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- Michael Rhodes has resigned as chief executive and president of Discover Financial Services Inc., effective April 1. Rhodes was “not expected to have a long-term role at the combined company after completion of the Company’s merger with Capital One Financial Corporation,” Discover said in a Form 8-K filed with the Securities and Exchange Commission. Rhodes was named CEO in December and took over the role earlier this month, arriving from a position as group head for Canadian personal banking at TD Bank Group. He succeeded John Owen, who had served as Discover’s temporary CEO since August last year. The proposed merger with Capital One was announced last month.
- The Consumer Financial Protection Bureau issued a circular to clarify when marketing by remittance services violates provisions in the Consumer Financial Protection Act that ban deceptive acts or practices.
- Billing and payments platform Input1 launched a feature that allows businesses to control how their names appear on customer statements to help cut down on chargebacks. Another new feature, Separate Settlements, enables businesses to settle credit card and automated clearing house transactions to separate accounts.
- American Express Co. launched what it calls an enhanced Hilton Honors business card that offers up to $240 per year in statement credits on eligible Hilton transactions, as well as a “simplified” rewards structure.
- Quisitive Technology Solutions Inc. announced an agreement to sell its BankCard USA Merchant Service Inc. unit to BUSA Acquisition Co., a Nevada-based entity owned by employees of BankCard, for terms that include $40 million in cash. Quisitive said the sale will allow the company to focus on its core Microsoft cloud and artificial-intelligence businesses.
- AppTech Payments Corp. announced the closing of its previously announced public offering of 2 million shares of common stock at $1 per share.
- Immediate, an earned-wage access company, announced a promotional agreement with PGA Tour professional golfer Mackenzie Hughes.
- Paysend said it is working with Currencycloud, a cross-border payments service owned by Visa Inc., to add features to Paysend Business, a recently introduced payments platform aimed at small and medium-size businesses.
- Payments-technology platform Modern Treasury introduced Professional Services, aimed at helping large companies build up-to-date payments infrastructure.
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