Australian Banking & Finance articles from September 2003

Australian Banking & Finance archives from September 2003

Hawker voted top executive: Zurich, ING the best insurers.(Michael Hawker, Zurich Financial Services and ING Australia top performers for 2003 Australian Banking & Finance newsmagazine's inaugural Insurance Accolades )
September 16, 2003... THE CHIEF EXECUTIVE OF Insurance Australia Group (IAG) Michael Hawker has been named Best Australian Insurance Executive for 2003 in Australian Banking & Finance newsmagazine's inaugural Insurance Accolades. Zurich Financial Services won...

Hawker growth strategy exceeds all expectations.(2003 Insurance Accolades)(Michael Hawker, Insurance Australia Group Ltd.)
September 16, 2003... BEST AUSTRALIAN INSURANCE EXECUTIVE Michael Hawker (IAG) WHEN MICHAEL HAWKER, IN HIS first decisive move as CEO of IAG, announced the $1.8 billion acquisition of CGU and NZI from Aviva in October last year, the market took a big step back....

ING takes initiatives to help advisers.(2003 Insurance Accolades)(ING Australia)
September 16, 2003... BEST LIFE INSURANCE COMPANY ING AUSTRALIA HAS BEEN A standout performer in the area of life insurance over the last 12 months with several new initiatives designed to make it easier for independent advisers to place business with them. ...

Zurich excels in core business lines.(2003 Insurance Accolades)(Zurich Australia's success in general insurance, life risk and investment products)
September 16, 2003... BEST GENERAL INSURANCE COMPANY Zurich ZURICH FINANCIAL SERVICES Australia is the only global financial services company operating in Australia in its three core tines of business--general insurance, life risk and investment products. ...

St Andrew's boosts custom.(2003 Insurance Accolades)(St. Andrew's Insurance)
September 16, 2003... BEST NEWCOMER St Andrew's Insurance ST ANDREW'S INSURANCE HAS carved out a strong niche for itself in the field of consumer credit insurance since entering the Australian market six years ago. It has formed key alliances with groups...

Munich sets standard.(2003 Insurance Accolades)(Munich Reinsurance Co.)
September 16, 2003... BEST REINSURER Munich Reinsurance THE ASSESSMENT OF RISKS AND the handling of ever new challenges requires a high degree of flexibility, mobility and creativity. Munich Re's international organisation, with a staff of more than 5900 at...

Personal insurance package tailored to customers' needs.(2003 Insurance Accolades)
September 16, 2003... BEST LIFE INSURANCE PRODUCT Personal Insurance Portfolio (CommInsure) COMMINSURE HAS IN THE PAST year unveiled an exciting range of new and innovative benefits to its personal, insurance portfolio. Peter Beck, managing director, said...

Premium business cover.(2003 Insurance Accolades)(QBE Mercantile Mutual Business Pack)(Brief Article)
September 16, 2003... BEST GENERAL INSURANCE PRODUCT QBE Mercantile Mutual Business Pack QBE MERCANTILE MUTUAL BUSINESS Pack insurance provides protection for retail, commercial and industrial. businesses, as well as trade and office-specific coverage. It...

'New' Colonial First State weathers tough market.(2003 Insurance Accolades)
September 16, 2003... BEST FUNDS MANAGER Colonial First State COLONIAL FIRST STATE HAS weathered the loss of several senior executives and tough conditions in the equity markets this year to remain the nation's largest manager of funds. Chris Cuffe was...

Wesfarmers makes hay while sun shines.(2003 Insurance Accolades)
September 16, 2003... BEST REGIONAL INSURER Wesfarmers WESFARMERS FEDERATION Insurance achieved a record result in the Last financial year with premium income rising eight percent higher than in 2001/02, as strong expense management and fewer than expected...

Building the brand with Billy.(2003 Insurance Accolades)(ING developes brand presence in Australia with Billy Connolly Series)
September 16, 2003... BEST PROMOTION ING (Billy Connolly Series) ING IMPLEMENTED THE BILLY Connolly series to reposition from a generic insurance company to broad-based wealth manager, build a top-tier brand and leverage full ING brand presence in Australia and...

'Lucky' AAMI improves customer experience.(2003 Insurance Accolades)(Brief Article)
September 16, 2003... BEST INSURANCE WEBSITE AAMI THE AAMI WEBSITE HAS BEEN designed to be user-friendly. Navigating the site is simple whether you are requesting a quote or seeking a pay premiums and it offers comprehensive information on the group's range...

Insurers hungry for cash.(Insurance Focus)
September 16, 2003... CASH HUNGRY INSURers accounted for one in every four dollars raised by companies in the Australian sharemarket in 2002-03. According to KPMG Corporate Finance's 2003 capital markets survey, insurers raised a total of $6.2 billion through...

Appropriate underwriting replaces share investment.(Insurance Focus)
September 16, 2003... INVESTMENT REVENUES OF Australia's general insurance sector remained flat in the Last financial year with most investing their reserves heavily in cash and fixed interest instruments, according to KPMG, in its Latest insurance survey. ...

British exit market.(Insurance Focus)(general insurance companies survey)
September 16, 2003... THE BRITISH ARE GONE AND the Americans are coming--these are two of the conclusions that Deloitte Touche Tohmatsu draws from its latest survey of top 20 ranking Australian general insurance companies. Taking the top spat, and the largest...

Deploying cross-application business processes.(Future Leaders & New Directions Series)
September 16, 2003... BUSINESS PROCESS COMPUTING was introduced Last year as the next wave in enterprise IT, where business processes, rather than discrete application functionality, are made the focal point of IT. Business process computing can reduce costs,...

Pratt nurtures performance culture; in the third of a four-part series on financial services executives on the rise, which will culminate on October 16 with a panel discussion luncheon, we profile Mike Pratt from Westpac.(Future Leaders & New Directions Series)
September 16, 2003... MIKE PRATT, GROUP EXECUTIVE, business and consumer banking of Westpac Banking Corp and CED of Bank of Melbourne, is a key figure in the Australian financial services sector and an executive with an enormous future. Business and consumer...

FAC uses specially trained financial advisers.(Future Leaders & New Directions Series)(Financial Advice Centre)
September 16, 2003... THE FINANCIAL ADVICE CENTRE (FAC) was launched to provide an efficient, scalable and cost-effective financial advice channel for dealer groups and major financial institutions. FAC is the first provider of outsourced life insurance advice over...

Bankers offer support for national water initiative.(Current Account)(Brief Article)
September 16, 2003... THE AUSTRALIAN BANKERS' Association has welcomed the national water initiative which was agreed at the Council of Australian Governments meeting this month. David Bell, chief executive of the ABA, said the $500 million dollar package will...

Pepper launches new home loan product.(Current Account)(Pepper Homeloans Pty Ltd.)(Brief Article)
September 16, 2003... PEPPER HOMELOANS HAS LAUNCHED a new home loan product that can provide financing for up to 100% of the market value of residential homes, effectively eliminating the requirement for a deposit. "This innovative new mortgage is available for...

Community branch hits funding requirement.(Current Account)(Heritage Highfields Community Branch)(Brief Article)
September 16, 2003... ORGANISERS OF A COMMUNITY branch planned for Highfields, north of Toowoomba say they've easily met their funding target. Some $80,000 in community contributions were required for the branch to go ahead. "We thrilled to say the Heritage...

Heritage boosts assets under management.(Current Account)(Heritage Building Society Ltd.)(Brief Article)
September 16, 2003... TOOWOOMBA'S HERITAGE Building Society has just hit $4 billion in total assets under management. Chairman of Australia's largest budding society Brian Carter said this was another milestone for the society and a sign of the vigorous and...

IBSA green light for surveillance.(Current Account)(International Banks and Securities Association of Australia)(Brief Article)
September 16, 2003... THE INTERNATIONAL BANKS and Securities Association of Australia (IBSA) has welcomed the release by ASIC of its Surveillance Report on Research Analyst Independence. Duncan Fairweather, executive director of IBSA, said: "The main finding is...

On the record.(Current Account)(three bank executives comments on current events)(Brief Article)
September 16, 2003... "It's like a poker player asking to see your hand before they decide to lay a bet." AMP CHIEF EXECUTIVE ANDREW MOHL ON NAB'S REQUEST FOR FULL ACCESS TO THE COMPANY'S FINANCIAL ACCOUNTS WITHOUT HAKING A FORMAL BID. "This is a strategic...

Banking world.(Current Account)(turning to MBA schools in India to hire)(Brief Article)
September 16, 2003... Caption: Students study in the library at the Indian Institute of Management in Bangalore, India. The world's top investment banks are turning to India, and this MBA school in particular, to hire skilled analysts who command a fraction of the...

MasterCard sees 50% rise in smart card issue.(Current Account)
September 16, 2003... CONTINUING TO STRENGTHEN its Leadership position in the smart card arena, MasterCard International has revealed a 50% increase to 12 million in the number of MasterCard-branded smart cards issued in the Asia/Pacific region in the first half of...

MIAA moves to discipline questionable behaviour.(News)(Mortgage Industry Association of Australia)
September 16, 2003... THE MORTGAGE INDUSTRY Association of Australia has Launched a new disciplinary process which will internally deal with questionable behaviour by members through the implementation of the HIAA Disciplinary Tribunal. The announcement...

Insurers urged to adopt Web services.(News)(Brief Article)
September 16, 2003... WEB SERVICES BURST ONTO the scene in the past two years as "the next big thing." Reams of propaganda from technology vendors promoted Web services as the next killer app, a revolutionary new technology that would change business to a...

Look at the coalface.(executive suite)
September 16, 2003... THE NEWS IS ONCE AGAIN GOOD. Banks have decided that relationships with customers are of paramount importance for future success and growth. However we may be excused for being cynical as we have heard much the same rhetoric many times...

Consumers prefer one-stop bill payment.(News)
September 16, 2003... AUSTRALIANS ARE CONTINUING TO embrace internet bill payment end ere becoming more sophisticated, but not necessarily in the way that experts predicted. A new survey, conducted by Global Reviews, reveals that consumers continue to flock to...

ING presents dream home.(News)(ING DIRECT Australia rewards global 8 millionth customer)(Brief Article)
September 16, 2003... IT WAS NOT LONG AGO THAT PEOPLE dreamed of owning a luxury yacht, a Ferrari or a new designer wardrobe. These days "'the dream" is much more likely to be owning their own home. Sadly, as property prices continue to soar, this dream will...

Wizard boosts customer service.(News)(Brief Article)
September 16, 2003... LISA MONTGOMERY, FORMER CEO of Infochoice, is joining Wizard to head up its new consumer information and advocacy program. She brings 18 years of experience in retail banking and mortgage tending as well as three years with online ratings...

Why Murray is customer driven: Commonwealth Bank managing director David Murray and his management team are reorganising the bank to become more customer focused than ever before. Murray, in an interview on the Nine network earlier this month, elaborated on his plans.(News)(Interview)
September 16, 2003... Q Why are you doing this now? MURRAY: Well essentially our customers are telling us they want us to know them better, they want us to deliver to them what they want, not what we think they want. and they want us to do it reliably and when...

Tips for consolidating costly data warehouses.(News)
September 16, 2003... MANY FINANCIAL SERVICES companies do not realise they can save millions of dollars by tackling a common problem hidden in their IT infrastructures--too many data warehouses, not enough usable information. Over time these departmental data...

Finance executives demand more from their IT vendors.(News)
September 16, 2003... AS OUTSOURCING GROWS, financial services executives are demanding greater oversight of technology vendors, establishing penalties for service failures and often hiring other firms to oversee the relationship. At the same time, management...

CBA introduces mobile EFTPOS.(News)(Commonwealth Bank of Australia)(MobileComm GPRS, electronic funds transfer with point of sale capacity)(Brief Article)
September 16, 2003... THE COMMONWEALTH BANK has introduced MobileComm GPRS, a portable EFTPOS terminal, which operates on the Optus GPRS mobile data network. An Australian first, the MobileComm GPRS is the latest release in the Commonwealth Bank's range of...

Behind the screens.(News)(briefs)
September 16, 2003... Frank Cicutto has put his reputation well and truly on the line with his raid on AMP. "Project Solar" as it is called internally, represents a make or break play for the NAB boss, who has been under pressure to make a move to secure the bank's...

Banks fail to service loan brokers.(News)(Brief Article)
September 16, 2003... BANKS ARE CAUSING MAJOR headaches by failing to provide adequate levels of service to mortgage brokers, mainly due to the archaic and complicated systems in place for mortgage approvals, according to Tony Harris, director of mortgage specialist...

Branch manager is back: the Commonwealth Bank is returning the branch manager to centre stage as part of the biggest cultural transformation in its history.
September 30, 2003... The bank says it will support the branch manager as the "customer champion". "Branch managers will spend up to 80% of their time with customers as part of redefining our 1000 branches to become true service and advice centres," said chief...

Four of the leading figures in the financial services sector.(Gail Kelly, Michael Hawker, David Liddy and Vaughn Richtor featured in a panel discussion luncheon)(Brief Article)
September 30, 2003... [ILLUSTRATION OMITTED] Caption: FOUR OF THE LEADING FIGURES IN THE FINANCIAL services sector, St George CEO Gail Kelly, IAG chief Michael Hawker, Bank of Queensland chief executive David Liddy and the boss of ING Direct Vaughn Richtor...

Cashcard sets sights on $300m offering.(News)(Brief Article)
September 30, 2003... CASHCARD AUSTRALIA, THE nation's largest supplier of payment services and automated teller machines, aims to go public on the Australian Stock Exchange this year. Managing director Greg Baker said the board had appointed Goldman Sachs,...

National to defend US class action.(News)(National Australia Bank Ltd.)(Brief Article)
September 30, 2003... NATIONAL AUSTRALIA BANK SAYS a class action suit has been filed against it in the US District Court over disclosures relating to its former HomeSide Lending Inc mortgage business. The suit alleges violations of US securities Laws dealing...

AFMA extends product range for fixed income.(News)(Australian Financial Markets Association)(Brief Article)
September 30, 2003... AUSTRALIAN FINANCIAL MARKETS Association has extended the AFMAdata service to include a full range of products for the fixed income markets. AFMAdata is a data feed of real time and reference information relating to Australia's wholesale...

The new $20 note is seen on the presses at the Bureau of Printing and Engraving in Washington.(banking world)(Brief Article)(Illustration)
September 30, 2003... [ILLUSTRATION OMITTED] Caption: The new $20 note is seen on the presses at the Bureau of Printing and Engraving in Washington. The new notes, designed to deter counterfeiting, have been in production since May at the bureau and then...

CBA launches reverse mortgage for seniors.(News)(Commonwealth Bank of Australia)(Brief Article)
September 30, 2003... THE COMMONWEALTH BANK HAS launched its first reverse type mortgage equity unlock loan for seniors to meet the needs of older Australians. The bank recognises that many Australians may not have money to live on to meet their desired quality...

On the record.(News)(David Murray, Brian Tamberlin, Gail Kelly and Shane Fitzgerald quoted)(Brief Article)
September 30, 2003... "We need to empower, motivate and skill our people in ways we have not done previously." CBA CHIEF EXECUTIVE DAVID MURRAY, ANNOUNCING THE BANK'S MASSIVE TRANSFORMATION PROGRAM. "I am not persuaded that the Reserve Bank misunderstood or...

Kiwibank confident of recouping early losses.(News)(Brief Article)
September 30, 2003... NEW ZEALAND'S STATE-OWNED Kiwibank made an annual loss as expected, but said rising customer numbers means it will likely chalk up profits from the 2004/05 trading year. The bank, which opened last year, also said it was eyeing expanding...

People the key to change.(executive suite)(banks should focus on internal people as key to service management)
September 30, 2003... SO MUCH HAS BEEN SAID AND written about what CBA's CEO David Murray announced as a new "service management" strategy for his bank. But no one seems to be explaining the HOW in relation to service improvements albeit we have seen the WHAT...

Mortgage brokers from all walks of life.(News)
September 30, 2003... THEIR BACKGROUNDS VARY FROM sales to teaching, hospitality to geology, range in age from 24 to 60 and are driving one of the most buoyant industries on the market--mortgage broking. Mortgage broker Mortgage Choice has released the results...

Virgin boss at world finance conference.(News)(Paul Pester, Virgin Money Group (Australia))(Brief Article)
September 30, 2003... THE CEO OF VIRGIN MONEY Group Paul Pester will be a guest speaker at the World Financial Services Conference in Sydney on November 19. Virgin Money launched in Australia in May this year and is already making inroads and Pester's views on...

Time to target Gen-Y.(News)(college students as financial consumers)
September 30, 2003... FINANCIAL SERVICES COMPANIES should be focusing more on developing new pools of potential customers such as university students and new graduates. A recent Celent Communications survey highlights a high level of sophistication and demand...

Debt repayment a priority.(News)(global survey of wealthy consumers)(Brief Article)
September 30, 2003... A GLOBAL SURVEY OF WEALTHY consumers shows affluent Australians are far more likely than their global counterparts to spend money on travel, clothes and home entertainment but less likely to spend a surprise windfall, preferring to pay off debt...

Investors take closer look at deal pricing of Low Doc loans.(News)
September 30, 2003... INVESTORS IN RECENT Australian residential mortgage-backed securities [RMBS] transactions will have noticed the ever-increasing prevalence of low documentation or 'Low Doc' loans within securitised loan pools. The traditional Australian...

Basel II Accord has many downsides: ratings agency.(News)(Standard and Poor's Corp.)
September 30, 2003... INTERNATIONAL CREDIT RATINGS group Standard & Poor's has identified a series of weaknesses in the latest consultative paper on the new Basel Accord which could have serious consequences for Australian financial institutions. S&P says it...

Interbank relationships.(News)
September 30, 2003... IF YOU TAKE A LIST OF THE world's 1000 largest banks, the top 25 (2 1/2%) account for about 34% of total Tier 1 capital and 38% of assets. One of the consequences of size is the capacity to afford the huge investments in technology...

When two worlds collide. Risk and accounting.
September 30, 2003... There is no doubt that one of the biggest issues for banks confronting IAS and Basel II compliance is the availability of specialist internal resources. On top of that challenge is the perceived need to establish two, very separate programs to...

St George trials new data network.(Special Report: Portals and Websites)(St. George Bank Ltd. trials Personal Broadband Australia's iBurst)
September 30, 2003... PERSONAL BROADBAND Australia's iBurst, the world's only truly mobile wireless broadband service, has complemented the IT security procedures used to fight an email hoax sent to St George internet banking customers. John Loebenstein, St...

Online professionalism lacking.(Special Report: Portals and Websites)(banks and mortgage brokers are not using the internet effectively)
September 30, 2003... AUSTRALIAN BANKS AND mortgage brokers are not using the internet effectively to help consumers find the right mortgage. This is despite the boom in home loan approvals and the continuing growth of the internet in Australia. According...

Best Bankers panel luncheon.(People)(Brief Article)
September 30, 2003... Four of the top figures in financial services, Gail Kelly, Michael Hawker, David Liddy and Vaughn Richtor attracted a large audience at a panel discussion luncheon presented by Australian Banking & Finance newsmagazine and sponsored by Optus....

Insurers battle to extinguish fire levy.(Australian Insurer)
September 30, 2003... THE INSURANCE INDUSTRY'S campaign to abolish the fire services levy (FSL) on property insurance is gaining momentum with the NSW Government launching a review into the funding. The Insurance Council of Australia and the local government...

ICA wants more action on HIH recommendations.(Australian Insurer)(Insurance Council of Australia)(HIH Insurance Ltd. bankruptcy aftermath)
September 30, 2003... THE INSURANCE COUNCIL OF Australia is disappointed the federal Government has not provided a more definite response to some of the key recommendations of the HIH Royal Commission. ICA executive director Alan Mason said the general insurance...

IAG eyes Chinese car market.(Australian Insurer)(Insurance Australia Group Ltd.)(Brief Article)
September 30, 2003... INSURANCE AUSTRALIA GROUP, which insures almost half the nation's cars, is targeting expansion in China, the world's fastest-growing vehicle market, where it owns Beijing's biggest auto association. "As China grows and car ownership grows,...

Reinsurers can't afford to lower their prices.(Australian Insurer)
September 30, 2003... REINSURANCE COMPANIES worldwide can't afford to lower prices as they struggle to boost profitability following two years of rising rates, said Julian James, a director at the Lloyd's of London insurance market. "The industry has still got...

AMP secures 10 licences.(Australian Insurer)(Brief Article)
September 30, 2003... AMP HAS BEEN ISSUED 10 AUStralian financial services licences under the Financial Services Reform Act by the Australian Securities and Investment Commission (ASIC). AMP applied for the 10 licences in August and they with become operational...

Insurers celebrate excellence.(Insurance Accolades)
September 30, 2003... More than 300 representatives of the insurance sector gathered in Sydney last month to celebrate industry excellence at Australian Banking & Finance newsmagazine's inaugural Insurance Accolades. The official presentation was followed by a...

Uniting tech and insurance.(Australian Insurer)(Lumley Technology, part of Lumley Insurance Group, brings technology solutions for insurance industry)
September 30, 2003... INSURANCE PRINCIPLES ARE based on managing risks and being responsive to the community during times of crisis. It is these principles that have guided the insurance industry. Traditionally, its reputation has been one of a reliable,...

Rising premiums bolster profits.(Australian Insurer)
September 30, 2003... THE ASIA-PACIFIC NON-LIFE reinsurance market is experiencing a period of profitability following a decade of weak results due to underpriced excess capacity. "Over the past two years, premium levels have grown across all Asian markets due...

Proust in the right groove at ANZ bank.(Future Leaders & New Directions Series)(Elizabeth Proust)
September 30, 2003... She has jumped from the oil industry to all levels of government, has held chairmanship roles and has now found her self firmly established in the Australian banking sector, after joining ANZ in January 1998. Proust was appointed MD of...

Change management for CRM success.(Future Leaders & New Directions Series)(customer relationship management)
September 30, 2003... INDUSTRY ANALYSTS ADVOCATE that customer relationship management (CRM) is a top IT priority among financial institutions. The market has fluctuated in popularity since its induction 10 years ago, but the basic need to service customers has...

IAG chief executive Michael Hawker described himself as the "luckiest CEO in Australia" after accepting the top gong at this publication's inaugural Insurance Accolades.(behind the screens)(Insurance Australia Group Ltd.)(Brief Article)
September 30, 2003... IAG chief executive Michael Hawker described himself as the "luckiest CEO in Australia" after accepting the top gong at this publication's inaugural Insurance Accolades. "I have inherited a great company with a great heritage and I feel very...

Aussie John Symond gave his usual polished performance as guest of honour at the Accolades and told a private dinner for the winners afterwards his group's next big growth thrust would be in the credit card area.(behind the screens)(Brief Article)
September 30, 2003... Aussie John Symond gave his usual polished performance as guest of honour at the Accolades and told a private dinner for the winners afterwards his group's next big growth thrust would be in the credit card area. "If we hit the right button...

The Insurance Accolades were warmly embraced by the industry, with one notable exception.(behind the screens)(Brief Article)
September 30, 2003... The Insurance Accolades were warmly embraced by the industry, with one notable exception. Munich Reinsurance CEO Rhys Withers didn't front to receive the accolade as best reinsurer, nor did he deem it appropriate to send anyone in his place. So...

St Andrew's Insurance boss John Van Der Wielen raised a few laughs when receiving the Accolade for best newcomer.(behind the screens)(Brief Article)
September 30, 2003... St Andrew's Insurance boss John Van Der Wielen raised a few laughs when receiving the Accolade for best newcomer. "Firstly I'd like to thank APRA for reducing the number of players in the market and increasing our chances," he quipped.

If Bank of Queensland chief executive David Liddy ever leaves the banking industry he sure would have little trouble securing a job in the Premier's department promoting the emerging "smart state".(behind the screens)(Brief Article)
September 30, 2003... If Bank of Queensland chief executive David Liddy ever leaves the banking industry he sure would have little trouble securing a job in the Premier's department promoting the emerging "smart state". At a panel discussion luncheon hosted by this...

At the same lunch St George CEO Gail Kelly, IAG boss Michael Hawker and ING Direct managing director Vaughn Richtor all provided some light moments in exchanges with MC Michael Pascoe.(behind the screens)(Brief Article)
September 30, 2003... At the same lunch St George CE0 Gail Kelly, IAG boss Michael Hawker and ING Direct managing director Vaughn Richtor all provided some light moments in exchanges with MC Michael Pascoe, showing they all possess healthy senses of humour and quick...

Former Westpac CIO Mary Ann Maxwell has joined META Group.(behind the screens)(Brief Article)
September 30, 2003... Former Westpac CIO Mary Ann Maxwell has joined META Group, a leading IT research and consulting firm, as a VP of executive directions in Australia and New Zealand.

Amex set to pursue partners.(News)(Brief Article)
September 30, 2003... NEW YORK: AMERICAN EXPRESS Co is ready to start pursuing credit card partnerships with banks after last week's federal antitrust ruling against Visa and MasterCard opened the door for competitors to pursue their market. American Express...