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« August 3, 2003 - August 9, 2003 | Main | August 17, 2003 - August 23, 2003 »

August 16, 2003

Counterfeit card gangs on the rise

Melbourne's The Age reports on the rise in card counterfeiting in Australia.
Criminal gangs bugging automatic teller machines and counterfeiting credit cards are ripping off more than $300 million a year from the Australian public - and the grab is growing, crime experts say.

August 14, 2003

California Financial Privacy Update

Christian Berthelsen reports this morning on possible agreement between financial industry and consumer interests regarding financial privacy legislation pending in California.
Consumer advocates and sources in the financial services industry said Wednesday they had struck a deal that could pave the way for passage of a landmark financial privacy bill as early as Monday. Lawmakers will be under the gun. The proposed initiative has qualified to appear on the March 2004 ballot, but proponents must decide by Tuesday whether to withdraw the measure.
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August 12, 2003

Global Payments enters money transfer business via acquisition

Merchant payment processor Global Payments announced this morning that it is entering the consumer money transfer business via the acquisition of DolEx Money Express, the fourth largest money transfer player in the U.S. to Latin America corridor. Global Payments is paying $200 MM to acquire this business which last year had revenues of about $70 MM.
"This expansion of our payment processing model is consistent with our strategy to acquire companies in profitable, high growth sectors of the payments industry that have strong competitive advantages, revenue growth and earnings accretion," said Paul R. Garcia, chairman, president and CEO of Global Payments. "I welcome a seasoned and talented DolEx management team, who are dedicated to the long-term success of their company. This transaction will unite the expertise and strengths of two great organizations," continued Garcia.

Yodlee takes on Checkfree with new approach to bill management

This morning Yodlee announced BillDirect, a new service that combines its bill presentment capabilities with biller direct bill payment.
"When customers can quickly see and pay all their bills on their bank's website, online banking will become much more useful - and popular. But right now, not enough bills are available in one place and the services are generally too costly," said Bill Harris, former CEO of Intuit and Yodlee Board Member. "Yodlee's revolutionary new approach to bill presentment promises to change all that. It's just what the online banking industry needs for continued growth and better retention."

August 11, 2003

Visa USA Pursues Direct Connectivity to Merchants

Visa USA announced this morning that it has established a new department headed by Paul Musser intended to facilitate direct merchant connectivity to VisaNet.
"Merchants are constantly looking for affordable ways to improve their customers' buying experience at the point of sale," says Musser. "Direct Exchange enables merchants to securely and reliably increase throughput at the checkout counter using a direct connection to VisaNet. It can also decrease operating costs for merchants by improving processing efficiencies."

Web services benefit Wells Fargo

Tom Smith reports on Wells Fargo's implementation of WebMethods Integration Platform for its commercial banking Payment Manager services.

Bankers can't jump

Katherine Burger compares today with her earlier involvement with the banking industry over ten years ago.
That leaves culture, which remains by far the biggest obstacle to the ability to sell, much less cross-sell, financial products and services in banking organizations. ... It remains to be seen whether the statement "Bankers can't sell" is an immutable fact of life or a concept whose time has not yet come.


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