meanwhile, its Global Card Services reported net income of $1.7 billion, up $749 million from the year-ago quarter as lower credit costs more than offset a $1.2 billion decline in revenue. The lower revenue reflected a drop in net interest income from lower yields and lower average loans, including run-off portfolios, as well as lower noninterest income due to the impact of the CARD Act as provisions became effective throughout 2010. Net income was up $224 million over the previous quarter as continued credit improvement led to lower credit costs, offsetting lower loan balances and lower yields. Provision for credit losses decreased $2.6 billion from a year ago, driven by lower net charge-offs from lower delinquencies and decreasing bankruptcies as a result of the improved economic environment.Details
First Data electronic commerce and payment processing solution set has been expanded through enhancements to its eCommerce Solutions, Mobile Commerce Solutions and proprietary POS terminal line. First Data eCommerce product enhancements implemented throughout the quarter were to Dynamic Currency Conversion (DCC), expanding the number of supported currencies from 36 to 72 in over 120 countries; the Company introduced the “Fraud FlexDetect” eCommerce fraud detection and prevention solution; it released “Payment Software” certification under current PA-DSS requirements and other compliance initiatives; and its “Global ePricing (GeP)” enhanced exchange rate reporting capability for multicurrency transactions was released. In addition, First Data released five new POS terminals for faster processing, including its “FD50Ti;” “FD100Ti;” “FD200Ti;” “FD300Ti;” and the “FD400Ti.Details
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EVERTEC reported 4Q/10 total revenues having increased by $8.1 million, or 12%, to $77.1 million, when compared to $69.0 million in the year ago period. This increase was attributable to transaction processing having increased $2.3 million, or 12%; Merchant Acquiring increased $1.4 million, or 11%; and Business Solutions having increased $4.4 million, or 12%. Meanwhile, adjusted EBITDA for the quarter was $34.9 million, up 8% over the $32.2 million achieved in the same period in 2009 while total operating costs and expenses increased $15.9 million when compared to the same period last year. Total revenues increased by $18.0 million, or 7%, to $285.4 million, when compared to $267.4 million for the same period in 2009. EVERTEC total revenues for the year ended December 31, 2010 increased by $18.0 million, or 7%, to $285.4 million, when compared to $267.4 million for the same period in 2009. This was thanks to the Transaction Processing segment revenues having increased by $3.1 million, or 4%, primarily due to higher volumes and revenue generated from new service offerings; the Merchant Acquiring segment net revenues having increased by $5.8 million, or 12%, mainly due to higher transaction volumes, new customer additions, and selected price increases; and the Business Solutions segment revenues having increased by $9.1 million, or 6%, mostly due to higher volumes and new services provided to certain clients.Details
Senator Durbin sent an open letter to Jamie Dimon, CEO of Chase bank and also happens to be leading the effort to kill the Durbin interchange amendment. Referring to the bill as “idiotic,” Dimon holds the new regulations could force banks to abolish services like free checking accounts. To this, Durbin responded “There is no…Details
MasterCard has completed its acquisition of the prepaid Card Program Management (CPM) operations of Travelex. The acquisition of Travelex’s CPM operations furthers MasterCard’s strategic business goals and strengthens the company’s suite of global prepaid business assets. It will allow MasterCard to play a greater role in the prepaid value chain supporting issuers and partners, especially outside of the United States and in the attractive cross-border payments space.Details
NACHA Electronic Payments Association has announced and wants professionals aware of fraudulent emails bearing the Association’s name. Reportedly, companies continue to receive fraudulent emails appearing to be sent from NACHA. These emails vary in content and appear to be transmitted from email addresses associated with the NACHA domain (@nacha.org). Some bear the name of fictitious NACHA employees and/or departments. NACHA itself does not process nor touch the ACH transactions that flow to and from organizations and financial institutions and wants it known it does not send communications to persons or organizations about individual ACH transactions that they originate or receive.Details