GLG News by Core Bank Processing Experts

However it is resolved Neiman Marcus’s ugly spat with HSBC is a harbinger of a deteriorating credit environment and of Neiman Marcus’s coveted private label (P/L) credit card portfolio being in play in 2010.

1.  Free Market at Jeopardy 2.  Merchants want everything free 3.  If it costs to much, eliminate acceptance Merchants have groaned for years about interchange rates though they have benefited from the billions of invested dollars to manage risk offered by the card associations and...

Through mid 2008 these will continue to be the drivers of home loan financing. Coming up quickly will be HUD/FHA. The unkown related player will be community banks, credit unions and small regionals. There is a problem that is already surfacing, add on fees by the banks using these groups for fundi...

Pay By Touch fades to black after filing Chapter 11 Bankruptcy reorganization in December 2007 and enduring contentious boardroom battles to decide the fate of the company. Pay By Touch used biometrics to authenticate consumers at the POS (Point-of-Sale) for secure check cashing and ACH based purchases....

MasterCard, which has long been a laggard in the US pin-debit market, continues to improve its offer and match-up against Visa, Star, NYCE, Pulse and Accel. It’s now positioned to move from the back of the pack and through additional processing to capture more of its transactions’ value.  

Washington Mutual (WaMu) cut a deal with TPG and other investors for a $7 billion capital injection by issuing common stock and preferred convertible stock. In addition, 1st quarter write offs of $3.5 billion contributed to an estimated first quarter loss of $1.1 billion. Clearly WaMu needs capital,...

Discover continues to play a relatively weak hand well against American Express, MasterCard and Visa. In Diners Club it acquired a meaningful international acceptance network, increased visibility and volume for its underappreciated network business, and added a payment brand decidedly different from...

Since the passage of the Check 21 Act in October 2004, significant changes have occurred in traditional check processing. Banks, credit unions, image networks and the Federal Reserve are working to build the infrastructure to transition banks and credit unions to 100% electronic check imaging/exchange...

CIT Group drew down emergency credit lines totaling $7.3 billion in March 2008, after being cut off from customary sources of cash, forcing CIT to scrap its government-backed student loan program on 4.3.08. Due to its weak position, CIT may be a prime takeover target. The lack of investor demand has...

Writedowns at global banks has surpassed $291 billion and the "writedown" meter continues to tick and could reach $460 billion or as high as $1.2 trillion by year-end 2008. U.S. financial institutions will account for about 40% of losses. Credit losses has prompted leveraged institutions to raise new...