CITIBANK & WANMANI

Citibank and Wanmani Group have partnered to offer Citibank Platinum
cardholders with discounts on fashion collection items and an opportunity
to preview “TOD’S Autumn – Winter 07/08 collection”. The collection
has clothing for men, women and children and created using the “timeless
design philosophy” of Derek Lam. The collection also includes bags and
clothing accessories. Citi has some 200 million customer accounts in
more than 100 countries.

Details

American Airlines Starts a Cashless Test Today

American Airlines has launched a three-week test on flights departing from San Francisco in which it will only accept credit or debit cards for onboard purchases, including headsets, snacks, fresh light meals and alcoholic beverages. The test will include more than 700 scheduled flights between today and September 30th. American began accepting credit and debit cards for onboard purchases last year. AA says the cashless test will help American determine if passengers in the main cabin prefer to pay for onboard items with plastic. Denver-based Frontier Airlines introduced “Cashless Cabins” on its mainline aircraft beginning April 1st. (CF Library 3/29/07)

Details

WUHAN TIANYU & GLOBALPLATFORM

Wuhan Tianyu smartcard solutions has joined has joined GlobalPlatform
international smartcard specifications body to actively contribute to the
body’s future technology advancements. Representatives of Tianyu are
to contribute to Advisory Council meetings to sway the direction of
GlobalPlatform initiatives and discuss industry issues and trends.
The platform has been adopted by companies around the world and
is composed of over 40 GlobalPlatform-based smart card
implementations, nearly 100 million GlobalPlatform smart cards
and more than 1 billion GSM implementations.

Details

Consumer Bankruptcy Filings Rise 17% Sequentially

Consumer bankruptcy filings in August topped 74,000 rising 31% year-on-year and 17% sequentially. Chapter 13 filings made up about 40% of all consumer cases in August, down slightly from last month. It is the highest monthly level of filings since the new bankruptcy law took effect in late 2005. According to data provided by the National Bankruptcy Research Center and Lindquist Consulting, consumer bankruptcies hit 74,607 compared to 63,600 in July and 68,559 in June. Last week FitchRatings reported that rising personal bankruptcies are one of the primary reasons for higher delinquencies and losses on credit cards. Also, a recent report from MD-based Euler Hermes ACI finds that business bankruptcies will total 30,000 this year after dropping off to less than 20,000 last year. (CF Library 8/22/07; 9/7/07)

CONSUMER FILINGS
Mar 07: 60,504
Apr 07: 62,489
May 07: 69,684
Jun 07: 68,559
Jul 07: 63,600
Aug 07: 74,607
Source: National Bankruptcy Research Center/Lindquist Consulting

Details

BANAMEX & TRANSOFT

Banamex has implemented Transoft’s “OptiCash” software for ATM &
branch cash management. Using analysis of historical demand data,
statistical
algorithms and seasonal fluctuations, Transoft International provides
currency
chain management software solutions for the banking industry. Banamex will
implement the software solution for Citigroup banks throughout Latin
America
to automate cash forecasting, cost balancing, ordering, monitoring and
expense
tracking. Grupo Financiero Banamex is a member of Citigroup and has a
distribution network of more than 1,450 branch offices and 5,800 ATMs
located throughout Mexico.

Details

eFunds Stockholders Approve EFD/FIS Merger

eFunds stockholders approved the merger agreement of EFD with a subsidiary of Fidelity National Information Services which is expected to close on September 12th. Approximately 73% of the outstanding shares and over 99% of the shares voted were voted in favor of the merger. Upon the closing of the merger, holders of EFD common stock will be entitled to receive $36.50 in cash, without interest, for each of their shares.

Details

RBC STATEMENTS

The RBC Royal Bank is marketing solutions to the environmental-friendly
banking segment with the “Make a statement with your statement”
campaign. With this campaign, the bank intends to raise up to $1 million
for donation to the Nature Conservancy of Canada’s (NCC) wilderness
protection and stewardship programs. For every account holder who
switches to a paperless statement option, the bank will donate five dollars
to the NCC. RBC will also offer “Homeline Plan” clients an opportunity to
receive a $300 rebate towards a home energy audit, a chance to win
$25,000, and to receive online tips and information about energy-efficient,
eco-friendly home renovations and upgrades. The campaign will also
consist of a $50 donation to the NCC for every hybrid vehicle financed
through the bank and a discount of $25 for Ontario and Alberta residents
on renewable power through Bullfrog Power.

Details

Global Axcess Adds an Independent Board Member

FL-based Global Axcess has appointed Walter Howell as an independent member of its Board of Directors. Howell is currently Senior Vice President of CA, Inc., a management software company. Previously, he spent 11 years as an executive in technology services supporting the banking industry with IBM and American Management Systems and 20 years in commercial banking with Riggs Bank NA. Global Axcess provides turnkey ATM management solutions that include cash, project and account management services. NMS currently owns and operates 4,400 ATMs in its national network spanning 44 states.

Details

EMIRATES BANK PAYPASS

Emirates Bank has officially launched “MasterCard PayPass” contactless technology in Dubai. Merchants in Dubai Internet City, Dubai Media City, and Dubai Knowledge Village will accept the new payment option. The new “Emirates Bank DIC MasterCard”will be accepted by fast-food outlets, coffee shops, convenience stores and pharmacies. It is the first co-branded contactless payment card to be offered in the Gulf. In Europe, the first “MasterCard PayPass” credit program was launched with Garanti Bank and major retailers in Turkey in June 2006, with the bank’s subsequent rollout of the region’s first “PayPass”-enabled wristwatch in spring 2007.

Details

J.C. Flowers Invests $100MM in Kessler Group

NY-based J.C. Flowers & Co. has agreed to invest $100 million in Boston-based The Kessler Group to focus on investment opportunities in the credit card industry The Kessler Group will invest these funds in marketing initiatives–including funding the origination of new customer accounts–for Kessler’s marketing clients. In conjunction with this transaction, The Kessler Group is launching Kessler Capital Corporation, its principal investment arm, which will be run by Jonathan Sandler, currently Vice Chairman and CFO of The Kessler Group. The Kessler Group is a privately-owned financial services firm based in Boston specializing in partnership development, credit card marketing and portfolio acquisitions. J.C. Flowers & Co. LLC is a private equity firm focused solely on the financial service sector. Its latest fund has over $7 billion in commitments from investors.

Details

HSBC PREMIER

HSBC has created a new global personal banking service for the 51% of mass affluent Americans that have considered living or taking an extended vacation abroad. The new “HSBC Premier” is being rolled-out simultaneously across 35 countries and territories. Among the features of the new program is a credit card offering exclusive deals from 6,000 merchant in 40 countries with no foreign transaction fees on purchases made in a foreign currency. Other features include a single view of all accounts held with HSBC globally via the Internet that provides the ability to manage all accounts, whichever country they are in, through a single website and free fund transfers between accounts via online service made easier, wherever they are based, starting in November. HSBC estimates there are 200 million mass affluent and internationally mobile consumers in the world.

Details

DIGITAL RIVER & NETGIRO

Digital River has acquired Netgiro Systems AB of Sweden for
approximately $27 million. Netgiro is a payment service provider with
a platform designed to support 20 different types of online payment
methods in 40 countries. With this acquisition, Netgiro will act as a
stand alone payment provider, but will be an integrated part of Digital
River’s e-commerce offering. Digital River Inc. manages online
businesses for more than 40,000 companies on a multi-channel
e-commerce solution supporting both direct and indirect sales.

Details