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December 30, 2013

Happy New Year from Glenbrook!

Happy New Year iStock 000031208272SmallDear Friends,

What a year it has been! I recently posted an article on PaymentsViews.com summing up some of my thoughts - it begins:

Twelve months ago, there were still people in our industry who didn't know what Bitcoin was. There were still people who believed that EMV would roll out in the U.S. just like it did in the UK or Canada or ... There were still people who thought that the developing world would build payments systems that work like those of the developed world. And I could go on...but have decided to look forward, instead.

What are the key developments and ideas for payments in the year ahead? At Glenbrook, we've been thinking about the most important themes that describe both the current state of affairs and the new innovations that matter - to help bring the crystal ball into focus.

I hope you'll continue reading the rest of my article "The State of Payments: 2014" on Payments Views!

It's also been an incredible year for the team here at Glenbrook. We've particularly enjoyed our ongoing interactions with our clients and with the attendees of our boot camps and payments workshops. We thank you very much for your trust and confidence in us.

Please let your colleagues know that we have two Payments Boot Camps coming up early in 2014 - one in Palo Alto, California (February 4th & 5th) and one in New York City (March 18th & 19th). Follow this link for more information on the current agenda, testimonials, and online registration.

The world of payments continues to impress and excite us. We hope we can educate, support, and inspire each other in 2014!

Best wishes for a great 2014 from all of us here at Glenbrook.

Carol Coye Benson

December 24, 2013

Season's Greetings from Glenbrook Partners!

Season s Greetings Glenbrook

We wish you all the best this holiday season - enjoying good times together with family and friends!

December 23, 2013

Curious About Bitcoin? - See the Khan Academy's Videos on Bitcoin

The Khan Academy has a series of 9 videos about Bitcoin that available free of charge. The videos walk you through what Bitcoin is, how it works, etc. While you're taking a break over the holidays, you might want to take advantage of them - and learn more about what Bitcoin is all about.

Headline News from PaymentsNews.com - December 23, 2013

Webinar: Managing Cardholder Data Security Risks in an Evolving Payments Landscape - Be sure to join Glenbrook's Bryan Derman, BakerHoestetler's Craig Hoffman and Mandiant's Marshall Heilman for this webinar on January 15 from 2-3:30 PM Eastern time. Registration is now open.

On the Web:

On the Wires:

  • MoneyGram Reaches 200 Country Network Milestone - “This is an important achievement in our continuous efforts to strengthen our network and to reach more customers across the globe,” says Pamela H. Patsley, chairman and chief executive officer at MoneyGram.

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 22, 2013

The State of Payments: 2014

CarolCoyeBensonOver on PaymentsViews.com, Glenbrook's Carol Coye Benson takes a look at where we are in payments as we enter 2014.

What a year it has been! Twelve months ago, there were still people in our industry who didn’t know what Bitcoin was. There were still people who believed that EMV would roll out in the U.S. just like it did in the U.K.

In a post titled "The State of Payments: 2014", Carol writes about the six key themes "that describe both the current state and the innovations that matter" - Chaos, Embedded, Open, Easier, Faster and Secure.

Check out Carol's perspectives - and share your comments!

December 20, 2013

Headline News from PaymentsNews.com - December 20, 2013

Webinar: Managing Cardholder Data Security Risks in an Evolving Payments Landscape - Be sure to join Glenbrook's Bryan Derman, BakerHoestetler's Craig Hoffman and Mandiant's Marshall Heilman for this webinar on January 15 from 2-3:30 PM Eastern time. Registration is now open.

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 19, 2013

American Express Agrees to Settle US Merchant Class Action Litigations

Amex logo 140pxAmerican Express has announced that it has agreed to settle two antitrust class action lawsuits filed by U.S. merchants that challenged the company’s card acceptance agreements. The company says that "the settlement agreement will address certain merchant concerns, while helping to ensure that American Express Card Members are treated fairly at the point of sale. It will also limit the Company’s exposure to future legal claims."

Tim Heine, Managing Counsel of American Express, said:

We believe the terms of the settlement continue to balance the interests of Card Members and merchants.

“While the modification of our contract provisions gives merchants some additional flexibility, many merchants continue to believe, as we do, that surcharging is fundamentally anti-consumer. Few merchants have taken advantage of earlier opportunities to surcharge out of concern that it could risk alienating customers, and drive them to patronize competitors who do not surcharge.

"Merchants choose to accept American Express because we help them reach millions of customers who value the convenience, rewards, and world class service that our payment products provide. Unlike Visa and MasterCard, we do not have market power. We operate a competitive, dynamic business with a unique business model. Resolving these lawsuits will allow us to stay focused on helping merchants build their business and strengthen their customer relationships.”

The first lawsuit, In re American Express Anti-Steering Rules Antitrust Litigation, challenges the Non-Discrimination Provisions in the company’s merchant contracts. The second lawsuit, In re Marcus Corporation, challenges American Express’ Honor All Cards Provisions.

The changes to the Non-Discrimination and Honor All Cards Provisions will take effect after the resolution of any appeals to the final approval of the settlement, unless voluntarily implemented by American Express at an earlier date.

If the settlement terms are approved by the Court, all merchants who accept American Express cards in the United States will be bound by the changes to American Express’ Non-Discrimination and Honor All Cards Provisions and by the agreement not to make any future claims relating to these contract provisions for a period of at least 10 years after the changes are implemented.

Federal Reserve Releases New 2013 Payments Study of U.S. Payment Trends

FedThe Federal Reserve has published the 2013 Federal Reserve Payments Study that examines noncash payment trends in the United States. The 2013 Study has been expanded to include new information related to various payment initiation methods and unauthorized payments. To provide perspective on consumer and business payment trends over the past decade, the results are compared to previous payment studies conducted in 2004, 2007, and 2010.

The 2013 study shows that card payments--credit and debit--now account for more than two-thirds of all noncash payments, while the number of checks paid continued to decline. Other highlights include:

  • The total number of noncash payments, excluding wire transfers, was 122.8 billion, a growth rate of 4.4 percent annually from 2009 to 2012. The rate of growth was down slightly from the previous 10 year (2003-2012) growth rate of 4.7 percent. The total value of noncash payments grew from $72.2 trillion in 2009 to just under $79 trillion in 2012.
  • The number of credit card payments, which had shown a decline in the 2010 Study, grew at an annual rate of 7.6 percent from 2009 to 2012. Debit card payments grew at a rate of 7.7 percent over that same period.
  • Automated Clearing House (ACH) growth slowed to 5.1 percent annually from 2009 to 2012, down from the average annual growth of 10.9 percent over the previous 10 years. From 2009 to 2012, the number of ACH payments as a percentage of total payments increased less than 1 percent while the value of ACH as a percentage of total noncash payments rose almost 10 percentage points, from 51.5 percent to 61.3 percent.
  • The number of checks paid continues to decline, falling to 18.3 billion, less than half the number a decade earlier (37.3 billion). Checks are increasingly being deposited as images, with 17 percent being deposited as an image at the bank of first deposit versus 13 percent as reported in the 2010 Study.
  • The 2013 Study estimates that there were 31.1 million unauthorized payment transactions in 2012, with a value of $6.1 billion.
The study was made possible by broad-based industry support and information sharing.

Target Confirms Unauthorized Access to Payment Card Data in U.S. Stores

Target logo 70pxTarget has confirmed that there was "unauthorized access to payment card data that may have impacted certain guests making credit and debit card purchases in its U.S. stores. Target is working closely with law enforcement and financial institutions, and has identified and resolved the issue."

“Target’s first priority is preserving the trust of our guests and we have moved swiftly to address this issue, so guests can shop with confidence. We regret any inconvenience this may cause,” said Gregg Steinhafel, chairman, president and chief executive officer, Target. “We take this matter very seriously and are working with law enforcement to bring those responsible to justice.”

Approximately 40 million credit and debit card accounts may have been impacted between Nov. 27 and Dec. 15, 2013. Target has determined that the information involved in this incident included customer name, credit or debit card number, and the card’s expiration date and CVV (the three-digit security code). Target says it alerted authorities and financial institutions immediately after it was made aware of the unauthorized access, and is putting all appropriate resources behind these efforts.

More information is available at Target’s corporate website. Targets customers who suspect any unauthorized activity should contact Target at: 866-852-8680.

Headline News from PaymentsNews.com - December 19, 2013

Webinar: Managing Cardholder Data Security Risks in an Evolving Payments Landscape - Be sure to join Glenbrook's Bryan Derman, BakerHoestetler's Craig Hoffman and Mandiant's Marshall Heilman for this webinar on January 15 from 2-3:30 PM Eastern time. Registration is now open.

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 18, 2013

Webinar: Managing Cardholder Data Security Risks in an Evolving Payments Landscape

BryanDermanJoin Glenbrook's Bryan Derman for a free webinar being held on Wednesday, January 15, 2014 from 2:00 p.m. - 3:30 p.m. EST on the topic of "Managing Cardholder Data Security Risks in an Evolving Payments Landscape". Other panelists include Craig A. Hoffman from BakerHostetler and Marshall Heilman from Mandiant.

Craig, Bryan, and Marshall will provide a look back on significant payment card security events that occurred in 2013 and the security, risk mitigation, and customer relations lessons that can be learned from them.

They will also discuss what the continuing and emerging threats may be in 2014 and how to integrate security into your payment systems as you evaluate and implement emerging payment technologies.

Online registration for the webinar is now available.

Counterfeit Card Fraud Declines in Australian Following Chip Rollout

The Australian Payments Clearing Association has published new industry card fraud results for the year ending June 30, 2013. During the period, the rate of fraud on all Australian-issued payment cards dropped from 47.4c to 46.1c in every $1,000 transacted.

Counterfeit and skimming fraud on Australian-issued payment cards dropped by 29% to $37.8 million over the 12 month period. This total consists of $24.3 million occurring in Australia - a 4% increase - primarily due to skimming at ATMs, and $13.5 million occurring overseas - a drop of 55%.

CFPB Calls on Financial Institutions to Publicly Disclose Campus Financial Agreements

publicly disclose agreements with colleges and universitiesCfpb logo 140x60pxIn an announcement yesterday, the Consumer Financial Protection Bureau (CFPB) called on financial institutions to "to market debit, prepaid, and other products to students. Currently, institutions only make these disclosures about college credit cards."
Students and their families should know if their school, whether well-intentioned or not, is being compensated to encourage students to use a specific account or card product,” said CFPB Director Richard Cordray. “When financial institutions secretly give kickbacks to schools, they are engaging in risky practices.”
CFPB noted that a lack of transparency in the student loan and credit card markets led Congress to enact reforms to help the public better understand the marketing partnerships between colleges and lenders.

Headline News from PaymentsNews.com - December 18, 2013

Webinar: Managing Cardholder Data Security Risks in an Evolving Payments Landscape - Be sure to join Glenbrook's Bryan Derman, BakerHoestetler's Craig Hoffman and Mandiant's Marshall Heilman for this webinar on January 15 from 2-3:30 PM Eastern time. Registration is now open.

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 17, 2013

Headline News from PaymentsNews.com - December 17, 2013

In addition to tracking the daily news of the payments world here on PaymentsNews.com, we can also provide you and your organization with monthly and quarterly market scans - contact me to learn more about this unique service customized to your special needs.

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 16, 2013

Perkins Coie Launches The Virtual Currency Report

Perkins Coie has announced the launch of The Virtual Currency Report, a new blog focused on the law and regulation of Bitcoin and other digital currencies. This new blog provides news and analysis on legal developments relating to Bitcoin and other decentralized digital currencies, math-based currencies and decentralized ledgers.

The Virtual Currency Report team, led by Dax Hansen, consists of attorneys with diverse backgrounds who form Perkins Coie’s Decentralized Virtual Currencies industry practice group. Team members include attorneys: Eric Barber, Jean-Jacques (J) Cabou, Joseph Cutler, Jacob Farber, Judy Jennison, Hillary Levun, Keith Miller, and Lowell Ness.

Perkins Coie’s Decentralized Virtual Currencies industry practice provides regulatory investigations and compliance counseling, litigation support, consumer protection counseling, and business transaction assistance, regarding a range of Bitcoin and digital currency systems, services and products. The firm’s clients include virtual currency exchanges, payment processors, investors and industry associations. Firm attorneys counsel virtual currency clients with respect to various regulatory issues, including compliance with the Bank Secrecy Act, state money transmitter laws and securities and commodities laws and regulations.

Headline News from PaymentsNews.com - December 16, 2013

In addition to tracking the daily news of the payments world here on PaymentsNews.com, we can also provide you and your organization with monthly and quarterly market scans - contact me to learn more about this unique service customized to your special needs.

On Twitter:

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 13, 2013

Judge Gleeson Approves Interchange Fee Settlement with Visa, MasterCard

In a Memorandum and Order filed today, US District Court Judge John Gleeson has approved the interchange fee settlement involving a class of approximately 12 million merchants that alleged defendants Visa U.S.A. Inc. and MasterCard International Incorporated, as well as issuing and acquiring banks conspired to fix interchange fees in violation of Section 1 of the Sherman Act.

Gleeson writes:

Specifically, although the settlement either obtains or locks in place an array of rules changes, at its heart is an important step forward: a rules change that will permit merchants to surcharge credit cards at both the brand level (i.e., Visa or MasterCard) and at the product level (i.e., different kinds of cards, such as consumer cards, commercial cards, premium cards, etc.), subject to acceptance cost and limits imposed by other networks’ cards.

For the first time, merchants will be empowered to expose hidden bank fees to their customers, educate them about those fees, and use that information to influence their customers’ choices of payment methods. In short, the settlement gives merchants an opportunity at the point of sale to stimulate the sort of network price competition that can exert the downward pressure on interchange fees they seek.

Gleeson goes on to note: "The goal is to incentivize the networks to compete for the merchants’ credit card volume through lower fees of all kinds, including interchange fees, and to allow merchants to recoup their costs when their efforts to steer customers to lower-cost means of payment do not succeed."

In a paragraph positioning this case with earlier litigation, industry evolution and US DOJ involvement, he writes: "The first Visa/MasterCard multi-district litigation broke the tie between credit and debit cards. The Durbin Amendment removed discounting restrictions at the network level. The consent decree in the government’s case removed product-level discount restrictions. The IPOs wrested control of Visa and MasterCard from the banks. This proposed settlement adds another crucial reform – the lifting of restrictions on network- and product-level surcharging."

In making his final ruling in the case, Gleeson overruled what he called "virulent objections" from what he described as "a small number of objectors" to the settlement.

Here's the full text of Gleeson's Memorandum and Order:

IN RE PAYMENT CARD INTERCHANGE FEE AND MERCHANT DISCOUNT ANTITRUST LITIGATION

MasterCard Introduces New Standards for Payroll Cards

MasterCard logo 140pxMasterCard has announced new standards it says are designed to help employees take full advantage of the benefits of having their paycheck electronically deposited onto payroll cards.

The new standards require employers and payroll card providers to offer cardholders greater insight on these programs through educational resources and increased transparency of any fees. Additionally, the standards ensure that employees have a fee-free way to access their pay and check available balances.

Payroll cards serve as one way to bring the traditionally underserved into the financial mainstream,” said Ron Hynes, group executive, Global Prepaid Solutions, MasterCard.

“These standards will help ensure that employees not only understand the choices available, but allow them to take advantage of benefits like direct deposit, online shopping and bill payment that have not been traditionally available to them.”

All new MasterCard payroll card programs will need to meet these standards as of July 1, 2014. Existing programs will have until October 1, 2014 to make any necessary adjustments.

Headline News from PaymentsNews.com - December 13, 2013

In addition to tracking the daily news of the payments world here on PaymentsNews.com, we can also provide you and your organization with monthly and quarterly market scans - contact me to learn more about this unique service customized to your special needs. For example, how are you thinking about the implications of Bitcoin and other virtual currencies on your business?

On Twitter:

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 12, 2013

Wells Fargo Announces Agreement with Isis for Mobile Wallets

Wells fargo logo 140pxWells Fargo and Isis have announced the first phase of an agreement that allows Wells Fargo Visa consumer credit card holders to load their cards into the Isis Mobile Wallet®. This companies say that the launch enables cardholders to securely pay, redeem coupons and present loyalty credentials, all with the tap of their phone.

“We are committed to helping our customers succeed financially. Helping them make payments when, where and how they want is part of that promise,” said Peter Ho, manager of digital payments for Wells Fargo’s Consumer Financial Services group.

“Our customers lead mobile lives and their ability to pay for things should reflect that fact. During this pilot phase with Isis, we will test and learn with customers who want to be on the leading edge of this technology.”

Customers with one of the more than 50 Isis Ready® smartphones available from AT&T, T-Mobile or Verizon Wireless can receive an enhanced SIM card from their wireless carrier and download the Isis Mobile Wallet for free from Google Play. Customers who visit their carrier’s retail store to activate the Isis Mobile Wallet will receive hands-on support and education from store associates. Cardholders can use the Isis Mobile Wallet at any of the hundreds of thousands of merchant locations nationwide that accept contactless payments. Customers can explore local merchants at www.paywithisis.com/where.html.

First Data Corporation will serve as Wells Fargo’s Trusted Service Manager to deliver card information safely and securely onto the mobile device.

Coinbase Closes $25 Million Financing Led by Andreessen Horowitz

Coinbase logo 140pxCoinbase has announced that it has closed a series B funding round totaling $25M, led by Andreessen Horowitz, with participation from existing investors Union Square Ventures and Ribbit Capital.
Coinbase is the only company that touches the three most important points of the Bitcoin ecosystem: consumers, merchants, and developers. We are averaging 10,000 new customer sign-ups a day, and are now working with over 16,000 merchants including OkCupid, Khan Academy, and Reddit, who use Coinbase to accept bitcoin.
Andreessen Horowitz’s Chris Dixon will join the company's board of directors, along with Union Square Ventures’ Fred Wilson.

Headline News from PaymentsNews.com - December 12, 2013

On Twitter:

On the web:

  • Coinbase - Chris Dixon - "The press tends to portray Bitcoin as either a speculative bubble or a scheme for supporting criminal activity. In Silicon Valley, by contrast, Bitcoin is generally viewed as a profound technological breakthrough."
  • Fidelity now allows clients to put bitcoins in IRAs - MarketWatch - "Fidelity has partnered with SecondMarket’s Bitcoin Investment Trust to allow its clients to save for their retirement by putting the virtual currency in self-directed IRAs."
  • Mobile Payments Specialist Loop Raises $10 Million in Series A - NetBanker - "But the company's technology breakthrough: the ability to project a short-term magnetic field that impersonates the action of swiping a mag stripe through a card reader, appears likely to deliver on the contactless promise of NFC without the hardware adoption headaches of NFC."
  • The Future of SWIFT: a meeting with Gottfried Leibbrandt - Financial Services Club Blog - "In a stimulating but short presentation, he began by discussing the key elements of change in the SWIFT model, one of which is the ability to pretty much process anything for virtually nothing."
  • EAC partners adopt seamless pay system - The East African - "Kenya, Tanzania and Uganda central banks have interconnected their payment systems offering traders and bank customers an alternative method of sending and receiving money."
  • Bitcoin Law: Compliance and Avoidance Strategies - CoinDesk - "In this multi-part series, I will give a basic primer on the state of US law as it applies to digital currency entrepreneurs."
  • Bitcoin Foundation Officially Launches International Chapters - CoinDesk - "The Bitcoin Foundation has officially rolled out its internationalization programme, signing national affiliates in Canada and Australia..."

On the wires:

Updates from Glenbrook:

  • Feedback: How are we doing for you? I'd love to hear from you - drop me a quick note: scott@glenbrook.com or leave me a voicemail: +1.650.469.3421. In addition to tracking the daily news of the payments world here on Payments News, we can provide you and your organization with custom monthly and quarterly market scans - contact me to learn more about this unique service.
  • Please forward press releases to: gotnews@paymentsnews.com.
  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 11, 2013

Headline News from PaymentsNews.com - December 11, 2013

On the web:

  • Evenly Joins Square - Square Engineering Blog - "Evenly’s app made it easy for anyone to send or collect payments from friends, anywhere, anytime."
  • PayPal Looks Ahead: Six Predictions for 2014 - PayPal Forward Blog (David Marcus) - "My job at PayPal gives me a unique opportunity to work with peers and strategize with partners across many industries about solving real problems and delivering exciting new experiences for consumers and retailers. That leads to a pretty privileged view into what’s coming next." PayPal Increases Mobile Investment as Smartphones Replace Cash - BusinessWeek - “It’s going to take years,” for mobile technology to become the main way to pay, Marcus said. “But we’re in it for the long run.”
  • Everything you need to know about the Volcker Rule - Guardian - "A rule to keep banks from gambling with their customers' money may finally be realised after years of resistance from Wall Street..."
  • First Mover Australians: Turning Mobile into Contactless Payments - MasterCard Blog - "To borrow a phrase from the CommBank blog, Australians can’t get enough of contactless payments. The country is the number one MasterCard PayPass market in the world..."
  • iBeacon Pioneers Estimote Raise $3.1M Seed Round - TechCrunch - “We are shipping thousands of beacons per week and more than 10,000 developers around the world are already experimenting with Estimote beacons in contextual computing applications.”
  • JPMorgan files patent for Bitcoin-style payment system - FT.com - "Like Bitcoin, JPMorgan’s proposed system would allow people to make anonymous, electronic payments over the internet..."
  • For Bitcoin, Square Peg Meets Round Hole Under the Law - New York Times - "The development of Bitcoin, the virtual currency that is not issued by any government, presents challenges for the authorities to use laws that were not designed for the digital world to combat illegal conduct."
  • Be Careful With Coin - New York Times - "Consider this as well: When you buy it, you are agreeing to terms of service that give you no protection."
  • A Medical Credit Card Has Surprising Costs - New York Times - "On Tuesday, the agency announced that it was ordering GE Capital Retail Bank and its CareCredit medical credit card unit to refund up to $34.1 million..."

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 10, 2013

The Impact of Debit Card Regulation on Checking Account Fees

Kansas city fed logo 140x60pxThe Federal Reserve Bank of Kansas City has published a new article by Richard J. Sullivan which explores the effect that reductions in debit card interchange fees have had on consumer access to free checking accounts. He finds that while some large banks are charging more, many smaller banks are charging less - and on net, consumer access to free checking has increased.

Headline News from PaymentsNews.com - December 10, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 09, 2013

Headline News from PaymentsNews.com - December 9, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 06, 2013

What We Can Learn from the Developing World About Payments?

CarolOn our sister blog PaymentsViews.com, Glenbrook's Carol Coye Benson has posted a new articled titled "It’s Complicated: What we can learn from the developing world about payments" - based on her participation on Wednesday at Bill Maurer’s IMTFI (Institute for Money, Technology and Financial Inclusion) annual conference at UC Irvine.
In developed countries, relatively affluent payments professionals may think that their estate planning, or mortgage financing, or college funding strategies are complicated, and that their “payment life” is simple. ... But all people, poor or not, have ways of dealing with the intersection of money and the complications of life. Assuming that poverty makes this simple is just wrong. The IMTFI researchers are doing a great job of illustrating this.
Continue the conversation with Carol by sharing your comments on her post or contact her directly at carol@glenbrook.com.

Headline News from PaymentsNews.com - December 6, 2013

On the web:

On the wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

December 05, 2013

US Bank Introduces Community Card for Tax-Exempt Organizations

USBank logo 140pxUS Bank has announced a new Community Credit Card for non-profit organizations and small municipalities. The new card has fewer fees, a powerful online expense-management tool and other features crafted to their unique needs. The U.S. Bank Visa® Community Credit Card has no annual fees, no late fees and no over-limit fees and is now offered in all U.S. Bank branches.

The U.S. Bank Community Card is designed for non-profit organizations and municipalities where usual credit-underwriting standards sometimes aren’t appropriate,” said Cathi Stanton, senior vice president for U.S. Bank Retail Payment Solutions.

“For instance, instead of assigning liability to board members – which can be a tough ask for non-profits – the liability is held by the organization.”

"U.S. Bank’s free ScoreBoard tool lets tax-exempt organizations see, compare and control expenses more efficiently, giving staff more time to focus on the organization’s mission and needs,” Stanton said.

Examples of non-profits that can benefit include: religious organizations; cultural groups; foundations; social services; educational institutions; and other tax-exempt institutions. Municipal organizations that may qualify include: local, state, federal entities; schools; city or county offices; fire, police, and sheriff departments; and public housing administrations.

In October, U.S. Bank introduced another new specialty credit card: the U.S. Bank Visa Signature® Company credit card. Designed for companies with $1 million to $10 million in annual revenues, it offers unique advantages for businesses such as no personal guarantor and cash-back rewards.

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