Capital One and Best Buy part ways
McLean, Va. — Capital One Financial Corp. said Tuesday that it will sell off its Best Buy portfolio of private-label and co-branded credit card accounts. Current loan balances total about $7 billion.
The pair is severing their ties earlier than expected – the break-even sale of the portfolio to Citi is expected to finalize in third quarter 2013.
"We have a proven, scale partnerships infrastructure and a great portfolio of partners," said Bill Cilluffo, EVP, card partnerships, Capital One. "Our partnerships business continues to deliver strong contributions to our results and serves as a platform for future growth potential.”
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Galeries Lafayette selects VeriFone for payment solutions
San Jose, Calif. — Verifone Systems said Tuesday that it has secured a deal with French department store chain Galeries Lafayette to handle its payment solutions and services over a five-year contract period.
The agreement includes managed services, software, helpdesk and 3,200 of VeriFone’s VX 820 advanced PIN acceptance devices that support credit, debit and EMV transactions, and include integrated NFC/contactlesstechnology for alternative payments.
The central component of the VeriFone solution is PAYware Wynid, a managed services platform that will encompass all Galeries Lafayette payments across the chain, including cross-border payments from the retailer’s German operation. Galeries Lafayette will also utilize VeriFone’s encryption and tokenization services to ensure the most secure payments environment.
“VeriFone was able to provide the most comprehensive payments solution to suit our needs over the foreseeable future, including encryption and tokenization of EMV payment transactions,” said Laurent Singer, director of data systems, Galeries Lafayette.
Galeries Lafayette is one of the largest retailers in France — and operator of the biggest retail store in Paris with 750 card acceptance stations.
Action Services Group names marketing lead
Aston, Pa. — Lighting, signage and electrical maintenance firm Action Services Group said Tuesday it has named Dale Clouser as director of marketing for the company.
In the newly created role, Clouser will be responsible for the company’s in-bound and out-bound marketing and communication efforts. He co-founded and ran his own B2B integrated marketing and communications firm prior to joining Action Services Group.
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