Chase and Cardtronics expanded their multiyear branding agreement adding more Chase ATMs in Texas. Chase will add its logo on 423 ATMs located in Walgreens drugstores across Texas. Chase has begun the installations and will complete the effort by the end of this year. When all installations are completed, Chase will have the most ATMs in Houston and Dallas. The additional ATMs expand Chase’s statewide ATM network to 1,263 machines. Chase already had 840 ATMs across the state, including 53 cash machines inside Walgreens stores in Dallas and Austin. The new agreement will increase Chase’s Walgreens locations to 476 stores across Texas. The additional ATMs will expand Chase’s long-standing relationship with Walgreens to more than 1,800 ATMs nationwide.Details
Qualys and AsiaPay have signed agreements for the distribution of Qualys
PCI DSS network data security requirements and compliance
management solutions. AsiaPay will deploy the solution with its suite of
secure, scalable, function-rich, real-time multi-currency, multi-channel
multi-lingual payment processing technologies on credit and debit cards for
financial institutions and retailers. AsiaPay will also offers fraud
and 3D-Secure technology for a comprehensive payment service. In
addition to distributing “QualysGuard”, AsiaPay will also utilize the
to deliver PCI certification and PCI-related services to its own clients.
QualysGuard security is a widely used on-demand security solution
that performs over 150 million IP audits per year.
First Data’s “STAR Network” surcharge-free service has hooked-up with the nation’s largest surcharge-free ATM network. “STARsf” will now offer its financial institutions access to more than 32,000 surcharge-free ATMs through Cardtronic’s “Allpoint Network.” Cardholders of any “STAR” member enrolled in the “STARsf” service receive unlimited surcharge-free access at participating ATMs. First Data has about 5,400 financial institutions on the “STAR Network” for PIN debit card processing, fraud prevention services and ATM terminal driving and monitoring. There are approximately 154 million cards carrying the “STAR” logo. The “STAR Network” provides cardholders access to 315,000 ATMs and 1.7 million retail locations.Details
The Halifax Bank of Scotland(HBOS) has introduced a student
credit card designed to help younger consumers manage finances.
The card offers students a 17.9% APR, up to 59 days interest free
if there is no balance carry-over, no annual fees, fraud protection,
“Student Current Account” featuring up to GBP2,750 interest free
overdraft until 1 year after graduation and a choice in designs.
Included with the card offer are discounts including a 5GBP at
firebox.com, 10% off at HP Stores and 25% off Lonely Planet
The Info Security Products Guide has named Innovative Card Technologies and Emue Technologies “Credit Card Embedded Authentication Device” a winner of the 2007 Tomorrow’s Technology Today Award. The Credit Card Embedded Authentication Device features a 12-button keypad and embedded alphanumeric display and microprocessor, integrated into standard payment card form. The card has a number of authentication Ã¢Âmodes’ for use in online, phone, or ATM transactions. For example, a user can enter their secret PIN into the card’s keypad to receive a numeric passcode for one-time use. To authorize a banking transaction, the passcode is entered into an interface and instantly validated by an authentication server. This process removes the need to enter a PIN into an unsecured device such as a web browser. Emue Technologies specializes in a range of solutions designed to prevent identity theft. Innovative Card Technologies is a provider of functionalities to payment cards.Details
Lloyds TSB Offshore Limited is making it easier for U.S. customers to
open bank accounts in the U.K. with its “borderless banking service.”
The service is designed to eliminate delays for U.S. students, travelers
retirees in the U.K. while providing an account offering USD, euro and
sterling currency. This is in response to recent research showing that it
typically takes 3 months for an American to open a British checking account
citing identity verification. Furthermore, transferring cash to Europe
U.S. can cost $40 per transaction and it can often take six weeks to clear a
check issued in Europe with an American bank. To avoid these
the “borderless banking service” establishes the relationship with U.S.
prior to their European arrival, making identity verification much
allowing for access to the same banking services available at their
financial institution. In addition, Lloyds is offering new International
customers 3 months fee-free banking.
DE-based Barclays reports that its U.S. credit card outstandings have tripled since it acquired Juniper Bank in 2004 and have now topped $5.0 billion. The issuer also says the number of accounts has quintupled from 700,000 to more than 3.5 million during the same period. The company now employs more than 1,400 compared to 400 two and a half years ago. The issuer attributes its growth to its co-branding programs which now include more than 50 partners. Co-brand partners include US Airways, AirTran Airways, Frontier Airlines, Midwest Airlines, Carnival Cruise Lines, BJ’s Wholesale Club, Travelocity, and Gulf Oil. Barclays acquired Juniper Financial and its $1.4 billion credit card portfolio from CIBC for $293 million in cash in August 2004. CIBC acquired a 51% interest in Juniper Financial in 2001 and subsequently increased its ownership to 98%. The remaining 2% was owned by Juniper senior management. (CF Library 8/19/04)Details
The Conference Board reports that the Composite Index of Leading Economic Indicators rose 0.4 percent in July, following a 0.3 percent decline in June, and a 0.2 percent rise in May. Six of the ten indicators that make up the leading index increased in July. The positive contributors were index of consumer expectations, vendor performance, average weekly initial claims for unemployment insurance (inverted), real money supply, stock prices, and manufacturers’ new orders for consumer goods and materials. The negative contributors were building permits, manufacturers’ new orders for non-defense capital goods, and interest rate spread. The average weekly manufacturing hours held steady in July. The lagging index stands at 128.9 (1996=100) in July, with three of the seven components advancing. The positive contributors to the index were commercial and industrial loans outstanding, ratio of manufacturing and trade inventories to sales, and ratio of consumer installment credit to personal income. Based on revised data, the lagging index increased 0.5 percent in June and increased 0.3 percent in May.Details
Target reported that its pre-tax credit card profits for the quarter ending August 4th increased 34% over the year-ago quarter. Credit card outstandings for the quarter increased 14% year-on-year, approaching $7.0 billion. Target’s second calendar quarter pre-tax credit card profits were $163 million, compared to $143 million in the prior quarter and $122 million one-year ago. Target reported that its total credit card receivables, which include its VISA and “Guest” cards, were $6.906 billion as of August 4th, compared to $6.510 billion for 1Q/07 and $6.041 billion one-year ago. Delinquency (60 days+) for 2Q/07 increased to 3.5%, compared to 3.4% one-year ago. Charge-offs, as a percentage of period-end receivables, declined to 7.4% for 2Q/07 compared to 7.7% in the prior quarter and 8.3% one-year ago. Target’s credit card unit had net revenues of $348 million in 2Q/07, a 18% increase over 2Q/06. For complete details on Target’s latest performance, visit CardData ([www.carddata.com]).
TARGET CARD LOAN HISTORICAL
2Q/06: $6.041 billion
3Q/06: $6.148 billion
4Q/06: $6.711 billion
1Q/07: $6.510 billion
2Q/07: $6.906 billion
Source: CardData (www.carddata.com)
Capital One announced that it will close origination operations at its GreenPoint Mortgage. The company estimated that the total after-tax charge associated with this closure will be approximately $860 million, or $2.15 per share, the vast majority of which is expected to be incurred in 2007. Approximately $650 million of these expenses result from the non-cash write-down of goodwill associated with the acquisition of GreenPoint Mortgage as part of the North Fork Bancorporation in December 2006. The remaining $210 million of after-tax charges includes approximately $100 million in after-tax restructuring charges associated with severance benefits and facilities closure, and approximately $110 million after-tax valuation adjustments related to ongoing operations in the third quarter. As a result of the expected charges, the company is revising 2007 earnings guidance down by $2.15 per share (diluted). The company now expects 2007 earnings of approximately $5.00 per share (diluted). Without the charges related to the mortgage banking business, the company would have maintained its existing earnings guidance.Details
Global Payments has completed end-to-end Europay MasterCard
VISA (EMV) chip certification for MasterCard and Interac Direct
Payment cards. This development allows Global Payments to process
EMV chip transactions throughout the country. EMV cards contain a
microchip that stores encrypted data to identifies the card and
cardholder, can carry security programs and will require PIN entry
protecting against unauthorized use. Global Payments provides electronic
transaction processing services for consumers, merchants, Independent
Sales Organizations, financial institutions, government agencies and
multi- national corporations around the world.
TNB Card Services has named Phil Davis, formerly with Citigroup, as first SVP . He will focus on cardholder operations, including credit underwriting, member servicing, fraud, collections and recovery, and compliance. Davis has played an integral role in the credit industry. He was a charter member of the Bankruptcy Issues Council, which spearheaded bankruptcy reform, has served as a member of the National Foundation for Consumer Credit Advisory Council, and on the Board of Directors for the Consumer Credit Counseling Services of Virginia. At Citigroup, where he was a senior vice president in the Citicorp Credit Services division, he was responsible for building and directing the team that supported The Home Depot’s commercial credit business. He has also held executive positions in the card services division of Bank of America and the outsourcing division of NCO Financial Systems. Davis has a degree in management economics from Hampden-Sydney College.Details