G&D Receives ISO 9001 Certification

Giesecke & Devrient has received ISO 9001 certification for its card-based operations in Virginia and Ohio. Giesecke & Devrient has received ISO 9001 certification for its card-based operations in Virginia and Ohio. The international ISO 9001 certification validates that business processes and procedures are performed in accordance with the highest quality management standards and incorporate consistent review to ensure adherence to the policies. The practices outlined in this international quality management system standard are used across industries to demonstrate a level of commitment to quality. Giesecke & Devrient is a provider of smart cards, providing smart card based solutions for the fields of telecommunications, electronic payment, health care, ID, transit, and Internet security.

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BARCLAYS NAKUMATT VISA

Barclays Bank and Nakumatt Holdings have introduced a credit card that
provides cardholders with Nakumatt benefits, according to The Standard
Business News. Benefits offered the cardholder include interest rates from
2.5%, 50 days interest free credit, flexible payments of a minimum of
10% after the interest free period, and bonus “Smart” points to be awarded
monthly. One “Smart” point is to be awarded for every Sh100 worth of
shopping in Nakumatt and one Smart point for every Sh500 spent anywhere
else. Barclaycard currently has 65% of the share in the credit card market
with 60,000 issued cards.

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Monthly Payment Rates Head Lower

Monthly payment rates continued to spiral downward during June, falling to its lowest level in two years. The MPR, or the amount that cardholders pay on their credit card debt each month, peaked in October of last year, reaching almost 21%. The higher payment rates were driven by new minimum payment standards. According to CardData, the MPR declined to 17.99% in June, compared to 19.01% in the prior month and 19.99% one-year ago. While the dip historically has been seasonal, it appears that many borrowers are increasingly pressured by current economic factors. The combination of higher interest rates and a cooling off of the real estate market diminished the attractiveness of “cash out” refinancing activity in which many borrowers reduced their more expensive credit card debt by drawing on the equity in their home — either by refinancing their mortgages or by accessing their home equity lines of credit.

MONTHLY PAYMENT RATES
Jun 06: 19.99%
Jul 06: 20.46%
Aug 06: 20.20%
Sep 06: 20.02%
Oct 06: 20.83%
Nov 06: 20.01%
Dec 06: 19.70%
Jan 07: 19.88%
Feb 07: 18.79%
Mar 07: 18.21%
Apr 07: 18.04%
May 07: 19.01%
Jun 07: 17.99%
Source: CardData (www.carddata.com)

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WESTERN UNION & EUROGIRO

Western Union and Eurogiro have extended a cooperative agreement to
provide WU services at banks, post offices and postal banks through out
Europe. Originally signed in 1998, the agreement was responsible for
providing more than 40,000 locations with WU Service in more than 20
different countries through over 25 Eurogiro members. Eurogiro provides
cross border payments in more than 51 different countries around the
world with 62 connections. Western Union provides global money
transfer services through 305,000 Agent locations in over 200 countries
and territories.

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Citibank Launches the AirAsia MasterCard

Citibank and AirAsia have launched the Citibank “AirAsia MasterCard”. The new card offers cardholders an “evergreen rewards” program which provides, discount prices, privileges and free flights when the customer shops at over 25 million outlets around the world. When using the card for purchases, consumers will earn one “AirAsia Point” for every one “Ringgit” they spend on their card, which can be redeemed for an RM20 AirAsia voucher with as little as 3,400 “AirAsia Points.” In addition, when booking flights, cardholders have access 24-hour-priority booking ahead of the general public. In its 6th year, AirAsia has carried 33 million passengers and serves over 75 domestic and international routes with it’s fleet of 54 planes.

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CLEAR2PAY

Clear2Pay has launched its Open Frame Network (OPF) allowing for
generic payment solutions, including Bank Payment Hub and the
Corporate Payment Hub for Microsoft infrastructures. The OPF
consists of different payment solutions components built on a Service
Oriented Architecture (SOA) delivering services consisting of a
comprehensive data model, and choreographed payment business
processes. This new development allows payment service providers
implementing Microsoft solutions to benefit with OPF products.
Service providers will see efficiency and increased Straight Through
Processing rates with a more cost-effective and scalable platform,
thereby incurring lower processing costs and enhanced transparency.
Clear2Pay clientèle includes regional financial institutions such as
ING, SEB Kort, VISA, MasterCard, ABN AMRO, Nordea, Abbey
National, Fortis Bank, ANZ and Commonwealth Bank and operates
out of Belgium, the Netherlands, Poland, Spain, United Kingdom,
United States, Australia, China and Singapore and currently employs
260 staff.

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Delinquency Slides South in June

Delinquencies for managed outstandings headed south in June for the second time in nine months after hitting a new high in April. According to CardData ([www.carddata.com][1]), delinquency (30+ days) for June slipped to 4.65% of managed outstandings, versus 4.67% in the prior month and 4.22% one-year ago. Chase reported that the first quarter 30-day managed delinquency rate was 3.07%, down from 3.10% in the prior year and 3.13% in the prior quarter. BofA posted a first quarter managed 30+ day delinquency rate of 5.44%, compared to 5.49% in the fourth quarter and 4.48% for 1Q/06. Citi reported that overall delinquency (90+ days) declined slightly from 1.62% for 4Q/06 to 1.57% for the first quarter 2007. (CF Library 4/16/07; 4/18/07; 4/19/07)

DELINQUENCY 2006
Jun 06: 4.22%
Jul 06: 4.18%
Aug 06: 4.22%
Sep 06: 4.27%
Oct 06: 4.32%
Nov 06: 4.40%
Dec 06: 4.44%
Jan 07: 4.56%
Feb 07: 4.63%
Mar 07: 4.66%
Apr 07: 4.72%
May 07: 4.67%
Jun 07: 4.65%
Source: CardData (www.carddata.com)

[1]: http://www.carddata.com

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Billeo Boosts Points for Online Payments

Billeo has launched a series of online bill payment solutions which offers the average Billeo user more than 5,000 additional points per year as part of their increased card activity. Billeo streamlines online bill payment from one-step password search and log-on to one-click completion of online shopping forms and easy payment of bills. Consumers that pay bills online typically visit 12-15 different biller websites per month. In the process, they have to remember scores of URLs, passwords, payment due dates and print out confirmation forms. With Billeo, this complicated and unwieldy process is eliminated. Setting up Billeo takes just minutes, yet saves hundreds of hours each year and cuts the tedium and work of online purchasing and bill paying. Bills can even be paid on the day they are due, giving consumers access to their funds until the minute payment is necessary. With Billeo, payment is instantaneous and users get a payment confirmation immediately. Over 40 banks, 6 of the top ten card issuers and over 6,000 companies across 26 categories are part of the Billeo network including VISA, Chase, Wachovia, Bank of America, Wells Fargo, and Target.

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Canada’s HBC to Launch a Chip Trial

Canada’s Hudson’s Bay Company and MasterCard have signed agreements to implement MasterCard’s chip card technology at Hbc retail locations early next year. For the preparation of this development, the companies’ will launch a trial in the Kitchener-Waterloo area to prepare for the nationwide roll-out of the chip cards, which holds information on a chip in an encrypted form for use with a PIN for security. Nationwide implementation is planned for 2011 for the Hbc stores which includes the Bay, Zellers, Designer Depot, Home Outfitters and Fields stores. Since 2005, MasterCard has been working closely with its 12 Canadian card issuers, the five major Canadian payment processing companies, and merchants to get ready for the broad-based introduction of chip cards in Canada by 2010.

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May Phishing Slams Financial Services Firms

The number of phishing URLs deployed to spread crimeware among consumer PCs rose to an all-time record in May to 3,353, an increase of 7.4% more than the previous high in February and of nearly 95% more than in April. In May, financial services firms accounted for nearly 97% of all attacked brands. According to the Anti-Phishing Working Group phishers are apparently expanding their attacks beyond different categories of financial services firms besides conventional banks. The IRS and one tax preparation company were also phished in May, and there is some evidence that smaller brokerages may be getting phished. The number of unique phishing Web sites detected by APWG was 37,438 in May 2007, a drop of over 18,000 from April. The number of unique Web sites hosting keyloggers hit an all time high in May at 3,353. Phishing is a form of online identity theft that employs both social engineering and technical subterfuge to steal consumers’ personal identity data and financial account credentials. Social-engineering schemes use ‘spoofed’ e-mails to lead consumers to counterfeit websites designed to trick recipients into divulging financial data such as account usernames and passwords.

PHISHING ATTACKS
Dec 06: 23,787
Jan 07: 29,930
Feb 07: 23,610
Mar 07: 24,853
Apr 07: 23,656
May 07: 23,415
Source: Anti-Phishing Working Group

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CIO Magazine Recognizes Discover Card

Discover Financial Services has been recognized by CIO magazine as one of the top 100 organizations that exemplify operational and strategic excellence in information technology. The selection process for choosing this year’s CIO 100 winners included an application detailing innovative practices in business and technology, review by CIO magazine editors and writers, and a daylong meeting to debate the merits of each nominee. The name of Discover’s technology department was changed from Information Technology to Business Technology (BT) in 1999 to better reflect its focus on the company’s bottom line and the pursuit of technology to drive business goals. CIO magazine addresses issues vital to the success of chief information officers worldwide.

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