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July 14, 2011

JPMorgan Chase - Card Services 2Q2011 Financial Results

Chase logo 140pxJPMorgan Chase has reported financial results for the second quarter 2011.

  • For its Card Services unit, Chase report net income of $911 million, compared with $343 million in the prior year. The improved results were driven by a lower provision for credit losses, partially offset by lower net revenue.
  • Excluding the Washington Mutual and Commercial Card portfolios, the net charge-off rate was 5.28%, down from 9.02% in the prior year and 6.20% in the prior quarter; and the 30+ day delinquency rate was 2.73%, down from 4.48% in the prior year and 3.25% in the prior quarter.
  • Excluding the Washington Mutual and Commercial Card portfolios, sales volume was $83.1 billion, up 10% compared with the prior year and 11% compared with the prior quarter

Chase Paymentech merchant processing volume was $137.3 billion, up 17%, on 5.9 billion transactions processed.

July 13, 2011

PayPal Announces Limited Beta for eInvoicing APIs

PayPalX logo 140pxPayPal has announced limited availability of a series of eInvoicing APIs to "help businesses easily create and distribute invoices to improve cash flow management, electronically track invoice status and get paid quicker."

Guardian Analytics Introduces Fraud Monitoring Managed Service

GuardianAnalytics logo 150pxGuardian Analytics has announced FraudDESK, a new fraud monitoring managed service that helps financial institutions immediately meet FFIEC Internet Banking Security expectations for anomaly detection without "staffing a new project, changing staff assignments or undergoing training."

Survey Says Banks In Race to Monetize Mobile Payments

Survey graphic 140pxKPMG has released a survey that shows how banks are looking to preserve their place in the payments value chain in light of new competitive threats from non-traditional sources, such as mobile payments. "According to the KPMG survey, 84% of banking and FS execs said mobile payments will have significant importance to their business within the next one to four years, while 73% said mobile payments would be mainstream in the next four years. More than 70% cited security as their biggest challenge."

Financial Plus Credit Union Members Gain Access to Dwolla

Dwolla logo 140pxFinancial Plus Credit Union has announced that it is the first financial institution to sign on for a direct integration with Dwolla via its FiSync product.

Existing Financial Plus members will be able to access Dwolla through the Financial Plus website at FinancialPlusCU.com. After signing up for a Dwolla account – a process estimated to take less than a minute – members will be able to make payments to anyone with an email address, as well as their Facebook and Twitter friends.

In addition, members will be able to download the Dwolla mobile application, which allows users to make payments via their smartphone. The app also allows a user to access Dwolla Spots, a feature that displays a map of Dwolla-accepting merchants based on their smartphone’s current location.

Union Bank of India Partners with ElectraCard Services for eCommerce

Ecs logo 140pxElectraCard Services (ECS) has announced that it has signed Union Bank of India to use electraECOMM, its internet payment gateway.

ECS’s electraECOMM is a highly secure, online, real time payment processing solution, supporting all major credit and debit cards from global payment processing networks and multiple currencies. It provides transaction acquiring and processing interfaces to Web Merchants, Customers, EFT Switches & Acquirer Networks.

Along with electraECOMM, Union Bank of India has also implemented electraSECURE, a solution that will enable safe online transactions.

July 12, 2011

Federal Reserve Publishes Regulation II Exempt and Not Exempt Lists

FedThe Federal Reserve Board has published lists of institutions that are subject to, and exempt from, the debit card interchange fee standards in Regulation II.

These lists, available at the Fed website, are intended to help payment card networks and others determine which issuers qualify for the statutory exemption from interchange fee standards. The statute exempts any debit card issuer that, together with its affiliates, has assets of less than $10 billion.

There are currently 14,842 institutions that are exempt and 572 that are subject to debit interchange fee standards. The Board plans to update the lists annually.

First Data Releases June 2011 SpendTrend

First data logo 140px First Data has released its First Data SpendTrend analysis for the full month of June 2011 compared to June 2010.

Year-over-year dollar volume growth increased 8.8% in June, up from May’s 6.6% growth rate. Inflation has driven core prices higher, as June average ticket growth was 2.1%, the largest increase in over a year. Most industries posted higher dollar volume growth in June versus May. The exception was the hotel industry, which saw dollar volume growth slow from 11.5% in May to 7.6% in June.
SpendTrend tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations.

NCR to Acquire Radiant Systems

Radiant logo 140pxNcr logo 140pxNCR and Radiant Systems have announced a definitive agreement for NCR to acquire Radiant Systems for $1.2 billion.

With the addition of Radiant Systems, NCR will create a third core industry vertical, after its Financial and Retail lines of business, and establish category leadership in the hospitality and specialty retail markets. The hospitality and specialty retail total addressable markets are approximately $8 billion in size and under-penetrated by industry leaders.(1) NCR plans to leverage Radiant Systems’ leadership position in quick service and table service restaurants, specialty and convenience retailers and entertainment venues by combining Radiant Systems’ solution and services portfolio with NCR’s existing portfolio, brand and global reach.

July 11, 2011

Federal Reserve Releases Report on College Credit Card Agreements

FedThe Federal Reserve has released a report (PDF) that contains 2010 payment and account information about more than 1,000 agreements between institutions of higher education or affiliated organizations and credit card issuers, as well as an online database that includes the full text of each agreement that was in effect during 2010.

The report and the database is a result of The Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act) that requires issuers to submit to the Board annually their agreements with educational institutions or affiliated organizations, such as alumni associations. For each agreement, issuers are also required to submit information regarding payments made to the institution or organization and the number of accounts opened under the agreement.

First Data Expands Value for Merchants with New Product Enhancements

First data logo 140pxFirst Data Corporation has shared highlights from its Q2 2011 Product Release, which has been "enhanced with additions to its Information & Analytics Solutions, Prepaid Solutions and Payment Acceptance offerings for merchants."

Federal Reserve Reports Consumer Credit for May 2011

Fed The US Federal Reserve has reported its latest G.19 Consumer Credit statistics - finding that "consumer credit increased at an annual rate of 2.5% percent in May 2011. Revolving credit increased at an annual rate of 5%, and nonrevoling credit increased at an annual rate of 1.25%."

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