Brand Finance Releases Bank Brand Rankings

Brand Finance, in conjunction with The Banker, has announced the results of its latest study of the financial value of various banking brands around the world. From this year's report: HSBC, the only British bank among the ten most valuable banking brands, knocks Bank of America off the top spot in the Brand Finance Banking 500. Wells Fargo is the most valuable banking brand in the U.S. market, and the second most valuable worldwide. Chinese banks performed strongly with China Construction Bank, ICBC, Bank of China and the Agricultural Bank of China maintaining a successful streak for Chinese banking as...

Headline News - January 4, 2012

On the web: PayPal: Mobile payments and Location-based Offers Go Hand-in-Hand - GigaOM On the wires: New Mercator Report on U.S. Commercial Card Market HSBC Card & Retail Services Renews Private Label Credit Card Agreements With Saks Incorporated and Three Other Top Companies Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

Headline News - September 12, 2011

On the web: U.S. Gets to Catch Up On Credit Card Security - The Register Card Mobile Interactive Group Acquires Mobile Payments Startup Zaypay - TechCrunch FinCEN Delays Compliance With Some Prepaid-Access Regulations - WSJ Reviewed: The American Express Gift Card Store and its New eGift Card Option - NetBanker On the wires: IP Commerce Closes $20.7 Million Investment from Intel Capital and Existing Investors HSBC Launches BUSINESS without BORDERS for U.S. Companies VeriFone Expands International Channels with Hypercom Distributors Western Union and TouchNet Team Up to Develop Payment Solutions for Universities & International Students Puerto Rico’s Conversion to All...

Headline News - August 10, 2011

On the web: Subway Launches NFC payments in U.S. - NFCNews On the wires: ROAM Data Takes Number One Market Position for Secure Mobile Phone Card Reader Solutions HSBC Sells Its Card and Retail Services Business in the US to Capital One NCR Launches Bill Pay / SIM Card Kiosk for Telecom Providers in Middle East and Africa Sutherland Global Services USA, Partners With ElectraCard Services (ECS) Launch of PlayStation Network Card Supported by InComm Hypercom UK and Spain Acquired by Spire Payments New Aite Group Report on the Role of VARs/ISVs in Merchant Acquiring Market Note: Headline News is...

Ingenico Announces £13M Agreement with HSBC Merchant Services

Ingenico and HSBC Merchant Services have announce that they have extended their partnership and will be working together on a four year deal worth £13m. Ingenico was chosen by HSBC Merchant Services to supply its merchants with advanced services, including 37,000 new payment terminals within the UK. As part of the agreement, Ingenico will provide its full range of comprehensive field services, including on-site installation engineers, merchant training for new and replacement units, and high quality Customer Contact Centres. This will reduce the total cost of ownership and enable HSBC Merchant Services, and its merchants, to maximise their terminal investments....

Global Payments Launches Broadband Payments For Asia Pacific

Global Payments Asia-Pacific Limited, a joint venture between HSBC and Global Payments, has introduced Global BroadbandPay - calling it "an Internet Protocol (IP)-based point-of-sale solution that provides merchants with fast, secure and reliable card acceptance services across the Asia-Pacific region. Merchants and processing partners no longer need to rely on slow dial-up networks or invest in expensive dedicated communication links to their card acquiring banks. Instead, this new product enables use of their existing internet connection to enjoy a "plug-and-play" experience. Global BroadbandPay is now available to merchants in Brunei, Hong Kong, Macau, the Maldives, the Philippines, Singapore and Sri...

Global Payments Acquires Remaining 49% Interest in U.K. Merchant Services JV

Global Payments has announced that it has acquired the remaining 49% interest in its merchant services joint venture in the United Kingdom from HSBC Bank plc ("HSBC"). "In June 2008, Global Payments and HSBC formed a joint venture, HSBC Merchant Services, to provide payment processing services to merchants in the United Kingdom and Internet merchants globally. Under the terms of today's agreement, Global Payments will pay HSBC a total of USD$307.7 million in cash to acquire the remaining 49% ownership interest in this joint venture. In addition, HSBC will extend the current ten-year exclusive marketing alliance agreement whereby the bank...

Online Banking Draws Nearly Half of Active US Online Population

New research released today by HSBC Direct shows that 49 percent of the online population conducts most, if not all, of its banking via the Internet, up nearly 23 percent from early 2007. And it’s not just the younger generation which has embraced online banking. While the research showed that 62 percent of people ages 21 to 34 conduct the majority of their banking via the Internet, approximately 40 percent of Americans ages 45 to 69 are now doing most or all of their banking online too. “People are increasingly turning to Internet banking because of the increased convenience, independence...

HSBC To Exit US Consumer Finance Business - Except Credit Cards

In its annual earnings release today, HSBC announced that it was going to shut down its US HSBC Finance business: It is now clear that models of direct personal lending that depend on wholesale markets for funding are no longer viable. In light of this, we have taken the difficult decision that, with the exception of credit cards, we will write no further consumer finance business through the HFC and Beneficial brands in the US and close the majority of the network. Thus, in terms of new business, we are drawing a line and we will run off our existing...

HSBC Deploys Authentify for Out-of-Band Authentication

Authentify has announced that HSBC has deployed Authentify’s services to protect online and remote transactions from fraud. According to the company, "HSBC, the world's largest bank by asset size, is using Authentify’s services to automatically authenticate online users attempting certain transaction against HSBC accounts. The out-of-band process requires user or transaction specific details to be entered via telephone, separately from the Internet side of the exchange. The process isolates the authentication from Internet threats making it more difficult to tamper with an account even if armed with compromised identity information." “Authentify enables HSBC to validate the user and transaction details...

HSBC to Expand Visa Debit Issuance in Asia Pacific, Middle East

Visa and HSBC have announced that the two companies have expanded their global relationship to include new debit card programs in a number of countries throughout Asia Pacific and the Middle East. The five-year regional agreements represent an expansion of HSBC's current credit card issuing relationship with Visa and are the latest milestones in Visa's efforts to combine its global brand and payments expertise with strong local marketplace knowledge and execution to help clients grow their business. "This deal expands the relationship between two global leaders -- HSBC and Visa -- in some of the fastest-growing areas in the world,"...

Mobile Payment Processing Solution for Merchants in Asia-Pacific

Global Payments Asia-Pacific Limited, a joint venture between HSBC and Global Payments, has introduced "a secure GPRS-powered mobile payment service called Global MobilePay(TM) that provides mobile card acceptance capabilities for merchants in the Asia-Pacific region. Global Payments is one of the first payment processors to launch an extensive mobile payment solution for merchants across Asia. This service is now available in Brunei, China, India, Malaysia, the Maldives, the Philippines, Singapore, Sri Lanka and Taiwan." Global MobilePay is a sophisticated card acceptance solution that uses GPRS wireless communication network for merchants that need to accept card payments beyond fixed locations or...

Global Payments, HSBC Form Joint Acquiring Venture in UK

Global Payments has announced a joint venture with HSBC Bank to provide payment processing services to merchants in the United Kingdom and Internet merchants globally. The new company will operate under the name HSBC Merchant Services. HSBC Bank plc is a wholly owned subsidiary of HSBC Holdings plc (LSE: HSBA), one of the largest financial services institutions in the world, with assets of approximately $2.4 trillion and approximately 10,000 offices in 83 countries and territories, as of December 31, 2007. In the United Kingdom, HSBC Bank estimates that its merchant acquiring business commands an approximate 15 percent market share by...

HSBC, Loyalty Lab Form Alliance

Loyalty Lab has announced a 'strategic alliance with HSBC Finance Corporation’s card and retail services business to extend advanced loyalty and customer retention marketing (CRM) capabilities to retailers that offer private label and co-branded credit cards through HSBC.' The new alliance means HSBC’s more than 70 merchant partners have the option to employ Loyalty Lab’s rewards engine to power their private label, co-branded and CRM solutions. Merchants will be able to internally collect and analyze select information that will help merchants improve customer retention. “Our alliance with Loyalty Lab allows HSBC to offer our merchant partners yet another unique, innovative...

HSBC, Pathmark Plan Loyalty Rewards Debit Payment Card Program

HSBC Finance Corporation’s card and retail services business and Pathmark Stores have announced "an agreement to offer a multi-purpose rewards and payment card for supermarket customers. The new Pathmark Advantage Payment Card enhances the current Pathmark Advantage Club card by providing an easy and superior one-swipe payment process that also generates loyalty rewards." The card is linked to the consumer's checking account and functions as a PIN-debit card for purchases. The cards will also be accepted "at more than 200,000 merchant locations in the U.S. that participate in the Tempo Payment Network." A pilot launch is planned for later this...

HSBC Direct Launches New Online Payment Account

HSBC Bank USA has announced HSBC Direct’s Online Payment Account, a new Online Payment Account product that offers instant fund transfers to and from the HSBC Direct Online Savings Account (OSA) and pays a current yield of 2.50% APY. According to HSBC, "this account allows customers to leave funds in the high-yield OSA longer, and fluidly manage their money so that they can maximize the value of every dollar, every day. Customers can also earn interest on money in the Online Payment Account used for everyday expenses, and then promptly move anything they do not spend back into high-yield savings,...

UK - HSBC Opts Out of Home Chip and PIN

Andrea-Marie Vassou writes for Computeract!ve about a decision by HSBC to not deploy to customers chip card readers that other major banks in the UK are deploying to help deal with online banking and ecommerce fraud.

MasterCard's 10-K Annual Report

MasterCard's 10-K annual report for 2006 was filed today with the SEC and is available online. Included were various exhibits including updated Bylaws, as well as copies of amended business agreements with HSBC and Bank of America (both redacted to remove confidential financial information).

HSBC Direct Promotional High Yield Savings Product Sign of Things to Come

comScore Networks has released the results of a study examining the share of the online High Yield Savings market among key players and the impact of recent rate changes on this marketplace. According to comScore, "the market for high yield savings accounts has become increasingly competitive during the past year, as evidenced by the emergence of new players and subsequent marketplace fragmentation. While ING Direct held a commanding share of new online savings account application submissions in Q4 2005 (53 percent), its share dropped to 25 percent during the same time period in 2006. Meanwhile, newer players like Citibank and...

HSBC Launches Mobile Phone Contactless Payments Pilot

HSBC Credit Card Services has announced it has launched a mobile phone payments pilot based on Near Field Communications technology in partnership with MasterCard and ViVOtech. The six-month pilot tests the use of Near Field Communication (NFC) enabled mobile phones to make contactless credit card purchases. More than 200 HSBC employees in New York, Chicago and several other large U.S. cities used a simple, "over-the-air" (OTA) personalization process to securely load their HSBC credit card data onto their mobile phones. "Putting payment capability into mobile phones is our latest effort to employ innovative technology in our credit card business," said...

HSBC Direct To Offer 6 Percent On New Money Deposits

The Washington Post is running a Reuters story reporting that HSBC Bank USA's HSBC Direct unit plans to begin paying 6 percent APR yield on online savings accounts for "new money" beginning tomorrow. The promotion is offering the higher rate between January 29 and April 30.

MasterCard Reports Revised HSBC Services Agreement

Yesterday, MasterCard filed with the SEC an 8-K report disclosing that "on December 27, 2006, MasterCard International Incorporated (“MasterCard”), the principal operating subsidiary of MasterCard Incorporated (the “Company”), amended its agreement (the “Agreement”) with HSBC Bank USA, National Association and HSBC Bank Nevada, N.A., as successor to Household Bank (SB), N.A., (collectively, the “HSBC Banks”), effective as of July 1, 2003, relating to certain pricing arrangements for the HSBC Banks’ use of the Company’s core authorization, clearing and settlement services in the United States. This amendment, among other things, restructures certain pricing, incentives and card issuance terms of the Agreement....

Best Buy Revamps Loyalty Program, New Rewards MasterCard

Best Buy has announced enhancements to its customer loyalty program, Reward Zone, including the launch of the Best Buy Reward Zone program MasterCard card, issued by HSBC. The Reward Zone program will now allow customers to choose between two levels of rewards. “Our customers told us that they wanted a rewards program that was free. They were also looking to accelerate their reward potential. The changes we have made to the Reward Zone program directly address their requests,” stated Barry Judge, Best Buy senior vice president of marketing. “Reward Zone is a good example of how we listen to our...

$336 Million Settlement In Currency Conversion Litigation

Plaintiff law firms Berger & Montague and Lerach Coughlin have announced that a nationwide settlement agreement has been reached in a consolidated federal class action lawsuit about use of certain payment cards for foreign transactions. Defendants in the case include Visa, MasterCard, Bank of America, Bank One/First USA, Chase, Citibank, Diners Club, HSBC/Household, MBNA and Washington Mutual/Providian. MasterCard this morning has filed an 8-K with the SEC stating it "has agreed to pay $72.48 million, which constitutes its share of defendants' $336 million settlement." As an aside, MasterCard also reported that it had agreed to settle the "Schwartz Matter for...

HSBC Forms Alliance with Debitman Merchant Card Network

HSBC - North America's retail services business has announced a strategic alliance with electronic payment network operator Debitman Card, Inc. to accelerate growth in Debitman's debit card platform, known as "The Retailer's Network." Merchants participating in The Retailer's Network enjoy lower cost fees for card transactions. In addition, merchants issuing cards through the network share a portion of the interchange revenue whenever their branded cards are used at any participating merchant. The network's patent-pending debit card system supports a variety of card programs and can accommodate merchant-specific loyalty programs. HSBC Retail Services, a leading provider of private label retail cards,...

Going Online for Savings

Jennifer Kingson reports for the New York Times on high yield, online only savings accounts such as those offered by ING Direct, HSBC Direct, Emigrant Direct, Citibank Direct and others - and asks whether the banks offering those high rates can actually make a profit from doing so. Still, the numbers are stunning in terms of the power of the Internet to help banks capture deposits. According to Kingson, the CEO of Emigrant says his bank had $4.5 billion in deposits before it launched Emigrant Direct - and then proceeded to gather $6 billion in new deposits over the Internet...

HSBC Acquires Boscov's Credit Card Portfolio

HSBC - North America's retail services business has announced that it has entered into a strategic alliance to acquire the credit receivables and to manage the ongoing credit program of Boscov's Department Stores, the largest full-line, family-owned independent department store chain in the United States. "We are excited about our new partnership with Boscov's and are committed to providing additional value to their existing credit program over the course of our relationship," said Joseph Hoff, chief executive officer, HSBC Retail Services. "Leveraging our industry expertise, being responsive to our partner's needs in a credit program, and offering flexible financing solutions...

HSBC, First Direct To Launch MoniLink Mobile Banking In UK

The UK's MoniLink has announced that HSBC and First Direct will be the first banks to offer mobile phone banking later this year on the MoniLink network, a new UK mobile banking platform from the UK's cash machine network, LINK. For the first time consumers, will be able to get 'on demand', 24 hour secure access to banking services including mini statements and balance enquiries through their mobile phone. They will also be able to top-up their own or somebody else's prepay mobile. To use the service, consumers need only download an application onto their phone. As with online banking,...

HSBC Enhances North American Payments, Cash Management Services

HSBC's Global Transaction Banking Services has announced it will provide clients a centralized-secure payment service across Canada, the United States and Mexico. The payment service is geared toward clients that need to make payments to trading partners within North American Free Trade Agreement (NAFTA) countries. "NAFTA has increased commerce across these important economic centers, and increased a client's need to expedite payments, reduce payment file formatting, and save money," said Michael Gallagher, head of global transaction banking for NAFTA countries at HSBC. "Before introducing this service, corporate treasurers were generally required to maintain multiple banking relationships. Clients now have the...

American Express Credit Card Issuer Partnerships

American Express announced two major bank credit card issuing partnership deals this week: Bank of America and HSBC. In both deals the removal of each bank from the list of defendants in the litigation American Express is pursuing (re: damages associated with MasterCard and Visa losing the US antitrust case) may have been an important element. Note that both MBNA (who began issuing American Express co-branded credit cards over a year ago) and Citibank (who begins issuing in mid-January) are American Express credit card issuing partners and were never named in this litigation. Here's a summary of the status of...


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