Consumer Credit

The Norwegian Tax Administration enters into NOK 120 million agreement with EDB

Mon, 06 Sep 2010 17:57:42 +0100

OSLO - The Norwegian Tax Administration has entered into an agreement with EDB for mainframe operating services. The contract runs to 2017, and represents total contract value of NOK 120 million.

Aspect Selected as Finalist for 2010 Microsoft Partner Awards

Tue, 20 Jul 2010 17:47:20 +0100

Aspect, a global provider of unified communications and collaboration services and software, today announced it has been selected as a finalist for the Microsoft Partner Awards in the Information Worker Solutions, Communications and Collaboration Solution Partner of the Year award category.

UK ATMS open to German girocard holders

Wed, 14 Jul 2010 10:41:07 +0100

LONDON and BERLIN - Holders of German debit cards – known as ‘girocards’ – are now able to withdraw cash from ATMs across the UK. The UK’s LINK ATM network has opened all 63,000 UK cash machines to all users of the German card scheme (more than 92 million) operated by the Zentraler Kreditausschuss (German Banking Community).

YES-secure successfully approves its first three Social Lending Loans

Tue, 13 Jul 2010 10:28:34 +0100

YES-secure.com, UK’s first truly social networking lending and borrowing web marketplace specifically for consumers in the UK has successfully closed its first THREE social lending loans in its very first month of operations with several more loan requests in the approval pipeline.

FSA moves to make sure all borrowers with a new mortgage can afford it

Tue, 13 Jul 2010 10:20:48 +0100

The Financial Services Authority (FSA) has outlined proposals to ensure all mortgages are carefully assessed to make sure borrowers can afford them.

Movers spend lowest ever average proportion of income on their mortgages

Tue, 13 Jul 2010 10:14:58 +0100

Borrowers moving home in May saw their mortgage interest payments accounting for the lowest proportion of their income in 35 years, according to new data from the Council of Mortgage Lenders.

CML responds to FSA responsible lending proposals

Tue, 13 Jul 2010 10:05:47 +0100

In response to the FSA's consultation paper on responsible lending, the Council of Mortgage Lenders (CML) emphasises that the mortgage industry recognises the inevitability of regulatory change - but points out that there may also be unwelcome side effects for consumers from this process.

Adeptra advisory round table highlights new era of consultative customer communication

Thu, 08 Jul 2010 09:29:53 +0100

READING, UK and NORWALK, CT, USA – Adeptra, the recognised leader in automated contact and resolution services to companies, announced it has hosted its Summer 2010 Advisory Round Table for UK and European customers.

Tieto to update Aktia's web services

Wed, 23 Jun 2010 19:39:59 +0100

Tieto and Aktia Group have signed a co-operation agreement on the development of web services. The Group's entire web portal will be updated in stages. This will provide Aktia's customers with modern and more flexible online banking services.

Adeptra continues momentum with appointment of new director, worldwide marketing

Fri, 11 Jun 2010 13:01:26 +0100

READING, UK and NORWALK, CT, USA - Adeptra, the recognised leader in automated two way customer communications, has appointed Bill Brown as Director of Worldwide Product Marketing.

Tieto upgrades its Summit mortgage and savings suite for enhanced efficiency and quality

Thu, 10 Jun 2010 09:44:33 +0100

Tieto has completed an upgrade of the Summit, part of its Mortgage & Savings Suite (MSS) aimed to manage mortgage lenders relationship with their customers from first contact to final payment. The new release (CSR2) delivers major enhancements to customer view, workflows, security and user experience together with changes to the technical architecture.

Mortgage origination redefined with Tieto's Origination Suite

Tue, 08 Jun 2010 12:14:25 +0100

Leading European IT services company Tieto has unveiled the Origination Suite, designed to support sales of financial services such as mortgages, savings, loans, cards, insurance and current accounts. Focussing initially on mortgage origination, this highly configurable solution provides business users with an intuitive, easy-to-use system for the complete process, from initial customer engagement to loan fulfilment.

AFS Selects First Data to Bring World-Class Payment Solutions To Regional Client Base

Tue, 06 Apr 2010 17:20:04 +0100

BAHRAIN – Arab Financial Services (AFS), a leading provider of electronic payments and consumer finance outsourcing services in the Middle East, today announced an agreement with First Data Corporation, a global leader in electronic commerce and payment solutions, wherein AFS will leverage First Data’s global processing power to support its regional client base.

Free evening standard to explain benefits of international standard

Tue, 30 Mar 2010 11:20:35 +0100

Standards International, the UK?s leading certification body for ISO 22222, today confirmed that they will be holding a free evening seminar to explain the benefits of being certified to the only international standard for best practice in financial planning.

Banca dItalia, ICBPI and VocaLink to make the respective SEPA-schemes compliant

Tue, 30 Mar 2010 11:15:00 +0100

ITALY, MILAN, ROME - The Italian infrastructure for clearing and settlement of retail payments (Clearing and Settlement Mechanism – CSM) ICBPI/BI-COMP, operated by Banca d’Italia and Istituto Centrale delle Banche Popolari Italiane (ICBPI), and the international payments specialist VocaLink today announced that they are collaborating to establish a link for the exchange of SEPA payments based on the European Automated Clearing House Association (EACHA) interoperability standards. ...

Webroot builds executive team to expand operations across Asia

Wed, 24 Mar 2010 16:11:42 +0100

Bracknell, UK – Webroot, a leading Internet security provider for the consumer, enterprise and SMB markets, today announced it has appointed Masahiro Morimoto to the new role of vice president, Asia-Japan. A 35-year veteran of sales and management for technology companies with operations in Japan and the Asia Pacific region, Morimoto will be responsible for driving all aspects of Webroot’s success in the consumer and enterprise sales channels in Asia.

AHA Seeks Changes to IRS Form Detailing Charity Care, Debt Collection Practices

Sun, 21 Mar 2010 23:04:08 +0100

USA - TheAmerican Hospital Association is asking the Internal Revenue Service to modifyits new reporting form for non-profit hospitals – just one year after hospitalsfirst began complying with the new mandate. The trade group says the Schedule Hthat non-profit hospitals must complete in its entirety for the 2009 tax yeardoes not fully reflect all the community benefit provided by multi-hospitalsystems.

FTC Announces Top Consumer Complaints of 2009

Sun, 21 Mar 2010 22:50:58 +0100

USA - The Federal Trade Commission (FTC) has released its report listing the top consumer complaints filed with the agency in 2009. The FTC received more than 1.3 million complaints in 2009. Although identity theft remained the top complaint category for the third year in a row with 278,078 complaints, the number dropped from 314,484 complaints in 2008. ...

ARM Leaders Discuss New Consumer Financial Protection Proposal

Sun, 21 Mar 2010 22:47:34 +0100

A new consumer financial protection measure was introduced in the Senate this week that scraps the idea of a new standalone agency. But ARM officials caution that the industry is still at risk under the proposal. ...

Bank Rakyat turns in best profit in 55 years

Sun, 21 Mar 2010 22:06:14 +0100

KUALA LUMPUR, MALAYSIA - Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) posted its best profit in 55 years as an increase in income across all business segments and favourable cost of funds boosted its profit before tax and zakat to RM1.55bil for the financial year ended Dec 31 (FY09).

Kenya Co-op Bank to lean on new outlets for growth

Sun, 21 Mar 2010 19:37:11 +0100

NAIROBI, KENYA - Kenya's Co-operative Bank hopes its expansion at home and regionally will lift its performance this year, after an 11 percent increase in pretax profit in 2009, its managing director said on Thursday.

Bank to continue prioritising customers

Sun, 21 Mar 2010 19:06:19 +0100

NAMIBIA - The most valuable lesson that Standard Bank Namibia learnt from the economic recession is that banking should be kept simple and that what affects the rest of the world, also affects Namibia.

Agency Offers HUD-approved Home Buyer Education Class Saturday

Sun, 21 Mar 2010 19:04:08 +0100

Las Vegas, USA - Springboard Nonprofit Consumer Credit Management, a HUD-approved housing counseling agency, offers a free First-Time Homebuyer class where prospective homeowners can learn what to expect in the home buying process.

Eurofinas Announces Improvement in European Consumer Credit Market Figures for Q4 2009

Wed, 17 Mar 2010 17:19:08 +0100

BRUSSELS – Eurofinas, the voice of specialised consumer credit providers at European level, has recently launched quarterly surveys of its members’ new lending business to track developments on the European consumer credit markets.

Eurofinas Announces Improvement in European Consumer Credit Market Figures for Q4 2009

Tue, 16 Mar 2010 12:34:37 +0100

Shares of U.S. education cos fall on regulation concerns

Fri, 19 Feb 2010 16:17:05 +0100

USA - Shares of several U.S. for-profit education providers fell Thursday, a day after the U.S. Department of Education released a draft report with proposed regulatory changes that could affect the companies.

FNB loan advances register 13% growth despite fall in profits

Fri, 19 Feb 2010 12:03:34 +0100

BOTSWANA - Despite the decline in profits before tax, First National Bank of Botswana (FNBB) has reported a strong growth in the balance sheet due to the retail expansion and financing of property.

Norwegian women take control in internet banking

Fri, 12 Feb 2010 12:13:13 +0100

OSLO - The proportion of Norwegian women who use internet banking is growing strongly. Just a few years ago, women made up only one in four of internet banking users, but now almost half are female. More young women now use internet banking than young men. This information comes from EDB Business Partner's annual statistics for 2009, which identify trends in the behaviour of banking customers and the use of different payment channels.

SBI cracks as dismal earnings weigh

Mon, 08 Feb 2010 12:40:27 +0100

INDIA - State Bank of India fell 3.91% to Rs 2011.50 at 9:47 IST after net profit inched up 0.03% to Rs 2479.05 crore on a 4.09% rise in operating income to Rs 17779.69 crore in Q3 December 2009 over Q3 December 2008.

China tells banks to ensure 'steady' lending growth: govt

Mon, 08 Feb 2010 12:38:55 +0100

BEIJING, CHINA — China's banking watchdog said Wednesday it had called on the nation's banks to ensure "balanced and steady" credit growth, amid concerns over the risk of bad loans following rampant lending in 2009.

Losses to curb U.S. Century Bank's growth

Mon, 08 Feb 2010 12:33:40 +0100

USA - Since getting a $50 million capital infusion of federal TARP funds in August, US Century Bank has gone through 88 percent of that amount.

UT Financial Services to help change face of banking

Mon, 08 Feb 2010 12:26:53 +0100

GHANA - The UT Financial Services, is poised to bring innovations into Ghana's banking sector.

Falcon Credit Management Offers a New and Affordable Option in Loan Modification

Mon, 08 Feb 2010 11:58:49 +0100

LAS VEGAS, USA - In an effort to provide a more affordable option to homeowners facing financial difficulty, Falcon Credit Management has developed a ground breaking new product that complements their industry-leading Loan Modification service.

Loan sharks prey on cash-strapped foreign workers

Thu, 04 Feb 2010 23:46:09 +0100

ISRAEL - On the fifth floor of the Tel Aviv Central Bus Station, at metal tables designed for people to sit down with their food, a great deal of business gets done - some of it openly, some less so.

First Data Selected to Manage Egyptian Benefits Card Programme

Tue, 02 Feb 2010 10:38:39 +0100

CAIRO – First Data Corporation, a global leader in electronic commerce and payment processing, has announced a new, three-year agreement with the Ministry of State for Administrative Development of the Republic of Egypt (MSAD), for the extension of the Egyptian government’s family card project, which covers subsidised food and Social Solidarity pension services in nine governorates/provinces.

Nexway Games to supply Tiscali's Game Channel

Thu, 28 Jan 2010 17:46:44 +0100

Tiscali, a leading Italian telecoms provider and Nexway Games, a major player in European e-commerce, have joined together to launch the new Games channel on the Italian portal. In this way, Tiscali will be able to offer its users all of the “core “and ”casual” games for PCs from Nexway Games’ catalogue on http://giochi.tiscali.it/.

Riyad Bank and First Data Launch Hassad Rewards Programme

Wed, 27 Jan 2010 15:39:32 +0100

LONDON – First Data Corporation, a global leader in electronic commerce and payments processing services, and Riyad Bank, a leading financial institution in Saudi Arabia, today announced the successful implementation of a new credit card reward programme for Riyad Bank customers.

Leumi Card sued over fees on canceled transactions

Thu, 21 Jan 2010 17:11:18 +0100

ISRAEL - A NIS 75 million class action motion was filed against Leumi Card in the Tel Aviv District Court yesterday. The credit card company is accused of illegally charging clearing fees for canceled transactions, but it argues that its charges are legitimate.

Proposed VISA/Heartland Data Breach Settlement May Pay Banks and Credit Unions Pennies on Dollar

Wed, 20 Jan 2010 18:20:15 +0100

HOUSTON, USA - Banks and credit unions that issued VISA payment cards compromised by the Heartland Payment Systems data breach, the largest data breach in history, should carefully review the proposed settlement between Heartland and VISA.

Waupun bank faces pressure from feds

Wed, 20 Jan 2010 17:53:29 +0100

WAUPUN, USA — The president of a local bank being targeted by federal regulators says his financial institution has a sound capital base and remains strong.

Obama Pressing for Protections Against Lenders

Wed, 20 Jan 2010 17:50:12 +0100

USA - President Obama on Tuesday stepped into the middle of a fierce lobbying battle by reinforcing his support for an independent agency to protect consumers against lending abuses that contributed to the financial crisis. The president’s move also signaled a tougher line and a more direct role as Congress weighs an overhaul of banking regulation, The New York Times’s Jackie Calmes and Sewell Chan write.

Rural Banks opt to support MASLOC disburse micro credit

Wed, 20 Jan 2010 17:44:56 +0100

GHANA - Rural and community banks want to be directly engaged in the disbursement of government loans to small and medium scale businesses.

US mortgage aid rises, fails to cut foreclosures

Sun, 17 Jan 2010 12:22:42 +0100

WASHINGTON, USA - The U.S. Treasury on Friday pledged to improve its housing rescue program after new data showed a slightly greater percentage of borrowers with delinquent mortgages had received help with loans through the end of December.

Regulators tell two Wisconsin banks to improve

Sun, 17 Jan 2010 12:20:44 +0100

USA - Two more Wisconsin banks are under pressure from regulators to improve their credit management and loan portfolios.

JPMorgan reports buoyant 4Q09 results

Fri, 15 Jan 2010 15:23:34 +0100

USA - JPMorgan Chase (Aa3n/A+n/AA-s) reported 4Q09 net income of USD 3.3bn, or USD 0.74 per share, compared with 4Q08 net income of USD 702mn, or USD 0.06 per share, ahead of market expectations. For the FY09, net income was USD 11.7bn, or USD 2.26 per share, up from USD 5.6bn, or USD 1.35 per share, in 2008.

HSBC loans get personal

Wed, 13 Jan 2010 17:36:13 +0100

THAILAND - HSBC Thailand plans to expand its personal loans aggressively with a target to double the loan portfolio in the next two years, according to Wichit Phayuhanaveechai, head of personal financial services.

Regulators seek changes at First National Bank of the Rockies

Wed, 13 Jan 2010 16:48:56 +0100

STEAMBOAT SPRINGS, USA — The First National Bank of the Rockies is under extra federal oversight after bank regulators found several reasons to criticize the bank’s past lending practices.

Citi holds money management workshop for cardholders

Wed, 13 Jan 2010 16:38:55 +0100

MANILA, MALAYSIA - Staying true to its commitment to promote responsible credit management among cardholders, Citi, the country’s largest credit card issuer, recently conducted “Peso to the Max: A Workshop on Money Management for the Modern Pinoy,” at the Ascott Makati.

OECD unemployment rate stable at 8.8% in November 2009

Mon, 11 Jan 2010 11:40:32 +0100

The unemployment rate for the OECD area was 8.8% in November 2009, the same as the previous month and 2.1 percentage points higher than a year earlier.

Credit View Banco Sabadell Cédulas Hipotecarias

Mon, 11 Jan 2010 10:26:16 +0100

SPAIN - Banco de Sabadell (Sabadell), headquartered in the capital of the Spanish autonomous community Catalonia Barcelona, is Spain's fourth largest banking group (behind Banco Santander, BBVA, and Banco Popular) and seventh financial institution (including the savings banks La Caixa, Caja Madrid, and Bancaja) with total assets of EUR 82bn as of 3Q09.

Christmas crackdown on debts

Mon, 04 Jan 2010 12:44:31 +0100

PERTH, AUSTRALIA - Businesses have launched a Christmas crackdown on late bill payers, hiring squads of debt collectors to recoup cash before it can be spent on celebrations.

CL Verify Credit Solutions Reports Record Demand for Near-Prime Consumer Information

Mon, 04 Jan 2010 12:36:38 +0100

TAMPA, Fla., USA - CL Verify Credit Solutions(TM) LLC, the industry leading real time credit bureau, today announced it anticipates issuing more than 50 million consumer reports to subscribing lenders and other qualified clients by the end of 2009. When compared with the volume of reports issued in prior years, this record volume represents an unprecedented increase in the rate of demand for the Company's unique, proprietary credit information.

Yes, I took the money

Mon, 04 Jan 2010 12:34:26 +0100

TANZANIA - AT least one senior cabinet minister has admitted to being amongst high-profile debtors linked to the now infamous Commodity Import Support (CIS) scheme.

FCAC Encourages Consumers to Become Familiar With New Credit Card Regulations

Mon, 04 Jan 2010 12:32:28 +0100

OTTAWA, ONTARIO, Canada - New regulations on credit cards and other financial products, such as fixed- and variable-rate loans and lines of credit, will come into force on January 1, 2010. This means a number of important changes - particularly better communication of information - for consumers of financial products and services offered by federally regulated financial institutions.

Aiful Wins Creditors Approval For Proposed Business Revitalization - Update

Mon, 04 Jan 2010 12:20:08 +0100

JAPAN - Consumer lender Aiful Corp. said Thursday that it got approval from its creditors for the proposed "Business Revitalization Plan" and has modified repayment schedules for its loan obligations. Aiful also plans to reduce its overall number of permanent employees, with a target range of 13 billion yen personnel costs reduction by the fiscal ending March 31, 2011.

Local lawyer faces suspension for lying

Mon, 04 Jan 2010 12:03:02 +0100

ST. PAUL — The Minnesota Supreme Court also will hear a second case next month involving a local person.

Landesbanks' Christmas Newsletter

Wed, 23 Dec 2009 11:03:42 +0100

BayernLB released an ad-hoc statement, saying that the European Commission, in line with earlier decisions, might disallow the bank to dissolve reserves in order to avoid participation of deep subs in ongoing losses.

Banco BPI announces results

Wed, 23 Dec 2009 10:19:30 +0100

Lisbon headquartered Banco BPI is the 4th major Portuguese private financial group (fifth banking group including Portugal's largest lender, the 100% state-owned Caixa Geral de Depositos). It has total assets of EUR 52bn as of 3Q09 and a market capitalization of EUR 1.9bn (22/12/09). It has a market share in deposits and loan of nearly 10%, and around 20% in Asset Management.

RZB reports preliminary FY09 results

Tue, 22 Dec 2009 17:58:33 +0100

Raiffeisen Zentralbank Österreich (RZB) said that its FY09 pre-tax profit will be ca. EUR 600mn, unchanged from last year. Operating profit is expected to be ca. EUR 2.4bn, -14% yoy. Preliminary ROE is 6% (vs. 7.3%), and the cost/income-ratio 54% (52.8%). This means that RZB incurred a pre-tax loss of ca. EUR 200mn in 4Q09.

Nigeria: N166 Million Debt - Court Threatens to Rule in Okiro's Absence

Mon, 21 Dec 2009 18:34:13 +0100

An Abuja Federal High Court Friday threatened to make judgement in the absence of former Inspector General of Police (IGP) Mike Okiro if he fails to respond to summons issued on him in respect of N166 million debts owed the liquidated Lead Bank Limited.

JPMorgan Chase Ends Credit Card Arbitration

Mon, 14 Dec 2009 12:08:17 +0100

As part of a settlement agreement, JPMorgan Chase & Co. has become the second major credit card issuer to abandon mandatory arbitration, dealing another blow to the once-common industry practice.

Access to credit, key to development - CB Governor, Ceylon

Mon, 14 Dec 2009 11:07:45 +0100

Central Bank Governor, Ajith Nivard Cabraal said that access to credit is a key factor for development. Banks should be set up in the Northern province as soon as possible and credit provided to the public to continue their regular activities. There is tremendous growth in the banking sector and the interest shown by the banks to set up branches in the Northern province is also commendable.

Goldman Sachs lowers China annual GDP growth prediction

Mon, 14 Dec 2009 10:47:13 +0100

Goldman Sachs reduced its forecast for China's gross domestic product (GDP) growth for this and next year, according to a research report.

State Bank of Mysore bucks the trend as board approves rights issue

Mon, 14 Dec 2009 10:43:11 +0100

State Bank of Mysore rose 1.14% to Rs 716.05 at 14:22 IST after the bank's board approved a draft letter of offer for a proposed rights issue.

Scramble to acquire rescued banks intensifies

Mon, 14 Dec 2009 10:29:36 +0100

Indications emerged on Tuesday that the Central Bank of Nigeria might be getting close to sealing deals with successful individuals and groups that had expressed interests in acquiring the rescued banks.

TransUnion Forecasts 3% Drop in Mortgage Delinquencies Next Year

Mon, 14 Dec 2009 10:27:29 +0100

American mortgage delinquencies have skyrocketed for three years straight, but we can expect to see that trend reverse in 2010, according to the Chicago-based credit management company TransUnion.

More on-time credit card payments expected in 2010 - December 09

Mon, 14 Dec 2009 10:22:31 +0100

American consumers are expected to further improve their credit management in 2010, but unemployment will hamper the efforts of many Americans to make their credit card payments on time.

First Data Research Reveals Opportunities for Financial Institutions in Prepaid Cards Market

Thu, 26 Nov 2009 10:59:01 +0100

In a new study of consumer attitudes believed to be unique in its scope, First Data, a global technology and payments processing leader, offers insight into the European prepaid market. Study findings are expected to help banks build more successful business cases for prepaid products.

EDB - Now Norwegians can change bank in just a few seconds

Fri, 20 Nov 2009 09:48:38 +0100

Norwegians can now change bank and set up new bank accounts over the Internet by using BankID and a code calculator for electronic authorisation. This was previously a very time-consuming manual process that often took many days. By using a new software solution, banks can give new customers full access to Internet banking in just a few seconds.

20% of Americans apply for loan workouts

Mon, 16 Nov 2009 16:19:33 +0100

About 20 percent of struggling U.S. homeowners eligible for loan workouts have entered into a trial modification, but it is unclear how many of them will be able to keep the lower payments permanently, the Treasury Department said on Tuesday.

City Bank and American Express form strategic alliance in Bangladesh

Mon, 16 Nov 2009 12:53:02 +0100

City Bank and American Express have announced the formation of a strategic alliance and unveiled American Express Gold Credit Card and American Express Credit Card for Bangladeshi consumers.

ING closes sale of Annuity and Mortgage Businesses in Chile

Wed, 11 Nov 2009 10:36:35 +0100

ING have announced that it has closed the transaction to sell its non-core Annuity and Mortgage businesses in Chile to Corp Group Vida Chile, S.A. ING did not disclose terms of the agreement, which was previously announced on 31 July 2009.

More banking competition is good news for consumers, says Which?

Tue, 03 Nov 2009 12:28:47 +0100

As the Government announces plans to break up RBS and Lloyds Banking Group, Which? chief executive, Peter Vicary-Smith, says:

US exits recession

Tue, 03 Nov 2009 12:25:13 +0100

Data today reported that the US, the world's largest economy, has exited recession, showing annualized growth in the third quarter of 3.5%. The figures beat market expectations, and will ease concern that a full global economic recovery was some way off.

FIRST DATA AND TEBBNP PARIBAS SIGN ATM AGREEMENT IN TURKEY

Tue, 03 Nov 2009 09:59:16 +0100

First Data, a global leader in electronic commerce and payment processing services, has announced an ATM deployment agreement with TEB-BNP Paribas (Turk Ekonomi Bankasi), a leading bank in Turkey.

First ever debit card service for Somalia

Mon, 02 Nov 2009 10:34:46 +0100

Dahabshiil, the largest international money transfer business in the Horn of Africa, has launched the first ever debit card service in Somalia to help individuals and businesses make and receive payments.

Commission takes action against Spain, Estonia and Luxembourg

Thu, 29 Oct 2009 15:09:12 +0100

The European Commission has decided to refer Spain to the European Court of Justice over its failure to lay down effective, proportionate and dissuasive penalties in national law in relation to the EU Regulation on payer information accompanying transfers of funds.

First ever debit card service for Somalia

Thu, 29 Oct 2009 09:12:30 +0100

Firstsource reports second quarter fiscal 2010 revenues of USD 99.70 million

Wed, 28 Oct 2009 17:38:22 +0100

Firstsource Solutions Limited, among India’s leading pure-play BPO companies, reported its consolidated financial results for the quarter ended September 2009, according to Indian GAAP.

Commission adopts additional legislative proposals to strengthen financial supervision in Europe

Wed, 28 Oct 2009 15:27:07 +0100

The European Commission has adopted additional legislative proposals to further strengthen financial supervision in Europe.

FTRANS Adds Three Financial Institutions to Bank Program

Mon, 19 Oct 2009 12:36:21 +0100

FTRANS today announced the expansion of its bank program, highlighted by new partnerships with Patriot Bank (Tampa, FL), One Georgia (Atlanta, GA) and Georgia Commerce (Atlanta, GA). Under the FTRANS bank program, financial institutions, particularly those increasing their commercial and industrial lending (C&I), benefit from the ability to diversify their loan portfolios, expand commercial lending, increase business and commercial deposits and reduce risk of commercial lending.

Analysts see relief for Nigerian economy as CBN concludes clean up

Mon, 19 Oct 2009 12:22:39 +0100

Relief and excitement pervaded the finance sector at the conclusion of the banks’ audit recently carried out by the Central Bank of Nigeria (CBN) even as the fate of the three chief executives of banks sacked weekend remains uncertain.

90% LTV loans on Spanish repossessions

Thu, 15 Oct 2009 15:38:18 +0100

whitehotproperty.co.uk, the UK’s largest seller of repossessions, probate and part-exchanged properties, has today announced that it is offering loans of up to ninety percent LTV for buyers of repossessed properties in Spain.

Banco Espírito Santo Selects & Deploys Actimize

Wed, 07 Oct 2009 17:44:54 +0100

Actimize, the largest and broadest provider of transactional risk management software for the financial services industry and a NICE Systems (NASDAQ:NICE) company, today announced that Banco Espírito Santo, listed on the Euronext 100 index, is leading the way in the Portuguese financial market by deploying Actimize’s Brokerage Compliance Market Abuse solution to identify and report suspicious transactions.

ANZ Bank makes FRSGlobal the corporate standard for regulatory reporting

Mon, 05 Oct 2009 13:22:50 +0100

FRSGlobal today announced that Australia and New Zealand Banking Group Limited (ANZ) has chosen FRSGlobal’s regulatory reporting tool, RegPro to be implemented across 12 countries in Asia Pacific and Japan (APJ) as the bank increases its presence as a super regional bank.

Invest in education to beat recession, boost earnings

Wed, 09 Sep 2009 16:08:54 +0100

Growing advantages for the better educated and likely continuing high levels of unemployment as economies move out of recession will provide more and more young people with strong incentives to stay on in education. Governments need to take account of this in planning education policies, according to the latest edition of the OECD’s annual Education at a Glance.

Responsible retail lending in Europe: first identify what and where are the real problems

Fri, 04 Sep 2009 14:53:05 +0100

Eurofinas, the voice of specialised consumer credit providers at European level, welcomes the European Commission’s ongoing fact gathering on responsible lending and borrowing.

Subprime and Deep Subprime Outstanding Balances Grow 33 Percent

Wed, 02 Sep 2009 12:39:51 +0100

According to the new Experian-Oliver Wyman Market Intelligence Reports, consumers continue to migrate to lower credit bands. The number of consumers in the superprime grade, as measured by VantageScore(R), has declined by 10 percent since Q3 2008. Partially due to this trend, subprime and deep subprime outstanding balances have grown by more than 33 percent in the past three years.

Other countries must play their part in bank pay reform, says BBA

Tue, 18 Aug 2009 07:32:50 +0100

Coordinated action by the world's financial regulators will be the only effective way to reform pay structures in the financial sector, the British Bankers' Association said today in response to the FSA's paper.

Prime Bank profits rise on increased lending

Sun, 16 Aug 2009 17:47:50 +0100

Prime Bank has defied the general trend in the banking industry of cutting down lending by substantially growing its loan book in the first half of the year.

Central bank reiterates credit policy stance

Sun, 16 Aug 2009 17:34:01 +0100

The central bank has reiterated its commitment to stick to the "moderately loose" monetary policy that, according to it, has helped spur economic growth and revive the stock and property markets.

Fundamo, Clickatell Partner to Deliver Mobile Banking Solutions to Global Financial Providers

Fri, 14 Aug 2009 15:25:11 +0100

As emerging economies continue to pioneer the adoption of mobile banking, two leading mobile services providers, Clickatell and Fundamo, have partnered to deliver mobile banking solutions to financial services institutions to help fulfill what will become a US$5 billion opportunity in the next three years, according to McKinsey & Company.

Credit CARD ACT of 2009 Could Spell trouble for Consumers

Fri, 14 Aug 2009 15:21:12 +0100

Personal Statement by Eleanor Blayney, Consumer Advocate for the Certified Financial Planner Board of Standards (CFP Board):

Lender Angst and Consumer Frugality Drive Debit Card Transactions Over Credit Card

Thu, 13 Aug 2009 12:54:02 +0100

New research from TowerGroup finds that debit cards are far more resilient in the current recessionary economy than credit cards. In less than 15 years, debit card transactions in the United States grew from 1 percent of noncash transactions to more than 50 percent. TowerGroup predicts that debit card transaction volume and card spend will grow through 2015, through the current recession and ensuing economic recovery.

Professional standards advisory group agrees draft core units for RDR qualification

Thu, 13 Aug 2009 09:47:23 +0100

As part of its role to develop new standards for qualifications in relation to the Retail Distribution Review (RDR) on behalf of the FSA, the Financial Services Skills Council (FSSC) today announced it will soon be publishing a draft set of core units for public feedback.

CGI and GXS Come Together to Illuminate Financial Supply Chain for Banks, Buyers and Suppliers

Tue, 28 Jul 2009 09:35:57 +0100

GXS, a global provider of business-to-business (B2B) e-commerce services, today announced a partnership with CGI Group Inc., a leading provider of information technology and business process services. The two companies will integrate their services to provide an end-to-end supply chain finance (SCF) solution to financial institutions.

Merchant Solutions Signs Acquiring Agreement with JCB International

Wed, 15 Jul 2009 17:43:41 +0100

Merchant Solutions, the acquiring joint venture between global electronic payments processor First Data and Standard Chartered Bank, has signed an agreement to initiate merchant acquiring for JCB, a major global payment brand originated in Japan.

Lords fear UK consumers may suffer under new EU proposals

Wed, 15 Jul 2009 00:00:00 +0100

The House of Lords EU Committee have today warned the Government against agreeing to the European Commission's Consumer Rights Directive, calling for further progress to await a more complete assessment of the likely impact.

OECD unemployment rate rises to 8.3% in May 2009

Mon, 13 Jul 2009 17:02:00 +0100

The unemployment rate for the OECD area was 8.3% in May 2009, 0.3 percentage point higher than the previous month and 2.4 percentage points higher than a year earlier.

Consumers Feeling the Pinch of New Banking Fees

Mon, 13 Jul 2009 16:55:20 +0100

Data from the federal government estimates that U.S. banks will collect more than $38 billion in fees this year from consumers who overdraw their checking accounts. Banks will collect billions more from other account penalties, including credit card late fees.

YES BANK to become a First Data preferred partner in India for ATM network

Thu, 09 Jul 2009 16:33:43 +0100

YES BANK, India’s new age private sector bank, and First Data, a global leader in electronic commerce and payment processing services, have signed a Memorandum of Understanding (MoU) for an innovative ATM deployment programme. In this strategic collaboration, First Data and YES BANK will jointly establish a widespread network of Automated Teller Machines (ATMs) across various cities in India.

SEB exits its Norwegian car financing operations

Wed, 08 Jul 2009 18:14:55 +0100

SEB has reached an agreement with Volkswagen Financial Services to transfer its car financing operations in Norway.

CreditCards.com -Weekly Credit Card Rate Report

Mon, 06 Jul 2009 18:53:27 +0100

The national average annual percentage rate on new credit card offers rose this week, according to the CreditCards.com Weekly Credit Card Rate Report, as banks increased APRs in advance of new laws that will limit future rate hikes.

Longtop Develops an Analytical Data Mart for Credit Cards for a Chinese Bank

Mon, 06 Jul 2009 17:55:49 +0100

Longtop Financial Technologies Limited, a leading software developer and solutions provider targeting the financial services industry in China, today announced that it has won a contract to develop a customized analytical data mart for credit cards for a National Commercial Bank in China.

Commission approves acquisition of Cofidis by Crédit Mutuel

Thu, 26 Feb 2009 09:54:48 +0100

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of consumer credit company Cofidis by retail banker and insurer Crédit Mutuel, both headquartered in France. The Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.

Comunitae.com chooses Experian for efficient credit risk application processing

Wed, 25 Feb 2009 09:40:37 +0100

Comunitae.com, the first Spanish social lending community, has chosen Experian, to accurately assess the risk of borrowers. This service will enable Comunitae users to make accurate and consistent decisions about the applicant's financial risk.

Eurofinas urges Commission to maintain commitment to better regulation

Fri, 20 Feb 2009 16:43:51 +0100

Eurofinas, the voice of the specialised consumer credit providers at European level, notes that in today’s very challenging economic and financial environment, numerous stakeholders call on the European Commission to take action.

Interhyp raised closed mortgage volume to 5.9 billion Euros

Wed, 18 Feb 2009 14:08:53 +0100

Interhyp AG, Germany's largest residential mortgage broker, also in 2008 grew against the market trend: Closed mortgage volume rose to 5.9 billion Euros (2007: EUR 5.7 billion). The number of closed mortgages reached 38,908 (2007: 38,645). Therewith, Interhyp increased its market share in new mortgage business for the full year to 3.32 percent (2007: 3.11%). Net revenues were at 73.2 million Euros (2007: EUR 75.4 million). Earnings before interest and taxes (EBIT) came - mainly due to one-time s ...

xit2 launches arrears management portal

Sat, 14 Feb 2009 19:45:34 +0100

xit2, the property and mortgage outsourcing specialist, is launching a new arrears management product. The Xit2 Arrears Management Portal helps mortgage lenders and debt counsellors carry out detailed and verified assessments of borrowers’ current financial situations. Lenders can also manage panels of counsellors using leading edge online software.

FICO scoring system changed after 20 years

Fri, 30 Jan 2009 22:26:59 +0100

Fair Isaac Corporation, the leading provider of analytics and decision management technology, yesterday announced that TransUnion is the first credit reporting company to offer Fair Isaac's newest FICO score to businesses. TransUnion will market scores from the new model under the product name FICO Risk Score, Classic 08.

Aspen Marketing and Experian Automotive team

Tue, 27 Jan 2009 10:20:33 +0100

Aspen Marketing, the largest privately-held marketing services agency in the country, and Experian Automotive, a part of global information services company Experian, today announced a new joint direct-marketing effort to help automotive dealers drive more store traffic and convert more sales for their pre-owned inventories.

Larger budget deficit and increased borrowing

Thu, 15 Jan 2009 14:11:21 +0100

Swedish central government borrowing will increase more than anticipated in the coming two years since the budget deficit will be larger than the Swedish National Debt Office expected in its previous forecast of 4 November 2008. We now expect a budget deficit in the range of SEK 90 billion in 2009 and SEK 65 billion in 2010.

Annual inflation in OECD area falls to 2.3% in November 2008

Fri, 09 Jan 2009 15:15:00 +0100

Consumer prices in the Organisation for Economic Co-operation and Development (OECD) area rose by 2.3% in the year to November, compared with 3.7% in the year to October 2008. Month-on-month, prices fell 0.9% in November, after declining 0.3% in October.

Europe faces energy crunch over Russian gas

Wed, 07 Jan 2009 12:58:15 +0100

Russian gas supplies to Europe through Ukraine shut down completely on Wednesday, leaving growing numbers of European Union member states without Russian fuel in freezing mid-winter temperatures. The shutdown, triggered by a price dispute between Moscow and Kiev, halted flows to a dozen countries and disrupted supplies to big economies including Germany, France and Italy.

Irish government to recapitalise main Irish banks

Mon, 22 Dec 2008 15:46:05 +0100

The Irish government will inject up to €7.5 billion into the State's three main banks - Allied Irish Banks, Bank of Ireland and Anglo Irish Bank - under plans announced last night to recapitalise the banks.

EU urged to encourage Members States to transpose CCD at national level

Fri, 19 Dec 2008 17:07:38 +0100

The Consumer Credit Directive (‘CCD’), adopted on 7 April 2008 by the EU Council, will bring substantial modifications to lenders current working practices across EU 27. As a consequence, lenders will adapt their processes, contractual agreements and IT systems to the new legal framework.

EU study shows varying national approach to regulation of 'non-credit' institutions

Fri, 19 Dec 2008 16:34:27 +0100

The European Commission has published a study on the activities, regulation and supervision of mortgage lenders that are not registered as “credit institutions” under domestic law.

EU study shows varying national approach to regulation of "non-credit" institutions

Thu, 18 Dec 2008 17:45:18 +0100

The European Commission has published a study on the activities, regulation and supervision of mortgage lenders that are not registered as "credit institutions" under domestic law.

Expert Group on Credit Histories progresses work

Fri, 12 Dec 2008 00:00:00 +0100

After its first two meetings, the European Commission's-appointed Expert Group on Credit Histories (EGCH) is beginning to produce some documentation towards its objective of identifying solutions that will maximise the circulation of credit data within the EU. The experts will present their report with recommendations by 1 May 2009.

Woolworths closure hits Euler Hermes revenues

Fri, 12 Dec 2008 00:00:00 +0100

Following the bankruptcy of Woolworths Group (UK) and higher than expected claims development in the fourth quarter, Euler Hermes has revised its 2008 results to €100 million.

Consumer Credit

The Norwegian Tax Administration enters into NOK 120 million agreement with EDB

Aspect Selected as Finalist for 2010 Microsoft Partner Awards

UK ATMS open to German girocard holders

YES-secure successfully approves its first three Social Lending Loans

FSA moves to make sure all borrowers with a new mortgage can afford it

Movers spend lowest ever average proportion of income on their mortgages

CML responds to FSA responsible lending proposals

Adeptra advisory round table highlights new era of consultative customer communication

Tieto to update Aktia's web services

Adeptra continues momentum with appointment of new director, worldwide marketing

Tieto upgrades its Summit mortgage and savings suite for enhanced efficiency and quality

Mortgage origination redefined with Tieto's Origination Suite

AFS Selects First Data to Bring World-Class Payment Solutions To Regional Client Base

Free evening standard to explain benefits of international standard

Banca dItalia, ICBPI and VocaLink to make the respective SEPA-schemes compliant

Webroot builds executive team to expand operations across Asia

AHA Seeks Changes to IRS Form Detailing Charity Care, Debt Collection Practices

FTC Announces Top Consumer Complaints of 2009

ARM Leaders Discuss New Consumer Financial Protection Proposal

Bank Rakyat turns in best profit in 55 years

Kenya Co-op Bank to lean on new outlets for growth

Bank to continue prioritising customers

Agency Offers HUD-approved Home Buyer Education Class Saturday

Eurofinas Announces Improvement in European Consumer Credit Market Figures for Q4 2009

Eurofinas Announces Improvement in European Consumer Credit Market Figures for Q4 2009

Shares of U.S. education cos fall on regulation concerns

FNB loan advances register 13% growth despite fall in profits

Norwegian women take control in internet banking

SBI cracks as dismal earnings weigh

China tells banks to ensure 'steady' lending growth: govt

Losses to curb U.S. Century Bank's growth

UT Financial Services to help change face of banking

Falcon Credit Management Offers a New and Affordable Option in Loan Modification

Loan sharks prey on cash-strapped foreign workers

First Data Selected to Manage Egyptian Benefits Card Programme

Nexway Games to supply Tiscali's Game Channel

Riyad Bank and First Data Launch Hassad Rewards Programme

Leumi Card sued over fees on canceled transactions

Proposed VISA/Heartland Data Breach Settlement May Pay Banks and Credit Unions Pennies on Dollar

Waupun bank faces pressure from feds

Obama Pressing for Protections Against Lenders

Rural Banks opt to support MASLOC disburse micro credit

US mortgage aid rises, fails to cut foreclosures

Regulators tell two Wisconsin banks to improve

JPMorgan reports buoyant 4Q09 results

HSBC loans get personal

Regulators seek changes at First National Bank of the Rockies

Citi holds money management workshop for cardholders

OECD unemployment rate stable at 8.8% in November 2009

Credit View Banco Sabadell Cédulas Hipotecarias

Christmas crackdown on debts

CL Verify Credit Solutions Reports Record Demand for Near-Prime Consumer Information

Yes, I took the money

FCAC Encourages Consumers to Become Familiar With New Credit Card Regulations

Aiful Wins Creditors Approval For Proposed Business Revitalization - Update

Local lawyer faces suspension for lying

Landesbanks' Christmas Newsletter

Banco BPI announces results

RZB reports preliminary FY09 results

Nigeria: N166 Million Debt - Court Threatens to Rule in Okiro's Absence

JPMorgan Chase Ends Credit Card Arbitration

Access to credit, key to development - CB Governor, Ceylon

Goldman Sachs lowers China annual GDP growth prediction

State Bank of Mysore bucks the trend as board approves rights issue

Scramble to acquire rescued banks intensifies

TransUnion Forecasts 3% Drop in Mortgage Delinquencies Next Year

More on-time credit card payments expected in 2010 - December 09

First Data Research Reveals Opportunities for Financial Institutions in Prepaid Cards Market

EDB - Now Norwegians can change bank in just a few seconds

20% of Americans apply for loan workouts

City Bank and American Express form strategic alliance in Bangladesh

ING closes sale of Annuity and Mortgage Businesses in Chile

More banking competition is good news for consumers, says Which?

US exits recession

FIRST DATA AND TEBBNP PARIBAS SIGN ATM AGREEMENT IN TURKEY

First ever debit card service for Somalia

Commission takes action against Spain, Estonia and Luxembourg

First ever debit card service for Somalia

Firstsource reports second quarter fiscal 2010 revenues of USD 99.70 million

Banca dItalia, ICBPI and VocaLink to make the respective SEPA-schemes compliant

FIRST DATA AND TEBBNP PARIBAS SIGN ATM AGREEMENT IN TURKEY