Chase Donates $25mm to Small Business

Chase announced $25 million in grants to Community Development Financial Institutions (CDFIs) serving hard-to-reach communities, part of the Bank’s $100 million commitment to strengthen these institutions. CDFIs lend to low-income persons and businesses in struggling communities for community development purposes with grants from $2 million to $5 million for institutions across the country. Chase has taken additional steps to support small businesses, including lending 40% more in 2010, becoming the #1 Small Business Administration lender in the United States and encouraging economic development through innovative programs such as Chase’s “Loan for Hire,” which reduced the interest rate on a small business loan for every new employee the business hires. These grants will in most cases double the existing capital bases of the organizations and allow them to grow. Chase has partnered with top-tier CDFIs for more than 20 years, having provided more than $1 billion in loans, grants and investments to CDFIs and their affiliates, committing $100 million toward CDFIs just last year.

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NxSystems Launches Web-Based POS System

NxSystems Global Payment Solutions has launched its “NxPOS” web-based POS allowing merchants to issue, activate and manage prepaid debit cards. The “NxPOS” lets merchants deposit or remove funds in multiple government-issued currencies; check current balances; review transactional history; receive payment from prepaid debit cards; and manage reward card programs. Users can also instantly issue an open or closed loop prepaid debit card to their customers. Customers can check their prepaid debit card account balances online by logging into the “NxPay” Payment Platform or ask the merchant

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Skrill Appoints Bob Wigley Non-Executive Chairman

Bob Wigley has been appointed Skrill e-wallet platform, Non-Executive Chairman. Operating its major European online payments systems with over fifteen million account holders, Skrill offers its 80,000 registered online merchants access to over 100 payment options in over 200 countries and territories through just one integration. Wigley is also Chairman of Yell Group PLC, eXpansys PLC, and Stonehaven Associates LLP. Bob also recently Chaired the Green Investment Bank Commission for George Osborne, Chancellor of the Exchequer and was Chairman of Merrill Lynch Europe until January 2009 when it was taken over by Bank of America.

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OXXO Selects NEC POS Solution

OXXO convenience store chain in Latin America is set to implement NEC’s “TWINPOS 4500” POS hardware platform. OXXO is the largest convenience store chain in Latin America, with more than 8,000 stores throughout Mexico and Colombia, providing convenient services and products, 24-hour service in most areas and a fast and comfortable shopping experience. With more than 300,000 POS systems installed worldwide, NEC technologies meet the complex needs of its customers and was established more than 100 years ago.

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CardNET Implements VeriFone Card Encryption

Consorcio de Tarjetas Dominicanas, S.A. (CardNET) card transaction processor has implemented VeriFone Systems’ “VeriShield Total Protect,” secured by RSA. CardNET processes an estimated 80 percent of the total value of card transactions in the country and will utilize “VeriShield Total Protect” to implement end-to-end encryption of card data. RSA, The Security Division of EMC, and VeriFone in 2010 announced a strategic partnership to market their end-to-end encryption and tokenization solutions as an integrated payment security offering. With VeriShield Total Protect, cardholder information is encrypted at the exact instant of acceptance and encrypted throughout the enterprise until it is transmitted to a secure decryption server, eliminating any risk of usable cardholder data being compromised by a data breach.

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Office Depot Intros No Interest Business Card Promo

Office Depot has made available its “No Interest For Six Months” financing offer available to all new and existing Office Depot Business Credit Card holders, now through February 26. Office Depot Business Credit Cardholders can now take advantage of the “no interest for 6 months” offer on all purchases totaling $299 or more if paid in full by the end of the promotional period. As managing budgets and cash flow are so critically important to small businesses, providing options to be able to invest in equipment and supplies is a much needed benefit. In fact, the Office Depot December Small Business Index revealed that 72% of small business owners think interest rates will rise this year.

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Cinterion-Gemalto Introduces European eCall

Cinterion cellular machine-to-machine (M2M) communication and a Gemalto company partnered with DENSO automotive supplier to unveil their “112” pan-European in-vehicle emergency call (“eCall”) at the second ERTICO – ITS Europe assembly in Brussels. The eCall system aims at promptly alerting emergency services, thus helping to save lives and increase road safety. An emergency call is generated either manually by a person inside the vehicle, or automatically through the activation of in-vehicle sensors if an accident occurs. Upon activation, the in-vehicle system establishes a 112-voice connection directly with the most relevant Public Safety Answering Point. A Minimum Set of Data (MSD), including key information about the accident such as time, location and vehicle description, is sent over the voice channel to the emergency staff at the relevant Public Safety Answering Point (PSAP).

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U.S. Bank Acquires First Community Bank

U.S. Bancorp has acquired the banking operations of First Community Bank from the FDIC and will receive approximately $2.1 billion of assets and assume approximately $2.1 billion of liabilities. This figure includes $1.8 billion of insured and uninsured deposits. This decision was reached following credit due diligence and an agreed asset discount of approximately $380 million. With this, all First Community Bank branches will continue to operate under their current name and will be re-branded as U.S. Bank branches in the near future. U.S. Bancorp $308 billion in assets, operates 3,031 banking offices in 24 states and 5,310 ATMs.

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22.3% of Consumers Chose Card Because of Cash Back

Research shows 22.3% of US consumers chose their card because it offered cash back, compared to only 10.3% of global consumers. Additional findings show online and by post are the two most popular channels for opening a credit card in the US and Wells Fargo have a large number customers with large bills on their cards each month. This according to the Research and Markets “What Consumers Want: Cards in US 2010” report.

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Chase Donates $5mm to CA-Based Small Businesses

Chase has awarded a $5 million grant to the Valley Economic Development Center (VEDC) to generate the loans small and medium-sized businesses need to sustain and expand their businesses and to hire more Californians. In doing so, VEDC will launch a statewide Chase Small Business California Loan Program lending program to generate $50 million in new loan capital. Over the next three years, VEDC plans to make direct loans to 200 businesses that could create at least 2,000 jobs. It will lend $50,000 to $500,000 to small businesses generating $500,000-$10 million in annual revenue; employ five to 100 people; operate in low-and moderate-income communities and employ low- and moderate-income residents.

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Monthly Payment Drop Ebbs, Still High

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The credit card monthly payment rate was up for the month of November for American Express, Capital One, Chase, Citi, Discover and GE Money, averaging 32.01% for the 3 months prior. Without the 96.71% MPR American Express reported, the remaining companies averaged 19.07% for the 3 months. Meanwhile, for the full…

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December Chargeoffs Hit 2010 Low in December

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] December Chargeoffs were the lowest of all months in 2010 with Citibank posting the biggest decline to 8.34%, down from 9.4% in November and well below the 11.55% posted in March. Charge-offs are expected to continue improving- in conjunction with the unemployment rate- after having peaked in 2Q/10 at 10.37%, compared…

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