follow the money
Posted by Sheila Shayon on December 18, 2014 12:02 PM
Bitcoin has survived skepticism, economic volatility and outright hostility from entrenched financial institutions since it was created by Satoshi Nakamoto in 2008. But now, it's starting to seep into the global economy as more big brands are stepping out in support of the digital currency.
Time Inc. is the latest company to announce it’s accepting the virtual currency for subscriptions to many of its magazines, including Fortune, Health, This Old House and Travel and Leisure.
“For a major publisher like Time Inc. to embrace Bitcoin sends an important message to both its readers and to the broader media community,” said Brian Armstrong, CEO and co-founder of Coinbase (Time Inc.'s Bitcoin processor), according to the New York Times.Continue reading...
point of purchase
Posted by Catherine Straut on December 16, 2014 05:04 PM
Apple started the week off strong by reporting that the list of companies on the Apple Pay bandwagon has grown significantly over the past couple weeks.
Some of the newcomers now supporting the mobile payments platform are SunTrust, Barclaycard and USAA, as well as ten new banks, including TD Bank North America and Commerce Bank, the New York Times reports. On Friday, Amway Center, the home of the Orlando Magic, will start accepting Apple Pay at many of its retail, food and beverage stands during games.
With these new additions, Apple claims it now supports the cards that represent about 90 percent of the US credit card purchase volume.Continue reading...
Posted by Shirley Brady on November 14, 2014 04:42 PM
In 1828, Citizens Financial Group got its start as a small community bank called the High Street Bank in Providence, Rhode Island. Today it operates more than 1,200 branches across 11 U.S. states in the New England, Mid-Atlantic and Midwest regions.
In September, Citizens Financial Group spun off from its owner, the Royal Bank of Scotland, in a $3.5 billion public offering—the biggest U.S. bank IPO since the financial crisis. Now three-quarters owned by RBS, which intends to completely divest its stake by 2016, the firm is focused on unifying its brand to create a consistent presence and identity for both B2B and individual customers.
As EVP and chief marketing officer Arturo Perez told brandchannel editor-in-chief Shirley Brady, "We have benefited from our long association with RBS and will continue to maintain a strong business relationship with the company throughout this period and beyond. But for most of our customers, Citizens Bank or Charter One is the brand that resonates most with them. Therefore, the focus will be on introducing Citizens Bank to our Charter One markets."
Find out more about the brand’s key goals and achievements now that CFG is well on its way as publicly traded company—and what customers can look forward to in the months ahead.Continue reading...
follow the money
Posted by Dale Buss on November 4, 2014 05:03 PM
Citibank has been creatively trimming its sails for years, and now the banking brand is going to do some more nipping and tucking to burnish its consumer branches and to become more efficient—as well as attractive—in that part of the business.
The bank announced at the Money20/20 conference in Las Vegas this week that it plans to make its locations smaller and its technology flashier in seven major US cities, the Wall Street Journal reports.
The plans were unveiled by Jane Fraser, Citi's head of consumer banking, who was recently named one of the “Most Powerful Women in Banking” by American Banker magazine. The move is necessary, she said, because consumers think of bank branches as “fuddy duddy.”Continue reading...
Posted by Mark J. Miller on October 28, 2014 11:44 AM
When Rite Aid and CVS announced that they were going to disable Apple's mobile payments platform from use in their respective stores, it came as a surprise to the tech titan—an unpleasant one, to be sure.
Apple Pay only launched a week ago and had more than a million credit cards registered within its first 72 hours of existence, according to Reuters, while major retailers including Walmart and Starbucks declined to participate.
MasterCard has even integrated Pay into its new World Series-themed commercial (watch below) featuring Baseball Hall of Famer George Brett, the man who apparently inspired the hit song “Royals” by Lorde. Continue reading...
Posted by Sheila Shayon on October 20, 2014 11:17 AM
As CEO Tim Cook said last week, "We believe Apple Pay is going to be huge” and will "transform mobile payments.” And the big day is here.
Apple Pay debuted Monday to more than 10 million iPhone 6 and 6 Plus owners. Apple has lined up over 220,000 retailers including Staples, RadioShack, McDonald's, Macy's, Chevron gas stations, Walgreens and Panera Bread that will accept payment, and Visa, MasterCard and American Express plus more than 500 banks including Bank of America and Citi are on board.
While Google's Wallet met with resistance and was blocked by wireless carriers, Apple took some of the best features of Google’s model and simplified it by seamlessly integrating hardware and software.Continue reading...
follow the money
Posted by Mark J. Miller on October 15, 2014 11:22 AM
Citigroup Inc. is the US bank with the most international business, but that claim to fame isn’t enough to keep the company from announcing that it is exiting its consumer banking business in 11 countries, including Japan, Egypt, and Peru, which leaves Citi in 24 countries.
Citi, just named #48 on Interbrand's Best Global Brands report, has been studying its ledgers since 2012 to discover where it was weakest globally. The glacial pace of the proceedings is partially due to the bank not having “standardized accounting systems across all countries to compare the units' profitability,” sources told Reuters.
Announced with its latest quarterly earning report, it's all part of a bigger long-term plan by Citi to get smaller, better allocate "our finite resources" and increase profits. The effort kicked off after the financial crisis hit and has since meant the jettisoning of “hundreds of billions of dollars of bad assets,” Reuters notes.Continue reading...
Posted by Sheila Shayon on October 13, 2014 12:51 PM
Twitter is ready to enable simple person-to-person money transfers—but only in France, in what will be a closely-watched experiment.
Groupe BPCE is partnering with Twitter on the service, enabled by its S-Money mobile payments unit, which is open to French residents whether they're customers of the bank or not.
Billed as "instant, free and secure," the partnership "offers Twitter users in France a new way to send each other money, irrespective of their bank and without having to enter the beneficiary's bank details, with a simple tweet," Nicolas Chatillon, chief executive of S-Money, BPCE's mobile payments unit, said in a statement.Continue reading...