Online Banking
Financial Markets and Institutions (6th Edition)
Array (Hardcover) Addison Wesley 2008-01-17
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MILWAUKEE, Dec. 26, 2006 – Metavante Corporation today announced it is the first certified and first operational processor supporting reload transactions on a leading international card association's prepaid card load network. Metavante is the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI).
On Dec. 4, 2006, the card association issued a news release in which it stated the prepaid load network allows consumers to add funds to eligible re-loadable prepaid cards at participating retail locations. According to the announcement, the service has been introduced at more than 1,550 retail locations nationwide including participating Safeway, Carrs, Dominick's, Genuardi's, Pak 'n Save, Pavilions, Randalls, Vons and Tom Thumb stores.
Processing reload transactions allows Metavante to help prepaid card issuers, such as financial institutions, realize the full potential of the checking account alternative that enables electronic payment card transactions for the un- and under-banked population. As Metavante helps make it easier for cardholders to reload eligible prepaid cards at convenient retail locations, a financial institution can benefit from increased card use, promote its brand with un- and under-banked consumers to potentially develop a traditional banking relationship, and gain wallet-share of a consumer otherwise out of reach.
"Without convenient reload, prepaid cards have largely been disposable, which limits their ability to act as a full-service alternative to a checking account and the accompanying payment cards," said Frank D'Angelo, group president, Metavante Payment Solutions. "Marrying expedient reload to prepaid cards creates the opportunity for people without a traditional banking relationship to carry a full-fledged payment card that's arguably as easy to reload as a checking account."
According to a recent Celent payments industry analyst report: "There are an estimated 14 million un-banked households in the U.S…and [prepaid debit] holds value because it stands to capture segments of the market other electronic payments [credit and debit] could not otherwise touch. This is particularly the case among the un-banked and youth populations that have limited access to such accounts." 1
"Every year card-based payments chip away at the market share of cash and checks and the advent of online shopping and electronic payments has accelerated that trend. By supporting an easier way to reload prepaid cards, Metavante helps open the world of online transactions to consumers such as teens, who often have disposable income to spend," added D'Angelo. "Metavante offers the most comprehensive suite of payment solutions and as evidenced by our support of prepaid reload, we continue to provide and support the newest payment technologies."
About Metavante
Metavante Corporation delivers banking and payments technologies to financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, and electronic presentment and payment. Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley Corporation (NYSE: MI).
1 Celent, "The Future of Consumer Payments," Nov. 2006, Ariana-Michele Moore, Senior Analyst.
It's certainly a symptom!
Fewer and fewer merchants take checks. Consumers can't make hotel reservations, take advantage of special internet pricing or internet exclusive products, purchase at the ever growing number of un-manned retail locations (gas stations, etc.), rent a car or sometimes even order food for delivery without a credit/debit card of some sort. COD is almost non-existent.
Prepaid cards offer the ability to do these things as well as many others for demographics who are not able to obtain a credit/debit card. Once this method of payment is fully accepted by this demographic, the need for cash will be greatly lessened. I just don't think that this will happen anytime soon.
Although coffee is a major industry for Yemen, is still has hurdles to overcome in its quest for a global market share. The Media Line's ...
YAHOO PROMOTION LOTTERY RESULTS 2009
FROM: THE DESK OF THE CLAIMS DIRECTOR,
INTERNATIONAL FINANCIAL PROMOTIONS/PRIZE AWARD DEPARTMENT,
44 Moorfields, London EC2Y 9AL UNITED KINGDOM.
YAHOO9/315116127/27
BATCH: 15/623/UK.
Registered Lottery No 220949
CONGRATULATIONS
OFFICIAL CONFIRMATION DATE: 18-06-2009
DEAR: ESTEEMED WINNER,
Thanks for your email response. Firstly, the Yahoo! Corporation would like to officially congratulate you for being a winner of our online Financial Promotions Programmes organized by Yahoo! Corporation here in London, United Kingdom. This is to inform you that the promotions verification department have successfully confirmed your winning information to enable us process and remit your winning amount to you and upon confirmation of your details.
Consequentely It is the sole responsibility of your assigned Remittance Director to get you acquainted with the procedural claims formalities and shall also be rendering you every needed assistance and guideline regarding the remittance of your cash prize.
Please note that the Yahoo! Microsoft Executives would like to inform you that the promotions programmes which has been officially tagged 'Thanks To Have Contributed To our Financial Success' was held to appreciate our numerous Web Customers for their immense contribution to the success of Yahoo! Corporation. The Yahoo! Corporation, which has about 75 percent worldwide market share in the online search business and that the online advertising industry - which today stands at more than $40 billion - is forecast to reach $80 billion in the next three years. Both Microsoft and Yahoo are strongly motivated to find ways to dethrone Google, the current market leader, and the combined mass of the two companies´ client and consumer bases could generate a viable competitor to Google on both the desktop and the mobile device.It is also important that I inform you that there was no sales of tickets as the draws was conducted by assigning various Individual email addresses to different ticket numbers for representation and privacy. Please note that this email addresses is normally supplied to us by free email services providers such as Yahoo, Hotmail, Aol amongst others. However, we clearly spelt out in our lottery terms and condition various modalities which those who emerged lucky winners are to use in collecting their prize money.
For the remittance process to be carried out, those who reside outside the United Kingdom are to use the services of a courier service company whose duty is to deliver their Parceled Cheques including all officail/Legal Documents to them at their designated address. Please note that for this option, delivery cannot be carried out to P.O. BOXES, and the courier cost is to be paid to the courier company before they will have to commence delivery of your certified winning cheque to your doorstep for cashing.
However, for the Courier delivery option which is for winners who do not reside close to London i.e. United Kingdom, you will be required to contact a courier company who will then ship your cheques or transfer your winning prize to them in their respective countries while they in turn pay the delivery expenses and proceed with the cheque to any bank in their country where the full value to the cheque will be paid to them. Therefore, because you are not residing close to the United Kingdom, we have have forwarded your winning cheque and Certificate of winning to the courier company who will be delivering it safely to you in your country.
In line with this, you are advised to contact the courier company for the cost of delivering your winning cheque of One Million Great British Pounds safely to your designated address in your country for cashing.
Please note: All Further Correspondences should be directed to the email address of the courier company as provided in the contact information stated below:
Please find details of the Courier Service Company below:
CONTACT INFO:
AIR CARGO EXPRESS INTERNATIONAL
PRIMARY BUSINESS ADDRESS: GARRICK HOUSE, 26 - 27 SOUTHHAMPTON STREET
Email: aircargoexpressintl@live.co.uk
Tel: +447024064787
All Enquiries should be directed to the person of:
MR. CHRISTOPHER BARRETT
Customer Service Officer,
Customer Information and Enquiry Department
Email:aircargoexpressintl@live.co.uk
Tel: +447024064787
Please note that Contact should be established within twenty four hours of receiving this email so that details of the delivery of your cheque will be communicated to you. In establishing contact, the Number:................should also be included, in your email among with your full names, contact address, direct telephone numbers so that your letter can be honoured.
Furthermore, the Number:..................... is a very important and confidential order number which is to be included in your email to the courier company and carefully noted. Also, I must inform you
This is a SCAM. Yahoo does not and never have operated any sort of lottery. If you click on the below link this site confirms various scams and provides an online form for the reporting of such, with links for your own country.
http://www.consumerfraudreporting.org/Ya hooLotteryScam_YahooMail2.php
http://help.yahoo.com/l/us/yoo2.phpahoo/ ...
Unscrupulous thieves have sent you this email and they are trying to part you from your hard earned cash. They will often ask you to call a premium rate number and keep you holding on whilst you rack up a huge phone bill. They are then paid a large proportion of this phone bill. They may ask you to divulge personal information about yourself or ask for your bank or credit card details. Do not divulge any such information under any circumstances. It is surprising how many innocent victims have been duped by these types of messages. Please remember the thieves who send them are very clever and extremely convincing. I suggest you delete this fake email and send it into cyberspace.
Check out these sites for further information :
http://www.scambusters.com
http://www.hoax-slayer.com/
FROM: THE DESK OF THE CLAIMS DIRECTOR,
INTERNATIONAL FINANCIAL PROMOTIONS/PRIZE AWARD DEPARTMENT,
44 Moorfields, London EC2Y 9AL UNITED KINGDOM.
OFFICIAL CONFIRMATION DATE: 17-07-2009
Dear Esteemed Winner,
The Yahoo! Corporation hereby officially congratulates you for emerging a winner in the 1st category of the 2009 Yahoo! Financial Web Promotion and this officially states that the Web Promotions department have just concluded a mandatory verification and confirmation of your winning information. I have therefore been charged with the responsibility of providing you with the much needed assistance as regards the Procedural Claims Formalities. However, the Yahoo! Corporation itself have clearly outlined the procedures and guidelines to regulate the entire remittance process which includes the Legal Privacy Terms and Conditions for Claims. All necessary machineries have therefore been put into place so as to ensure a secured remittance of prizes to Bonafid Winners around the world.
Please note that the Yahoo! Executives would like to inform you that the promotions programmes which has been officially tagged 'Thanks To Have Contributed To our Financial Success' was held to appreciate our numerous Web Customers for their immense contribution to the success of Yahoo! Corporation. The Yahoo! Corporation, which has about 75 percent worldwide market share in the online search business and that the online advertising industry - which today stands at more than $40 billion - is forecast to reach $80 billion in the next three years. Both Microsoft and Yahoo are strongly motivated to find ways to dethrone Google, the current market leader, and the combined mass of the two companies’ client and consumer bases could generate a viable competitor to Google on both the desktop and the mobile device.
Having emerged a winner in the first category of awardees, this Official Winning Confirmation E-mail does certify you a Bonafid Winner in the 2009 Edition of Yahoo! Financial Promotions which was duly sponsored by Yahoo! Corporation. You are at this point advised to strictly adhere to all relevant instruction that shall be provided all through the course of the remittance process. The Yahoo! Corporation in conjunction with the United Kingdom Government have officially signed you a cheque of One Million British Pounds Sterling, this legally states that a Certified Bank Cheque which has been paid out for sum of One Million Pounds has been signed and issued in your Full Names as clearly shown in our Web Data Base which consequently matches with your personal information earlier provided in the Winning Application Form. All Legal/Official Documents which formally certifies you a Bonafid winner have also been signed and issued to a Reputable Courier Delivery Firm here in United Kingdom.
These parceled documents are to be delivered to you under the my personal supervision as your Remittance Director. For the remittance process to be carried out, those who reside outside the United Kingdom are to use the services of a courier service company whose duty is to deliver their Parceled Cheques including all official/Legal Documents to them at their designated address. Please note that for this option, delivery cannot be carried out to P.O. BOXES. Therefore, because you are not residing close to the United Kingdom, we have forwarded your winning cheque and Certificate of winning to the courier company who will be delivering it safely to you in your country.
Please note: All Further Correspondences should be directed to the email address of the courier company which is written among the below details of the courier company: Please find details of the Courier Service Company below:
CONTACT INFO:
AIR CARGO EXPRESS INTERNATIONAL COURIER SERVICES
PRIMARY BUSINESS ADDRESS: GARRICK HOUS E, 26 - 27 SOUTHHAMPTON STREET
Email: aircargoexpresscourierservices@upimail.net
aceicourierservices@live.co.uk
Tel:+44-702-406-4787
Fascmile: +44-703-191-9322
It sounds like a scam to me. I once got a similar
letter saying I'd won 4 million euros, but I had to
send them my passport photo first!
Most letters of this ilk are fraudulent.
Ping An Vies to Defy `Dead' Universal Banking Model to Expand Bank ...
By Bloomberg News Feb. 24 (Bloomberg) — Ping An Insurance (Group) Co., the world’s second-biggest life insurer, aims to sell banking and investing services to its 50 million customers with a one-stop shopping model being abandoned by U.S. and European companies. Ping An, listed in Hong Kong and Shanghai, expects banking, asset management and insurance to each contribute a third of profit within about 10 years. Five years after Citigroup Inc. sold Travelers Life & Annuity and 17 months after Allianz SE agreed to sell Dresdner Bank, President Louis Cheung says Ping An will succeed in its bank-assurance ambition because it developed each business. “Universal banking is dead, but we are not the same,” he said in an interview in his Shenzhen office. “We built from scratch each of our businesses, and we have such a young client group that grows continuously during the process.” Ping An, part owned by HSBC Holdings Plc, may find it hard to convince some investors to back its vision as memories linger of Citigroup and Allianz’s retreat, and as some U.S. politicians propose reinstituting Depression-era strictures barring bank holding companies from other financial businesses. Ping An’s insurance unit accounted for 77 percent of its profit in the first half of last year, dwarfing banking operations’ 10 percent share and the 13 percent contribution of asset management. “I have no strong preference to own a financial conglomerate,” said Winson Fong , who helps manage $2.5 billion at SG Asset Management H.K. Ltd. “Not many success stories in history and conglomerates tend to trade at discount valuation.” Allianz, Citigroup Allianz bought Dresdner in 2001 for $20 billion in its biggest acquisition, with the aim of selling more insurance products through bank branches. Instead, mounting loan losses at Dresdner and falling stock markets dragged on its own shares and profit. Munich-based Allianz agreed to sell the unit in September 2008 to Commerzbank AG for 9.8 billion euros ($13.4 billion). Travelers Insurance Group’s $70 billion merger with Citicorp in 1998 created the world’s biggest financial services company. Citigroup agreed to sell the life unit and most of its international insurance business to MetLife Inc. in January 2005 for $11.5 billion to focus on what it expected would be more profitable areas. Bank-assurance groups tend to lack “singular focus” on each business line as the top management’s expertise isn’t as diversified, said Arjan van Veen , a Sydney-based insurance analyst at Credit Suisse Group AG who doesn’t cover Ping An. “There are some synergies, but they’re generally not enough to make up for the pitfalls of the bank-assurance model.” Bullish Analysts Still, that hasn’t deterred 18 of the 28 analysts who cover Ping An from rating the stock a “buy” compared with just one “sell” recommendation, according to data compiled by Bloomberg. Chairman Peter Ma in 2004 hired Dominic Leung , who had three decades of experience with insurers including Prudential Plc, to manage the group’s life insurance business. Richard Jackson, who worked for Citigroup for 20 years, joined in 2005 and now heads banking operations. Ping An shares have dropped 12 percent in Hong Kong trading this year, while the benchmark Hang Seng Index slid 5.7 percent. Larger rival China Life Insurance Co. stock is down 9.1 percent. Shenzhen-based Ping An has often been the first mover among China’s insurers. Set up by Ma in 1988 in a then state- monopolized market, the company was the first local insurer to get a commercial insurance license, usher in foreign investors and use personal agents to distribute life policies. Home Ground Ping An is expanding at home after suffering a setback in its plans to expand overseas asset management operations through acquisitions. It wrote off 22.8 billion yuan ($3.3 billion) in 2008 on a stake in Brussels-based Fortis, which was bailed out by three European governments after becoming a casualty of the credit crunch. The Chinese insurer remains committed to that goal, although it will mainly focus on growing its Hong Kong asset management unit for the near term as financial markets have yet to stabilize after the crisis, Cheung said. Today, Ping An has secured a rare spectrum of financial licenses in a nation where the insurance, banking and securities industries are still separately regulated. It owns units in life, property insurance, pension, banking, securities, trust, and is awaiting regulatory approvals for a fund management venture with Singapore’s United Overseas Bank Ltd. Expanding Market China’s insurance market, which was the world’s sixth largest in 2008, expanded by an average 30 percent annually since 1978 to 1.1 trillion yuan last year. The life insurance market alone may grow to as much as $275 billion in gross premiums by 2015, making it at least the fifth largest, according to McKinsey & Co. China’s per capita spending on life insurance was $71.70 in 2008, compared with $1,901 in the U.S., according to a Nov. 24 report by Ping An Securities Co., giving Ma room to penetrate a client base that’s growing more than 10 percent a year. “The important thing is to satisfy these 35- to 40-year- old clients,” whose needs for non-insurance products will emerge gradually, President Cheung said. “As long as they approve us adequately, our services can catch up and we can keep the cost of selling new products lower than others.” ‘Explosive Growth’ The company added more than 8 million new customers last year, bigger than the population of Switzerland. The new clients, over 90 percent of whom are policyholders, average 35 years of age, compared with 40 years old for the entire client base. “We want our insurance market share to keep growing” providing a platform for selling other products, Leung, now Ping An’s chief insurance officer, said in an interview. The group’s property insurance premiums rose 44 percent last year, overtaking China Pacific Insurance (Group) Co. as the nation’s second-biggest non-life insurer, while life premiums surged 31 percent. Not content with that, “we hope to see explosive growth in banking, and we want asset management to develop faster,” Leung added. Ping An Asset Management Co. will oversee about 1 trillion yuan of the group’s insurance funds by the end of 2013, up from about 650 billion yuan now, Deputy Chief Investment Officer Chen Dexian said. The trust unit is forecast to be managing about 500 billion yuan of clients’ money by then, compared with more than 100 billion yuan now. Banking Growth Ping An Securities, which underwrote the most initial public offerings in China last year, contributed 6.1 percent of the group’s profit in the first half. The banking arm is already selling 60 percent of its credit cards, which total almost 3.4 million currently, to existing insurance clients, keeping issuing costs at a “very low” level, Cheung said. That’s just a start, said Jackson , president of Ping An Bank Co. “Once the customer has made a decision to become a customer of the banking business as well, then that opens up the full range of banking products and services.‘’ — Zhang Dingmin . Editors: Malcolm Scott , Andreea Papuc To contact the Bloomberg News staff for this story: Zhang Dingmin in Beijing at Dzhang14@bloomberg.net
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