27 March 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Visa joins PFM bandwagon with new spend management tool

10 February 2011  |  13628 views  |  0 Fingers on Tablet computer, calculating

Visa has launched a personal money management tool for bank customers to categorise and track their spending across multiple Visa card products.

The service provides Visa account holders with a mobile SMS text, e-mail, and online spend management tool that allows them to set a "purchase threshold" for various accounts, monitor their spending in certain categories, and alerts them when their aggregate spending exceeds pre-set levels. Offered to account holders by participating financial institutions, the service will let consumers manage spending on any Visa account, including credit, debit or prepaid.

"Consumers want to play an active part in managing their financial accounts," says Jim McCarthy, global head of products at Visa Inc. "This service builds on our 30-year investment in VisaNet and existing real-time transaction alerts platform; it empowers Visa account holders to customise the service, receive account information in real time, and better manage their spending."

PNC Bank has been piloting the new services within its Virtual Wallet product - an online money management tool developed in 2008 to help customers better manage their spending and saving in real time. This month, the bank also began offering select features of the Visa service to its retail customer base - both consumers and small businesses.

Thomas Kunz, senior vice president and director of payments and e-business at PNC, says: "The Visa service will provide our online banking customers with additional flexibility and control over their card spending."

Visa is playing catch-up with rivals MasterCard and American Express, which both launched similar money management services in October 2009.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Lloyds TSB makes PFM move

Lloyds TSB makes PFM move

01 February 2011  |  15965 views  |  1 comments | 1 tweets
UK PFM start-up Money Dashboard goes live

UK PFM start-up Money Dashboard goes live

19 January 2011  |  11305 views  |  1 comments | 1 tweets
BMO latest to integrate PFM with online banking

BMO latest to integrate PFM with online banking

12 January 2011  |  8449 views  |  0 comments
Wells Fargo launches PFM 'Money Map'

Wells Fargo launches PFM 'Money Map'

11 January 2011  |  15796 views  |  1 comments
Gap taps Visa card transaction history for text message offers

Gap taps Visa card transaction history for text message offers

09 November 2010  |  10632 views  |  0 comments
Visa Europe completes EUR500m processing platform

Visa Europe completes EUR500m processing platform

01 October 2010  |  11352 views  |  0 comments
Americans prefer to access PFM tools though bank sites - survey

Americans prefer to access PFM tools though bank sites - survey

23 August 2010  |  12957 views  |  1 comments | 1 tweets
Strong UK demand for online money management tools - Yodlee

Strong UK demand for online money management tools - Yodlee

11 August 2010  |  15668 views  |  4 comments
MasterCard, Amex move into money management space

MasterCard, Amex move into money management space

15 October 2009  |  14751 views  |  1 comments
Americans prefer pen and paper to money management sites - survey

Americans prefer pen and paper to money management sites - survey

23 September 2009  |  7981 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57438 views comments | 16 tweets | 36 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
10070 views comments | 44 tweets | 27 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
9581 views comments | 31 tweets | 38 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
9045 views comments | 23 tweets | 37 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job