PURCHASE, N.Y., and SAN FRANCISCO (12/5/11)--MasterCard and mFoundry have partnered to combine MasterCard's Tap & Go PayPass technology with mFoundry's mobile financial services platform to make mobile contactless payments accessible to more consumers.
The partnership includes an investment by MasterCard in mFoundry.
Mobile PayPass, which uses near field communication (NFC) technology, allows consumers to make payments by tapping their NFC phone on any PayPass-enabled terminal at a merchant check-out.
mFoundry provides mobile banking solutions for more than 560 banks and credit unions.
MasterCard and mFoundry also will collaborate to provide mobile phone operators an application that supports Mobile PayPass, which will allow them to offer mobile contactless payments to their customers.
MONETT, MO. (12/5/11)--Financial institutions using the BusinessManager accounts receivable financing solution from ProfitStars are increasing their return on assets (ROA) while meeting the business lending needs of their members/customers in the oil and gas market, said ProfitStars.
BusinessManager has assisted financial institutions in funding more than $500 million in accounts receivable for the energy "play" space since 2009.
ROA, a key indicator of a company's profitability, averages 0.88% among domestic financial institutions, said the company. ProfitStars' clients average 10% ROA on business accounts that use BusinessManager and 13% for accounts in energy play markets.
Many financial institutions serving the energy play market--which includes areas in the Midwest, Northeast, and Southwest experiencing significant oil and gas industry growth--need alternative financing options to offer quick cash flow to business customers, said ProfitStars.
BusinessManager is used by credit unions and banks to accomplish two primary goals: assist creditworthy business members/customers with management and funding of accounts receivable; and earn recurring income.
"Financial institutions in energy play areas have the potential to tap into a significant source of recurring fee income if they are prepared to meet the unique lending needs of these business customers," said David Foss, ProfitStars president. "And providing these business [members and] customers with the cash flow they need to grow their businesses creates the ongoing need for manpower, materials, and services and community-wide growth opportunities. BusinessManager bridges the gap between outstanding accounts receivables and cash flow, and empowers financial institutions with a distinct and lucrative lending solution."
ProfitStars maintains a Commercial Lending Online Knowledge Center to educate financial institutions on moving beyond traditional lending strategies, whether they are diversifying their portfolio or expanding their commercial business base by bringing in new deposits, growing earnings and enhancing asset quality.