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American Express has reported financial results for the third quarter of 2008 with net income declining 23 percent and credit losses on its US managed card services business up to 5.9% vs 5.3% during the second quarter and 3.0% in the same quarter a year earlier. In the US, Amex's billed business increased 4% while its average basic cardmember spending declined 1% to $2,950.
U.S. financial institutions see moving toward a next generation payments system, including a payments hub (framework of common, reusable services), as important to remaining competitive according to a recent analysis conducted by the Global Payments Solutions division of Fiserv. Larger banks seem to be moving faster than smaller banks on this, as smaller banks wait to see what vendor packages come to the marketplace, say Fiserv payments analysts. READ MORE
In the November issue of the Atlantic, Virginia Postrel writes about the benefits of debt - noting that "on the subject of credit, bad news sells."
Robin Sidel writes for the Wall St. Journal about increasing credit card delinquencies and chargeoffs at American Express. Amex is scheduled to announce third quarter financial results later today. The American Banker also reported on Amex's delinquencies in a report last Friday.
Western Union has announced that it has created an alliance with Orascom Telecom Holding S.A.E. ("Orascom Telecom"), one of the largest mobile operators in the Middle East, Africa and Asia, to work together to introduce mobile remittance services in select markets. According to the companies, "the services aim to make low-principal, high-frequency remittances more convenient to the millions of consumers who send money every day." READ MORE
Visa has announced the introduction of Visa Accounts Payable (AP) Automation, a new service Visa says is "designed to help large and mid-sized businesses reduce costs associated with expense management, purchasing and accounts payable processes." A Visa white paper is also available online. READ MORE
Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.
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