U.S. Bank Launches SinglePoint

U.S. Bank has launched a new tool, called “U.S. Bank SinglePoint,” which enables business customers to use a complete suite of treasury management services from a single point of access. SinglePoint’s suite of online services allows business customers to monitor account activity, retrieve information; create reports and view images; transfer money via Automated Clearing House, initiate wire transfers and book and loan transfers; and prevent fraud. It also contains system administration capabilities including audit and control of employee access, as well as audit and history reporting.

Details

GECF & AmEx Launch the Dillard’s Card

The newly formed partnership between American Express and GE Consumer Finance has launched its first card product. The new “Dillard’s American Express Card” will award two “Dillard’s Reward Points” for every $1 spent at Dillard’s, and one point for every $1 spent elsewhere. The new Dillard’s card represents AmExs’ Global Network Services division’s first entry into the retail co-brand card market. Under terms of the relationship GECF will be responsible for issuing the card, managing the customer relationship and providing customer service, billing and credit management. Dillard’s is among the nation’s largest fashion apparel and home furnishings retailers with 330 stores in 29 states. GECF is the seventh U.S. partner for American Express. AmEx has now established nearly 100 card-issuing partnership arrangements in close to 110 countries. (CF Library 1/18/06)

Details

MBNA to Issue a Lesbian Credit Card

The largest lesbian lifestyle company has teamed with MBNA to issue a co-branded credit card. The new “Olivia Credit Card” offers one point for every $1 in net retail purchases. Points are redeemable towards Olivia vacations, airfare, and cash back, as well as everything MBNA’s “WorldPoints” rewards program has to offer. Over 75,000 people have traveled with Olivia in the last 10 years. Olivia charters entire ships or resorts to create one-of-a-kind vacations for lesbians, gay men and their family and friends. The group was founded in San Francisco in 1973.

Details

India Gets its First Auto Co-Brand

India’s ICICI Bank has teamed with Toyota Kirloskar Motor to launch the country’s first automobile co-branded credit card. The new “Toyota ICICI VISA” card offers 4 reward points for every $2 spent on the card at a Toyota dealer and 1 reward point for every $5 spent elsewhere. Points can be redeemed for dealer servicing or for parts and accessories. New cardholders also receive one free service voucher and a 5% discount on standard Toyota accessories. Additionally, the card offers a “Multiplier Rewards” program which can multiple existing points by 10 times and an “Accelerated Rewards” program wherein cardholders earn up to 10 reward points on every $5 spent on the card. Cardholders can also use the new card to make a down payment for the purchase of a Toyota and can spread the payment out in equal monthly installments. Toyota has more than 200,000 customers in India.

Details

TransUnion Launches a Locator Report

TransUnion has launched “Comprehensive Locator Report” which provides eight unique searches from dozens of data sources to locate the right person for collections. By conducting eight unique searches and delivering valuable information from dozens of data sources, Comprehensive Locator Report addresses a major pain-point collection agencies are experiencing today: locating the right person at the right time. This need has become amplified with an increasingly mobile public, higher interest rates and new bankruptcy laws making it more difficult for consumers to file for bankruptcy. Some of the data sources now available to collectors include listings of a debtor’s current phone numbers, occupants within their residence, neighbors, relatives, associates and even potential deceased information.

Details

Keycorp’s K23 Terminal is Deployed by CollectivePOS

Secure electronic transaction solutions provider Keycorp Limited
announced that it has certified and launched a point of sale
solution that uses secure Internet and Broadband networks to
significantly speed up electronic transactions. The “K23 Terminal” high
speed Internet Protocol solution is being deployed by
Toronto-based Collective Point of Sale Solutions. The
units are being rolled out to small and medium retailers across the country. The new unit can connect to the Internet via ADSL, cable or wireless modems. Alternatively, it can use its 10/100 Base-T fast Ethernet interface to connect to the merchant’s LAN. To protect the data transmission, Keycorp has equipped the product with SSL security.
Keycorp Canada is a subsidiary of Australia-based Keycorp
Limited. CollectivePOS provides payment-processing services and secure point-of-sale solutions for more than 7,000 merchants across Canada and
processes more than $1 billion annually.

Details

Australian Card Debt Growing 14% Y/Y

Credit card debt in Australia took its typical post-holiday downturn in January, dropping A$700 million from the prior month, compared to an A$800 million drop one-year ago. During the past twelve months, credit card debt has increased 14% while credit card volume rose 12%. For January, credit card balances dropped to A$33.5 billion after reaching a record high of A$34.3 billion in December. One-year ago credit card debt stood at A$29.4 billion. Gross dollar volume on credit card and charge cards in January was A$13.8 billion, compared to A$12.3 billion one-year ago. Card credit limits reached A$92.6 billion at the end of January, compared to A$82.4 billion for January 2005. There are currently 12.6 million credit card and charge card accounts in Australia, compared to 11.7 million one-year ago, according to CardFlash International.

Details

VISA Launches a Prepaid Load Network

VISA USA is launching a new prepaid infrastructure to make it easier to add funds to VISA reloadable prepaid cards via merchant locations nationwide. The new “VISA Prepaid Load Network” will also create new revenue opportunities for merchants through potential card reload fees. The forthcoming prepaid network is an opt-in service for issuers, acquirers and merchants. Using “VisaNet” connections, transaction message formats, and settlement processes, the service allows consumers to add funds to eligible VISA reloadable prepaid cards at a merchant’s checkout counter. Issuers benefit from an efficient system to expand their prepaid card programs and acquirer banks benefit from a new service to offer merchants as well as incremental revenue in the form of an interchange fee paid by the card issuer to the acquirer. Initial VISA member and merchant participants are expected to introduce the “VISA Prepaid Load Network” service in late 2006 and early 2007.

Details

Alliance & Leicester Opts for PassMark

The U.K.’s Alliance & Leicester has decided to use the PassMark Security “Two-Factor Two-Way Authentication” system. Alliance has nearly five million customers. It is the first bank in the UK to provide its customers with this added level of security. Using PassMark online customers log on to their accounts with secure, mutual authentication and get additional layers of risk-based transaction security that prevent phishing, key logging and man-in-the-middle attacks.

Details

NETS Selects ASK for its Contactless CashCard

ASK has been selected by NETS to supply a new generation of its
contactless payment card “CashCard.” The “CashCard”
e-purse was originally launched in 1996 on a contact-based smart card
and is being re-packaged with “Cepass,” a new contactless payment
standard. “CashCard” is currently used in 30,000 access points available
at more than 12,500 merchants in Singapore. “CashCard” is based on ASK’s
advanced “TanGO” platform, enhancing transaction speed and security for
dual interface cards used in both contact and contactless applications.
“CashCard/Cepass” complies with ISO7816 and 14443 type B standards.

Details

Credit Card Charge-Offs Rise 23% in Q4

According to call reports collected by the FDIC, credit card charge-offs spiked by 23% in the fourth quarter compared to 4Q/04. NJ-based A.M. Best Co. says its statistical study indicates the risk appetite of banks for new accounts and underwriting standards may be impacted this year by the recent charge-off spike. Best says that in the week before the deadline for bankruptcy filings under the old law, as many as 480,000 reported cases were filed and that as many as 2 million filings may have been recorded last year. In the month immediately following the Oct. 17 deadline date, the number of bankruptcy filings dropped to one-tenth the typical level.

Details