Payments

CHAMPAIGN, Ill. – The University of Illinois Employees CU has signed with the UI Alumni Association to provide its 625,000 members with an affinity credit card.

The credit outlook at the top six card issuers is getting brighter, with both chargeoffs and delinquencies falling again in July.

Mitek Systems Inc., which reported that its loss widened in its fiscal third quarter, says its software is becoming popular for mobile remote deposit capture.

LANSING, Mich. – The Michigan CU League’s CUcorp has signed with Discover Financial Services to bring credit unions an affinity credit card program it said will promote charitable donations.

U.S. consumers are carrying fewer credit cards than they were three years ago, while New Yorkers tote more plastic in their wallets than residents of any other state, according to new data Experian PLC released this month.

With little room to add major new retail partners to sell its prepaid debit cards, Green Dot Corp. is focusing on new features, especially mobile, to increase same-store sales and reduce churn.

A security vendor is trying to sell transaction monitoring services directly to consumers, a technology that until now has been offered primarily to banks.

CINCINNATI – Fifth Third Processing Solutions, which processes cards for almost 800 credit unions, said yesterday it has signed with edo Interactive’s Prewards to offer the company’s loyalty and rewards programs to its cards processing clients.

KeyBank is offering customers text-based banking services through Fiserv Inc.'s Mobile Money program, the Brookfield, Wis., bank technology vendor said Wednesday.

India’s UTI Mutual Fund is partnering with mobile-payments provider mChek Pvt. Ltd. to launch UTI Mobile, a service that enables investors to initiate payment instructions for investing in mutual funds from a mobile phone, a spokesperson for the Mumbai-based asset management company tells PaymentsSource.

Life Insurance Corp. of India Ltd. policyholders soon will be able to use their mobile phones to pay their insurance premiums, a spokesperson for the government-owned insurer tells PaymentsSource.

The Royal Bank of Scotland Group has agreed to sell its credit card payment processing unit to Advent International Corp. and Bain Capital for $2.7 billion, according to the companies.

U.S. credit card borrowers shed $4.5 billion in debt in June, continuing the pattern of reducing overall outstanding receivables that began in the fall of 2008, according to a Federal Reserve G.19 report on consumer credit released Friday.

BIRMINGHAM, Ala.-To determine how aggressive banks may be at recouping overdraft revenue losses, a glance at their reaction to the CARD Act sheds some insight, suggests one expert.

SILVER SPRING, Md.-According to the National Foundation for Credit Counseling's (NFCC) July online poll, 26% of consumers intend to opt in to overdraft protection-in spite of being charged a fee for the service.

RANCHO CUCAMONGA, Calif.-Better use of data already available can boost card penetration and usage, one analyst is stressing.

CLEARWATER, Fla.-To increase card penetration, credit unions must first make sure that they are retaining existing cardholders.

CHICAGO-Offering both credit and debit cards goes a long way toward members seeing greater value in the credit union.

SALT LAKE CITY-Discover Financial Services conducted a study that the firm says demonstrates the importance of offering a credit and debit card program. Among the findings ...

LAKE BLUFF, Ill.-A recent poll conducted by the National Foundation for Credit Counseling suggests more than 26% of Americans will opt-in to overdraft protection, but Mike Moebs believes the total will be more than 75% before year's end.