The Depository Trust & Clearing Company develops cost basis reporting software

The Depository Trust & Clearing Company (DTCC) announced this week that it is developing a new software solution designed to help financial services firms deal with the enhanced cost basis reporting requirements of The Emergency Economic Stabilization Act due to take effect in January 2011.

“Many in the industry had approached us to help solve this impending reporting challenge because they recognized that DTCC has the proven infrastructure and technical expertise to meet the federal mandate under such a short timeframe,” said Michael C. Bodson, DTCC Executive Managing Director, Business Management and Strategy. Bodson added that the cost basis software is an ideal fit for the company’s existing line of securities processing software and services.

Along with providing custody and asset servicing for more than 3.5 million securities issues from the United States and around the world, the DTCC is also one of the leading financial services software companies, providing clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives.

American Express purchases Revolution Money

American Express Co. is purchasing Revolution Money for nearly $300 million to keep up with trends in electronic payments, where new security features and internet credit card processing transaction options are changing traditional models, reports the Associated Press.

According to the article, merchant services provider Revolution Money offers payments authorized at checkout counters with a PIN number, with about 1 million merchants participating in the service. In order to reduce possible identity theft issues, Revolution Cards have no name, signature of account number.

“Acquiring Revolution Money is one step in expanding our reach in emerging payments, and one of the many we expect to take, but an important one," American Express Chairman and CEO Kenneth Chenault said in a conference call.
Revolution Money founder Jason Hogg said the acquisition by New York-based American Express will allow his company "to scale our technology and business years faster than we ever could on our own."

The main point of this acquisition is introducing existing American Express customers to alternative payment systems such as ecommerce merchant accounts, rather than having them go outside the company’s payment network.

Beach and Windstorm Plans

In recent years, we have all been reminded of the power of hurricanes and other natural disasters that can happen along America’s coastline, especially along the Gulf Coast and the Eastern Seaboard regions. In fact, the risks are so great that in many states it is impossible to get a home insurance online quote that includes storm or hurricane coverage, because most insurance companies consider people living on the coast to be too much of a risk.

One alternative is Beach and Windstorm Plans. These are state-funded pools that require insurance companies doing business in the state to pay into a fund that is used to offer additional hurricane and storm home owner insurance coverage. Currently, Alabama, Florida, Louisiana, Mississippi, North Carolina, South Carolina and Texas all offer this additional coverage. So when you are getting a free home insurance quote in these states, also do some research on this very valuable additional coverage.