UMB Bank has reached an agreement with Walgreens to increase the bank’s presence in the Midwest. UMB ATM installation in 300 Walgreens stores will expand the number of ATMs by 62.5 percent for UMB in the major markets it serves. Missouri- based UMB Financial Corporation is a $7.8 billion multi-bank holding company. Walgreen Co. is the nation’s largest drugstore chain with fiscal 2004 sales of $37.5 billion. The company operates 4,738 stores.Details
Hana Bank is reportedly considering the purchase of LG Card, which has a current market value of 3.9 trillion won (US$3.6 billion).
However, the new chief executive of Hana Bank, Kim Jong-yeol, says a deal can be struck if the price is lowered. Kim Jong-yeol worked at Hana for 27 years and will replace Kim Seung-yu. A consortium of creditor banks led by state-run Korea Development Bank are seeking to sell LG Card. LG lost about 81.6 billion won (US$81 million) last year, compared to the 2003 loss of 5.59 trillion won (US$5.6 billion). Hana Bank’s new CEO also said his bank is considering forming a consortium to purchase Korea Exchange Bank, 51% owned by U.S.-based investment fund Lone Star.
A new survey shows that Bank of America provides the best online banking experience for customers while Capital One did best among credit card suppliers. The Customer Respect Group says its survey also found that American Express topped the “Diversified Financials” list. The research found that Providian provided the worst online experience among credit card suppliers. The Customer Respect Group also says that 43% of surveyed firms share personal data with business partners or third parties, one of the highest industry percentages measured compared to 59% six months ago. The “Customer Respect Index” is a qualitative and quantitative in-depth analysis and independent measure of a customer’s online experience when interacting with companies via the Internet.Details
Chase has teamed with Delta Air Lines to offer up to 25,000 miles to Delta SkyMiles(R) members by opening and using a home equity loan or line of credit. SkyMiles program members can earn 3,500 miles for each $10,000 borrowed, to be deposited in the member’s account six to eight weeks after the account is funded. Chase is part of JPMorgan Chase & Co. a leading global financial services firm with assets of $1.1 trillion and operations in more than 50 countries. Delta Air Lines’ marketing alliances allow customers to earn and redeem frequent flier miles on more than 14,000 flights offered by SkyTeam and other partners.Details
Hana Bank is reportedly considering the purchase of South Korea’s LG Card, which has a current market value of $3.6 billion. However, the new chief executive of Hana Bank, Kim Jong-yeol, says a deal can be struck if the price is lowered. Kim Jong-yeol worked at Hana for 27 years and will replace Kim Seung-yu. A consortium of creditor banks led by state-run Korea Development Bank are seeking to sell LG Card. LG lost about $81 million last year, compared to the 2003 loss of $5.6 billion. Hana Bank’s new CEO also said his bank is considering forming a consortium to purchase Korea Exchange Bank, 51% owned by U.S.-based investment fund Lone Star.Details
Minneapolis-based retailer Target has awarded $14.9 million to schools nationwide through its Take Charge of Education fund raising program. Since the program began in 1997, Target has donated more than $138 million. Families, teachers and members of the community can designate a K-12 school of their choice to receive an amount equal to 1 percent of their Target(R) Visa(R) and Target Card(R) purchases made at Target and Target.com. Target also donates 0.5 percent of all Target Visa purchases made everywhere Visa credit cards are accepted. Currently, more than 110,000 schools and 9 million Target guests are enrolled in the program. Target serves guests at 1,330 stores in 47 states nationwide and gives back more than $2 million a week to its local communities through grants and special programs.Details
Dallas-based Alliance Data Systems Corp.,has introduced the VeriFone Omni 3750 point-of-sale (POS) Internet-enabled terminal. ADS has developed a full suite of applications for the Omni 3750 including acceptance of all major card types, check processing and value-added applications such as gift cards, fleet and electronic bill transfer (EBT) as well as provide instant age verification. The terminal will allow for faster processing and can reduce the number of devices needed to process multiple types of transactions. Alliance Data Systems is a provider of transaction, credit and marketing services, managing approximately 95 million consumer relationships.Details
Atlanta-based NOVA Information Systems has introduced Dynamic Currency Conversion (DCC) to enable international cardholders in the U.S. to instantly convert purchases into their local currency. DCC works with foreign-issued Visa and MasterCard credit cards and currently supports the Australian dollar, British pound, Canadian dollar, euro, and Japanese yen. NOVA Information Systems, a wholly owned subsidiary of U.S. Bancorp, offers credit and debit card processing services to more than 750,000 merchant locations.Details
MasterCard and VISA confirmed they have forged an agreement to share a common communications protocol and associated testing requirements for RFID-based contactless payments at the POS. The protocol is based on the MasterCard’s “PayPass” “ISO/IEC 14443 Implementation Specification.” The use of a common protocol for conducting “MasterCard PayPass” and “VISA Contactless” RFID payments will enable vendors to streamline product development and testing, leading to reduced implementation costs and faster time to market for issuers. Merchants will also have the assurance that a single point of sale terminal may support multiple payment brands and will require less time for terminal programming and testing.Details
HMV, the largest retailer of music, DVD and games in the U.K. has topped one million gift cards. The card was launched in October via TSYS and the Royal Bank of Scotland. The non-denominated, re-loadable cards are now available in HMV’s 200 stores throughout the UK, and can be activated in amounts ranging from GBP1 to GBP500. The parent company, HMV Group plc, also owns 189 Waterstone’s specialist book stores in the UK and Ireland, and plans to offer a Waterstone’s gift card in 2005.Details
TowerGroup has expanded its global research and advisory team for Europe. Simon Levin has been hired as the general manager of EMEA. He joins TowerGroup following a 10 year career at Gartner, where he was a member of the EMEA senior leadership team and played an instrumental role in the growth and development of the research business in these regions. Theodore Iacobuzio (who has been an analyst and research leader at TowerGroup since 1997) will be head of European research. Ralph Silva will be a senior analyst based out of Paris. Emil Peterson joins TowerGroup as the new director of sales for EMEA. Sam Radwan (who joined TowerGroup in late 2004) will be head of global consulting.Details
Acies Corporation has appointed Marc Beauchamp as Director of Business Development. Beauchamp has more than 17 years experience in sales, training and marketing and is a nationally known author, columnist and consultant to the merchant services and transaction processing industry. Acies, Inc., a wholly owned subsidiary of Acies Corporation, specializes in payment processing services and online banking services.Details