Business Week has posted a recent video interview with Rajive Johri, President of First National Bank of Omaha, who talks about his strategy with his online bank, FNBO Direct.

Javelin Strategy & Research has announced a new report titled "Mobile Payments Forecast: Contactless Evolution Flounders Without Heightened Attention to Merchants And Wireless Carriers" by analyst Bruce Cundiff.   » Continue Reading

Discover announced second quarter results today reporting that its US card business grew managed credit card receivables 6% over the same period last year to $46.9 billion on a growth in sales volume of 5% to $22.1 billion. The company reported an over 30 day delinquency rate of 2.97%, 23 basis points lower than last year’s second quarter and 34 basis points below the first quarter of 2007. The net charge-off rate of 4.00% was up 82 basis points from the same period last year and 19 basis points from the first quarter of 2007. Debit card transactions processed on the PULSE Network grew 19% to 559 million.

Reuters reports on plans by some European banks to link their national debit card systems together as an alternative to either Mastercard's Maestro scheme or V-Pay operated by Visa Europe. According to the report, debit cards issued in Germany, Britain, Italy, Spain, Portugal and Austria will initially be part of the new EAPS system.

In a press release headlined "Leave the Cash at Home", Obopay has announced that "Verizon Wireless customers will soon have another option when they shop other than just cash or credit -- they will be able to pay using their wireless phones."   » Continue Reading

American Express Company Chairman and Chief Executive Officer Kenneth I. Chenault has announced management changes to reflect a reorganization of the company into two distinct customer-focused groups:

• Alfred F. Kelly, Jr., now president of American Express Company, will head the Global Consumer Group.
• Edward P. Gilligan, now vice chairman of American Express Company, will head the Global Business-to-Business Group.

Kelly and Gilligan will both report to Chenault.   » Continue Reading

The Sun's Financial Diary blog has a post comparing the various online checking plus savings account alternatives - and finds the richest combination of yields at Presidential Bank.

Google Checkout has announced a new program that provides participating merchants a discount of up to 21 percent on their FedEx shipping costs.

Phoenix Payment has announced the results of its tenth annual Consumer Payments Preferences and Usage Study examining consumer preferences and usage of payment methods at point-of-sale and for recurring bills. According to Phoenix Payment, this year’s study "delved more deeply than those of prior years into the shift to debit card usage and consumers’ attitudes toward both PIN and signature debit payments."

“Debit card usage is growing, and consumers clearly prefer PIN to signature debit,” stated Ken Kerr, Vice President of Phoenix Payments. “Our analysis shows clients the reasons. We also break down changes in payment behavior by customer segments. Everyone has a cell phone, but the phone as a payments channel is being over-hyped. Consumers have serious security concerns, and few see a compelling reason to switch from cards to phones for payments. The analysis reveals consumers’ appetite for phone and other payment methods, and it identifies barriers to cell phone adoption that must be addressed.”

Brian Fonseca reports for Computerworld on a discussion about the Payment Card Industry (PCI) Data Security Standard at the Symantec Vision user conference in Las Vegas last week. Fonseca writes that "as some retail executives openly criticize the PCI standard, for levying unfair costs and IT burdens upon their organizations, the financial services executives fired back by noting that high-profile data breaches at retailers like The TJX Companies Inc. are not originating from their side of the fence."

Wal-Mart has announced it will open 1,000 Wal-Mart MoneyCenters -- covering a quarter of its stores -- by the end of 2008 and has begun the launch of the Wal-Mart MoneyCard, a reloadable prepaid Visa rolling out nationally with GE Money and Green Dot.   » Continue Reading

Alan Wirzbicki writes for the Boston Globe about comments made at yesterday's House Financial Services Committee meeting by chairman Rep. Barney Frank who said "the federal government was not moving quickly enough to regulate the consumer credit bureaus and opened the possibility of new legislation later this year." A webcast archive of the hearing along with copies of the prepared testimony is available on the Committee's web site.

Greg Stiles reports for the Mail Tribune on Umpqua Bank's new debit card rewards program - being managed by Rainbow Rewards. This program is another example of a trend in debit rewards programs where the rewards are largely funded by the merchants participating in the program.

Stiles explains "Umpqua Bank spokesperson Lani Hayward said the program connects merchants with customers, charging them for the service only after a transaction is completed. Stores pay Rainbow Rewards a marketing fee of 3 percent to 18 percent of the purchase price. If the store offers a 9 percent debit card rebate, for example, it pays Rainbow Rewards 12 percent and Rainbow keeps 3 percent for operating costs, marketing expenses and donations to a designated charity."

Umpqua's press release announcing the new debit card rewards program says that "customers can receive up to 20 percent cash back on initial purchases, and up to 14 percent on every-day purchases made at participating local businesses, or online retailers. Umpqua’s program also benefits participating businesses by promoting them to members, building customer loyalty through its cash incentives and giving a donation to the local Boys & Girls Clubs with every qualifying purchase."

Jessica E. Vascellaro reports for the Wall St. Journal that "Verizon Wireless plans to Wednesday announce a deal with mobile-payment company Obopay Inc. to allow subscribers to transfer money and make purchases via their mobile phones."

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