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March 27, 2008

TJX Agrees to Settle FTC Charges

The Federal Trade Commission has announced that TJX has agreed to settle charges that it engaged in practices that, taken together, failed to provide reasonable and appropriate security for sensitive consumer information. The settlements will require that TJX implement comprehensive information security programs and obtain audits by independent third-party security professionals every other year for 20 years. Full details available here.


Obopay Partners with YES BANK in India for Money Transfer

Obopay has announced the launch of its instant money transfer service in India through an alliance between wholly-owned subsidiary Obopay India and YES BANK, an Indian private sector bank.


Transcard Mobile Provides On-Demand Payroll Statements

Transcard, a provider of prepaid debit card solutions branded with Discover Network, MasterCard and STAR associations, has announced 'the introduction of Transcard Mobile, one of the industry’s first applications built specifically for payroll card members. This new platform enables Transcard payroll card members, a majority of which have text-enabled cell phones, to access full account activity and functions via their cell phones.'


American Express to Acquire GE Money’s Corporate Payment Services Portfolio

American Express and GE Money have announced that they have 'entered into an agreement for American Express to purchase Corporate Payment Services, GE’s commercial card and corporate purchasing business unit, for $1.1 billion in cash. The sale, which is subject to customary closing conditions and certain regulatory approvals, is expected to be completed by the end of the month.'


Payments Professionals Management Changes

We have received news of the following recent management changes:

  • David Kozal has been named Senior Vice President and CFO at Payment Alliance International in Louisville, KY. Kozal previously worked for First Data Corp. as CFO of its credit card processing unit.
  • Ronald R. Rhodes has been named Vice President, Global Supply Chain Management and Tim Jones has been named Vice President, Global Human Resources at HyperCom Corporation.
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.


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