Bank of America Q3 Net Income = $340 Million

Bank of America Merrill Lynch (Photo credit: Wikipedia)

October 17, 2012 07:00 AM Eastern Daylight Time 

Bank of America Reports Third-Quarter 2012 Net Income of $340 Million, or $0.00 per Share

Previously Announced Items Negatively Impact Earnings

• Valuation Adjustments for Improvement in the Company's Credit Spreads, $1.9 Billion Pretax
• Total Litigation Expense of $1.6 Billion Pretax, Including Merrill Lynch Class Action Settlement
• Charge Related to Reduction in U.K. Tax Rate of $0.8 Billion
• Previously Announced Items Totaled ($0.28) per Share

Capital and Liquidity Continue to Strengthen

• Basel 1 Tier 1 Common Capital Ratio of 11.41 Percent at September 30, 2012
• Estimated Basel 3 Tier 1 Common Capital Ratio of 8.97 Percent at September 30, 2012, up From 7.95 Percent at June 30, 2012 (Fully Phased-in Assuming U.S. Final Rules and U.S. Basel 3 NPRs)¹
• Long-term Debt Down $112 Billion From September 30, 2011, Driven by Maturities and Liability Management Actions; Time-to-required Funding Remains Strong at 35 Months

Core Business Momentum Accelerates

• Total Average Deposit Balances up $17 Billion, or 6 Percent (Annualized), From Prior Quarter
• First-lien Mortgage Production Increased 13 Percent From Prior Quarter
• Global Wealth and Investment Management Had Solid Long-term AUM Flows of $5.7 Billion, up 39 Percent From the Prior Quarter and 27 Percent From the Year-ago Quarter
• Ending Commercial Loans in Global Banking Segment Including Real Estate Loans Grew 13 Percent (Annualized) From Prior Quarter to $236 Billion
• Investment Bank Ranked No. 2 in Global Investment Banking Fees; Revenue Up 17 Percent From Prior Quarter and 42 Percent From the Year-ago Quarter

CHARLOTTE, N.C.--(BUSINESS WIRE)--Bank of America Corporation today reported net income of $340 million, or $0.00 per diluted share, for the third quarter of 2012, compared to $6.2 billion, or $0.56 per diluted share, in the third quarter of 2011.

“Our focus on strengthening the balance sheet continued this quarter”

As previously reported, the third quarter of 2012 was negatively impacted by $1.9 billion of debit valuation adjustments (DVA) and fair value option (FVO) adjustments related to the improvement in the company's credit spreads, $1.6 billion for total litigation expense, including a charge for the previously announced settlement of the Merrill Lynch class action litigation, and a charge of $0.8 billion related to the repricing of certain deferred tax assets due to a reduction in the U.K. corporate tax rate. Together, these three items totaled a negative $0.28 per share.

The year-ago quarter included $6.2 billion in positive DVA and FVO adjustments, $0.6 billion in total litigation expense and $0.8 billion related to the repricing of certain deferred tax assets due to a reduction in the U.K. corporate tax rate. Together, these three items totaled a positive $0.27 per share in the third quarter of 2011. In addition, the year-ago quarter included, among other significant items, a $3.6 billion pretax gain on the sale of a portion of the company's investment in China Construction Bank (CCB), partially offset by $2.2 billion of net losses related to equity and strategic investments other than CCB.

Relative to the year-ago quarter, the results for the third quarter of 2012 were driven by improved credit quality across most major portfolios, increased sales and trading revenue (excluding impact of DVA), higher mortgage banking income and increased investment banking income.

"We are doing more business with our customers and clients: Deposits are up; mortgage originations are up; we surpassed 11 million in mobile customers; small business lending is up 27 percent year over year; loans to our commercial clients rose for the seventh consecutive quarter; and our corporate clients made us the second-ranked global investment banking firm," said Brian Moynihan, chief executive officer. "Our strategy is taking hold even as we work through a challenging economy and continue to clean up legacy issues."

"Our focus on strengthening the balance sheet continued this quarter," said Chief Financial Officer Bruce Thompson. "We ended the quarter with record Tier 1 common capital ratio of 11.41 percent and an estimated Basel 3 Tier 1 common capital ratio of 8.97 percent, up from 7.95 percent as of the second quarter of 2012¹. With these gains, we have turned our attention to driving core earnings."  read more

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Visa Estimates $109.1 Trillion in Global Commercial Spend in 2011

October 17, 2012 08:00 AM Eastern Daylight Time 

English: Visa logo (Photo credit: Wikipedia)

FOSTER CITY, Calif.--(BUSINESS WIRE)--Visa Inc. (NYSE: V) today released the annual global Commercial Consumption Expenditure (CCE) index, which estimates that global commercial spending reached $109.1 trillion in 2011. This represents 12 percent growth from the $97.4 trillion spent in 2010 and marks the first time since Visa created the CCE in 2004 that this spending surpassed $100 trillion.

“Underneath this growth lies a clear opportunity for financial institutions to optimize their commercial card programs to capture more spend with electronic payments and ultimately better meet the needs of their commercial and government clients.”

The strongest year-over-year growth rates came from Latin America/Caribbean region (19.4 percent), followed by Central/Eastern Europe, Middle East Africa region (17.4 percent) and Asia Pacific region (14.9 percent). Asia Pacific reported the largest share of global CCE spend, followed by Europe, the United States, Central/Eastern Europe, Middle East and Africa, Latin America/Caribbean, and Canada. In this year’s (2011) index, Asia Pacific’s spending share surpassed Europe’s for the second consecutive year.

“Despite a slow, but sustained economic recovery, we continue to see healthy expansion in commercial spending,” said Tad Fordyce, head of global Commercial Solutions, Visa Inc. “Underneath this growth lies a clear opportunity for financial institutions to optimize their commercial card programs to capture more spend with electronic payments and ultimately better meet the needs of their commercial and government clients.”

CCE Around the Globe

Listed below is a breakdown of estimated 2011 commercial spending by global geographic areas:

Geographic Area		CCE Spend 2010		CCE Spend 2011 (est.)		2011 Global Share			2010-2011 Growth
Asia Pacific		$33.1		$38.0		34.8	%		14.9	%
Europe		$28.6		$31.4		28.8	%		9.6	%
United States		$19.7		$21.0		19.2	%		6.4	%
Central/Eastern Europe, Middle East and Africa,		$7.1		$8.3		7.6	%		17.4	%
Latin America/Caribbean		$6.5		$7.8		7.1	%		19.4	%
Canada		$2.4		$2.6		2.4	%		10.0	%
Total Global CCE		$97.4		$109.1		100.0	%		12.0	%

In USD Trillions

CCE Methodology

The annual Visa CCE report provides standardized tracking of business and government spending globally and is recognized as an industry benchmark for measuring commercial spending. The CCE index captures business-to-business purchases to acquire goods and services used in production, wholesale and retail purchases of final goods, business capital expenditures, and government spending on goods and services. Adjustments are made to exclude capitalized expenditures such as construction and durable defense spending. Calculations measure transactions at basic prices, which include taxes on production. Retroactive adjustments are made as necessary to include revisions in officially published statistics and economic data for current and prior years.

Data sources used to calculate the U.S. CCE index include the Bureau of Economic Analysis (BEA) and U.S. Census Bureau, which conducts the Retail and Wholesale Trade Surveys. A variety of data sources were used in the calculation of the Global CCE index including the Organization for Economic Co-operation and Development (OECD), the Eurostat database, the STructural ANalysis (STAN) database, the General Government Accounts from the National Accounts of OECD Countries, the United Nations Statistics Division National Accounts Main Aggregates Database, Economist Intelligence Unit proprietary databases, and government data from several countries. A model developed by the Economist Intelligence Unit was used to estimate results for countries where government data was unavailable.

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Netsuite Integrates with Worldpay to Offer Merchants End-to-End Commerce

Image via CrunchBase

October 17, 2012 04:15 AM Eastern Daylight Time 

NetSuite Customers Gain Seamless Access to Expanded, Global Payment Processing Network, Facilitating International Growth

B2B and B2C Merchants Benefit From Integrated ERP, CRM, Commerce and Payment Processing

LONDON & SAN MATEO, Calif.--(BUSINESS WIRE)--NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud-based financials / ERP softwaresuites, has today announced that NetSuite is now natively integrated with the WorldPay Corporate Gateway via its core NetSuite application and NetSuite SuiteCommerce. The announcement, which strengthens an eight-year relationship between NetSuite and WorldPay, gives NetSuite customers access to more than 200 payment methods in 115 currencies, and represents NetSuite's first integration with a payment acceptance provider covering all of Europe and beyond. With comprehensive support for major merchant cards as well as preferred regional networks and payment methods, NetSuite’sSuiteCommerce customers can benefit from expanded international reach. The benefits of the WorldPay Corporate Gateway platform are now available to all NetSuite users, without the need to adopt additional software or change their business processes.

“Taking our partnership to the next level ensures that companies relying on NetSuite can take advantage of every possible growth opportunity, domestically and internationally.”

WorldPay, a global leader in payment processing, risk and alternative payments, has grown rapidly through organic expansion as well as acquisition, and processes billions of transactions every year. As companies seek innovative approaches to increase revenue and attract new buying audiences, they can struggle with regional payment acceptance. WorldPay supports multiple global payment types giving businesses the ability to target customers in all of Europe and beyond, with confidence that closing the transaction will be a seamless and customer-friendly process. The native integration means joint customers can immediately take advantage of WorldPay’s extensive merchant options in conjunction with NetSuite's powerful commerce, sales, service and ERP functionality.

The further integration between NetSuite and WorldPay creates particular advantages for companies which have already embraced NetSuite's new SuiteCommerce platform. SuiteCommerce improves interactions with other businesses and directly with consumers via a cloud platform that delivers an enhanced customer experience, through multiple touchpoints, directly on the core NetSuite ERP/CRM business management application. This technology transcends the limitations and complexity of first-generation eCommerce systems to deliver new efficiencies for merchants and a superior experience for customers. SuiteCommerce's omnichannel selling approach is complemented by WorldPay's extensive support for electronic and physical payments.

"NetSuite and WorldPay are both focused on giving our mutual clients the tools and scalable processes they need to reach new markets, remove purchasing barriers and adapt to the needs of each individual customer," said Craig Sullivan, vice president and general manager, International for NetSuite. "Taking our partnership to the next level ensures that companies relying on NetSuite can take advantage of every possible growth opportunity, domestically and internationally."

Philip McGriskin, chief product officer, WorldPay comments: “Cross-border commerce presents merchants with new revenue opportunities. The integration provides NetSuite customers with access to WorldPay’s payment processing services that cover over 200 payment types globally and WorldPay merchants’ access to integrated ERP and CRM functionality. Providing a seamless transaction experience for customers is essential for merchants and this integration makes this possible.”

Follow NetSuite's Cloud blog, NetSuite's Facebook page and @NetSuiteEMEA Twitter handle for real-time updates.

For more information about NetSuite, please visit www.netsuite.co.uk

About WorldPay

WorldPay is a leading global provider of payment and risk services, processing millions of transactions every day. WorldPay is a unification of seven leading retail payment solutions and offers a range of services including acquiring, gateway, alternative payments, risk management, and mobile payments. WorldPay became an independent company in December 2010. www.worldpay.com

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Innovative Marketing Ideas has created a "News Content Marketing" software platform that creates "breaking news" sites for any industry, vertical or niche.  Any subject.  Our newsbots scour the web for breaking news on "keywords" they are trained to find.  The breaking news story is then sent to our server and reformatted as follows:

• Title

• Picture (if available in news story)

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• Direct Link to Original Content Provider

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Search engines give breaking news priority resulting in top billing.  Better yet, people who use search engines to find news are targeted resulting in qualified visitors who have demonstrated an interest in your industry, niche or vertical.  So if we create breaking news on the Miami Heat, our visitors are  most likely to be Miami Heat Fans.  This means we can target our visitors with real "contextual advertising" (i.e NBA Heat Jersey's, Lebron James shoes, South Beach related merchandise (Groupon) etc.

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TSYS Releases 2012 Research Results On Consumer Payment Preferences

October 17, 2012 09:00 AM Eastern Daylight Time 

COLUMBUS, Ga.--(BUSINESS WIRE)--TSYS^® (NYSE: TSS) today announced it has made available to the industry the results of its second annual nationwide primary consumer research study, which can be accessed at www.tsys.com/debit. TSYS will also offer a complimentary webinar to discuss the results on Tuesday, November 13, at 2:00 p.m. ET. Interested participants may register for the webinar at the same website address.

“Our research re-confirms the enduring strength of debit but also reveals that consumers can be incented to change how they pay and are also increasingly aware of and interested in emerging payment alternatives.”

The 2012 Consumer Debit-Payment Choice Research Study was designed in conjunction with Mercator Advisory Group, a leading payments research and consulting firm, which fielded an online survey and conducted in-person focus groups to gauge consumer payment preferences. The goal of the study was to provide a snapshot of current consumer behavior and attitudes toward debit, credit and emerging payment forms, as well as to gather both quantitative and qualitative information. The results of this study provide trending information as well as a deeper understanding of factors that influence consumer choice at the point of payment.

“TSYS remains committed to providing financial institutions and other payment industry participants with insights into evolving trends,” said Sarah Hartman, senior director, TSYS. “Our research re-confirms the enduring strength of debit but also reveals that consumers can be incented to change how they pay and are also increasingly aware of and interested in emerging payment alternatives.”

More than 1,000 consumers who owned a debit card were surveyed on payment choice, perceptions of value, and what might influence them to change how they pay. Key findings include:

• Debit cards continue to be the preferred payment type for everyday purchases, driven in part by the desire of many to manage their money on a near-daily basis.
• Merchant discounts and offers are the most effective way to influence consumers to use a payment type more often.
• Awareness of alternative payment accounts and methods is high, and consumers’ overall understanding of and interest in mobile payments has advanced considerably since last year.
• Consumers continue to be focused on the security, ease of use, control and speed at check-out, and incorporating these features into new or expanded offerings will result in greater consumer adoption.

“Our survey results, coupled with anecdotal feedback from focus group participants, should prove valuable to issuers and others who are evaluating the current and future direction of their consumer payments offerings,” said Patricia Hewitt, director, Debit Advisory Service, Mercator Advisory Group. “Consumer payment behavior is rapidly evolving, and knowledge gained from this year’s study illustrates the benefits of working with a leading payments provider such as TSYS, which is making investments in thought leadership to help drive next-generation product strategies.”

About TSYS

At TSYS, (NYSE: TSS), we believe payments should revolve around people — not the other way around. We call this belief “People-Centered Payments^SM.” By putting people at the center of every decision we make, with unmatched customer service and industry insight, TSYS is able to support financial institutions, businesses and governments in more than 80 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare and more, we make it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.

TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks, is a Fortune 1000 company and was named one of the 2012 World’s Most Ethical Companies by Ethisphere magazine. For more information, please visit us at www.tsys.com.

About Mercator Advisory Group

Mercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world’s largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portalPaymentsJournal.com.

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You're here because you searched for news.  IMI's proprietary breaking news content marketing platform is second to none.  Learn More

Innovative Marketing Ideas has created a "News Content Marketing" software platform that creates "breaking news" sites for any industry, vertical or niche.  Any subject.  Our newsbots scour the web for breaking news on "keywords" they are trained to find.  The breaking news story is then sent to our server and reformatted as follows:

• Title

• Picture (if available in news story)

• Credit to Author (i.e. Chicago Tribune)

• 25 Word Blurb (Preview

• Additional Articles on same keyword (if available)

• Direct Link to Original Content Provider

Web Crawlers Love Breaking News!

Search engines give breaking news priority resulting in top billing.  Better yet, people who use search engines to find news are targeted resulting in qualified visitors who have demonstrated an interest in your industry, niche or vertical.  So if we create breaking news on the Miami Heat, our visitors are  most likely to be Miami Heat Fans.  This means we can target our visitors with real "contextual advertising" (i.e NBA Heat Jersey's, Lebron James shoes, South Beach related merchandise (Groupon) etc.

To see our technology in action, visit NBANewsHeat.com or NFCIP.org

21 "Mobile Payment" News Stories for October 17th

News 18 new results for "Mobile Payment"

Inside PCI's Mobile Payments Guidance BankInfoSecurity.com The PCI Security Standards Council's PCI Mobile Payment Acceptance Security Guidelines target software developers and mobile device manufacturers with guidance on how to design appropriate security controls that can thwart growing threats such as ... See all stories on this topic » BankInfoSecurity.com

Braintree Raises $35 Million Funding Round Led By New Enterprise Associates PYMNTS.com Venmo's mobile payment application has recently been named a top mobile app by Inc Magazine, CNNMoney and the Huffington Post. The new funding will help Braintree bring to market this year additional new payment capabilities in online and mobile. See all stories on this topic »

Square abruptly halts NYC taxi payment system trial Fiercemobilecontent As of June 2012, more than 2 million businesses and individuals across the U.S. are using Square's mobile payment services--the firm now processes more than $8 billion in payments on an annualized basis, up from $1 billion just a year ago. Beginning ... See all stories on this topic »

Passbook: Not Perfect, But Paves the Way to Mobile Payments Mobiledia Passbook: Not Perfect, But Paves the Way to Mobile Payments. Apple's Passbook app may not be the mobile payment answer that many were hoping for, but the service has plenty of room for growth. Great Expectations. The first iteration of Passbook lost ... See all stories on this topic » Mobiledia

Assessing the Move to Cashless Economy Equities.com According to Kuponiyi, "mobile payment services are a Telco battle front for customer acquisition, retention and increased airtime consumption. Telcos are competing against each other, telcos bleed to advertise. Bad payment service experience may ... See all stories on this topic »

PayPal Really Wants to Be Square DailyFinance Square, the privately held battering ram aimed directly at PayPal's mobile payment business, introduced a mobile swipe device shortly after it was formed three years ago. Shaped unsurprisingly like a square, the device can be plugged directly into ... See all stories on this topic »

MasterCard expands contactless payments infrastructure in the UAE Al-Bawaba The PayPass acceptance network is being developed in conjunction with the arrival of Near Field Communications (NFC) payments technology, which can be accessed with modern day smart phones and mobile payment tags. MasterCard has already ... See all stories on this topic » Al-Bawaba

Police Credit releases PayAnyone - Mobile Email PRWire This market-leading mobile payment technology enables Police Credit members to send payments to friends or businesses from their mobile device, simply by providing the recipient's mobile phone number or email address. Police Credit is the first credit ... See all stories on this topic »

Banks are not prepared for the digital age – need to embrace mobile and social ... Siliconrepublic.com Kelly said payment providers are invading the space of traditional banks. The escalation of mobile is changing the way consumers think about payments. Mobile payment providers are acting as a catalyst for change in the retail banking space. See all stories on this topic » Siliconrepublic.com

REPLY SPA : Olivetti has chosen HI Credits, the Reply app for remote mobile ... 4-traders Olivetti has chosen HI Credits, the Reply remote mobile payment solution for cash registers. In particular, the new solution will be implemented on the integrated systems Nettun@ 3000 and Explor@ to provide flexible answers to the needs of shops ... See all stories on this topic »

LevelUp Integrates With Merchant Warehouse's Genius Customer Engagement ... MarketWatch (press release) Merchants see value-add mobile payment networks like LevelUp as a complete business solution," said Henry Helgeson, CEO at Merchant Warehouse. "This has driven the need for an acceptance platform like Genius, which unifies mobile payments and ... See all stories on this topic »

EVP International offers mobile transfers in Lithuania Telecompaper (subscription) The company will charge LTL 0.15 for the initiating SMS for Tele2 Lithuania subscribers. For Bite Lithuania and Omnitel customers, the SMS will be free. EVP International plans to soon launch mobile payment systems in shops and fuel stations. See all stories on this topic »

Skrill: Fumbling with loose change soon a thing of the past BizReport Credit cards, debit cards, digital wallets and mobile payment solutions are slowly eroding the need to carry cash in the UK. In fact, according to UK-based Skrill, 1 in 3 UK consumers now carry less than five UK Pounds in cash ($8), barely enough to ... See all stories on this topic »

Square ends NYC taxi pilot for now Upstart (blog) Square is ending its taxi experiment in New York City earlier than planned, but a letter to the city suggests that the mobile payment startup that installed iPads and its app in a dozen city cabs isn't giving up but rather regrouping. It is looking to ... See all stories on this topic »

Banking's new battleground: digital natives BRW (subscription) email. print -font +font. Banking's new battleground: digital natives. The owners of Movenbank see the adoption of mobile payment systems and technologies such as Near Field Communication (NFC) as an opportunity to change the way banking is done. See all stories on this topic » BRW (subscription)

Jupiter's De Blonay: Opportunities in cashless society Fundweb "Rising credit card use, the growing dominance of e-commerce and the emergence of mobile payment technology are putting paid to the idea that cash is king. "Companies in a position to benefit from this trend or that provide the technology to facilitate ... See all stories on this topic » Fundweb

Singapore-made Mogi app lets you pay for dinner with your phone Techgoondu ... software, and linked by a SingTel machine-to-machine 3G network that is supposed to be less congested than the consumer version. Alternatively, merchants can also download the app separately to their phones and use them as mobile payment terminals. See all stories on this topic » Techgoondu

New Business Bank Account Unlocks £1bn Additional Cash Flow for UK ... Sacramento Bee In 2003 Nick, formed the Voice Commerce Group to develop mobile payment systems which allow individuals to identify themselves using a voice signature. Voice Commerce Group owns Cashflows, Voicepay and KYC Secure and its European operational ... See all stories on this topic »

Blogs 2 new results for "Mobile Payment"

Lucky Strike implements Tabbedout mobile payments | Contactless ... By krowne This upscale bowling lounge operator now offers Tabbedout, the free mobile payment app for iPhone and Android that allows consumers to open, view and pay tabs with their phones, in eight of their locations across the country including their ... Contactless Intelligence

With $35M in new funding, Braintree wants to take payments global ... By Ryan Kim And with Braintree's acquisition of mobile payment startup Venmo in August, Braintree is stepping into the consumer business. Bill Ready, Braintree's CEO said he wants to create the infrastructure for commerce that developers and merchants ... GigaOM

Web 1 new result for "Mobile Payment"

EUROPA - PRESS RELEASES - Press Release - Green Paper ... The aim of the Green Paper is to identify the obstacles that potentially prevent European integration in the card, internet and mobile payment markets. europa.eu/rapid/press-release_MEMO-12-6_en.htm

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