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« January 6, 2008 - January 12, 2008 | Main | January 20, 2008 - January 26, 2008 »

January 18, 2008

The PayPal Kit for Non-Profits

PayPal has introduced the PayPal Kit for Non-Profits. More details in this PayPal Blog post by Glenn Lim. Lim writes "The kit contains an easy to install PayPal Donate Button and step-by-step instructions that are so simple, nearly anyone can enable their websites to accept donations in under one hour. To support this effort, PayPal is making a $50 donation to the first 1,000 501(C)(3) non-profit organizations that use the kit."

Data Lost on 650,000 Credit Card Holders

The Associated Press reports that "Personal information on about 650,000 customers of J.C. Penney and up to 100 other retailers could be compromised after a computer tape went missing. GE Money, which handles credit card operations for Penney and many other retailers, said Thursday night that the missing information includes Social Security numbers for about 150,000 people."

Headline News - January 18, 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.

January 17, 2008

Glenbrook is Expanding

As Glenbrook's strategy consulting practice continues to grow, we are looking to add to our talent base on the east coast. We're current seeking a payments professional with 5+ years of relevant experience to join our consulting staff as a Senior Associate in the New York metropolitan area. Please see our posting on www.PaymentsJobs.com for the specifics. In particular, we would love to hear from qualified applicants who are already regular readers of Payments News.

NOVA to Sign and Service American Express Merchants

NOVA Information Systems, a wholly owned subsidiary of U.S. Bancorp, and American Express have announced "the signing of an agreement under which NOVA will sign up and service American Express merchants on behalf of American Express. Under the terms of the agreement, NOVA will add American Express® Card acceptance to the payment processing services offered to merchants. NOVA will provide processing, settlement, customer support and reporting to merchants for all major card brands."

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Yahoo! Announces Support for OpenID Digital Identities

Yahoo! has announced "its support for the OpenID 2.0 digital identity framework for all 248 million active registered Yahoo! users worldwide. OpenID, an open framework based on proven Internet technologies, enables users to consolidate their Internet identity, eliminating the need to create separate IDs and logins at all of the various websites, blogs, and profile pages they may visit in the course of their online session. In addition to the many leading Yahoo! services users already enjoy, anyone with a Yahoo! ID will be able to use the same ID for easy access to any sites that support OpenID 2.0."

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Obopay Adds Mobile Payments Support for Blackberry Users

Obopay has announced that it is adding support for BlackBerry smartphones. According to the company, "the new Obopay application for BlackBerry users provides fast, customizable access to Obopay's full suite of mobile payment services."

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JPMorgan Becomes First Bank to Offer Invoice Matching

JPMorgan has announced that it has enhanced its Web-based accounts receivable management application, Receivables Edge, to automatically match open invoice records to bank captured payments and remittance detail, including checks, ACH and wire transfers.

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Goldleaf Financial Solutions Acquires Alogent Corporation

Goldleaf Financial Solutions has announced the acquisition of Atlanta-based Alogent, a provider of enterprise deposit automation technologies for global financial institutions. According to the company, the acquisition "strengthens Goldleaf’s leadership in converging payments, allowing the company to expand market presence, extends its customers base and creates significant cross-selling opportunities. Goldleaf now has 81,000 deposit automation touch points, in addition to more than 25,000 ACH endpoints, which showcases its deep penetration in the financial services market."

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W. Roy Dunbar to Leave MasterCard

MasterCard has announced that "W. Roy Dunbar, 46, President—Global Technology and Operations since 2004, will leave MasterCard Worldwide to become Chief Executive Officer of a company outside the payments industry. Details of his position will be announced shortly by his new company." Rob Reeg, 51, Chief Technology Officer for MasterCard Worldwide, will head the unit on an interim basis.

FSV, MiCash Team to Offer International Money Transfer Service

FSV Payment Systems and MiCash have announced "the general availability of a fully integrated card-to-cash international money transfer functionality on prepaid payroll debit cards offered by FSV. This unique functionality is available currently to MiCash prepaid debit cardholders."

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Headline News - January 17, 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.

January 16, 2008

Earn AFP Credits for Glenbrook's Special Focus Workshop on B2B Payments

The March 4-5 Glenbrook Special Focus Workshop on B2B Payments being taught by Glenbrook's Carol Coye Benson and Erin McCune of Forte Financial has been approved for up to 17 CTP/CCM recertification credits by the Association of Financial Professionals .

Banks Are in a Reactive Mode for 2008

TowerGroup says that "the U.S. subprime mortgage crisis has forced banks to enter 2008 in a reactive mode. New research from TowerGroup examining the top retail banking trends for 2008 finds that bankers are anxious on two fronts. First, they worry about unseen threats that may not yet have surfaced in their credit portfolios. Second, they fret over how their institutions can compete rationally during the volatile days ahead." READ MORE »

Intercredit Bank Selects ClairMail for Mobile Banking

ClairMail has announced that Intercredit Bank, N.A., a Florida-based commercial and consumer financial institution, has selected ClairMail to power its new mobile banking offering.

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JP Morgan Chase Reports Financial Results

JP Morgan Chase has reported financial results for the fourth quarter of 2007. In its Card Services business, net income declined 15% to $609 million primarily as a result of an increase in its provision for credit losses to $1.8 billion, up 40% over the same quarter in 2006. Noninterest expenses declined during the quarter. Its merchant processing (Chase Paymentech) reported processing card volume of $194.4 billion, up 9%, on 5.4 billion transactions.

Headline News - January 16, 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.

Payments Professionals Management Changes

We have received news of the following recent management changes:

  • John B. Lewis has been named Director, Financial Services at New York, NY-based for Zeta Interactive. Most recently, Lewis was a First Vice President for J.P. Morgan Chase & Company where he was responsible for online marketing to credit card customers.
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.

January 15, 2008

2007 Online Holiday Retail Sales Grew 29 Percent

Chase Paymentech reports that sales volume and the number of transactions conducted at 10 of the largest U.S. retail Web sites rose 29 percent during the 2007 year-end holiday shopping period according to data tracked by its Chase Paymentech Pulse Index.

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Updates from the Payment Card Center at the Philly Fed

The Payment Card Center of the Federal Reserve Bank of Philadelphia has posted the latest edition of its Update quarterly newsletter along with several new papers.

BasePoint Analytic's Recovery Optimization Fights Card Fraud

BasePoint Analytics has announced the launch of its Recovery Optimization Program for credit and debit card issuers that provides them with "proven methods and techniques to increase the amount they recover on fraudulent transactions." BasePoint says the program can "increase issuer recovery rates to as much as 50% of the initial claims of fraud, whereas current industry average recovery rates are only up to 30%."

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Payments Innovation

Dave Birch, in a post titled "Getting cash on the web", talks about getting cash on the web but he's really talking about innovation in payments and where it's happening (or not). He points out that PayPal, for example, can hardly be called an "alternative" payment system any more - given how significant it has become for ecommerce payments. At Glenbrook, we recently made the same determination - moving PayPal out of the "Emerging Payments" module in out Payments Boot Camp.

Metavante to Acquire BenSoft

Metavante has announced it plans to acquire BenSoft Incorporated and its product, RepayMe. Metavante will integrate RepayMe into its existing Healthcare Payment Solutions suite of products. According to Metavante, "RepayMe software provides a Web-based tool for individuals who participate in various benefit programs to easily obtain reimbursement for eligible expenses that are covered by their benefit plans."

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Citigroup's Results Reflect US Consumer Slowdown

Citigroup has announced a net loss for the 2007 fourth quarter of $9.83 billion with the results including a "$18.1 billion in pre-tax write-downs and credit costs on sub-prime related direct exposures in fixed income markets, and a $4.1 billion increase in credit costs in U.S. consumer primarily related to higher current and estimated losses on consumer loans."

Citi said that its "U.S. consumer credit costs increased $4.1 billion, comprised of $689 million in higher net credit losses and a net charge of $3.31 billion to increase loan loss reserves. ... The increase in credit costs primarily reflected a weakening of leading credit indicators, including increased delinquencies on 1st and 2nd mortgages, unsecured personal loans, credit cards, and auto loans."

January 14, 2008

MasterCard Debuts New TV Ads Featuring Both Debit and Credit

MasterCard Worldwide has announced it has "introduced a new tag treatment highlighting both credit and debit payment options in its award-winning Priceless television advertising. In the new treatment, the MasterCard logo will “flip” to showcase the two payment forms that consumers use the most – credit and debit."

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Reading the Credit Card Delinquency Tea Leaves

In an article titled 'High-End Cards Fall From Grace', the Wall St. Journal's Robin Sidel and David Enrich report on last week's news from American Express and Capital One about increasing delinquencies in their credit card portfolios. Later this week, other major issuers will report financial results - including JP Morgan Chase, Citigroup. Another very large issuer, Bank of America, will be reporting financial results next week.

Over the weekend, the New York Times' Floyd Norris reported on last week's Federal Reserve report about the recent surge in growth in consumer revolving debt.

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