Franco-German card vendor Sagem Orga GmbH has won what it calls a follow-up order to supply Germany's Postbank with debit cards that carry contact chips. Each customer who receives a card also will get what Sagem calls a "fully personalized enclosure." In essence, the enclosure serves as a marketing tool, a Sagem spokesperson tells CardLine Global. "The enclosure can contain any kind of completely personalized printed papers with customized extra information," says Sagem spokesperson Mareike Blumentrath. "The Postbank will announce in September what exactly their content will be." Sagem declines to release how many cards the new deal involves or how many cards Sagem has delivered to Postbank since the card vendor became a supplier for the bank in 2000. The new Postbank deal represents Sagem's first involvement with the enclosures, Blumentrath says.
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The Federal Reserve's April financial stability report found that asset valuations remain elevated, even as investors are beginning to demand more compensation for risk amid rising uncertainty around monetary policy.
3h ago -
Banking groups that sued the state of Illinois over its law barring banks from charging interchange fees on taxes and tips cheered an appeals court ruling remanding the law to a lower court and vowed to keep the law going into effect, which is slated for July 1.
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Stephan Feldgoise and Joshua Schiffrin will join Goldman Sachs' management committee; Fidelity Investments is dismissing about 800 personnel as it restructures its technology and product-delivery teams; Citi has hired JPMorgan's André Ross as its country officer and banking head for South Africa; and more in this week's banking news roundup.
5h ago -
Affirm CEO Max Levchin said that the company did not have any plans for AI-spurred layoffs despite the fact that it was using the technology more for software engineering.
6h ago -
Leaders from Wells Fargo, JPMorganChase and more talked about how banks can respond to the fast-moving changes in money movement, new forms of artificial intelligence, fraud, digital assets and more.
6h ago -
The payments company posted strong adjusted earnings following a dramatic downsizing, which management attributed to the influence of artificial intelligence.
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