ABA Banking Journal - August 2011 - (Page 12)

bank notes Prepaid card use trends upward Calendar-specific events influenced monthly usage of closed-loop prepaid cards, but the overall year-over-year trend, as shown in the table, was up across the board. The data comes from First Data Corp.’s quarterly SpendTrend report, which tracks year-over-year, same-merchant activations, redemptions, and reloads of merchant-branded cards in the United States, including spending, gift, incentive, and promotional cards. Closed-loop cards generally can only be used at the issuing merchant or affiliates. Banks have increasingly taken note of the prepaid market now that rules implementing the Durbin Amendment have been issued, although banks’ interest is more in open-loop cards, which SpendTrend does not track. Earlier this year ABA’s Business Solutions subsidiary launched a turnkey, bank-branded open-loop prepaid solution for ABA members. It is serviced by TransCard, with bank marketing materials provided by MasterCard. To date, 27 banks have signed on to issue the cards under the program, says Christopher McClinton, vice-president for card solutions at ABA. They range 12  |  ABA BANKING JOURNAL  |  august 2011

Table of Contents for the Digital Edition of ABA Banking Journal - August 2011

ABA Banking Journal - August 2011
Content
Chairman’s View
Editor’s Column
The Economy
Bank Notes
ABA Community Banking
Pass the Aspirin
Tech Topics
Cover Report: Branch Banking
Branch Design Portfolio
Will Local Players Win Reverse Mortgage Turf?
Compliance Clinic
Compliance Inbox
ABA Resources
Legal Issues
First Person

ABA Banking Journal - August 2011

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