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September 30, 2008

Understanding Risk Management in Emerging Retail Payments

The latest issue of the Economic Policy Review from the Federal Reserve Bank of New York includes the article "Understanding Risk Management in Emerging Retail Payments" by Michele Braun, James McAndrews, William Roberds, and Richard Sullivan. READ MORE »

Intuit's Digital Insight Releases FinanceWorks

Intuit's Digital Insight unit has announced the availability of its FinanceWorks online financial management solutions for banks that "makes it possible for consumers to manage accounts across more than 5,000 financial institutions and credit card sites, ensure bills are paid on time regardless of the method they use to pay them, and see where their money is going, including future transactions. All this within the financial institution’s Web site." READ MORE »

September 29, 2008

Focusing on the Customer

A couple of points reflecting on today's carnage.

First, the Innovest webcast this morning - before the failed vote in Congress - describing their analysis of credit card issuers and forecasting serious issues ahead for those credit card issuers who live for their delinquency oriented business models and exploitation of their cardholders vs. those issuers who are serious about having a repayment business model and work with their customers accordingly.

Second, Thad Peterson's "What Now?" post tonight on his Banking on Customers blog. Thad reminds us that as "A.P. Giannini, the founder of Bank of America said, 'If an institution becomes great, it is usually by the consent of the people it serves.' At this time, in this place, truer words were never spoken."

What do you think? Post a comment!

Canada: RBC's Mobex Mobile Payment Service

Last week, RBC Royal Bank announced that it is testing a new service, RBC Mobex Mobile Payment Service, that "allows users to easily and securely send and receive money instantly using a text message on their mobile phone."

RBC is doing several smart things here - announcing a new person-to-person service that's incrementally useful - not the "be all, end all" mobile payments service. They're making it easy to participate and doing some smart adaptive risk management too. The technology for the new service is being provided by paybox, a German mobile payments solutions company. Read on for details. READ MORE »

Analyst Forecast: Credit Cards to "Implode"

John Partridge writes for the Globe and Mail about a forecast by analysts at the research firm Innovest Strategic Advisors about credit card charge-offs ahead. Here's a link to the webcast on this subject on the Innovest web site.

Blackhawk Network Expands Gift Card Malls into Staples Stores

Blackhawk Network has announced an "exclusive relationship with Staples, Inc., the world's largest office products company. Staples’ U.S. stores will now carry Blackhawk’s signature Gift Card Mall™ currently found in grocery stores such as Safeway. Blackhawk’s Gift Card Mall™ features over 300 of the best branded gift cards across a number of different categories including fashion, tickets, electronics, home and sports." READ MORE »

Consumers Trust Online Payment Providers More Than Banks

Cisco's Internet Business Solutions Group has announced results of a survey finding that "important consumer segments such as baby boomers trust online payment providers more than they trust traditional banks." READ MORE »

Discover's Small Business Watch: Economic Confidence Falls Sharply

Discover Financial Services has announced that its Discover Small Business Watch fell to 74.6 in September, down 12.3 points from August. "Economic confidence among small business owners declined sharply in September amid rising concerns about economic conditions for their businesses and a bleak vision of where the economy is headed."

Firethorn Announces Reseller Relationship With Fifth Third

Firethorn Holdings has announced that "it has entered into an agreement with Fifth Third Processing Solutions to bring mobile banking services to its 2,880 financial institutions. As part of the relationship, Fifth Third Processing Solutions will offer Firethorn's products to its processing financial institution clients, leveraging existing integration and connectivity to deploy Firethorn's mobile application. Fifth Third Processing Solutions plans to make the service available to its financial institutions before the end of the year." READ MORE »

Citigroup Inc. to Acquire Banking Operations of Wachovia

The FDIC has announced that "Citigroup Inc. will acquire the banking operations of Wachovia Corporation; Charlotte, North Carolina, in a transaction facilitated by the Federal Deposit Insurance Corporation and concurred with by the Board of Governors of the Federal Reserve and the Secretary of the Treasury in consultation with the President."

September 26, 2008

Intuit Holds Investor Day Presentation

Earlier this week, Intuit held its annual investor day to review its growth strategies. The presentation slides are available online along with an accompanying webcast.

A Look at Payments Startups

In a post titled "Can These Startups Beat Paypal?", Stacey Higginbotham writes for GigaOm about several new payments startups and asks whether they can find success vs. PayPal.

Reserve Bank of Australia Announces Review Results

The Reserve Bank of Australia has announced the conclusions of its review of the payments system reforms icon_PDF_small.gif undertaken by the Payments System Board. "In the Board’s view, the reforms have significantly improved competition in the Australian payments system. The reforms have liberalised access and removed restrictions on merchants that had weakened competition in the system. They have also increased transparency and have led to more appropriate price signals to consumers." READ MORE »

Headline News - September 26, 2008

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.

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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