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Online News Archive

News Editor: Leslee Mason email Leslee

This page will be updated bi-monthly. For current news, visit our home page

May-June 2010

Amex Canadian survey finds significant drop in businesses reporting a downturn and financial outlook stable

June 29, 2010--The quarterly American Express Small Business Index has climbed to its highest level in more than a year as 35 per cent of respondents reported business is improving. The index suggests Canadian small business owners believe that business conditions are turning, as the number of small business owners who are hopeful has stabilized.

The index, which is a key part of the quarterly American Express Small Business Monitor and measures and assigns a grade to the confidence, performance and attitudes of small business owners from coast to coast, climbed to 66 per cent, or a letter grade of C, in May, compared with 61 per cent or C- in March 2009 when American Express and Angus Reid Public Opinion began tracking attitudes of Canadian small business owners during the depths of the recession. Read the article


RegaloCard money transfer service comes to Canada

By Robin Arnfield, News Editor

June 21, 2010--U.S.-based RegaloCard has signed a distribution deal for its gift card-based money transfer service with Canadian prepaid card network operator SelectCore. The deal marks the first time that RegaloCard’s service will be available in Canada. Read the article


TIO set for Canadian expansion

By Robin Arnfield, News Editor

June 21, 2010 --Multi-channel bill payment processor TIO Networks is expanding its operations in Canada. The Vancouver, British Columbia-based company had until recently concentrated its activities in the U.S. where it provides bill payment and prepaid mobile phone top-ups at 21,000 automated kiosk and clerk-assisted locations.

Now TIO has signed a deal with new Canadian 3.5G wireless carrier Mobilicity to provide cellphone account payment and activation at 250 dealer locations across the Greater Toronto Area (GTA). The service will be provided via TIO’s PC-based point-of-sale software and processing system, TIO Express.Read the article


Flaherty announces task force to review payments system

June 18, 2010 --The Honourable Jim Flaherty, Minister of Finance, today announced the launch of the Task Force for the Payments System Review to help "guide the evolution" of the payments system in Canada.

“Today, Canadians can pay for things in a bewildering number of ways, even by tapping a cell phone against a scanner,” said Minister Flaherty. “It is important to ensure the payments system facilitates the introduction of new and exciting technologies to the benefit of users without compromising Canadian safety and efficiency or consumer protection." Read the article

Note--Payments Business will be following this story and publishing frequent updates online.


Interac introduces Flash to market

June 17, 2010 --Interac Association, Canada's leading payment network, has successfully carried out a series of contactless debit transactions using Scotiabank debit cards and TD Merchant Services' point-of-sale terminals. The new contactless enhancement of Interac(R) Direct Payment, called Interac Flash, increases the functionality of Interac branded debit cards by leveraging dual interface chips that give cardholders the ability to carry out a point-of-sale debit transaction using the contact or contactless feature of the card. Read the article

More: Update on Interac's contactless debit rollout

Citi cards deal first major move into duality, Burbach says

by Robin Arnfield, News Editor

June 15, 2010--CIBC’s deal to buy Citigroup’s C$2.1 billion Canadian MasterCard credit card portfolio marks the first major move by a Canadian bank into both Visa and MasterCard issuing, says IDC Financial Insights senior analyst Rob Burbach. Since November 2008, when Canada’s Competition Bureau ended its ban on duality, Canadian financial institutions have officially been able to issue and acquire both MasterCard and Visa credit cards. However, prior to CIBC’s deal with Citi, there had been very little obvious change in the credit card market, with only one major Visa issuer, RBC Royal Bank of Canada, launching a MasterCard-branded credit card, in partnership with WestJet Airlines. Read the article


Walmart Canada Bank launches Walmart Rewards MasterCard

June 15, 2010 --A new credit card from Walmart Canada allows cardholders to earn Walmart Rewards on everyday spending to redeem on everyday needs and wants, the company says. Walmart Canada Bank, a subsidiary of Wal-Mart Canada Corp., unveiled the Walmart Rewards MasterCard. Read the article


Citi sells Canadian Mastercard business to CIBC

June 14, 2010--Citi Cards Canada Inc. has agreed to sell a substantial portion of the assets comprising its MasterCard credit card business to Canadian Imperial Bank of Commerce. Citi Cards is the administrative agent of Broadway Credit Card Trust and the seller and servicer under Broadway's securitization program. Completion of the sale transaction will be subject to Citi Cards obtaining necessary regulatory approvals, to certain closing conditions for the benefit of CIBC or Citi Cards, and to the satisfaction of certain other conditions, including obtaining required consents to proposed changes to Broadway's securitization program. Read the article


CEO Gerry McCaughey says acquisition strengthens CIBC's leading credit card business in Canada

June 14, 2010 --CIBC, the leading credit card issuer in Canada, announced today that it is broadening its reach in the Canadian marketplace through the acquisition of a $2.1-billion credit card portfolio from Citigroup's ("Citi") Canadian MasterCard business. Through this transaction, CIBC, which had more than $14 billion in outstanding credit card balances at April 30, 2010, will become the largest dual credit card issuer in Canada. Read the article.


Low-cost credit cards could be part of Wal-Mart bank strategy

By Robin Arnfield, News Editor
June 8, 2010--Wal-Mart has announced plans to launch a bank in Canada on June 15, 2010, after the U.S.-based retailer received a banking license from Canadian financial regulators. The bank is expected to be known as Wal-Mart Canada Bank and La Banque Wal-Mart du Canada.

In September 2008, Wal-Mart applied to the Office of the Superintendent of Financial Institutions (OSFI) for permission to offer a range of financial services in Canada. It already offers money transfer services and ATMs at its Canadian stores. Press reports have speculated that Wal-Mart will offer low-cost credit cards as part of its banking offering. Read the article

By Robin Atfield, News Editor
June 6, 2010 --Visa Canada says it has seen “slow but steady progress” in merchant acceptance of Visa payWave-enabled contactless cards in Canada (see story below). “We’ve actually seen an upsurge in the last few months,” Shirley Matthew, Head of Chip Platforms at Visa Canada, tells Payments Business. Read the article


payWave speeds up everyday payments, Visa says

May 26, 2010--Visa Canada announced a new contactless payments initiative across Canada through its Visa payWave technology. The roster of Visa payWave-enabled merchants continues to grow, enabling Canadians to make secure, more convenient transactions and experience fewer and quicker line-ups when buying a cup of coffee, a bite to eat or other every day purchases. Visa payWave allows cardholders to simply "wave and go" by waving their card in front of terminals without the need to physically insert the card, sign, or enter a PIN into a point-of-sale device.Read the article


American Express Incentive Services rebrands as InteliSpend Prepaid Solutions

May 25, 2010 --American Express Incentive Services, LLC (AEIST) is now InteliSpend Prepaid Solutions, LLC. The name change comes roughly three months after Maritz Holdings, Inc. purchased American Express Company's minority interest in AEIS. Read the article


Canada Post rolls out MoneyGram across entire network

by Robin Arnfield, News Editor
May 17, 2010--Canada Post is now offering the MoneyGram money transfer service across virtually its entire network of government-owned post offices and retailer-owned post outlets. MoneyGram announced on May 12, 2010 that Canada Post had added over 3,000 locations to the 3,000 locations that already offered MoneyGram transfers. Read the article


Deloitte forecasts big changes in Canadian credit card market

By Robin Arnfield, News Editor
May 3, 2010--Deloitte Canada has published a report outlining significant changes to the Canadian credit card landscape. The report, Charting a new course for the credit card industry, says that, in the wake of record industry losses, consumer bankruptcies and the recently announced voluntary Code of Conduct for the Credit and Debit Card Industry in Canada, the credit card industry has been transformed from one of the most profitable areas of lending to one of the least. According to Deloitte, two things are clear: issuer strategies need to change and, in many cases, consumers will benefit.Read the article

Survey finds CFOs confident about Q3 hiring plans
June 29, 2010

Capital One names new Canadian president
June 24, 2010

Servus integrates customer data for banking June 21, 2010

Vendtek to announce Q2 financial results June 18, 2010

New RBC card rewards grocery purchases
June 17, 2010

Travelex release eliminates manual processing time
June 17, 2010

New Aspire card doubles up milage rewards June 16, 2010

Davis + Henderson reveals new technology June 15 ,2010

Canada gets video bank machines June 15, 2010

Entrust, Interpol have new smartcard credential service June 15, 2010

Scotiabank adds Interac ABM acquirer network June 14, 2010

TD offers new free apps for mobile banking June 9 2010

Consumer complaints about banking growing rapidly
June 9, 2010

Best Buy's reward card program named one of best in Canada June 7, 2010

RBC integrates financial management into web banking June 5, 2010

ATMIA Canadian Summit delves into key trends
June 4, 2010

Interac, RCC scholarship award winner announced
June 2, 2010

New PCI-ready IVR credit card payment service June 2, 2010

VersaPay grows revenue by 65% over Q1 May 27, 2010

VersaPay announces management change
May 27, 2010

Symantec buys VeriSign's authentication business
May 25, 2010

Mobilicity selects TIO Networks for bill payment services May 25, 2010

Travelex expands legal sector market globally May 21, 1010

YesPay fully EMV-certified by Chase Paymentech
May 18, 2010

Cash N Go implements transaction management software May 17, 2010

Visa Canada supports Code of Conduct May 17, 2010

Vancity rolls out in-branch card issuance May 12, 2010

Davis+Hendersen expands credit product line
May 11, 2010

hyperWallet adds to board with experience May 10, 2010

Forrester gives poor marks to Canadian bank sites
May 10, 2010

TD offers up "Branch of the Future" in Windsor May 6, 2010

Global Payments expands Asian market offerings
May 6, 2010

New Amex Canada CEO to lead key marketing teams
May 6, 2010

Scotiabank launches foreign worker banking program
May 5, 2010

HDX completes the acquisition of Posera May 5, 2010

Metrolinx rolls out contactless fare cards May 4, 2010

Pollard Banknote gets ticket contract in Ireland May 4, 2010



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