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« March 16, 2003 - March 22, 2003 | Main | March 30, 2003 - April 5, 2003 »

March 28, 2003

Bank of America: Growth in consumer comfort with banking online

Bank of America has released data on the growth in its online banking and bill payment services.
Bank of America has the most active online banking subscribers in the industry and has seen the most growth in the past year. The number of online bill pay customers has more than doubled since last May, when the bank announced it would offer the service free. About one-third of the bank's consumer deposit customers actively use Online Banking.

I4 Commerce completes $23 MM financing

I4 Commerce, the company behind Bill Me Later, has announced the completion of a $23 MM financing round led by GRP Partners.
"Given our heritage of working with retailers globally over the last 25 years we are honored to lead this round," said Steven Lebow, Managing Partner of GRP Partners. "The Bill Me Later® value proposition is unique and compelling for both retailers and their customers. It is rare to find a company with such an experienced management team whose product has already achieved impressive industry endorsement. We look forward to continuing the expansion of I4 Commerce's reach over the coming years and further meeting the needs of today's multi-channel retailers and their customers." In addition to GRP Partners, the existing investors are Crosspoint Venture Partners, Azure Capital Partners, First Data Corporation and Paymentech.

March 26, 2003

Sears: Exploring strategic alternatives for credit and financial products business

Sears announced this morning that it is exploring strategic alternatives for its credit and financial products business.
"Sears' Credit and Financial Products business is extremely attractive and highly profitable," said Alan J. Lacy, chairman and chief executive officer. "It continues to perform well and is on track to deliver on its 2003 financial plan. However, we believe the tremendous value and earnings power of these assets are not reflected in today's market valuation of Sears. By selecting the right strategic partner for this unique business, we believe we can create significant value for our investors. This strategic action will support our sharpened focus on strengthening and growing Sears' profitable Retail and Related Services business, while further streamlining our organization, reducing leverage and returning cash to shareholders," said Lacy.

Visa USA: Announces 2002 volumes

Visa USA this morning announced their 2002 performance.
Visa USA today announced that it processed $989 billion in consumer and commercial volume in 2002, an 8.1 percent increase over 2001, to maintain its position as the nation's leading payment brand and largest consumer payment system. The latest results bring Visa's domestic payment card industry volume share to 51.3 percent, larger than the combined share of all other U.S. payment brands. Debit continues to fuel growth across the payment industry and now represents 6.4 percent of payment share in the U.S., an increase of 23 percent over 2001. In line with the growing popularity of debit, Visa's overall volume dollar growth was driven by the Visa check card, which now represents a third of Visa's volume.

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