Thursday, October 18, 2012

NXP and sMedio Partner to Deliver NFC Enabled Data Transfer and Media Streaming between Windows 8 PCs and Android Mobile Devices


NXP and sMedio Partner to Deliver NFC Enabled Data Transfer and Media Streaming between Windows 8 PCs and Android Mobile Devices (via PR Newswire)
SANTA CLARA, Calif. and TOKYO, Oct. 18, 2012 /PRNewswire/ -- sMedio, a leading developer and provider of wireless content mobility solutions, today announced that it is partnering with NXP to optimize its WiFi data transfer, sync and media streaming software in support of NXP's NFC drivers and chips…

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Credit Card Industry Issues New, Easily Stolen Credit Cards to College Students


Credit card executive reacts to electronic pickpocketing demonstration video
TAMPA, Fla.--()--Credit card companies have apparently targeted college students in an ongoing effort to issue 1 billion microchip-enabled cards by 2016 that leave users wholly exposed to the risk of payment fraud from electronic pickpocketing, Identity Stronghold announced today.
“and we can assure our audience that electronic pickpocketing is a very real threat.”
Radio Frequency Identification (RFID) chips, currently embedded in more than 200 million in-use credit, debit and other payment cards, let users make purchases by waving their card over a contactless reader. Alarmingly, they also allow high-tech thieves to steal credit card and other personal information by simply waving a contactless reader near a cardholder’s wallet or purse.
Walt Augustinowicz, founder and CEO of Identity Stronghold, recently demonstrated the serious security flaws in these cards for Phoenix’s KTVK 3 on the Arizona State University campus. ASU students were shocked to learn how easily their personal and financial information was electronically stolen because of a security flaw card issuers have neglected to address, as far as Augustinowicz can tell. Even the newest cards are vulnerable to fraud. In a demonstration for WKYC in Cleveland, Augustinowicz showed that despite credit card company claims that stolen information was useless to thieves, purchases could be made through major online retailers using electronically pickpocketed card information.
“The effort by credit card companies to specifically market these cards to unwitting college students is unconscionable,” said Augustinowicz. “Giving students a free T-shirt to sign up for an RFID-enabled credit card on their way to class may be an effective marketing tactic for credit card companies on college campuses, but when we’re talking about young men and women looking forward to making their way in the world, knowingly placing them at risk of identity theft and payment fraud should have everyone with a stake in the future of this country mortified.”
The growing threat of electronic pickpocketing made possible by the issuance of RFID-enabled credit cards has prompted numerous state and federal law enforcement agencies, including the U.S. Marshals Service, Financial Surveillance Unit, and anti-fraud task forces, to seek out Augustinowicz’s help in identifying and combating the risks.
Augustinowicz also has been invited to present an electronic pickpocketing brief to the U.S. Recovery Accountability and Transparency Board, which provides oversight for the potential fraud, waste and abuse of $840 billion appropriated under the American Recovery and Reinvestment Act of 2009.
Credit card executive reacts to electronic pickpocketing demonstration video
German TV channel ProSieben sent a news crew to meet with Augustinowicz and film his demonstrations on the streets.
“Walt’s demonstration of electronic pickpocketing was both shocking and eye-opening to us, as well as to the credit card executive we interviewed and shared the demonstration footage with,” said ProSieben producer Carolin Conrady. “Truth in reporting is always enlightening,” she added, “and we can assure our audience that electronic pickpocketing is a very real threat.”
To view the interview, visit:

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Launch of MOBITO – The First Universal Mobile Money Service Powered by Oberthur Technologies and MoreMagic Solutions™ in the Czech Republic


Joint venture between Vodafone, Telefónica, T-Mobile and four major banks in Czech Republic, trusts Oberthur Technologies and MoreMagic Solutions to deliver MOBITO “pay by mobile service”
LEVALLOIS, France & BOSTON--()--Oberthur Technologies, one of the world’s largest providers of security and identification solutions and services based on smart card technologies, in collaboration with its newly acquired mobile payments subsidiary MoreMagic Solutions in Waltham, MA, today announced its selection as the exclusive technology partner of MOBITO, a ground-breaking mobile payment service in the Czech Republic that represents the first of its kind globally. Launched in September by MOPET CZ, a consortium of three of the largest brands in the mobile space – T-Mobile, Telefónica and Vodafone – and four major banks – Česká spořitelna, GE Money Bank, Raiffeisenbank and UniCredit Bank, MOBITO is now available to all mobile users across the Czech Republic regardless of who they bank with.
“MOBITO is a truly unique service and we are excited to be the strategic partner enabling the creation of this universal mobile payment ecosystem in the Czech Republic. This service will continue to evolve and adapt as the market for mobile payments expands to include NFC payments capabilities”
MOBITO provides people throughout the Czech Republic with a convenient and secure way to make payments from their existing mobile devices, whether they are using feature phones or smartphones. MOBITO customers can access a wide range of services like transportation, ticketing, online purchases and in-store purchases at cafés, bistros, supermarkets, etc. Payments can be made using the MOBITO service, directly from the bank account or through the stored value account (mobile wallet) or even using credit or debit cards. Customers can also use MOBITO to top up their mobile phone credit and send money to each other.
Oberthur Technologies is leveraging the MoreMagic Mobile Money platform and its rich suite of mobile and smartphone applications to deliver a full set of Mobile Financial Services to power MOBITO, paving the way to the adoption of remote payments, as well as NFC and non-NFC proximity payments, across the Czech Republic. The service is fully compliant with EU e-money standards and the Czech Banking laws.
Tomáš Salomon, co-founder and chairman, MOPET CZ commented: “Oberthur Technologies and MoreMagic Solutions have made it possible for us to successfully launch MOBITO in less than twelve months which is a great achievement, especially given the need to fully integrate with seven such large entities, as well as retailers. The service is enabling people across the Czech Republic to experience Mobile Money in an easy-to-use and intuitive way today, without the need to upgrade their mobile phones, change-out their SIM cards or change their bank accounts.”
“MOBITO is a truly unique service and we are excited to be the strategic partner enabling the creation of this universal mobile payment ecosystem in the Czech Republic. This service will continue to evolve and adapt as the market for mobile payments expands to include NFC payments capabilities,” said Eric Duforest, Managing Director Europe at Oberthur Technologies.
Pankaj Gulati, CEO of MoreMagic Solutions, commented: “At MoreMagic, we are committed to developing open mobile commerce and financial services solutions that offer users around the world flexibility of choice, convenience and ease of use to complement today’s fast-paced lifestyles by eliminating the barriers to entry for merchants into the world of mobile payments and enable banks and operators to inter-operate in a trusted manner to deliver real-time services to their customers.”
About MOPET CZ
MOPET CZ was founded in 2010 by Tomáš Salomon and Viktor Peška, bankers with many years of experience, and four bank Česká spořitelna, GE Money Bank, Raiffeisenbank, UniCredit Bank and all Czech mobile operators - Telefónica, T-Mobile, Vodafone. In May 2012, the company was granted permission to operate by the Czech National Bank along with status as an electronic money institution. MOPET CZ is a transaction centre for mobile payments and its goal is to make MOBITO the standard type of payment on the market. Together, the shareholders represent almost 60 % of the retail banking market and 100 % of the mobile phone market.
For more information: www.mobitoplatito.cz
About Oberthur Technologies
Oberthur Technologies is a world leader in the field of secure technologies: systems development, solutions and services for smart cards (payment cards, SIM cards, access cards, NFC…) and for secure identity documents, traditional and electronic (identity card, passport, health care card). Created in 1984, Oberthur Technologies employs over 6 000 employees. With 50 sales offices across 5 continents, Oberthur Technologies’ international network serves clients in 140 countries.
For more information: www.oberthur.com
About MoreMagic Solutions, An Oberthur Technologies Company
MoreMagic Solutions is a wholly owned subsidiary of Oberthur Technologies and a leading provider of mobile commerce and financial services solutions for mobile operators, financial institutions and other service providers worldwide MoreMagic’s flexible and scalable platform enables the delivery of a full suite of secure mobile commerce and transaction-based services including: P2P payments, remote and proximity payments, bill payments, mobile money transfer and airtime top-up. MoreMagic has more than 30 active deployments and over 120 mobile operators across 60 countries are connected to its international recharge hub.
For more information: www.moremagic.com

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  • Title
  • Picture (if available in news story)
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  • 25 Word Blurb (Preview
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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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NFC Mobile Payment Transaction Spend to Hit the $100 billion Mark In 2016, Says ABI Research


LONDON--()--ABI Research forecasts that the total value spend of NFC mobile payments will rise from $4 billion in 2012 to $191 billion in 2017, breaking the $100 billion mark in 2016. Mobile payments and more importantly the convergence between payment types - proximity, P2P and online - stored on a single NFC handset will be the initial trigger driving market convergence across a host of other markets, including ticketing, retail, loyalty, and access control.
Market convergence is not quite ready for mass commercial roll out, but the potential value add that NFC brings has been identified. Smart card and IC vendors, device OEMs, MNOs, partnering service providers, and payments networks are all set to benefit should convergence prove successful.
Research analyst Phil Sealy says, “Market convergence is at least two years away from reality. At ABI Research, we believe transportation and ticketing will be the first market to benefit from convergence, with 26% of all NFC handsets forecast to house a contactless ticketing application in 2017. Transport authorities will have the ability to offer additional added value services, including route planners, delay bulletins, time tables, as well as retail and loyalty, or advertising applications offering own brand or partnering/local business a platform to offer additional solutions to generate new revenue streams.”
Practice director John Devlin added, “There remains a number of barriers and limiting factors that need addressing before convergence success. The business models have not yet been clearly identified and proven with no real-world case studies to demonstrate the potential returns. Current MNO pricing strategies makes market entrance and investment difficult for potential partners. This is demonstrated by MNOs holding back from large-scale investment in NFC smartphones. Also Telefonica O2’s mobile wallet and Barclays PingIt have not included NFC functionality at launch. Although NFC is in their roadmaps, initial convergence is based upon the use of other technologies.”
ABI Research’s report, “Mobile Payments, NFC, and Contactless Convergence” provides specific coverage of market convergence, identified market beneficiaries as well as the current trends, drivers and inhibiters. It is part of the NFC (http://www.abiresearch.com/research/service/nfc/), Payment and Banking Cards & Contactless Technologies (http://www.abiresearch.com/research/service/payment-and-banking-card-contactless-technologies/), andMobile Money and Shopping (http://www.abiresearch.com/research/service/mobile-money-and-shopping/) Research Services.
ABI Research provides in-depth analysis and quantitative forecasting of trends in global connectivity and other emerging technologies. From offices in North America, Europe and Asia, ABI Research’s worldwide team of experts advises thousands of decision makers through 70+ research and advisory services. Est. 1990. For more information visit www.abiresearch.com, or call +1.516.624.2500.

Contacts

ABI Research
Christine Gallen, +44.203.326.0142

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NXP believes it will be 'many years' before NFC is put into SoCs

ePaymentNews 2 new results for "Near Field Communications"
Sony backs up James Bond with Skyfall Xperia
Canadian Reviewer
Sony announced the Xperia T – the Bond phone, which brings Sony's best HD experiences, easy connectivity with 'One-Touch' sharing enabled by NFC (Near Field Communications) and Sony's award-winning arc design, will launch in Canada with multiple ...
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Canadian Reviewer
NXP believes it will be 'many years' before NFC is put into SoCsInquirernxp-logo-rgb-ppt. AMSTERDAM: CHIPMAKER NXP said it doesn't seen near field communications (NFC) chips being integrated into system on chip (SoC) modules for a while. NXP might have managed to get eight out 10 smartphone makers to install its NFC ...
Philips & NXP
Philips & NXP (Photo credit: chuwasg)

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Finextra: Canadian carriers offload Zoompass joint venture

Blogs4 new results for NFC Mobile Payment
Former Nokia Money crew kicks off iKaaz mobile payments, lets ...
By Jon Fingas
The iKaaz M-POS solution allows merchants to replace expensive POS equipment with just a mobile phone that settles payments electronically. With the iKaaz Tap & Pay solution, that leverages NFC (near field communication) technology, ...
Engadget Mobile
Isis mobile payment system officially launching October 22 | Android ...
N-Mark Logo for certified devices
N-Mark Logo for certified devices (Photo credit: Wikipedia)
By Simon Sage
Just like Google Wallet, Isis will enable tap-to-pay schemes with NFC-enabled smartphones. ... It's something of a strategic necessity if U.S. carriers want a solid foothold in the mobile payment game without having to play by Google's rules.
Android Central - Android Forums,...
ISIS Mobile Payment Trials Slated for October 22 Kick-Off
The mobile payment company plans to kick off its long-awaited live trial in Salt Lake City and Austin next week, on Monday the 22nd. The fine details are still murky, but CNET reports that Isis expects its NFC-enabled mobile payment ...
LAPTOP Mag Main Feed
Finextra: Canadian carriers offload Zoompass joint ventureEach of the three wireless operators under the Enstream umbrella have been negotiating their own deals with the nation's biggest banks in an effort to introduce NFC-based mobile payments. Rogers, for example, applied for its own banking ...Finextra Research Payments channel


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Isis confirms Oct. 22 launch ' bringing mobile payments to Austin, Salt Lake City

News4 new results for NFC Mobile Payment
Isis NFC payment system claims October 22nd launch dateSlashGearFor those of you working with NFC-laden smartphones with nothing to do with them other than turning your wi-fi on or off, it's time to get happy: the mobile payment system known as Isis has all but confirmed that they'll be up and running on October 22nd.See all stories on this topic »

SlashGear
Clear2Pay and TestPlant offer mobile payments app testing solution
NFC World
NFC test equipment supplier Clear2Pay and graphical user interface testing specialist TestPlant have introduced a fully automated mobile payment app testing solution. The Mobile Payment App Test Solution comprises three elements in one tool: Clear2Pay ...
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NFC World
Isis confirms Oct. 22 launch ' bringing mobile payments to Austin, Salt Lake City
MedCity News
Isis, a joint project between AT&T, Verizon, and T-Mobile, was announced in November 2010, but it has been criticized for taking so long to launch. The company has been testing its near-field communications (NFC) mobile payment service in Salt Lake ...
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MedCity News
Don't completely outsource payment system rollouts: Coles
ZDNet
The terminals, which were deployed between February and June this year, also support NFC payments through compatible mobile phones. Having gone through an extensive research and testing phase, Coles Payment Services Delivery Manager, Cris ...
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New Apple patent award teases NFC alternative in iPhone's Future

ePaymentNews 1 new result for "Near Field Communications"

New Apple patent award teases NFC alternative in iPhone's Future 
CNET (blog)
FIG. 1 shows two users holding their respective portable electronic devices in preparation for data transfer between them. Until now, no Apple device includes near field communications technology. But the on-and-off rumor is on again. NFC is a short ...
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ISIS Mobile Payments To Launch On October 22, Aims To Be On 20 Handsets ...TechCrunch

ePaymentNews 4 new results for NFC Mobile Payment
Image representing TechCrunch as depicted in C...
Image via CrunchBase

ISIS Mobile Payments officially launching October 22nd
Android Community
We clearly saw this coming after yesterday's T-Mobile ISIS app launched early in the Play Store, not to mention leaks on Verizon have been pegging the same October 22nd release date. For those not fully sure what ISIS is, it's a NFC mobile payment ...
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Android Community
Is Apple iPhone Passbook the Future of Mobile Payments?
CIO India
If and when Apple does come up with an NFC chip, I think that the development community will get some hints so that they could start developing in advance. (There's more to NFC than mobile payments, writes CIO.com Senior Editor Al Sacco. Check out his ...
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Isis Mobile Payments Set For Oct. 22 Launch in Salt Lake City, Austin
Wired
Isis Mobile Payments Set For Oct. 22 Launch in Salt Lake City, Austin .... The mobile-payment system Isis, an aspiring rival to Google Wallet, has a launch date once again, and it's coming up quick — Monday, Oct. 22. Back in May, the plan was for Isis ...
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Wired
ISIS Mobile Payments To Launch On October 22, Aims To Be On 20 Handsets ...TechCrunchFor those not yet up to speed on the ISIS situation, it's a mobile payments scheme spearheaded by Verizon Wireless, AT&T, and T-Mobile (Sprint, if you'll recall, eloped with Google Wallet back in 2011). Users with the right NFC-enabled hardware and the ...See all stories on this topic »

TechCrunch


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Isis is alive, kind of...

News2 new results for NFC Mobile Payment
Isis To Launch NFC Mobile Payments
CIO Today
As of Monday, NFC mobile payments through Isis will be enabled in Salt Lake City and in Austin, Texas. A map listing equipped commercial establishments is posted on an Isis Web site, paywithisis.com. Stores will have a purple "Isis Ready" emblem ...
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CIO Today
Isis is alive, kind of
Mobile Payments Today
... will only be able to store and use payment credentials from partner credit card issuers Chase, Capital One and American Express to start. For more on this story, visit Mobile Payments Today's complete Isis coverage or the Contactless/NFC research ...
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Questions abound as Isis mobile wallet trials begin

News1 new result for "Near Field Communications"
Questions abound as Isis mobile wallet trials begin
TechHive
Isis is a mobile payment program based on Near-Field Communications (NFC) technology that has the support of AT&T, T-Mobile, and Verizon. On October 22, Isis begins field trials in Austin, Texas, and Salt Lake City, Utah, according to TechCrunch.
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TechHive


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Isis to roll out mobile payments on Monday

Joanna Cameron as Isis in The Secrets of Isis.
Joanna Cameron as Isis in The Secrets of Isis. (Photo credit: Wikipedia)
ePaymentNews  5 new results for NFC Mobile Payment
Isis to roll out mobile payments on Monday
Computerworld
Apple decided not to provide an NFC chip in its iPhone 5, but set up a precursor to a mobile wallet called Passbook, which runs in the iOS 6 mobile operating system. Passbook stores data, such as a Starbucks card, to make payments with the iPhone 5.
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Apple patent award teases NFC alternative in iPhone's future
CNET (blog)
As the announcement of the iPhone 5 neared, and even with the iPhone 4S before it, several rumors floated about the possibility that the new device would include hardware to enable NFC-based mobile payments. It was not to be. But now the United States ...
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Making money with mobile payments
Finextra
On a semi-related note, one of the recent articles on NFC stated that "most of [NFC-related] commercial problems amount to one thing: a failure of NFC and mobile payments to drive enough value to elbow its way into a payments model which has been set ...
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Canadian payment JV sells mobile wallet, changes focus
Mobile Payments Today
It was intended to be a stored-value payment service that would come with a companion contactless payment card and usher in everything from contactless mobile payments to person-to-person money transfers all using NFC technologies. The venture never ...
See all stories on this topic »
Isis makes October 22nd mobile payment launch official, vows 20 capable ...
Engadget
While we could easily see this coming, it's still good to hear the news more directly: Isis has confirmed that its delayed mobile wallet system will arrive on October 22nd. The company's marketing lead Jaymee Johnson tells us that the NFC-based ...
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Italian postal service to introduce NFC payments • NFC World

Map of Italian CAP (postal/Zip area codes)
Map of Italian CAP (postal/Zip area codes) (Photo credit: Wikipedia)

Italian postal service to introduce NFC payments • NFC World
The near field communication news source NFC contactless mobile payments RF SIM RFID and more. Skip to content. Home · About NFC World ·

www.nfcworld.com/.../italian-postal-service-to-introduce-nfc-...

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

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  • 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!
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To see our technology in action, visit NBANewsHeat.com or NFCIP.org
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Alliance Data Reports Record Third-Quarter 2012 Results


Alliance Data Reports Record Third-Quarter 2012 Results (via PR Newswire)

DALLAS, Oct. 18, 2012 /PRNewswire/ -- Alliance Data Systems Corporation (NYSE: ADS), a leading provider of loyalty and marketing solutions derived from transaction-rich data, today announced results for the quarter ended September 30, 2012.     CONSOLIDATED RESULTS Revenue increased 8 percent to $…

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American Express Third Quarter EPS up 6% to $1.09; Revenues Rise, Expenses Decline

English: no original description
English: no original description (Photo credit: Wikipedia)

Cardmember Spending and Loan Portfolio Grow as Credit Quality Remains Strong
NEW YORK--()--American Express Company (NYSE: AXP) today reported third-quarter net income of $1.3 billion, up 1 percent from a year ago. Diluted earnings per share was $1.09, up 6 percent from $1.03 a year ago.
(Millions, except percentages and per share amounts)
Quarters Ended
September 30,
Percentage
Inc/(Dec)
Nine Months Ended
September 30,
Percentage
Inc/(Dec)
2012
2011
2012
2011
Total Revenues Net of Interest Expense$7,862$7,5714%$23,441$22,2205%
Income From Continuing Operations$1,250$1,2351%$3,845$3,7074%
Income From Discontinued Operations, net of tax1
----$36#
Net Income$1,250$1,2351%$3,845$3,7433%
Earnings Per Common Share – Diluted:

Income From Continuing Operations Attributable to Common Shareholders2
$1.09$1.036%$3.31$3.087%
Income From Discontinued Operations1----$0.03#
Net Income Attributable to Common Shareholders2$1.09
$
1.03
6%$3.31$3.116%
Average Diluted Common Shares Outstanding1,1321,181(4)%1,1491,191(4)%
Return on Average Equity26.3%27.8%26.3%27.8%
# Denotes a variance of more than 100 percent
Consolidated total revenues net of interest expense rose 4 percent to $7.9 billion in the third quarter, from $7.6 billion a year ago. The increase was driven by a rise in cardmember spending and higher net interest income that reflected growth in the cardmember loan portfolio.
Adjusted for foreign currency translations, consolidated total revenues net of interest expense rose 5 percent from a year ago.3
Consolidated provisions for losses totaled $479 million, up 92 percent from $249 million a year ago. This increase reflects substantially lower reserve releases than the year ago period, partially offset by lower net write-offs in the current quarter. Credit indicators continued to be at historically strong levels.
Consolidated expenses totaled $5.5 billion, down 2 percent from $5.6 billion last year. The decrease reflects lower salaries and employee benefits costs and lower rewards expenses. Year ago expenses were reduced by the receipt of the Visa settlement totaling $70 million.
Adjusted for foreign currency translations, consolidated total expenses are down 1 percent from a year ago.3
The effective tax rate was 33 percent, up from 28 percent in the year ago quarter. The year ago tax rate reflected the realization of certain foreign tax credits.
The company's return on average equity (ROE) was 26.3 percent, down from 27.8 percent a year ago.
“We generated solid results this quarter against the backdrop of a very uneven global economy,” said Kenneth I. Chenault, chairman and chief executive officer. “Bottom line results were driven by higher revenues and lower expenses, a combination that reflects ongoing efforts to contain operating costs while maintaining a substantial level of investment in our marketing and rewards programs.
“Cardmember spending rose 8 percent in the U.S. from a year ago and 6 percent globally (8 percent fx-adjusted). That’s a healthy pace in the current environment and an improvement from earlier in the quarter. Nonetheless, it represents slower growth than we were generating earlier in the year, a trend that we’re seeing among major card issuers.
“Credit quality remained at the historically strong levels, but we didn’t have the same benefit from substantial reserve releases as last year when write-offs and delinquencies were declining at a faster rate.
“We continue to see many growth opportunities as new technologies drive the migration of global payments from cash and checks towards plastic and digital transactions. We are strengthening traditional products that deliver value to cardmembers and drive business for merchants. At the same time, we are also moving to broadening our franchise with the extension of our Loyalty Partner business into new markets like Mexico and the recently announced partnership with Walmart to reach new segments of the U.S. market that are looking for an alternative to traditional debit cards and checking accounts.
“Taking full advantage of these and other opportunities, particularly in a slow growth economy, will continue to require rigorous cost containment to help ensure that we have the investment resources needed to continue to deliver on our growth objectives.”
Segment Results
U.S. Card Services reported third-quarter net income of $699 million, down 5 percent from $733 million a year ago.
Total revenues net of interest expense increased 6 percent to $4.1 billion from $3.8 billion. Revenues reflect an 8 percent increase in cardmember spending and a rise in net interest income, driven primarily by a 5 percent growth in average cardmember loans.
Provisions for losses totaled $339 million, up from $143 million a year ago. The increase primarily reflects lower reserve releases than the year ago period, partially offset by lower net write-offs in the current quarter.
Total expenses increased 2 percent from the year ago period, primarily reflecting higher operating expenses,4 partially offset by lower rewards-related costs.
The effective tax rate was 38 percent compared to 36 percent in the year-ago period.
International Card Services reported third-quarter net income of $164 million, down 26 percent from $221 million a year ago.
Total revenues net of interest expense decreased 3 percent to $1.3 billion. Adjusted for foreign currency translations, revenues rose 2 percent from a year ago.3
Provisions for losses totaled $83 million, down 18 percent from $101 million a year ago.
Total expenses decreased 3 percent primarily reflecting lower operating expenses. Adjusted for foreign currency translations, expenses were unchanged from a year ago.3
The effective tax rate was 21 percent compared to (17) percent in the year ago period, which reflected the realization of certain foreign tax credits last year.
Global Commercial Services reported third-quarter net income of $183 million, down 7 percent from $197 million a year ago.
Total revenues net of interest expense increased 2 percent to $1.2 billion, reflecting higher cardmember spending, partially offset by lower travel commissions and fees. Adjusted for foreign currency translations, revenues rose 5 percent from a year ago.3
Provisions for losses totaled $32 million compared with a credit of $17 million a year ago, which included reserve releases last year.
Total expenses decreased 3 percent, reflecting lower operating expenses as well as lower costs for marketing, promotion, rewards and cardmember services expenses. Adjusted for foreign currency translations, expenses were down 1 percent compared to a year ago.3
The effective tax rate was 33 percent compared to 27 percent in the year ago period. The year ago tax rate reflected the realization of certain foreign tax credits.
Global Network & Merchant Services reported third-quarter net income of $360 million, up 8 percent from $332 million a year ago.
Total revenues net of interest expense increased 5 percent to $1.3 billion, reflecting higher merchant-related revenues driven by an increase in global cardmember spending. Adjusted for foreign currency translations, revenues rose 7 percent from the year ago quarter.3
Total expenses increased 2 percent. An increase in operating expenses was partially offset by lower marketing, promotion, rewards and cardmember services expenses. Adjusted for foreign currency translations, expenses rose 4 percent from a year ago.3
The effective tax rate was 36 percent compared to 35 percent in the year ago period.
Corporate and Other reported third-quarter net loss of $156 million compared with net loss of $248 million in the year ago period. The year ago period reflected a number of items including charges related to legal exposures and $70 million ($43 million after-tax) benefit from the Visa settlement.
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress,linkedin.com/companies/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

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