Bank of America to Sell Remaining Interest in Archstone

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Bank of America announced that it and Barclays Bank PLC have entered into an agreement with Equity Residential and Lehman Brothers Holdings Inc. pursuant to which Bank of America and Barclays will sell their remaining 26.5 percent interest in Archstone, a privately-held owner, operator and developer of multifamily apartment properties, for…

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Lehman Brothers to Acquire Remaining Stake in Archstone

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Lehman Brothers Holdings Inc. announced today that it has exercised its right of first offer to purchase the remaining stake in Archstone held by affiliates of Bank of America and Barclays Capital (“the Banks”), which will give Lehman full ownership of Archstone. This transaction follows Lehman’s purchase in January 2012 of…

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Protegrity Deploys Vaultless Tokenization for Payments Industry

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Protegrity, a leading provider of end-to-end data security solutions, announced Protegrity Vaultless Tokenization for the Payments Industry, the first and only offering that enables processors and gateways to cost-effectively provide tokenization services across their entire client base. Protegrity now supports the largest companies in the payments industry with a lightweight tokenization…

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Alibaba.com Shareholders Approve Privatization

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Alibaba Group Holding Limited (“Alibaba Group”) and Alibaba.com Limited (HKSE: 1688; 1688.HK “Alibaba.com”) jointly announced that the proposal for the privatization of Alibaba.com by way of a scheme of arrangement (“Scheme”) has been approved by a sufficient majority of the independent shareholders of Alibaba.com at the Court Meeting today. Approximately 95…

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Cashplus Awarded at Card and Payments Trailblazer Awards

The Cashplus Prepaid Card Account, offered by Advanced Payment Solutions (APS), has won ‘Best New Prepaid Product’ at the Card and Payments Trailblazer Awards 2012 as a ‘major innovation.’ Awarded by Cards and Payments Europe, in association with Cards International and Electronic Payments International, are for banks, retailers, vendors and technology providers from the whole of Europe. Cashplus beat competition from Citi, PayPal and Royal Sun Alliance. The solution addresses high penalties when Direct Debits are refused by other banks; the difficulty in managing and controlling staff expenses; and mall businesses difficult opening bank accounts without credit history.

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Fundtech and HDFC Bank Win Asian Banker Award

Fundtech global transaction banking solutions announced its “Global CASHplus” won The Asian Banker’s award for Best Corporate Payments Implementation Project. The solution provides a real-time web services-based channel, which enables the bank’s partners to aggregate remittance transactions and send them to HDFC Bank in a secure environment. The Global CASHplus provides a high degree of automation replacing many time-consuming manual processes, automated transaction initiation, automated acknowledgement, rejections where necessary and online transaction status. It provides cash management, financial supply chain and trade, and remittances solution. The platform offers an integrated suite of features with rich functionality and scalability that is deployed on a modular basis.

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Card Chargeoffs & Delinquencies Drop like a Rock

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Despite all the dismal data on consumer behavior lately, U.S. credit card ABS performance saw positive gains in May as late stage delinquencies reached six-year lows to only 2.14%, a nine basis point (bp) improvement for a 27% improvement from the year ago period. Delinquencies more than 30 days past due…

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U.S. Bank Launches Cobranded Card App

U.S. Bank has introduced an app for Android allowing retail partner customers to apply for a credit card while they are shopping, which they can use for purchases before they leave the store. U.S. Bank plans to continue to roll out the U.S. Bank Card App for Android and iPhone to other cobranded partners in 2012. The Android version of the REI app, called the “REI Visa App,” is free and available from REI’s website and at Google Play. The app allows consumers to easily apply for a U.S. Bank REI cobranded credit card and access a secure, virtual credit card via their mobile phone.

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Bank of America Serves 10mm mBanking Customers

Over 10 million Bank of America customers are now using mobile banking, representing growth of nearly 3 million active users over the last 12 months. Bank of America’s mobile banking customers have the ability to check account balances, transfer funds, pay bills and find the closest ATM, all from their mobile device. Bank of America was among the first to launch mobile banking apps for Apple, BlackBerry and Android devices and the only bank that has deployed a tablet‐specific app for all three platforms: Apple, Kindle and Android.

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VeriFone & PayPal Partner on Alternative Payments to Large Retailers

VeriFone Systems and PayPal signed licensing, marketing and implementation agreements for PayPal acceptance at large retailers nationwide. This provides PayPal with unprecedented access to over one million high volume Verifone POS, giving retailers the opportunity to converge e-commerce and retail payments into a new shopping experience for consumers. Shoppers will be able to utilize the existing spectrum of PayPal payment methods at checkout, including using a PayPal Access card and PIN or entering a phone number and PIN. The VeriFone solution is future-proof so that adding new options, such as NFC, will be easy to implement when they become available.

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Wells Fargo Launches P2P Money Transfer Service

Wells Fargo & Company announced the launch of Send & Receive Money, a new service allowing customers’ payments to other Wells Fargo and Bank of America customers through online and mobile banking using an email address or mobile phone number. Wells Fargo customers no longer need to know their recipient’s account number at Wells Fargo or Bank of America. Customers can use their recipient’s mobile phone number or email address to initiate a person-to-person payment via clearXchange, which was formed to facilitate the movement of funds between bank customers to better meet their needs.

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