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- Payments industry veteran Dan Henry has been named chairman of 3PEA International Inc., a prepaid card program manager. President and chief executive Mark Newcomer, who co-founded the company and has served as chairman since 2006, will become vice chairman. Henry was until recently chief executive of prepaid card specialist NetSpend, now a part of Total System Services Inc. (TSYS), and before that was president and chief operating officer of processor Euronet Worldwide, of which he was a co-founder. Only two weeks ago, 3PEA had announced Henry’s appointment as a non-executive director.
- Credit and debit cards are the preferred method of payment for summer vacations, with 71% of 1,100 U.S. adult respondents citing plastic, according to a survey by Discover Financial Services. The card preference is strongest among Baby Boomers, at 82%, and weakest among Gen Z respondents (49%), who show the strongest preference for cash (35%).
- Ondot Systems Inc. said more than 3,000 financial institutions have adopted its apps to allow customers using mobile devices to turn payment cards on and off, monitor activity, and set location and spending limits.
- The Western Union Co. launched a program to encourage financial institutions to expand their international payments businesses, and announced a collaboration with United Bankers Bank for the new initiative.
- Bankrate LLC said its 2018 credit-union checking survey found that 92% of credit unions surcharge non-members when they use an ATM, compared with 99% of banks, with $3 being the most common surcharge for each type of financial institution. The survey also found that the average credit-union overdraft charge is $28.20, compared with $33.38 for banks.
- Marc O’Brien, the former chief executive of Visa’s operations in the United Kingdom and Ireland, was named CEO of Crypterium OU, a startup incorporated in Estonia that is building a mobile app to make cryptocurrencies easier for consumers to use. Crypterium raised $52 million in a late 2017 initial coin offering, BusinessInsider.com reported.
- Credit-union processor Co-Op Financial Services named Allan Kemp McMorris chairman of its board of directors. McMorris is president and CEO of Oakland County Credit Union in Michigan; he joined Co-Op’s board in 2010.
- Pangea Money Transfer named former Groupon Inc. executive Shafiq Shariff vice president of product.
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