BMO Financial Group strongly supports and will abide by the new voluntary Code of Conduct for the Credit and Debit Card Industry in Canada. Mike Kitchen, SVP of Product Management stated, “We believe that the Minister of Finance has struck a good balance between shifting control over the cost of card acceptance to the merchant, while allowing the payment system in Canada to continue to evolve in the best interest of Canadians and “We are delighted that BMO customers, whether travelling to the United States or elsewhere, can continue to enjoy the security and convenience of carrying less cash by using the BMO Debit Card for debit point-of-sale purchases through the Maestro network.”Details
Citigroup today reported 1Q/10 net income of $4.4 billion or $0.15 per diluted share, and revenues having grown $7.5b to $25.4b. RCB net credit losses were $2.2 billion, up $122 million or 6%, due to an increase in loans 90+ days past due in the fourth quarter of 2009 in Citi-branded cards. The $4 million net loan loss reserve build was down from $71 million in the prior quarter. EMEA RCB net credit losses were $97 million, down $41 million or 30%. The $10 million net loan loss reserve release in the quarter compared to a $10 million net build in the prior quarter. Net credit losses in Retail Partner Cards were $1.9 billion, down 2% sequentially, reflecting loss mitigation efforts and continued decline in loans. International net credit losses declined $172 million, or 22%, sequentially to $612 million, reflecting continued improvement in credit trends. Provisions for credit losses and for benefits and claims declined $2.4 billion sequentially to $8.6 billion, the lowest level since the first quarter of 2008. Total provisions for credit losses and for benefits and claims of $8.6 billion declined $2.4 billion or 22% sequentially, to the lowest level since the first quarter of 2008.Details
George Coutros has been appointed Chief Operating Officer (COO) with FSV Payment Systems prepaid debit card products and processing services. Bringing with him 20-years’ financial services experience, Coutros will manage FSVâs overall operation and will help shape the companyâs strategic direction. Throughout his experience, George has served in senior executive positions most recently with CompuCredit, NetBank, Bank of America and Equifax. He holds a BA in mathematical sciences from Johns Hopkins University and a MS in statistics from North Carolina State University.Details
More than 3 million people now use Mint.com to get a quick, comprehensive view of their banking and financial information, which is expanding to connect with virtually every bank, credit union and credit card account in the United States. Using the aggregation capabilities of Intuit Financial Services, Mint.com now provides transaction information from double the number of accounts, and automatically places it in categories to give people a complete picture of their finances. With this added reach, Mint.com now connects securely and downloads transactions from virtually every U.S .bank with Internet banking capability to connect with more than 16,000 US financial institutions; support more than 17 million individual financial accounts; and add the 20 top-requested financial institutions. Intuit provides business and financial management solutions to financial institutions, including banks and credit unions.Details
Global money transfer service MoneyGram International has introduced its services at 930 bank branches across Guangdong province, bringing MoneyGram’s convenient and reliable money transfer services to more than 100 million residents across China’s most populous province.
In addition to the 930 locations in Guangdong, MoneyGram’s service was added last year to all 240 Bank of China branches in Beijing. All locations offer payout in British pounds, U.S. dollars or euros, limiting the fees for currency conversions on all transactions from Europe, the United Kingdom and United States. MoneyGram and Bank of China will continue to introduce money transfer services to more bank branches with all locations active by the end of 2011.
It is estimated that more than $25 billion in remittances-more than half of the total remittances sent into China, were received in Guangdong province in 2008, according to official estimates including reports by the Overseas Chinese Affairs Bureau.
The Vodafone Americas Foundation and mHealth Alliance have announced the winners of the second
annual Wireless Innovation Project at the Global Philanthropy Forum Conference.
The second place winner, FrontlineSMS:Credit
was awarded $200,000. FrontlineSMS:Credit has the potential to open
up financial services and micro-financing to millions of people in the
developing world. The application leverages mobile payment systems and
core banking software to bring financial services â such as savings,
credit, insurance and payroll â to the entrepreneurial poor, eliminating
geographic and time barriers and turning mobile payment systems into
platforms for mobile banking. Award winners were selected from a pool of nearly 100 qualified
applicants from universities and non-governmental organizations
throughout the United States. A panel of judges from the fields of
wireless engineering, international development, social entrepreneurship
and business evaluated the applications for their potential to solve
critical global problems in the fields of education, health, access to
communication, the environment or economic development.
FL-based Capital City Bank Group reported a net loss of $3.5 million
for 1Q/10 compared to a net loss of $3.4 million in 4Q/09 and net
income of $0.7 million for the first quarter of 2009.
Compared to the linked fourth quarter of 2009, lower operating
expenses of $1.9 million contributed to earnings, but were offset by a
$1.7 million reduction in operating revenues (net interest income plus
Average earning assets were $2.358 billion for the first quarter of
2010, an increase of $120.7 million, or 5.4% from the fourth quarter of
2009, and an increase of $192.1 million, or 8.9% from the first quarter
of 2009. The improvement from the fourth quarter is primarily
attributable to an increase in the overnight funds position of $190.5
million, partially offset by an $11.3 million and $58.5 million decrease
in the investment and loan portfolios, respectively.
OH-based secure document management service Cintas Corporation has been selected by the Payment
Card Industry (PCI) Security Standards Council to become a participating
organization of its global forum. Cintas is the first North American AAA NAID-certified and PCI DSS
compliant document management provider. Its document shredding and
storage solutions have been PCI DSS compliant since June 2009, which
certifies they meet the stringent and comprehensive requirements set by
the council and adhere to the information security controls and
processes that ensure data integrity. This membership will enable Cintas to
play an active role in the ongoing development of PCI standards and work
to evolve the PCI Data Security Standard (DSS) and other payment card
data protection standards.
InCard Technologies has introduced The InCard “ICard” family of card token products,
priced below $3.00 in million-unit quantities. “ICard” uses a
plastic, credit card form factor in conjunction with a web interface to
provide one-time passcode (OTP) security in payment or ID card format.
InCard Technologies has already begun marketing the “ICard” directly to
the top financial institutions in North America. The “ICard” can authenticate customer calls to financial
institutions, improving customer experience, and eliminating the need
for expensive and time-consuming security questions, is robust, requiring no special handling or mailing,
has two week turn times, is 100% brandable by the issuing institution,
and can be combined with a standard payment or ID card.
The Bancorp Bank will provide sponsor bank services to Heartland Payment Systems payments processors. Bancorp will serve as a sponsor bank for Heartland for a minimum of five years and will participate as an Automated Clearing House (ACH) originating institution for Heartlandâs card processing business. Additionally, Bancorp and Heartland will pursue new opportunities together in areas such as payroll, campus, government, bill payment and healthcare. Heartland Payment Systems is the 5th largest payments processor in the United States, delivering credit/debit/prepaid card processing, payroll, check management and payments solutions to more than 250,000 business locations nationwide.Details
NY-based performance solution provider AppFirst has announced the immediate availability of AppFirst
Professional Edition, the first Software-as-a-Service (SaaS)-based
application performance monitoring solution. AppFirst delivers a real-time view of
applications as they execute. There are no limitations on language or
application components such as databases, application servers or web
servers. The application execution model â the view of the application
as it is running on the physical infrastructure â has never been
visualized before. Without that real-time view, IT operations is
constantly in reactive mode. In SaaS organizations where the application
is the business it is critical to be proactive and see changes before
they become issues. AppFirst was selected to present at Under the Radar: Commercializing the
Cloud. The conference showcases the best of breed
technology startups in the Cloud Computing Ecosystem. Judges included
CIOs, CTOs and IT executives from Bank of America, ING and Intuit.
RemitONE and SendMoneyHome have teamed up to provide global mobile remittance. International money transfer comparison website www.sendmoneyhome.org has collaborated with money transfer software systems provider RemitONE (www.remitone.co.uk) to investigate the scope and the potential of the mobile money market and to find out how increasing numbers of money transfer businesses are opting to develop these channels. The remittance market as a whole is estimated to be worth over $350 billion annually, according to the World Bank, with the USA being the largest remitting country. Only a small percentage, focused on Africa, is serviced by mobile remittance meaning that a large portion of the market is available to tap into, especially in the Middle East and South Asia.Details