Visa profits for the fourth calendar quarter increased 11.5% year-on-year (Y/Y) to $1.57 billion and soared 46.0% sequentially. Visa took a $450 million pre-tax litigation provision, or $283 million on an after-tax basis, in the third quarter related to the interchange multi-district litigation case.Details
Visa Europe reports the amount spent at point-of-sale broke through €1.5 trillion for the first time last year, a rise of 9.4% from 2013, with a total of 37 billion transactions. This means Visa now accounts for €1 in every €6 spent in Europe.Details
Toronto-based CIBC reports it has supported the enrollment of tens of thousands of CIBC credit card holders in Visa Checkout since the bank introduced direct client access to the online payment service through its website last fall, the first Canadian bank to do so.Details
CT-based VantageScore Solutions reports nearly one billion VantageScore credit scores were used in 2014, by over 2,000 lenders and other industry participants, including six of the 10 largest banks. This represents a 24% increase in the number of users of the VantageScore models and a nearly 600% increase in the number of scores used as compared with 2013.Details
MyECheck has signed a LOI to acquire 100% of the stock of Seergate, developer of an electronic payment software platform for banks.
The Seergate system will be integrated with the MyECheck payment systems adding multiple new capabilities to MyECheck’s payment platform.