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« October 12, 2008 - October 18, 2008 | Main | October 26, 2008 - November 1, 2008 »

October 24, 2008

PNC to Acquire National City

The PNC Financial Services Group and National City Corporation have announced that "they have signed a definitive agreement for PNC to acquire National City for $2.23 per share, or an aggregate fixed amount of approximately $5.2 billion in PNC stock."

Headline News - October 24, 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.

October 23, 2008

A Look at MasterCard

In an article titled "MasterCard's keys to survival", Telis Demos writes for Fortune about MasterCard and its initiatives in marketing and technology.

Demos writes: "The company has gained a reputation as a smart competitor, wielding new technology (key fobs as credit cards), memorable advertising (its "priceless" campaign), and global reach (three billion cardholders and offices in 40 countries)."

Headline News - October 23, 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.

October 22, 2008

CO-OP Financial Services Selects mFoundry for Mobile Banking

mFoundry has announced that CO-OP Financial Services has selected mFoundry’s financial services platform to deliver mobile banking offerings to credit unions. The service will allow credit union members to verify balances, view transaction history, transfer funds among their accounts, and more using their mobile phones. READ MORE »

An Unrivaled American Lending Machine

Continuing its series titled "The Debt Trap", Brad Stone writes in today's New York Times about how some credit card issuers target potential borrowers - including those who may have just exited bankruptcy - by using personal data provided by a number of information providers. Stone writes that "this marketplace for personal data has been a crucial factor in powering the unrivaled lending machine in the United States. European countries, by contrast, have far stricter laws limiting the sale of personal information."

Myths about the Financial Crisis of 2008

The Research Department of the Federal Reserve Bank of Minneapolis has published a short working paper titled "Myths about the Financial Crisis of 2008" icon_PDF_small.gif by V.V. Chari, Lawrence Christiano, and Patrick J. Kehoe in which they show that four widely-held beliefs about the financial crisis of 2008 are false.

CSC Study Identifies Emerging Wave of Disruptive Technologies

CSC has announced a new report by CSC's Leading Edge Forum finding that "a wave of disruptive technologies is reshaping industry, triggering new business models and altering consumer and employee behaviors." The report identifies seven "digital disruptions" that CSC says "21st century businesses must understand to position themselves for success in an emerging economy that places value predominantly in the production, enhancement and sharing of information and cultural content." The report is available for downloading online and an accompanying blog on digital disruptions by lead researcher Alex Fuss is also available. READ MORE »

Viewpointe's View on Outsourcing Check Image Archives

Viewpointe has released research on the decision-making processes associated with outsourcing check image archives - including an industry whitepaper titled "In-House or Outsourced Image Archive Services: Plotting Position and Course'' that was developed with the independent research firm Financial Insights. Viewpointe has also released a Customer Experience Profile with BB&T Corporation chronicling the bank's results derived from outsourcing its check image archive to Viewpointe. READ MORE »

A Look at Account to Account Transfers

In an article titled "The Holdup at Online Banks", Karen Blumenthal writes about why "transferring money between a savings account at one bank and a checking account at another easily takes two days -- and sometimes as many as four."

Headline News - October 22, 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.

October 21, 2008

Charlie Rose Interviews US Treasury Secretary Henry Paulson

Today, Charlie Rose interviewed US Treasury Secretary Henry M. Paulson Jr. about the current financial crisis - an interview well worth watching!

PayPal Studies Differences in Identity Theft by Country

PayPal has announced results of a new study finding that "online consumers in English-speaking countries are the most frequent victims of identity theft, twice the rate of France, Germany and Spain." The research, conducted for PayPal by Ipsos, examined online security fears and habits in the United States, Canada, France, Germany, Spain and the United Kingdom. READ MORE »

Wausau Financial, ClairMail Introduce GreenPayments for Mobile

Wausau Financial Systems has announced that it will debut its new solution for mobile payments, GreenPayments, at the upcoming AFP Annual Conference. WFS’ GreenPayments will provide financial institutions and corporations with the ability to accept, post and clear payments made via ClairMail’s 2-way mobile payments solution. READ MORE »

MoneyAisle, Andera Partner To Integrate Online Account Opening

MoneyAisle and Andera have announced they have partnered "to offer a seamless solution for financial institutions looking to grow their core deposit base. Using MoneyAisle's patent-pending technology, banks actively compete for each customer's business in a live auction. With the addition of Andera's technology, MoneyAisle users will now be able to seamlessly open and fund their new account with the winning financial institution, online and in real-time." READ MORE »

More on American Express' Earnings

Seeking Alpha has published a transcript of yesterday's American Express earnings call. An accompanying slide presentation and additional financial details ares also available.

The FDIC's Sheila Bair

Here are two recent interviews/profiles of the FDIC's Chairman Sheila Bair that I found interesting: NPR's Morning Edition on Monday, October 20 and Charlie Rose on Friday, October 17.

October 20, 2008

American Express Reports Third Quarter 2008 Financial Results

American Express has reported financial results for the third quarter of 2008 with net income declining 23 percent and credit losses on its US managed card services business up to 5.9% vs 5.3% during the second quarter and 3.0% in the same quarter a year earlier. In the US, Amex's billed business increased 4% while its average basic cardmember spending declined 1% to $2,950.

Next Generation Payments Viewed as a Competitive Opportunity

U.S. financial institutions see moving toward a next generation payments system, including a payments hub (framework of common, reusable services), as important to remaining competitive according to a recent analysis conducted by the Global Payments Solutions division of Fiserv. Larger banks seem to be moving faster than smaller banks on this, as smaller banks wait to see what vendor packages come to the marketplace, say Fiserv payments analysts. READ MORE »

The Case for Debt

In the November issue of the Atlantic, Virginia Postrel writes about the benefits of debt - noting that "on the subject of credit, bad news sells."

A Look at Credit Card Delinquencies at American Express

Robin Sidel writes for the Wall St. Journal about increasing credit card delinquencies and chargeoffs at American Express. Amex is scheduled to announce third quarter financial results later today. The American Banker also reported on Amex's delinquencies in a report last Friday.

Western Union, Orascom to Pilot Mobile Money Transfer Service

Western Union has announced that it has created an alliance with Orascom Telecom Holding S.A.E. ("Orascom Telecom"), one of the largest mobile operators in the Middle East, Africa and Asia, to work together to introduce mobile remittance services in select markets. According to the companies, "the services aim to make low-principal, high-frequency remittances more convenient to the millions of consumers who send money every day." READ MORE »

Visa Introduces New Accounts Payable Automation Services

Visa has announced the introduction of Visa Accounts Payable (AP) Automation, a new service Visa says is "designed to help large and mid-sized businesses reduce costs associated with expense management, purchasing and accounts payable processes." A Visa white paper is also available online. READ MORE »

Headline News - October 20, 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.

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