62% Say American Economy Still on the Slide

The majority of Americans believe the economy has yet to hit bottom. In fact, 62% share this sentiment, a 3 point decline since March when only 59% felt this way. Conversely, only 33% believe the economy has already hit bottom, despite the fact the economy has seen growth since 3Q/09. This, according to a nationwide survey issued by Citi and conducted by Hart Research Associates, also shows 62% believing it will be at least two or three years before a recovery while 28% believe it will be at least four years before the economy stabilizes; 24% say the local economy where they live is good or excellent, up from 19% in March; 17% say their personal financial situation is better now than a year ago has improved slightly since the 15% in March; and 52% say their personal financial situations are about the same as they were a year ago. Additionally, 64% remain very or somewhat optimistic that their financial situation will improve in the next twelve months, compared to 32 percent who are somewhat or very pessimistic, and 85% reporting local employment opportunities are only fair (36%) or poor (49%).

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SICAP PAY4ME

The Orange Cameroon mobile collect call service, “Sicap Pay4Me,” was awarded at the Annual Growth Product Sharing Summit. Features such as the White List option, enabling the recipient of the call to be directly connected without having to always accept the collect call, are considered as assets for they make the service easier to use and more efficient. Our collaboration with Sicap has enabled us to introduce a service which is a first in Cameroon and to be recognized by the Orange Group as pioneers. This allows a prepaid user without credit to make calls that the recipient will be paying for.

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Fiserv Online Leadership Community Membership Hits 6,000

Fiserv financial services technology has launched its “Boardroom Series” online thought leadership community has enrolled 6,000 members in less than one year. Having launched on July 30, the “Boardroom Series” provides Fiserv clients trends, analysis, insight and research to help them improve their overall business performance. Membership is currently comprised of 46 percent banks, 41 percent credit unions, and 13 percent other financial institutions. Features provided on the Boardroom Series by Fiserv subject matter experts include executive briefings, videos, webinars, polls, client case studies, virtual events and weekly updates.

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TRANSFER2HOME

Standard Chartered Bank has made available its “Transfer2Home” online remittance service, allowing users to transfer money to India from USA, UK, UAE, Singapore, Hong Kong and Bahrain. In partnership with TimesofMoney payments service provider, Standard Chartered can now provide standard platform transaction processing which is fully compliant with payment norms suiting regulatory framework in several countries worldwide.

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Cardtronics to Redeem Subordinated Notes

Cardtronics non-bank owner of ATMs has initiated a full redemption of its $100.0 million 9.25% Senior Subordinated Notes – Series B due in 2013. The Series B Notes will be redeemed on August 20, 2010, at a redemption price of 102.313% of the principal amount thereof, plus accrued and unpaid interest through August 20, 2010. The Notice of Redemption for the Series B Notes was sent to all registered holders on July 21, 2010. The redemption of the notes will be funded with approximately $30 million of available cash on hand plus approximately $70 million of borrowings under the Company’s recently-executed, $175.0 million revolving credit facility.

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MYBARCLAYCARD

The “mybarclaycard” next-generation online account servicing system offered to Barclaycard customers, will now provide SMS and email alerts to enable customers to keep on top of their spending when out and about. The new service offers Barclaycard customers the choice of up to six alerts, including account balance, notification of statements posted online, payments due, payments received, spending limit reached, and balance limit. One set of alerts is available for every credit card account, allowing customers complete control and flexibility over how they manage their finances. Customers opt in for these free alerts if they wish to receive them, and can select the ones they feel are most relevant to them.

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U.S. Bank Posts 2Q/10 Net Revenue Up $4.5B

U.S. Bancorp reported net income of $766 million for the second quarter of 2010, driven by record total net revenue of $4.5 billion for 8.7% growth over the year ago period. The quarter was highlighted with $1.7 billion of lines related to new credit card accounts; year-over-year growth in payments-related fee income thanks to merchant processing services revenue up 15.1%; and a third consecutive quarterly decrease in the provision for credit losses with net charge-offs having decreased 1.9% since last quarter. Additionally, US Bank saw provision for credit losses in excess of net-charge-offs of $25 million and a $28 million gain related thanks to its investment in Visa. The Bank’s Payment Services consumer and business credit cards, stored-value cards, debit cards, corporate and purchasing card services, consumer lines of credit and merchant processing contributed $180 million of the Company’s net income. This contribution is an increase of $126 million over the year ago period and a $61 million increase over the prior quarter and is thanks to a combination of higher total net revenue, up $121 million (12.1% Y/Y) and a lower provision for credit losses. The provision for credit losses decreased $150 million (29.5%) due to a favorable change in the reserve allocation due to improved loss rates, partially offset by reserve build related to credit card portfolio purchases.

MERCHANT ACQUIRING VOLUME HISTORICAL
1Q/08: $64,853,000,000
2Q/08: $66,940,000,000
3Q/08: $66,941,000,000
4Q/08: $58,630,000,000
1Q/09: $57,877,000,000
2Q/09: $59,725,000,000
3Q/09: $62,011,000,000
4Q/09: $60,729,000,000
1Q/10: $63,437,000,000
2Q/10: $72,952,000,000
Source: CardData (www.carddata.com)

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CyberSource Stockholders Approve Visa Acquisition

CyberSource stockholders approved its acquisition by Visa. Approximately 71.76% percent of the outstanding shares were voted, of which approximately 99.77% were voted in favor of the acquisition. The acquisition is expected to close July 21, 2010. CyberSource solutions enable electronic payment processing for Web, call center, and POS environments. CyberSource also offers industry-leading risk management and payment security solutions for merchants accepting card-not-present transactions.

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U.S. Bank Savings Program Rolls-out in California

U.S. Bank is bringing its “Savings Today And Rewards Tomorrow” (S.T.A.R.T.) savings program to California, where U.S. Bank has nearly doubled in size over the past two years with 659 branches statewide. S.T.A.R.T. allows customers to regularly transfer money into a savings account and to earn rewards when they reach certain savings milestones. Customers choose how they want to contribute and how much they want save, whether it is a little every week, a little with every paycheck or a little with every debit or credit card purchase. To accelerate the savings, customers can also automatically sweep into their S.T.A.R.T. account the cash they earn through their FlexPerks rewards program.

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FIS Reports 2Q/10 Revenue Up 2.4%

FIS banking and payments technology reported 2Q/10 adjusted revenue increased 2.4% to $1.29 billion compared to pro forma revenue of $1.26 billion in 2Q/09. Meanwhile, adjusted EBITDA was $385.8 million, 7.2% higher from the year ago figure of $359.8 million; adjusted net earnings from continuing operations totaled $176.5 million; payment solutions revenue was $630.6 million, down from the year ago figure of $631.1 million; and international solutions revenue increased 8.0% to $200.7 million in U.S. dollars. FIS has $502 million in cash and cash equivalents, total debt outstanding of approximately $3.0 billion and completed the acquisition of Metavante Technologies during the quarter.

FIS REVENUE
2Q/09: $1.260 billion
3Q/09: $1.290 billion
4Q/09: $1.316 billion
1Q/10: $1.259 billion
2Q/10: $1.290 billion
Source: CardData (www.carddata.com)

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Philips Arena to Deploy Radiant POS

Radiant Systems inked new agreements with Atlanta’s Philips Arena to provide the “Quest Venue Management” hardware, back office and POS software solution for the arena’s food and beverage service operations. Philips Arena will implement its new technology solution within its general, premium and portable concession locations, as well as in the venue’s restaurants, clubs and in-seat service prior to the 2010-2011 Atlanta Hawks and Atlanta Thrashers seasons. The Quest terminal all-in-one, fully-integrated solution can deliver fast transaction speeds in high traffic areas, providing Philips Arena guests innovative payment methods. Quest hardware also consumes 80% less energy than competitive products.

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American Express Appoints New Division President

Daniel H. Schulman is set to join American Express as Group President for the Enterprise Growth business unit. Responsible for AmEx’ global strategy to expand alternative mobile and online payment services, form new partnerships and build revenue streams, Schulman will also be responsible for the company’s Business Development, Mergers and Acquisitions unit. In doing so, he will also oversee “Revolution Money” online payments business and the Company’s “Global Prepaid Business.” Schulman will be a member of the American Express Business Operating Committee and will develop the company’s overall growth initiatives. He most recently served as President of Sprint’s Prepaid group, where he was since 2009, is currently a director of Symantec and Flextronics, holds a Bachelor of Arts in Economics from Middlebury College and an M.B.A. in Finance from New York University.

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