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« July 1, 2007 - July 7, 2007 | Main | July 15, 2007 - July 21, 2007 »

July 13, 2007

Arroweye Signs New Merchants for Personalized Gift Cards

Arroweye Solutions has announced new partnerships with Toys “R” Us, Inc., Babies “R” Us, Inc., and Dunkin’ Donuts to provide customized gift cards to Toys “R” Us, Babies “R” Us, and Dunkin’ Donuts shoppers.

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99Bill, China Merchants Bank Promote Online Banking in China

99Bill has announced a strategic alliance with China Merchants Bank to jointly promote the online payment and online banking services in China.

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Visa Announces Program to Strengthen Small Business Data Security

Visa USA has announced a program "designed to help the nation's small businesses improve their security. Visa's program calls for acquiring financial institutions to strengthen their existing data security efforts to identify and address risks among their small merchant customers, including identifying whether merchants are storing sensitive account data and are complying with the industry-wide Payment Card Industry Data Security Standard (PCI DSS)."

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CMO Susanne Lyons to Leave Visa

Advertising Age is reporting that "Susanne Lyons, chief marketing officer of Visa USA, is leaving the company, according to people familiar with the situation." The article goes on to say that "Kevin Burke, senior VP-advertising and brand management, Visa USA, was named head of U.S. marketing effective July 16."

Headline News - July 13, 2007

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.

Who's News - Payments Professionals Management Changes

We have received news of the following recent management changes:

  • Kim Goodman has been named Executive Vice President, Merchant Services North America, for American Express. Ms. Goodman will be responsible for "overseeing all aspects of Amex’s relationships with merchants that accept the American Express Card in the United States and Canada, including acquiring new merchants and deepening relationships across the American Express merchant network." A native of Chicago, Ms. Goodman, 42, earned both a Bachelor of Arts and Masters of Science at Stanford University, and a Masters in Business Administration at Harvard Business School.
Announce yourself! Have you recently taken on a new position in the payments industry? If you'd like to share the news with your colleagues, be sure to tell us about it. Are you looking for a new payments-related job? Or are you needing to find someone great? Checkout the Payments Jobs job board.

July 12, 2007

BarCampBankSeattle - A Banking Camp in Seattle

Jim Bruene posts on NetBanker about the Banking Camp that's getting organized for next weekend (July 21/22) - called BarCampBankSeattle.

Wesabe Introduces API

Marc Hedlund, co-founder and chief product officer of personal financial information provider Wesabe, blogs about the new API they're introducing. He writes "We want to take the idea of a credit bureau (where businesses report their experiences with consumers so that other businesses can benefit) and turn it on its head — building instead a value bureau, where consumers can share their experiences with businesses, so all consumers can benefit." Documentation on the new Wesabe API is available online.

Verizon, Chase Paymentech Partner for Broadband Merchant Services

Verizon has announced Verizon Merchant Services, Payments Powered by Chase Paymentech - a new offering for small and medium-sized businesses with a broadband connection from Verizon Online.

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Obopay Closes $29 Million Third Round Venture Funding

Obopay has announced the closing of its third round of venture funding, raising $29 million. The round was led by Richmond Global Cellular, an affiliate fund of Richmond Management LLC. Other new investors included AllianceBernstein L.P., Citi, Societe Generale.

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2010 Market Size Projections for POS Terminals

Global Industry Analysts, Inc. has published a new report that projects that the world EFTPOS terminal market will grow to 10,769,000 units by 2010.

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Debit Cards’ Hidden Fees

The press is picking up on the Center for Responsible Lending's report on bank overdraft fees and overdraft loans. The CBS Evening News covered the story In an article titled 'Debit Cards' Hidden Fees" citing the study's conclusion that "the single largest use of overdrafts was using your debit card. And those debit card purchases are very small. If you were to calculate an annual percentage rate interest for that loan, it would usually be well into the five digits."

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Delivering Targeted Messages and Promotions on POS Receipts

Welcome Real-Time's Aneace Haddad blogs about some new study results that show the benefits to merchants from having the technology to deliver targeted messages and promotions to their customers on POS receipts.

Headline News - July 12, 2007

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.

July 11, 2007

A Look at Overdraft Fees and Overdraft Loans

The Center for Responsible Lending has published a study titled "Out of Balance" (PDF) saying that "In a system enormously out of balance, consumers pay $17.5 billion in fees for $15.8 billion in abusive overdraft loans. In addition, the report finds that debit card overdrafts are now the single largest source of overdraft fees." See Jim Bruene's commentary on this issue.

Peer-to-Peer Lending in China

Claus Lehmann writes for Springwise about PPdai, a new peer-to-peer lending business in China saying that "PPdai primarily aims to standardize and facilitate loans between family and friends, which are more common in China than personal loans from banks."

Shop with Google Checkout

The Official Google Checkout Blog announces a new gadget that can be added to your personalized iGoogle homepage: Shop with Google Checkout that "will feature fun top-10 lists of products available through Google Checkout. We'll be updating the gadget every day with new lists and products, so you can get a daily dose of entertainment as you browse and shop using Checkout."

UATP Enabling PayPal's Airline Deals

UATP has announced that it is helping to enable PayPal payments for online airline ticket purchases and has successfully launched the first client, Northwest Airlines, on June 28.

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PayPal Opens Technology Center in Austin

PayPal has announced that PayPal Data Services, Inc. is opening a new technology development center in Austin, Texas and plans to hire hundreds of local technical professionals in the next three years. PayPal Data Services, Inc. is a wholly-owned subsidiary of PayPal, Inc., employing technology and engineering professionals who are helping to build PayPal’s global payment platform. The Austin American-Statesman covers the PayPal story from a local angle - reporting that "yet another California company could not resist the draw of Austin."

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July 10, 2007

CashEdge Sees Steady Growth of Online Payment Adoption By Small Businesses

CashEdge has announced that "CashEdge usage data for online payment, invoicing and collections during 2006 and through the first quarter of 2007, reflects the growth in adoption that was predicted by BAI's Small Business Payment Strategies research study in 2006, Aite Group's April 2006 survey of small businesses, and CashEdge's 2006 Small Business Survey. In June 2006, Bank of America became the first U.S. bank to offer electronic invoicing presentment and payment (EIPP) to small-business customers (through its Online Business Suite) and reports that the service has been extremely successful."

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PayPal Launches Mobile Checkout

PayPal has announced the launch of Mobile Checkout, a service that allows consumers in the U.S., U.K. and Canada to buy items securely over the mobile web. According to PayPal, a consumer can visit a merchant’s website and purchase items by clicking on the PayPal button – all from the convenience of their mobile device. To try out PayPal Mobile Checkout, point your mobile phone's browser to http://mobile.paypal.com and click on 'buy something'.

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Michael D. Capellas Named Chief Executive Officer of First Data Corp.

First Data Corp. has announced that Michael D. Capellas will become chief executive officer following completion of the acquisition of the company by an affiliate of Kohlberg Kravis Roberts & Co. (KKR). Mr. Capellas will succeed Henry C. "Ric" Duques who has served as Chairman and CEO since November 2005, and previously served as Chairman from 1989 to 2003 and CEO from 1989 to 2002.

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Collecting Consumer Debt in America

The Payment Cards Center of the Federal Reserve Bank of Philadelphia has published "Collecting Consumer Debt in America" (PDF) by Bob Hunt, senior economist in the Research Department of the Philadelphia Fed. In the paper, "Hunt explored how creditors and their agents attempt to collect past-due consumer debt, particularly unsecured debt. Creditors have a number of remedies open to them, but their effectiveness is limited by the fact that consumers can file for bankruptcy. Even outside of bankruptcy, consumers enjoy a variety of legal protections, including some they may not be aware of."

MasterCard rePower Strategic Agreement with Green Dot

MasterCard Worldwide has announced a strategic agreement with Green Dot Corporation, operator of the Green Dot Network, to expand the ability of consumers to reload prepaid cards enrolled in the MasterCard rePower point of sale load network at retail locations throughout the United States.

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Applying Hockey Strategies to Banking

In an article titled 'Chief of Capital One Applies Hockey Strategies to Banking", Eric Dash writes for the New York Times about Capital One chairman and CEO Richard D. Fairbank, also a hockey player and who applies his hobby to the business strategy of Capital One, calling it the Gretzky Concept. Late yesterday, Capital One announced a series of management changes in its banking business.

More Rebates Are Delivered as Gift Cards

Kelli B. Grant writes for SmartMoney about the increasing use of gift cards to deliver rebates - saying "the change makes spending your hard-won rebate less rewarding."

July 09, 2007

PayPal Really Launches on Facebook

Jim Bruene posts on his NetBanker blog about PayPal's launch of its own application on the Facebook platform.

By the way, I've been enjoying Facebook since signing up a couple of months ago. If you know me (Scott Loftesness), have attended one of our Glenbrook Payments Boot Camps, etc. and want to send me a Facebook friend request, I'd be happy to reciprocate.

Southwest Airlines Now Accepts PayPal for Online Ticketing

Southwest Airlines now accepts PayPal for purchase of tickets at its online reservations site: www.iflyswa.com. Recently, PayPal also announced that Northwest Airlines had begun accepting PayPal.

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