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American Express

Welcome to the News View for "American Express".

Here, on these archive pages, you'll find all of the articles on Payments News for American Express listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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October 08, 2013

American Express Serve Introduces New Features and Monthly Fee

Amex Serve 140pxAmerican Express Serve has announced a free nationwide cash load network and the addition of new money management capabilities to its full-service reloadable prepaid card accounts - along with a new monthly fee to begin in December.

The new features include: Direct Deposit, Bill Pay, Mobile Check Capture, Personal Financial Management Tools, and Reserve, which allows customers to put money aside for future expenses. American Express says these enhancements are "designed to meet the needs of the nearly 70 million Americans underserved by traditional financial services."

“Unfortunately, the traditional banking system is not easily accessible to large segments of the population, making managing money cumbersome and expensive for many,” said Dan Schulman, group president, Enterprise Growth at American Express.

“We launched Serve two years ago with the simple idea that consumers needed a better way to move their money. Today, we’ve added a number of new features to make the management and movement of money more affordable and convenient for everyone.”

Starting next month, American Express Serve customers will be able to take cash to the register at more than 14,000 participating CVS/pharmacy and 7-Eleven stores and add it to their American Express Serve Account. This is made possible through a relationship with InComm and its Vanilla Reload Network.

American Express Serve also announced it will start charging a monthly fee of $1 beginning December 3, 2013. The $1 monthly fee is waived if customers use Direct Deposit to load their account or add $500 or more to their account during a monthly statement period.

October 03, 2013

Headline News from PaymentsNews.com - October 3, 2013

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  • Looking for consulting help from Glenbrook? Let us know your needs here - and we'll get right back to you!
  • Join us for our new series of Glenbrook Payments Boot Camps coming this October - 8th/9th in the San Francisco Bay Area and 23rd/24th in New York City!
  • Glenbrook's Allen Weinberg and Erin McCune will be at Money2020 in Las Vegas October 6-10 - please reach out to them directly to catch up in person or set up a briefing at the conference. Erin will be moderating an Invoicing, Billing & Collections panel with Bill.com CEO Rene Lacerte, Billtrust CEO Flint Lane and Billhighway Chairman Vince Thomas.
  • Glenbrook's Elizabeth McQuerry will be speaking at this year's NACHA Global Payments Forum on October 17-18 in New York City. She'll be speaking on the topic "Mobile Payments, Interoperability & Faster Funds Transfer".
  • Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

October 01, 2013

MasterCard, Visa and American Express Propose New Global Standard to Make Online and Mobile Shopping Simpler and Safer

Visa, MasterCard and American Express have announced a proposed framework for a new global standard to enhance the security of digital payments and simplify the purchasing experience when shopping on a mobile phone, tablet, personal computer or other smart device.

According to the companies, "the proposed standard would allow the traditional account number to be replaced with a digital payment “token” for online and mobile transactions. With a token, consumers will no longer be required to enter an actual account number when shopping online or on a smart device. Tokens provide an additional layer of security and eliminate the need for merchants, digital wallet operators or others to store account numbers."

“For more than five decades, the payments industry has relied on standards to safely and consistently process payments,” said Jim McCarthy, Global Head of Innovation and Strategic Partnerships, Visa Inc. “As more consumers make purchases with mobile phones, tablets and PCs, we are committed to showing industry leadership in the development of new standards that offer the same interoperability, reliability and security as traditional card payments.”

“This continued transition from plastic cards to digital is all about providing consumers with the ability to easily and safely make a purchase. They would no longer need to store their actual card account number when shopping online or with a smart device; the token would serve as that stand-in,” said Ed McLaughlin, Chief Emerging Payments Officer, MasterCard. “This proposed global standard builds on our track record of working across the industry to deliver safe and secure payment products. What we're introducing today is comparable to how the industry came together to develop and use the magnetic stripe, EMV and NFC on a global scale.”

“By working together to form a common global standard for online and mobile shopping, we will be able to provide enhanced security, interoperability and consistency for all participants within the digital payments ecosystem,” said Mike Matan, Head of Global Network Business, American Express. “In addition, we will be able to drive the rapid adoption and expansion of digital payments, delivering innovative new products and services that will allow consumers to realize the full potential of digital commerce in today’s world.”

Key elements of the proposed standard include:

  • New data fields to provide richer information about the transaction, which can help improve fraud detection and expedite the approval process
  • Consistent methods to identify and verify a consumer before replacing the traditional card account number with a token
  • A common standard designed to simplify the process for merchants for contactless, online or other transactions

Once a standard is agreed to and implemented, issuers, merchants or digital wallet providers would be able to request a token so that when an account holder initiates an online or mobile transaction, the token – and not the traditional card account number – would be used to process, authorize, clear and settle the transaction in the same way traditional card payments are processed today. Tokens can be restricted in how they are used with a specific merchant, device, transaction or category of transactions.

The three companies say that the proposed framework has incorporated the input of many stakeholders, particularly card issuers and merchants. Over the coming weeks, the framework will also be presented to other partners and independent industry bodies, such as The Clearing House, PCI Security Standards Council and EMVCo, to align and further advance the standard.

We're reminded that The Clearing House announced a similar dynamic credentialing initiative earlier this year.

September 25, 2013

Headline News from PaymentsNews.com - September 25, 2013

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Updates from Glenbrook:

  • Join us for our new series of Glenbrook Payments Boot Camps coming this October - 8th/9th in the San Francisco Bay Area and 23rd/24th in New York City!
  • Glenbrook's Allen Weinberg and Erin McCune will be at Money2020 in Las Vegas October 6-10 - please reach out to them directly to catch up in person or set up a briefing at the conference. Erin will be moderating an Invoicing, Billing & Collections panel with Bill.com CEO Rene Lacerte, Billtrust CEO Flint Lane and Billhighway Chairman Vince Thomas.
  • Glenbrook's Elizabeth McQuerry will be speaking at this year's NACHA Global Payments Forum on October 17-18 in New York City. She'll be speaking on the topic "Mobile Payments, Interoperability & Faster Funds Transfer".
  • Glenbrook's Carol Coye Benson will be speaking at this year's American Bankers Association Annual Convention on October 20-22 in New Orleans. She'll be participating in a panel discussion on The Future of the Payments Industry.
  • Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews

August 22, 2013

Headline News from PaymentsNews.com - August 22, 2013

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August 12, 2013

Headline News from PaymentsNews.com - August 12, 2013

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August 09, 2013

American Express Holds Semi-Annual Financial Community Meeting

Amex logo 140pxAmerican Express held one of their semi-annual Financial Community Meetings yesterday in New York. The webcast and slides are available online.

Following a review of business results, competitive comparisons and growth opportunities, Dan Schulman, Group President - Enterprise Growth, reviewed the work of his organization - describing the group's mission as: "Breathe Life into the Words 'Financial Inclusion'" and its vision as "Explode the Paradigm: 'It's Expensive to be Poor'" - noting that
"moving money is an individual's right, not a privilege." He went on to discuss the Serve platform and how it's being used for multiple products such as American Express Prepaid, Serve, and Bluebird with Walmart and their success in growing customer relationships.

August 08, 2013

American Express Serve, Isis Announce Plan to Link Mobile Wallet Platforms

Amex logo 140pxIsis logo 140x60pxAmerican Express and Isis have announced that they will introduce American Express Serve to the Isis Mobile Wallet in a new co-branded account that will be offered in every Isis Mobile Wallet as a part of a nationwide launch later this year. By adding American Express Serve to the Wallet, customers will be able to pay bills online and send money to friends and family. They will also be able to add cash to their American Express Serve account or fund it using an existing bank account, any credit or debit card or through direct deposit.

“Linking the platforms will allow millions of people to conveniently and inexpensively manage and move their money,” said Dan Schulman, group president, Enterprise Growth, American Express. "From the palm of your hand, consumers including those without access to traditional bank accounts or credit can have access to everyday financial services. And our combined solution works in today’s retail environment, and in the emerging ‘tap to pay’ point of sale ecosystem.”

“Our relationship with American Express Serve underscores our mutual commitment to providing consumers with choice and value in mobile payments,” said Michael Abbott, chief executive officer, Isis. “We learned through our pilot that customers love the convenience of tap and pay with the ability to manage their payments and loyalty programs from one app. By adding American Express Serve to the Isis Wallet, we can immediately provide millions of consumers the opportunity to participate in mobile commerce as we continue to enrich the consumer experience.”

Customers will be able to use eligible American Express Serve accounts within the Isis Mobile Wallet to:
  • Load funds to their American Express Serve account from a variety of sources, including a bank account, debit, credit or charge card, or by receiving money from another American Express Serve account
  • Load cash to their American Express Serve account
  • Tap and pay with their phone at any NFC enabled retail location that accepts American Express
  • Use their American Express Serve Card at any merchant that accepts American Express Cards, both online and offline
  • Pay bills electronically
  • Make person to person (P2P) payments to other American Express Serve accountholders
  • Add funds using direct deposit

According to the FDIC, nearly 70 million Americans do not have bank accounts or access to credit. Many of these Americans are paid in cash and must rely on expensive services to pay their bills or send money to friends or family. By adding alternatives to traditional banking services at a low cost to the Isis and American Express Serve experience, American Express Serve is now able to provide a unique service proposition to millions of Americans.

August 07, 2013

Headline News from PaymentsNews.com - August 7, 2013

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August 06, 2013

Wells Fargo and American Express Announce Credit Card Issuing Partnership

Amex logo 140pxWells fargo logo 140pxWells Fargo and American Express have announced a new credit card issuing partnership - calling it "a new chapter of partnership that will see Wells Fargo issuing new credit cards accepted on the American Express network." Wells Fargo said it will make the cards available in the marketplace nationwide by mid-2014. Financial terms of the agreement were not disclosed.

“We are delivering on our strategy to expand our credit card business,” said John Stumpf, Chairman and CEO of Wells Fargo. “Our goal is to offer Wells Fargo customers a suite of cards that help them meet their financial goals. We’re proud to have American Express as a partner in this effort – a great company with a proven brand for customer service.”
Avid Modjtabai, head of Wells Fargo’s Consumer Lending Group, added,
“We want to give the customers who already carry our card – and the ones who don’t yet – greater rewards and benefits for having a Wells Fargo card in their wallets. The breadth of our offerings, our strong retail network and the power of this new partnership with American Express position us well to continue to deliver compelling choices and experiences to our customers.”
Wells Fargo customers will be able to apply for the cards through mail, online, phone and 6,000 retail store locations. Wells Fargo will conduct a pilot program for customers in select U.S. markets starting in the third quarter of 2013, with a full scale launch in the first half of 2014. The new cards will be accepted on the American Express global merchant network.
“Given the fact that two of our founders were Henry Wells and William Fargo, this partnership is especially significant to all of us at American Express,” said Kenneth I. Chenault, Chairman and CEO of American Express. “Wells Fargo is an outstanding addition to our global network of card-issuing partners. We look forward to starting a new journey with them and to delivering premium value and service to Wells Fargo’s customers.”

“Wells Fargo is one of the most respected financial institutions in the U.S., and we are delighted to bring the power of our brands together to offer Wells Fargo’s customers an exciting new suite of high-value products that will provide rich rewards and benefits together with remarkable customer service,” said William Stredwick, senior vice president, Global Network Partnerships, North America, American Express. “In doing so, we can support Wells Fargo’s efforts to grow their credit card business and further extend the benefits of the American Express network.”

As part of the card-issuing partnership, American Express said it is providing its Partner Advantage capabilities and services to support Wells Fargo in developing a suite of products that will offer a superior set of experiences, exclusive benefits and customized offers from the American Express network, both online and offline. Separately, LoyaltyEdge from American Express will assist in the design of a new Wells Fargo loyalty program by offering a broad range of merchandise and gift cards that Wells Fargo’s consumer credit customers will be able to redeem with their points.

July 24, 2013

EU Proposes New Rules on Payment Services and Regulation of Interchange Fees

European commission logo 140x60psThe European Commission today announced a new payment Services Directive ("PSD2") along with a proposal for regulation on interchange fees for card-based payment transactions. EU Internal Market and Services Commissioner Michel Barnier said:

"Today, the payment market in the EU is fragmented and expensive with a cost of more than 1% of EU GDP or €130 billion a year. These are costs our economy cannot afford. Our proposal will promote the digital single market by making internet payments cheaper and safer, both for retailers and consumers. And the proposed changes to interchange fees will remove an important barrier between national payment markets and finally put an end to the unjustified high level of these fees."

Vice President Joaquín Almunia added: "The interchange fees paid by retailers end up on consumers' bills. Not only are consumers generally unaware of this, they are even encouraged through reward systems to use the cards that provide their banks with the highest revenues. Complementing the enforcement of antitrust rules, the regulation capping interchange fees will prevent excessive levels of these fees across the board. A level playing field will be created for payment services providers, new players will be able to enter the market and offer innovative services, retailers will make big savings by paying lower fees to their banks, and consumers will benefit through lower retail prices."

"The Regulation on interchange fees, combined with the revised PSD, will introduce maximum levels of interchange fees for transactions based on consumer debit and credit cards and ban surcharges on these types of cards."

Headline News from PaymentsNews.com - July 24, 2013

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July 16, 2013

Headline News from PaymentsNews.com - July 17, 2013

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June 25, 2013

Headline News from PaymentsNews.com - June 25, 2013

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  • Summer Camp! - A special summer session of our popular Payments Boot Camp - in Half Moon Bay on August 6th and 7th... Also, an optional half day course on Data In Payments - August 8th, also in Half Moon Bay. Join Carol, Scott and Russ for lively, interactive sessions - register now!
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June 21, 2013

Headline News from PaymentsNews.com - June 21, 2013

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  • Summer Camp! - A special summer session of our popular Payments Boot Camp - in Half Moon Bay on August 6th and 7th... Also, an optional half day course on Data In Payments - August 8th, also in Half Moon Bay. Join Carol, Scott and Russ for lively, interactive sessions - register now!
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June 18, 2013

Headline News from PaymentsNews.com - June 18, 2013

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  • Summer Camp! - A special summer session of our popular Payments Boot Camp - in Half Moon Bay on August 6th and 7th... Also, an optional half day course on Data In Payments - August 8th, also in Half Moon Bay. Join Carol, Scott and Russ for lively, interactive sessions - register now!
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May 22, 2013

Headline News - May 22, 2013

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

May 07, 2013

Headline News - May 7, 2013

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

April 24, 2013

Headline News - April 24, 2013

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

April 23, 2013

American Express Plans Adding EMV to US Premium Corporate Cards

Amex logo 140pxAmerican Express has announced that it will begin issuing Corporate Cards with EMV chip & signature technology to its U.S. Corporate Cardmembers.

“In some countries, chip technology is becoming standard for card authorizations. By providing a chip-enabled solution, the new chip & signature Cards will help U.S. Corporate Cardmembers avoid disruptions while traveling internationally” said Darryl Brown, President, Global Corporate Payments Americas, American Express.
American Express says it currently offers cards with EMV chip & PIN and chip & signature capabilities in other global markets.

April 22, 2013

Headline News - April 22, 2013

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

April 17, 2013

Headline News - April 17, 2013

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

April 15, 2013

American Express Names Edward P. Gilligan President

Amex logo 140pxAmerican Express has announced the promotion of Edward P. Gilligan to president, effective immediately. The company’s global consumer, small business, merchant, network, risk and banking groups will continue to report to him.

Mr. Gilligan, 53, has served as vice chairman of American Express since 2007 when he was named head of a Business-to-Business group responsible for the company’s relationships with merchants, corporations and bank partners globally. He took on his current responsibilities in 2009.

Mr. Gilligan continues to report to Kenneth I. Chenault, chairman and chief executive officer. Also continuing to report to Mr. Chenault are Daniel H. Schulman, group president, Enterprise Growth; Stephen J. Squeri, group president, Global Services; and the executive officers who head the company’s staff groups.

Headline News - April 15, 2013

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Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

March 26, 2013

AmEx and Walmart Announce the Addition of FDIC Insurance to Bluebird

Amex logo 140pxAmerican Express and Walmart have announced expanded security and funding capabilities to Bluebird, a debit and checking alternative that provides Americans with a better way to manage and control their everyday spending.

Bluebird Accounts(1) will now be eligible for FDIC insurance, providing an extra layer of security. As a result, permanent Bluebird Accounts will now have the ability to receive direct deposit of government payments, such as social security payments, military pay, and tax refunds. Customers can also balance their Bluebird checkbook in real-time with pre-authorized check writing, add checks to their Bluebird Account by mail and add funds up to $100,000 annually.

(1) Available to a Bluebird member who registers with American Express for a permanent account. These new features are not available with the temporary Bluebird card sold at Walmart retail locations.

March 12, 2013

March 08, 2013

February 12, 2013

American Express Announces "Tweet to Buy" Capability

Amex logo 140pxAmerican Express announced a new social commerce experience that turns Twitter #hashtags into online purchases from Amazon, Sony, Urban Zen and Xbox 360.

"Based on the initial success of Amex Sync for offers, we know there is significant power in combining our assets with Twitter's platform to bring value to Cardmembers and merchants," said Leslie Berland, Senior Vice President, Digital Partnerships and Development at American Express. "Now, we're leveraging our unique technology and closed-loop network to introduce a seamless solution that redefines what's possible in the world of social commerce."

See sync.americanexpress.com/twitter for more details.

January 17, 2013

American Express Releases Fourth Quarter 2012 Financial Results

American Express has reported financial results for the fourth quarter 2012, including net income of $637 million, down 47% from $1.2 billion a year ago. Net income from the quarter included the restructuring charge, rewards expense and cardmember reimbursements that were previously announced.

“With higher fourth quarter revenues and cardmember spending, we ended 2012 in strong shape,” said Kenneth I. Chenault, chairman and chief executive officer. “Against the backdrop of an uneven economy, we capitalized on opportunities and continued to stay ahead of the trends that are reshaping our industry."

AmEx announced earlier that it would be eliminating 5,400 jobs, mainly from its travel business unit.

November 15, 2012

FIS to Provide InstantFunds Mobile Technology for AmEx Bluebird

FIS logo 140pxFIS announced that American Express has selected FIS’ InstantFunds Mobile technology to provide mobile-driven remote check capture for Bluebird accounts.

“Consumers are increasingly mobile and tech-savvy and constantly seek convenience. They want the option to perform any financial or purchasing transaction with a mobile phone,” explained Gary Norcross, president and chief operating officer, FIS. “We recognized the opportunity to offer a mobile solution that brings more secure, self-service capabilities to consumers and we’re excited that American Express has teamed with FIS to support its innovative Bluebird offering.”

FIS InstantFunds Mobile enables consumers to use their smartphones to scan a check and add funds into their account, thus limiting fraud by leveraging FIS’ analytics and payment guaranty technologies.

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