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August 08, 2009

American Express, Discover Opt Out of Overlimit Fees

bank-generic_logo-140px.jpgIn an article titled "Law Hits Home as Cards Opt Out of Overlimit Fees", Maria Aspan writes for the American Banker that American Express and Discover are both "eliminating overlimit fees on consumer credit cards, in one of the first concrete examples of how a new law will restrict issuers' abilities to turn a profit."

August 07, 2009

Fed Reports Continuing Decline in Revolving Consumer Credit

FederalReserve-130px.jpgThe Federal Reserve's G19 Consumer Credit report today found that revolving consumer credit decreased at an annual rate of 6.8% in June. For the second quarter, revolving consumer credit declined at an annual rate of 8.2%.

Paymetric Secures $8 Million Series B Financing

Paymetric_logo-140px.jpgPaymetric, a provider of enterprise payment acceptance solutions, has announced an $8 million second round of financing. Palomar Ventures led the round with a $5 million infusion which was complimented by existing investor Austin Ventures’ participation of $3 million. READ MORE »

USAA Plans iPhone Check Deposit

USAA_logo-100px.jpgIn an article titled "USAA to launch deposit app", L.A. Lorek writes for MySanAntonio.com about USAA's plans to release a new iPhone application that will allow users to take photos of the front and back of a check and deposit it electronically directly from their iPhone.

August 06, 2009

Airlines and Card Fraud

41stParameter_logo-140px.jpgFraud detection tools and payment fraud losses are top of mind according to a recent webinar and poll of airline fraud investigators. The survey results, released by 41st Parameter report insufficient rules and defense mechanisms in place at most airlines. The results forecast the continued emergence of new reservation booking vehicles and a shift in the payment landscape. READ MORE »

A Look at Obopay

Over on PaymentsViews.com, Glenbrook's Carol Coye Benson provides an updated look at mobile payments provider Obopay as part of her series of interviews with many mobile payments companies. READ MORE »

Watch Niall Ferguson's THE ASCENT OF MONEY on PBS.org

On its website, PBS has made available for viewing both a two hour and four hour (four one hour programs) versions of Niall Ferguson's The Ascent of Money video series. Ferguson is the Laurence A. Tisch Professor of History at Harvard University and William Ziegler Professor at Harvard Business School.

Ferguson's book is also available available in the Payments News Bookstore on Amazon.com: The Ascent of Money: A Financial History of the World.

Transactis, Klik Technologies Partner on Hosted Receivables Solution

Transactis and Klik Technologies have announced they will begin offering "the industry's first-ever turnkey, end-to-end, hosted receivables solution for billers, major banks and other financial services companies."

Klik and Transactis are partnering to provide an integrated payment processing portal "enabling billers, major banks and other financial services companies to efficiently process high volume, highly complex transactions. Klik will offer Transactis' BillerExpress™ suite of EBPP solutions, including BillMail ("push" email billing), under its KliknPay brand offering." READ MORE »

Global Payments Launches Broadband Payments For Asia Pacific

globalpayments_logo-140px.jpgGlobal Payments Asia-Pacific Limited, a joint venture between HSBC and Global Payments, has introduced Global BroadbandPay - calling it "an Internet Protocol (IP)-based point-of-sale solution that provides merchants with fast, secure and reliable card acceptance services across the Asia-Pacific region. Merchants and processing partners no longer need to rely on slow dial-up networks or invest in expensive dedicated communication links to their card acquiring banks. Instead, this new product enables use of their existing internet connection to enjoy a "plug-and-play" experience. Global BroadbandPay is now available to merchants in Brunei, Hong Kong, Macau, the Maldives, the Philippines, Singapore and Sri Lanka." READ MORE »

August 05, 2009

Bank of America, Bottomline Technologies Form Strategic Relationship

Bottomline_logo-140px.jpgBank of America and Bottomline Technologies have announced a strategic relationship to "advance the growth of Bank of America’s market-leading electronic network for payment and invoice automation. Bottomline Technologies will acquire Bank of America's PayMode product, operations and vendor network. The two companies are entering into a multi-year agreement to operate and enhance this innovative Software as a Service (SaaS) offering. In addition to continuing to market PayMode to new clients, Bank of America will retain existing PayMode client relationships and join Bottomline’s Strategic Advisory Council. The bank will also have an equity interest in the company via warrants for one million Bottomline shares." READ MORE »

American Express Holds Financial Community Meeting

AmericanExpress_logo-140px.jpgAmerican Express today held a Financial Community Meeting in New York City. Along with the webcast, copies of the presentation slides used along with CEO Ken Chenault's opening and closing remarks are available online. Reuters covers the meeting highlights here.

An Update on Blackhawk Network

Seeking Alpha just posted the transcript from Safeway's quarterly earnings call held on July 23. On the call, Safeway CEO Steven A. Burd commented on Blackhawk Networks, a wholly owned subsidiary of Safeway:

To give you a brief update on Blackhawk, the value of total card sales—this is what we offer in terms of face value of the card—increased 24% for quarter two and that leaves us at 25% for the first half of this year.

The sales of closed loop partner cards are an interesting one to follow because essentially those cards represent the gift cards of a lot of retailers who are going through the same kind of economic events that we are. The sales of the closed loop partner cards increased 22.4% in the quarter and are growing at a rate that is much faster than our partners' own card sales.

Year-to-date we are on plan for Blackhawk, both in terms of face value card sales and earnings."

US Consumer Attitudes About Economy Continue to Deteriorate

Discover_logo-140px.jpgThe Discover U.S. Spending Monitor fell for the second consecutive month from 85.6 to 83.5 (based out of 100), as consumer attitudes towards the economy and the current state of their personal finances continued to deteriorate. Overall, 61 percent rated current economic conditions as poor, a 2-point increase from the previous month. READ MORE »

Headline News - August 5, 2009

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.

August 04, 2009

Finovate 2009 Conference - Company Presenters Announced

The Finovate 2009 conference being held in New York City on September 29, will showcase the future of online and mobile banking, lending and finance. The following companies have been selected to present at Finovate 2009: Backbase, BancVue (Kasasa), Billeo, BillShrink, BrightScope, Canopy Financial, CashEdge, Fidelity National Information Services, Firethorn (Qualcomm), Fiserv, Home Account, Infosys, Intuit, iPay Technologies, Kapitall, MShift, On Deck Capital, Outright.com, PayByMobile, People Capital, Prosper Marketplace, S1 Enterprise, Silver Tail Systems, Skill-Life, Strands, Yodlee and more to be announced soon.

A Look at the Issues Associated with Mag Stripe Cards

bank-generic_logo-140px.jpgIn an article titled "U.S. magnetic stripe credit cards on brink of extinction?", Beverly Harzog writes for CreditCards.com about the potential effects of a ban on mag stripe cards being considered by the European Payments Council.

Harzog takes a comprehensive look at the implications of such a move on US card issuers and their cardholders traveling to Europe - as well as exploring whether the US will eventually need to move from mag stripe-based cards to the Chip and PIN technology deployed in Europe and, increasingly, in other markets around the world.

Intuit GoPayment for iPhone Now Available on iTunes App Store

IntuitGoPayment_logo-120px.jpgIntuit has announced that its Intuit GoPayment application - providing the ability to process credit card payments using an iPhone or iPod touch - is now available on the iTunes App Store. According to Intuit, "the free download turns iPhone or iPod touch into an affordable and hassle-free credit card terminal." READ MORE »

Yesterday's PayPal Service Outage

Geoffrey Fowler reports for the Wall St. Journal on yesterday's global service outage suffered by PayPal. All PayPal users were affected for about an hour mid-day yesterday. A PayPal spokesman attributed the outage to an "internal network hardware issue".

PayPal's Scott Guilfoyle addressed the outage in a post to the PayPal Blog.

August 03, 2009

US Bank Adds Visa payWave to Unembossed Instant Issue Debit Cards

logo_usbank.gifU.S. Bank has announced that it is "the first card issuer in the United States to add Visa payWave technology to an unembossed debit card that is issued instantly to an account holder upon opening an account. The instant-issue Visa payWave pilot is being tested at select U.S. Bank branches in Denver and Salt Lake City as part of U.S. Bank’s on-going innovation in payments." READ MORE »

Chase, United Airlines Launch Three New Premium Credit Cards

Chase_logo-140px.jpgThree new premium Visa credit cards have been announced by United and Chase Card Services including the United Mileage Plus Club Visa Card, The United Mileage Plus Access Visa Card and The United Mileage Plus Select Visa Card.

According to the companies, "with these new cards, cardholders will receive exclusive benefits, including Red Carpet Club membership, Economy Plus seating, up to 5,000 or 10,000 miles that count toward elite status, or double and triple miles toward redeeming an award ticket."

Note that these three new premium cards have annual fees ranging from $130 to $375 annually. READ MORE »

MoneyGram, Affinity Global Services Launch Mobile Money Transfer Service

MoneyGram_logo-140px.jpgMoneyGram International and Affinity Global Services have announced an agreement "that will enable mobile money transfer receives in important markets around the globe, bringing greater convenience and extending the benefits of MoneyGram services to a new category of consumers. The MoneyGram and Affinity Global Services alliance will allow consumers to use MoneyGram’s agent network of over 180,000 locations around the world to send money to an account associated with a mobile device." READ MORE »

KKR Reportedly Preparing IPO for First Data

Martin Arnold reports for the Financial Times that Kohlberg Kravis Roberts is preparing IPO plans for up to six of its portfolio companies - including First Data Corp. According to the report, an IPO could occur within the next 12 months.

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