New ruling by Federal Deposit Insurance Corp opens new questions

The American Banker has commentary on the new ruling that affects the funds in open-loop prepaid card accounts.

John L. Douglas, a partner in the Atlanta law firm Paul, Hastings, Janofsky & Walker LLP had this to say about the new ruling:

"It is one thing to say there is a deposit and there is insurance. That in and of itself is not all that big of a deal. The other issue that banks and program managers need to start worrying about really is: If you are going to create an insured-deposit relationship with a customer, what other regulatory requirements do you need to be worrying about as well? I don't know the answer."

Read more here.

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Popularity of prepaid cards growing in Australia

There's a great article at the Sydney Morning Herald that discusses the growing popularity of open-loop prepaid cards is Australia. The Heritage Building Society has issued 500,000 cards sin 2006.

Read the article here.

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New Alliance between Macerich and American Express

Announced Tuesday, American Express will now be the gift card provider for Macerich, a leading owner, manager and developer of regional shopping centers. This five year agreement will have American Express providing open-loop gift cards. It will also give Macerich the chance for new marketing and promotional programs.

COO of Macerich, Tony Grossi, had this to say about the new partnership:

American Express brings us a level of quality and innovation that aligns with our own focus on delivering outstanding retail experiences for our consumers and our retail partners. American Express understands consumer shopping behavior and excels at marketing their products while Macerich properties offer American Express a great opportunity to reach high-quality consumers and affect their purchasing decisions. We think this is a great match.

(Source: Fox News)

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Open-Loop Prepaid In Retail: Expanding Consumer Payment Options

In case you weren’t able to join us yesterday, we’d like share with you the webinar we hosted called, “Open-Loop Prepaid In Retail: Expanding Consumer Payment Options.” Tim Sloane, Director, Mercator Advisory Group, joined us for this excellent presentation, to discuss open-loop prepaid products in the retail environment. He addressed the growing convergence between open and closed loop prepaid products, implications for retailers and issuers, strategies for effective and efficient distribution and marketing, and outlook for profitability of these new card types

You can watch it anytime on demand here:

https://www1.gotomeeting.com/register/290400777

We hope you enjoy the presentation, and will keep you up to date on any forthcoming Prepaid Card Expo web seminars!

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Open-Loop Prepaid In Retail: Expanding Consumer Payment Options

We’d like to invite you to attend the Open-Loop Prepaid In Retail: Expanding Consumer Payment Options webinar. Tim Sloane, Director, Mercator Advisory Group will be our featured speaker. Register to view the webinar on Monday, June 16^th from 2:00 to 3:00 PM eastern standard time.

About the presentation:

One of the hottest areas in prepaid over the next few years will be the convergence of open-loop prepaid products within the retail environment. In this Webinar, Prepaid Card Expo speaker Tim Sloane will discuss:

- The growing convergence between open and closed loop prepaid products
- Implications for retailers and issuers
- Strategies for effective and efficient distribution and marketing
- Outlook for profitability of these new card types

About the Speaker

Tim Sloane, Director, Mercator Advisory Group

Tim Sloane is the Director of Mercator Advisory Group’s Debit and Prepaid Advisory Service. In this role he advises members throughout the year on business strategy and prepaid, debit, ACH, and EFT related initiatives. He is frequently quoted in leading industry publications including: American Banker, ATM & Debit News, Bank Technology News, Cards and Payments, Digital Transactions, The Green Sheet, CardLine, Federal Reserve Board Research Papers, Intelecard News, Payment News, The Prepaid Press, Transaction Trends, Transaction World, Windows in Financial Services, Business Week, InfoWorld, CNN, CNET, and CIO.

Tim has spent the past 28 years in the IT industry in senior strategy, marketing, and management positions. He has deep expertise in strategic planning, benchmarking, IT assessments, as well as the positioning and marketing of new products and services. Over the past four years he has built a practice housing the leading Prepaid and Debit analyst coverage available related to these markets.

Click here to register:

https://www1.gotomeeting.com/register/290400777

This web seminar is presented to you by:

The 2009 Prepaid Card Expo

March 9-11, 2009

Orlando World Center Marriott Resort

Orlando, Florida

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