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« September 14, 2008 - September 20, 2008 | Main | September 28, 2008 - October 4, 2008 »

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 »

September 24, 2008

CGAP Spurs Market to Reach 25 Million Mobile Banking Users by 2012

The global microfinance resource center CGAP has announced it is making a new four year commitment to identify, fund, research and champion technology-enabled banking services for 25 million people in 20 countries. CGAP CEO Elizabeth Littlefield will announce the plan at the Clinton Global Initiative's "Mobile Banking Call to Action." READ MORE »

The Customer Is Going to be in Control - Deal with It!

In a post titled "1000 Miles To Go For The Enterprise And True Customer Relationships", Christopher Carfi blogs from Oracle's OpenWorld conference this week. Scroll down in his post for highlights of a proof-of-concept demo given during the conference showing how an iPhone mobile application could be used by a retailer (Body Shop) to give more power to the customer. The demo includes the consumer reviewing other customer reviews on a product, being presented with an opportunity to redeem loyalty points at purchase, and generating the discount coupon to be applied at POS.

September 23, 2008

Visa Enables Issuance of Unembossed Cards in U.S.

Visa has announced that it will begin supporting the issuance of "unembossed" cards in the U.S. for Visa consumer debit, business debit and consumer credit cards. READ MORE »

September 22, 2008

October 15-16 Payments Boot Camp Nearly Sold Out

The Glenbrook Payments Boot Camp being held in the San Francisco Bay Area on October 15-16 is nearly sold out. If you're interested in attending this session, please be sure to register soon. After this October session, the next Payments Boot Camp is scheduled for December 3-4 in Denver, Colorado.

Visa Names Marc Luet to Head CEMEA Region

Visa has announced that Marc Luet has been named president of its Central Europe, Middle East and Africa (CEMEA) region. He replaces Anne Cobb, who is retiring after 16 years with the organization. Visa says that "Luet will be responsible for continuing to build Visa Inc.'s business in the region, reporting to Hans Morris, President of Visa Inc." READ MORE »

Smart Card Alliance Council Now Includes Mobile Payments

The Smart Card Alliance has announced that its Contactless Payments Council will expand its focus to include the topics of Near Field Communications (NFC) and mobile payments - renaming itself to the Contactless and Mobile Payments Council. It also announced new officers and steering committee, recent achievements, and upcoming projects. READ MORE »

EMVCo Plans to Broaden Industry Participation

EMVCo, the EMV standards body owned by JCB International, MasterCard Worldwide and Visa Inc., has announced plans to "broaden industry participation in the development work of the organisation and establish a regular, formal dialogue between EMVCo and the global payments industry, through the launch of a new website subscription programme and annual user meeting." READ MORE »

Visa Introduces Visa SavingsEdge for Small Business

Visa has announced the launch of Visa SavingsEdge, a new program designed to help small business owners save money with automatic discounts at top-tier business merchants. READ MORE »

APACS Reports Growth in Verified by Visa, MasterCard SecureCode

APACS has announced that more than 25 million UK-issued debit and credit cards have now been registered with MasterCard SecureCode and Verified by Visa – online payment systems that make cards more secure when shopping on the internet. According to APACS, over 1.5 million cards are being registered every month – an increase of 650% compared with two years ago. READ MORE »

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