The U.S. Environmental Protection Agency has renewed its contract with JPMorgan Chase & Co. to provide its travel and fleet charge card services, the bank announced today. The contract is part of the General Service Administration's SmartPay2 contract. Chase expects the EPA's annual travel and fleet card volume to exceed $80 million on nearly 20,000 cards. Chase also has contracts with the U.S. Department of Commerce (CardLine, 5/5), NASA (CardLine, 3/24), the Department of the Interior and the Department of Transportation (CardLine, 2/11). The first SmartPay program, which began in 1998 and expires in November, is the largest government charge card contract in the world according to the GSA, its SmartPay issuers and industry analysts. SmartPay handled more than $27 billion in sales and more than 91 million transactions in 2007.
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After a slump of several years, there's been a renewal of payment and financial tech firms going public.
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Senate Banking Committee ranking member Elizabeth Warren, D-Mass., led a group of congressional Democrats in a letter to bank regulators telling them that loosening capital rules wouldn't improve the Treasury market's functioning.
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The cards, which are expensive, have not grown quickly. But payment companies are angling for a pickup.
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The dollar-backed digital assets have to clear many hurdles before they find a place in the future of finance, speakers at a Columbia University event said.
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The bank teamed up with Euronet Worldwide subsidiary Dandelion for cross-border payments to digital wallets in the Philippines, Indonesia, Bangladesh and Colombia in an optionality play.
September 26 -
S&T Bancorp is shuffling its board structure as Chairwoman Christine Toretti plans her departure; Philip Bohi is named general counsel of the American Financial Services Association; Coastal Community Bank appoints Brandon Soto as its new chief financial officer; and more in this week's banking news roundup.
September 26