Alliance Data Closes $1.5 Billion in Liquidity Facilities

Alliance Data Systems loyalty and marketing solutions has closed $1.5 billion in conduit liquidity facilities, resulting in an increase of $175 million in overall conduit capacity. It has renewed a $275 million conduit facility for its Utah industrial bank subsidiary, “World Financial Capital Bank,” while its private label credit card banking subsidiary, “World Financial Network National Bank,” has completed the renewal of its $1.2 billion conduit facility. The facilities fund both existing and new private label credit card programs, currently only finance less than $750 million in card assets, providing a large source of untapped liquidity to fund growth and/or portfolio acquisitions.

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APR DEBT

Credit card gross dollar volume remains flat sequentially, while credit card outstandings edged up by a mere 0.6 basis points year-on-year in April. According to the Reserve Bank of Australia credit card balances posted at A$47.1 billion for April versus A$44.1 billion one-year ago. Credit card volume came in at A$18.0 billion for April and and $21.0 billion for March, compared to A$17.4 billion in April 2009.

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Red Rocks CU Selects IMM’s Teller Item Capture Technology

CO-based Red Rocks Credit Union has deployed the Integrated Media Management (IMM) teller item capture solution. Having been a customer of the document output management and automation technology provider for several years, Red Rocks CU found IMM’s teller item capture product to complement its other check image capture processes. The IMM teller item capture provides significant benefits to credit unions, including automatically filling the checks deposited screen from the scanned deposited checks. This feature eliminates the need for the teller to manually enter the check data into the core processor, reducing keystrokes and errors.

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NRF Debit Card Swipe Fee Fix Approval

The National Retail Federation welcomed a House-Senate conference committee’s decision to include a fix for rapidly rising debit card swipe fees in the final version of the financial services reform legislation. This legislation was approved 27-16 and will put an end to retailers being forced to accept ‘Visa dollars’ that are only worth 98 cents when all fees are paid. The conference report would require the Federal Reserve to set regulations resulting in “reasonable and proportional” swipe fees for debit cards; take into account banks’ actual costs for processing the transactions; make it easier for merchants to offer discounts or other benefits for customers who don’t use credit cards, and to set minimum purchase amounts for credit cards. Interchange fees average between 1 and 2% for debit cards and 2% or more for credit cards.

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Jack Henry Rebrands Pemco Processing

Jack Henry & Associates integrated technology solutions and data processing services is rebranding Pemco Technologies as JHA Payment Processing Solutions. Having been acquired in October 2009, Pemco Technologies will operate as a division of Jack Henry & Associates. JHA Payment Processing Solutions will continue Pemco Technologies’ operations as a provider of payment processing solutions and outstanding client care and service. The products and services added through this acquisition strategically complement Jack Henry & Associates’ ATM and debit card solutions with proven credit and prepaid card solutions. JHA Payment Processing Solutions has launched an aggressive campaign to systematically communicate the new brand to existing and prospective customers, and to the financial industry at-large.

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Fitch Affirms 16 Classes of Credit Card ABS

Fitch Ratings has affirmed 16 classes of U.S. Credit Card ABS transactions. The Global SF Criteria and U.S. Credit Card ABS Rating Criteria were used to review the transactions. The affirmations are based on the performance of the trusts in-line with the expectation. A Stable Outlook indicates that, as a result of the continued positive performance trend for these trusts, Fitch expects the ratings will remain stable for the next two years. Fitch’s analysis included a comparison of observed performance trends over the past few months to Fitch’s base case expectations for each outstanding rating category. As part of its ongoing surveillance efforts, Fitch will continue to monitor the performance of these trusts.

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TNS & Verifone Strengthen Industry Payment Transaction Security

TNS Managed POS Encryption solution coupled with “VeriShield Protect” from VeriFone Systems is being implemented to eliminate the transmission of “clear” cardholder data within a client’s payment network environment. This is designed to protect its customers’ cardholder data from the POS terminal through to its payment processor, dramatically reducing risk exposure and simplifying the retailer’s ability to achieve PCI compliance. VeriFone’s “VeriShield Protect” is deployed at the retailer’s POS devices and using encryption technology to secure the information as the card is swiped. The TNS Managed POS Encryption solution transports encrypted transactions through to the TNS PCI DSS certified global backbone network. The solution then manages the decryption process, message formatting and secure delivery of the transaction to the retailer’s payment processor.

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Unified Enterprise Awarded Best eSecurity

Global DataGuard network behavior analysis-based Unified Enterprise Security and Unified Enterprise Cloud Security announced Network Products Guide has named its “Cloud Guard” technology suite a winner of the 2010 Best Products and Services – Readers Trust Award for Virtual Network Security. The “Cloud Guard” portfolio fully integrates patented network behavior analysis and correlation technology with PCI-enabled intrusion detection; vulnerability scanning and management; log management, analysis and monitoring; network access and policy monitoring, and comprehensive threat management capabilities. It’s also supported by the CloudCheck™ Certification Program, a vendor-neutral service that enables businesses to ensure their cloud or hybrid networks meet stringent government and industry standards pertaining to the confidentiality, integrity and security of sensitive customer data.

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Bankruptcies to Hit 1.6mm by Years End

New court data shows that overall bankruptcy filings in the U.S. rose 9% in May from a year earlier and are on track to top 1.6 million filings by the end of the year. Consumer filings declined 6% in May from the 144,490 consumer filings recorded in April 2010. The 136,142 consumer filings in May represented a decrease of 5.78% from the 144,490 filings registered in April, according to the American Bankruptcy Institute, relying on data from the National Bankruptcy Research Center. Chapter 13 filings constituted 26% of all consumer cases in May, a slight increase from April. According to the Administrative Office of the U.S. Courts, total filings in the first quarter of this year hit 363,215, compared to 361,339 for 4Q/09. Consumer filings for the 12-month period ending May 30th, totaled 1,617,467.

BANKRUPTCY FILINGS
May 09: 124,838
Jun 09: 116,345
Jul 09: 126,434
Aug 09: 119,874
Sep 09: 124,790
Oct 09: 135,913
Nov 09: 112,152
Dec 09: 113,274
Jan 10: 102,254
Feb 10: 111,693
Mar 10: 149,268
Apr 10: 144,490
May 10: 136,142
Source: ABI/NBKRC; CardData.com

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BEMAS Integrates WiredCommute with PayDirect

BEMAS Software has selected WiredCommute’s cutting-edge solution for commuter benefits for its clients, which will be seamlessly integrated into BEMAS’s PayDirect software. This new capability complements the Evolution Benefits’ prepaid card already integrated into the PayDirect System which provides instant access to pre-tax commuter funds at the point of purchase. Supporting over 35 of the nation’s premier benefit administrators, WiredCommute offers a customizable commuter benefit solution designed for Third Party Administrators (TPAs), payroll companies, and benefit card providers – as well as any benefit-related organization looking to provide private-labeled commuter benefits and program administration with nation-wide coverage and acceptance.

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Wells Fargo Invests in Cleantech Open

Wells Fargo has invested in the Cleantech Open business plan competition that encourages the development of clean technology companies and innovation. The investment marks the first multi-regional sponsorship covering five regions in the history of the competition. Wells Fargo introduced its National Cleantech group — a division of the company’s commercial banking group dedicated to supporting clean technology companies. The group provides customized commercial banking products and services to businesses that manufacture, market or develop clean technologies such as solar and wind power, energy and water efficiency, electric and low-emission vehicles, and smart grid applications.

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PREMIER MILES

Citibank has launched its “PremierMiles” Credit Card, providing a comprehensive set of travel benefits in Malaysia. Its innovative concept leverages the bank’s partnerships with major airlines and hotels around the world. It offers a best- in-class “Miles Earn Rate,” widest choice of airlines, non-expiring miles, and a host of features and perks specially designed for the frequent traveler. The card offers cardholders the freedom to fly to more than 150 destinations around the world via 53 international airlines, including Malaysian Airlines (Enrich), Thai Airways (Royal Orchid Plus), Singapore Airlines (KrisFlyer), Cathay Pacific (Asia Miles) and Delta Airlines (SkyMiles). Targeted at the affluent segment whose travel, airlines and hotel accommodation take up to 20 percent of their total spend, ” PremierMiles” hopes to attract some 30,000 new customers in the next 18 to 24 months.

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