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November 18, 2009

You Say You Want a Revolution?

Over on our sister blog, I share some of my thoughts about today's announcement of American Express acquiring Revolution Money. It's a bold move towards innovation by a company that's been slow to move in the past. Read my post and share your comments - would love to know what you think!

U.S. Bank Makes Visa Mobile Available to Select Debit Cardholders

U.S. Bank has announced that Visa Mobile is now available to select U.S. Bank debit card holders. Visa Mobile bundles alerts, offers, and a locator service -enabling cardholders to manage their U.S. Bank Visa accounts with near-real time updates. The application can be downloaded to mobile devices powered by Android, the Open Handset Alliance’s open source platform for mobile devices. READ MORE »

41st Parameter Forecasts Increased Risks from Mobile Channel

41st Parameter says it is "forecasting increased mobile channel cybercrime and decreased effectiveness of traditional anti-fraud tactics, attributed to the rapid adoption of new mobile handsets and multiple operating systems. According to a November 2009 consumer study of U.S. mobile phone users, 18.9 percent of mobile consumers now use a smartphone, and an additional 49.2 percent plan to purchase an advanced mobile device within the next two years. Last week, Gartner reported smartphone sales in 3Q09 grew 12.8% year over year, reaching 41.1 million units." READ MORE »

Chase Introduces Two New Business Cards for Checking Customers

Chase has announced the addition of two new credit cards - Ink and Ink Capital - to its Ink portfolio of business cards that provide additional purchase rewards or an interest-payment refund to customers with Chase business checking accounts. READ MORE »

Global Payments Sells Money Transfer Business

Global Payments has announced that it has signed an agreement to sell its DolEx- and Europhil-branded money transfer businesses to an affiliate of Palladium Equity Partners, LLC. Under the terms of the agreement, Global Payments will receive proceeds in the range of $85 million to $110 million based on the operating performance of the business determined at the time of closing, which is subject to customary regulatory approvals including the consent to the transaction by the issuers of money transfer licenses in many of the states and countries where DolEx or Europhil currently operates.

AFP Payments Newsletter for November Now Available

The Association for Financial Professionals' November Payments Newsletter is now available. Payments includes features on emerging payments issues, Q&As with payments newsmakers, news briefs and expert-authored guest columns. In the November issue are articles on wire format changes coming next year to allow for remittance data, a column authored by Anita Patterson who directs treasury services for Cox Enterprises, a Q&A with the Federal Reserve’s Ken Isaacson, and an excerpt from our magazine written by the Fed’s Lauren Hargraves and Hank Farrar at The Clearing House.

Ready Financial Secures $7.0 Million Series B Funding

Ready Financial, provider of the READYdebit Visa prepaid card and online bill payment and check-writing service, has announced it has completed a $7.0 million Series B round of financing led by Rockbridge Growth Equity, a middle-market private equity firm started by Quicken Loans Chairman and Founder, Dan Gilbert, with participation from Flybridge Capital Partners. READ MORE »

Wells Fargo Enhances Rewards Program

Wells Fargo has announced that it has enhanced its rewards program by adding the Earn More Mall with bonus point opportunities, the ability to purchase retail gift cards, new travel features and benefits, five times as many redemption options, and a redesigned site for easier navigation and improved search capabilities. READ MORE »

American Express to Acquire Revolution Money

Amex_logo-140px.jpgAmerican Express has announced it has agreed to acquire Revolution Money. According to Amex, "the transaction, which is subject to regulatory review, is expected to close in the first quarter of 2010. The purchase price is expected to be approximately $300 million. Upon closing, Revolution Money would operate as a subsidiary of American Express and be the first component of its recently formed Enterprise Growth organization. Enterprise Growth was formed to leverage American Express’ existing assets and capabilities to generate incremental fee revenue and to drive the company’s entry into new payment areas and related businesses." READ MORE »


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