J.P. Morgan to Join Microinsurance Fund LeapFrog
On May 6, 2010 at the IFC headquarters, the world's first microinsurance fund, LeapFrog Investments, will announce that the fund has raised a record amount for investments in Africa and Asia. LeapFrog will also announce new investor J.P. Morgan among other major institutional investors.
BofA Builds A Corporate Payment Hub
One of the most commonly used phrases at the NACHA Payments conference this week is "corporate payment hub." All the big-booth vendors offer one, consultants and analysts say banks must have one. Not only is a universal payment platform needed to satisfy the needs of corporate clients who insist on being able to make any type of payment (ACH, EDI, wire, check, etc.) through one channel and have that payment information routed directly into their accounting systems, these proponents say, but addi
Bankers Cautiously Intrigued By Square
The youthful founders of payment startup Square, Jack Dorsey and Jim McKelvey, created a stir at the NACHA Payments conference yesterday. After their keynote panel, we asked attendees what they thought of the company and its scheme for letting people accept payments using a mobile phone and a small white cube. Everyone we spoke to had a strong opinion.
EBIDS Has Handled 4.5 Online Bills, Is Now Open to All Banks, Billers
Online bill presentment is not new, but neither is it ubiquitous, Janet Estep, president and CEO of NACHA, pointed out today at a press conference at the Payments conference in Seattle. The payment organization's eBIDS bill presentment project is an effort to provide universal access to online bill presentment across financial institutions and billers, so that consumers can see and pay all
How Square's Model Could Take Over Mobile Payments
Payment newcomer Square has ambitious plans to build a universal payment utility that will allow merchants and customers to send payments to each other, accepting payments by swiping cards with a small square device the size and roughly the shape of a marshmallow in conjunction with a mobile device. "A lot of people have mobile devices and are looking for new ways to manage their money and their life," said CEO Jack Dorsey at the NACHA keynote speech this morning. "Square is one way to make that
Hartsema Parlaying Love of Lockbox into Growth Strategy at Huntington
Huntington Bank plans to grow its treasury management business in a dramatic way, says Doug Hartsema, senior vice president and director, treasury management, Huntington Bank, who sat down with us this morning at the NACHA Payments conference in Seattle. Hartsema is a payments veteran and player. He started his career at Wachovia, was there for 18 years in various positions in operations, trust, and treasury services, then moved to treasury workstation vendor Selkirk (in which Wachovia had bough
Analyst Labels M-Commerce Renaissance a Priority
Banks making a concerted push to promote contactless payment technology are focusing on the wrong target and should switch their short-term focus to mobile commerce. That's the main conclusion of a new report by independent technology analyst Ovum, which finds that m-commerce is set to experience a renaissance as industry players express renewed interest and mobile banking services take root.
Is Blippy's Data Breach An Online Payments Cautionary Tale?
The news that the card numbers of five Blippy users had been exposed to anybody with the search savvy to Google "site:blippy.com +'from card'" came as a bit of a shock on Friday. The first question is, who would want to share with strangers all their credit card purchases at a site like Blippy, whose sole purpose is credit and debit card spending voyeurism? What kind of psychological need is being filled by broadcasting that you just purchased an i
Payments Execs Leery of More Regulation, Survey Says
JERSEY CITY, NJ - April 22 — Fundtech Ltd., a global transaction banking solutions provider, today announced the results of a survey of payments industry participants. Survey results show pronounced differences between members of the corporate and banking communities on the matter of further government regulation, as well as an overall trend towards increasing value-added services in the industry.
Chase's Dimon Blames Card Losses on Economy, Card Act
J.P. Morgan Chase, which has 145 million credit card accounts, 50 million credit card customers and $163.4 billion in credit card loan outstandings, lost $2.2 billion on its card business in 2009, according to a shareholder letter signed by chairman and CEO Jamie Dimon. The recession and the new Card Act were the causes of this setback, he said.