Credit

Payments processing giant First Data reported this morning that debt service incurred from its huge 2007 takeover by Kohlberg Kravis Roberts & Co. continues to create big losses–$1.02 billion for 2010–even as lucrative fees earned from debit interchange are helping stem the red ink.

Unlike some of their peers, Wells Fargo & Co., U.S. Bancorp and PNC Financial Services Group Inc. don't have to devote a hearty portion of their investor presentations these days to discussing mortgage repurchase requests.

In the mobile banking business, a one-size-fits-all approach just doesn't cut it, as Firethorn Holdings LLC found out.

A boost in payments processing and demand for technology outsourcing from banks helped Jack Henry & Associates Inc. raise its fiscal second-quarter revenue by 15% from a year earlier to $242.6 million.

The Consumer Law Group, a multi-state law firm that specializes in debt management and debt settlement, is suing the Florida Attorney General's office, claiming it does not have the authority to investigate its business practices because "the practice of law does not constitute 'trade or commerce' as defined by the Florida Deceptive and Unfair Trade Practices Act."

SafetyPay Inc. will provide JetPay LLC with a worldwide payment platform that provides additional value and access to a suite of alternative payment options, Coy Lynch, JetPay vice president, noted in Feb. 1 press release announcing the companies’ partnership.

Some large banks are starting to ease underwriting standards on U.S. consumer credit card applications, according to survey data the Federal Reserve Board released Jan. 31.

CIBC has become Canada’s latest issuer of PayPass-enabled MasterCard credit cards, the issuer and card brand announced Feb. 1.

Consorcio de Tarjetas Dominicanas SA, or CardNET, plans to use VeriFone Systems Inc.’s Total Protect encryption service, the payment terminal maker announced Jan. 31.

Consumers "like" rock bands and clothing brands on Facebook. A loyalty rewards startup expects that they will also "like" their banks in exchange for discounts on purchases.

An underdeveloped, diverse and fragmented Indian payments market represents an opportunity for companies to help bring stability to that market, a new report from Mercator Advisory Group suggests.

Visa Canada insists the Canadian Competition Bureau’s legal challenge to eliminate the company’s consumer-protection policies has no merit and would be harmful to consumers.

To help small businesses better manage their budgets and cash flow, Office Depot Inc. recently began offering its existing and new business credit cardholders no interest charges for six months on purchases of $299 or more.

Companies providing payment gateways, loyalty programs, and authorization and related services for Visa-branded transactions have improved their compliance with the Payment Card Industry Data Security Standard, Visa Inc. announced Jan. 27.

Despite the hype surrounding mobile applications for redeeming loyalty program points, consumers still would prefer one consolidated loyalty card they can attach to their keychain, according to a recent survey by ACI Worldwide Inc.

A government-appointed committee in India is proposing new mobile-banking guidelines to bring financial services to unbanked and underbanked individuals.

For nearly every sales force in nearly every industry, selling based on price can be a losing game; someone is always willing to sell for less.

That Apple Inc. is targeting mobile payments is a foregone conclusion, but that doesn't mean banks must take a defensive approach.

A continued decline in credit card charge-offs indicates “the bleeding has stopped” from loans that went into default during the recession, but card lending is likely to remain sluggish in the near term, one analyst contends.

Various terminal makers have come out with their own devices and services designed to support payment card acceptance using mobile phones. But one independent sales organization has decided to do so on its own, and at least one observer says the company could succeed with the proper marketing.