Credit

Singapore’s DBS Bank Ltd. has revamped one of its flagship credit cards to accommodate new features and a new design, the issuer announced June 29.

American Express Co.’s near-term forecast is looking rosier because of improving economic trends plus its role as the lone payment network escaping nearly unscathed from the latest round of card-industry regulations, one analyst says.

First quarter 2010 company regulatory filings reflect the latest change in the Financial Accounting Standards Board Statements 166 and 167. Approved by the Federal Deposit Insurance Corp. board of directors in December, the new rules that became effective in January require credit card issuers to include securitized card loans on their balance sheets.

The Federal Trade Commission on June 28 asked a federal court to halt an international identity-fraud scheme that it says generated more than $10 million in fraudulent micropayment charges on U.S. consumers’ credit and debit cards.

Infinite Campus Inc. announced on June 28 the launch of Campus Cafeteria Serve, a point-of-sale food-service program, and an electronic payments-processing feature called Campus Online Payments, which will be available in July. The student-information systems provider designed the programs to enable grade schools with classes kindergarten through the 12th grade to automate food services and school-fee payments.

JCB Co Ltd. has appointed Takao Kawanishi as the international payment brand’s president and CEO, effective immediately, the Japan-based company announced on June 29. He succeeds Tamio Takakura, who was named chairman. Takakura had served as JCB Co.’s president and CEO the past three years.

Payments-industry executives’ average total compensation in 2009 declined slightly primarily because of the economic downturn, according to data PaymentsSource.com analyzed.

The ruling government in Thailand last week approved a draft Credit Card Business Act designed to protect consumers from abuses by credit card companies and to help tackle card debt problems. The proposed legislation now goes to the country's parliament for approval.

Citizens of Myanmar soon will be able to obtain and use bankcards for the first time, according to local media reports.

MasterCard Worldwide has promoted Ajay Banga, president and chief operating officer, to chief executive officer, effective July 1. Banga also was named a member of MasterCard’s board of directors. Banga succeeds Joseph W. Selander, who will become executive vice chairman until his retirement on Dec. 31. MasterCard also promoted Alfredo Gangotena to chief marketing officer from global products and solution lead for MasterCard in Europe. Gangotena replaces Lawrence Flanagan, who is retiring.

Payments industry executives’ average total compensation in 2009 declined slightly as certain companies endured the shocks of the economic downturn and others remained relatively unaffected. But the components of compensation changed to reflect more long-term incentives and accountability as company boards increased their scrutiny of executive-pay packages, experts say.

Visa Inc. says it intends to work with merchants that fail to meet two July 1 payment-security deadlines.

RBS WorldPay Inc. recently selected GDS Link LLC’s technology with the goal of improving portfolio segmentation and helping identify fraudulent merchant fraud identification, Dallas-based GDS Link announced.

American Express Co. which long has prided customer loyalty to its brand, is well known for providing perks to cardholders through its sports sponsorships. And one of its biggest efforts involves the game of golf.

China Everbright Bank last week launched China's first secured credit card, the Beijing-based bank announced in a statement. The issuer is marketing the dual debit/credit card to customers with lower income levels.

National Australia Bank Ltd. plans to roll out software technology first introduced by its subsidiary Bank of New Zealand Ltd. that is designed to reduce card fraud. The technology works by changing numbers on a card's magnetic stripe each time a transaction occurs at an ATM.

Credit card loss rates at the nation's largest issuers could drop 10% to 33% from a year earlier this autumn, if the slowed pace at which borrowers have been falling behind recently is an accurate guide.

Improving economic conditions helped drive up net profits at Discover Financial Services during its fiscal second quarter, with higher cardholder spending, lower delinquencies and chargeoffs and a significant reversal in loan-loss reserve requirements.

As the U.S. credit card industry begins to crawl out of a recession under the burden of stiff new industry regulations, issuers are facing the difficult task of trying to win back consumers.

Issuers appear to have lost the battle with retailers over debit card interchange fees, but that does not mean they can't compensate, at least in part, for declines in revenue.