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April 28, 2010

Next Up at Glenbrook: Social Payments Webinar, Wednesday, May 5

GP Logo Horizontal-200px.pngHere's what's coming up soon at Glenbrook:

Next Wednesday - Glenbrook Payments Essentials Webinar:
Social Payments - A Scenario Analysis - a one hour webinar next Wednesday, May 5th at 10:30 AM Pacific - fee $149.

See NetBanker Jim Bruene's praise for Glenbrook's presentation on Social Payments by Russ Jones and Erin McCune earlier this week at NACHA's Payments 2010 conference in Seattle. We'll be reprising this presentation on next Wednesday's webinar. (Big thanks to Jim!)

Our next Payments Boot Camp is on May 19th and 20th in Santa Clara, CA - taught by Scott Loftesness and Carol Coye Benson. Enroll now for this public session - or contact us to discuss an on-site private Glenbrook payments workshop for your company. READ MORE »

Visa Reports Fiscal Second Quarter 2010 Financial Results

visa_logo-140px.jpgVisa has announced financial results for its fiscal second quarter 2010 ended March 31, 2010 with GAAP net operating revenue in the fiscal second quarter of 2010 of $2.0 billion, an increase of 19% over the prior year. According to Visa, revenue was "driven by strong contributions across all revenue categories, in particular data processing and international transaction revenues."

Some highlights:

  • Payments volume growth, on a constant dollar basis for the three months ended December 31, 2009 on which fiscal second quarter service revenue is recognized, was up 8% over the prior year at $769 billion.
  • Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2010, was up 13% over the prior year at $745 billion.
  • Cross border volume growth, on a constant dollar basis, was positive 12% for the three months ended March 31, 2010.
  • Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2010 totaled 10.6 billion, a 14% increase over the prior year.

A conference call replay, presentation and more detailed operational performance data are available online. Seeking Alpha has made available a transcript of today's Visa earnings conference call. READ MORE »

US House Judiciary Committee Holds Hearing on Interchange Fees

The US House Judiciary Committee is holding a hearing today on H.R. 2695, the "Credit Card Fair Fee Act of 2009". Witnesses include:
  • David Carpenter, President, J.D Carpenter Companies, Inc. - on behalf of the National Association of Convenience Stores
  • Edmund Mierzwinski, Director, Consumer Program, U.S. PIRG
  • John Blum, Vice President of Operations, Chartway Federal Credit Union - on Behalf of the National Association of Federal Credit Unions
  • Douglas Kantor, Partner - Government Affairs & Public Policy, Steptoe & Johnson, LLP - on behalf of the National Association of Convenience Stores, the Society of Indepent Gasoline Marketers of America, and the Merchants Payments Coalition

Bradesco, Banco do Brasil Agree to Launch New Brazilian Card Brand

125px-Flag_of_Brazil.svg.pngBradesco and Banco do Brasil have announced signing a Memorandum of Understanding "regarding the launch of a Brazilian brand and integration of part of their credit cards operations." Specifically, they have entered into a non-binding memorandum of understanding for the preparation of a business model, involving:
  • The integration of part of their card operations;
  • The launch of a Brazilian brand ("Elo") of credit, debit and pre-paid cards for account-holders and non-account-holders;
  • The joint creation of new businesses for private label cards (cards offered to non-account-holder clients through partner merchants);
  • The creation of a company to sell cards to certain determined groups of non-account-holder clients;
  • The transfer of shareholdings retained by both institutions or their subsidiaries in CBSS S.A., for the subsequent creation of a company.

More details in this article and this Reuters story.

Visa Prohibits Web Merchants From Passing Along Cardholder Info

visa_logo-140px.jpgVisa has announced it is prohibiting web merchants from providing cardholder information to other companies without the consumer's knowledge or active consent. To address the data pass practice, Visa is requiring that "merchants will now have to prompt consumers to re-enter their card information to accept a subsequent offer from a third-party merchant. This provides a clear signal to cardholders that a second purchase is being initiated and protects them from questionable marketing practices."

According to Visa, "the misleading practice, called "data pass," usually involves a consumer shopping at a familiar retailer. At checkout, the consumer receives an offer for a discount or reward and does not realize it is from a different merchant and comes with unexpected monthly membership fees or recurring charges. Such deceptive marketing can result in high levels of consumer disputes and degrades the efficiency, reliability and security of the payment system. According to a 2009 U.S. Senate Commerce Committee staff report, 35 million consumers have paid $1.4 billion for "data pass" marketing offers." READ MORE »

Headline News - April 28, 2010

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit Employers looking to hire payments professionals can post their job openings there as well.


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