AUSTIN, Texas - (11/01/05) -- Mobile Evolution said it hascompleted a pilot in which 100 mobile merchants, including cabdrivers and trade-show vendors, accepted payment cards by keyingthe card numbers into cell phones, and is now unveiling thecard-processing service to merchants nationwide. The year-oldcompany said its technology will allow any cell phone with aviewing screen to become a secure payment terminal. The product isdesigned for smaller merchants that handle less than $50,000 perterminal per year. The company uses Innovative Merchant Services, aunit of Intuit, to sponsor transactions into the card networks, andGlobal Payments Inc. to provide cardholder authentication for thecell-phone initiated transactions. When customers are ready to pay,merchants launch software in the phone and enter a PIN to accessthe payment application. Once logged in, the merchant keys in thecard data, sale amount and the customer's billing ZIP code foraddress verification against the card account. A summary of thetransaction then appears on the phone screen. If the information iscorrect, the merchant transmits the transaction data to InnovativeMerchant Services for processing. The merchant captures thecardholder's signature on a separate paper document, and providesthe customer with a paper receipt for the transaction.
-
The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
April 18 -
The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
April 18 -
The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
April 18 -
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
April 18 -
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
April 18 -
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
April 18