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September 25, 2008

Office of Thrift Supervision Comments on Washington Mutual

The Office of Thrift Supervision's press release tonight on the acquisition of Washington Mutual by JP Morgan Chase included the following: "An outflow of deposits began on September 15, 2008, totaling $16.7 billion. With insufficient liquidity to meet its obligations, WaMu was in an unsafe and unsound condition to transact business. The OTS closed the institution and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC held the bidding process that resulted in the acquisition by JPMorgan Chase."

As part of its announcement, the OTS provided a Fact Sheet on Washington Mutual icon_PDF_small.gif .

It's Official - JP Morgan Chase and Washington Mutual

In a press release titled "JPMORGAN CHASE ACQUIRES THE DEPOSITS, ASSETS AND CERTAIN LIABILITIES OF WASHINGTON MUTUAL’S BANKING OPERATIONS", JP Morgan Chase announced tonight that "it has acquired all deposits, assets and certain liabilities of Washington Mutual’s banking operations from the Federal Deposit Insurance Corporation (FDIC), effective immediately."

Included in the transaction is the card services segment of Washington Mutual - according to the presentation prepared by JP Morgan Chase, it will become the #1 US credit card issuer with $181 billion in receivables.

JP Morgan Chase Reportedly Acquiring WaMu Assets, Branches

The New York Times and the Wall St. Journal are reporting tonight that JP Morgan Chase is expected to announced this evening that it is acquiring "the bulk of Washington Mutual Inc.'s operations". JP Morgan Chase has scheduled a conference call for 9:15 PM EDT this evening.

If true, the combination would bring together the #2 US credit card issuer (JP Morgan Chase - by receivables) with the #6 issuer (Washington Mutual). Based upon year-end 2007 numbers, the combined company would have $177.7 billion in receivables vs. Bank of America, the current #1 US credit card issuer, with $158.1 billion in receivables. For more background on Washington Mutual's credit card business segment, see this Washington Mutual Card Services presentation from July 2008.

Discover Financial Services Reports Third Quarter Financial Results

Discover Financial Services has reported its financial results for the third quarter of 2008. Discover reported that sales on Discover cards grew 5% while managed loans grew 6% year over year. Net income declined to $180 million from $202 million as Discover increased its provision of loan losses significantly in the quarter.

Sprint Launches MyMoneyManager for Mobile Banking, PayPal

Sprint has announced that its wireless customers with BB&T, Citibank, IBC Bank and PNC Bank accounts can now access their bank accounts and send payments to friends and family using PayPal from most Web-enabled Sprint phones with the launch of Sprint's MyMoneyManager. MyMoneyManager is based on mFoundry’s Mobile Financial Platform. READ MORE »

Visa Showcases Its View on the Future of Money

Visa today hosted an innovation briefing in New York, during which the company showcased advances in electronic payments that it says are "creating a future of “better money” that is more convenient, more reliable and more secure than cash or checks." Visa was joined by a number of prominent innovators including Google, Intel, Nokia and Singapore Post Ltd. READ MORE »

Visa, U.S. Bank to Launch Visa Mobile Money Transfer Pilot

Visa and U.S. Bank have announced plans "to launch a mobile money transfer pilot program to allow registered Visa cardholders in the United States to use their mobile phones to securely send funds directly to another registered Visa cardholder’s account. The pilot, which is intended to begin by the end of 2008, is the first U.S.-based trial testing mobile money transfers between Visa accounts." READ MORE »

Visa Plans Mobile Payment-Related Services for Android Platform

Visa has announced plans to make mobile payment-related services "broadly available to United States consumers by the end of the year" - including delivery of Visa mobile applications for the Android platform with initially availability for Chase Visa cardholders. READ MORE »

Visa, Nokia Working Together on Mobile Payments

Visa and Nokia have announced plans "to deliver Visa payment and payment-related services – including contactless payments, remote payments, money transfer, alerts and notifications – for Nokia’s next generation handsets beginning with the Nokia 6212 Classic, expected to be available starting October 2008." READ MORE »

Visa Extends Prepaid Card Reload Capabilities to ATMs

Visa has announced an enhancement to its prepaid reload network, Visa ReadyLink, that will enable consumers to add funds to eligible Visa prepaid cards at participating automated teller machines (ATMs) that accept envelope-free deposits across the United States. According to Visa, the new service is expected to rollout later this fall. READ MORE »

Kount Receives Patent for Device Fingerprinting

Kount Inc. has announced that the company has received a US patent for its device fingerprinting technology. Kount officials say patent number 7,330,871 "Online Machine Data Collection and Archiving Process," describes a method for identifying a customer computer involved in an online transaction via a merchant website. READ MORE »

An Unlikely EMV Infrastructure for the US

Dave Birch posts on the Digital Money Forum blog about whether the window of opportunity has already passed for EMV-based chip cards in the US - to be replaced by a contactless (and mobile) future instead?

CashEdge Launches Intelligent Money Movement Platform

CashEdge has introduced Intelligent Money Movement -- what the company calls "an enhanced version of the Company's money movement platform that provides consumers and small businesses simple, seamless access to conduct electronic money movement through online and mobile banking applications." READ MORE »

ClairMail to Power Mobile Banking for Texas-based City Bank

ClairMail has announced that City Bank, a locally owned and operated community bank in Texas, has selected ClairMail to power its new mobile banking offering. READ MORE »


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