Following a successful first year, Visa (NYSE: V) surges in pre trading session on Thursday as the firm announced the second class of its Visa Black Scholars and Jobs Program, which will provide scholarship assistance for up to four years, ongoing learning opportunities, and one-on-one mentorship with Visa team members throughout their college experience to 75 incoming first-year college students. Visa Black Scholars will also be invited to a Black Scholars Summit and offered paid internship options, and those who complete program requirements will be invited to join Visa full-time following graduation.
Since its inception in August 2021, the Visa Black Scholars and Jobs Program has helped 126 students as part of the company’s five-year $10 million investment to achieve long-term beneficial change.
“Seeing the beneficial benefits of the Visa Black Scholars and Jobs Program on our scholars and company has been encouraging,” said Michelle Gethers, Visa’s Chief Diversity Officer and Head of Corporate Responsibility. “Scholars are given opportunity to further their educational and professional growth in addition to financial help. The Visa Black Scholars and Jobs Program is one of Visa’s numerous commitments to fostering an inclusive workplace and effecting purpose-driven change for future generations.”
Western Union Company (NYSE: WU) Hires New Chief Financial Officer
The Western Union Company (NYSE: WU) has named Matthew (Matt) Cagwin as Chief Financial Officer (CFO), beginning January 20, 2023. Cagwin had been the temporary CFO of the Company from September 2022.
“Matt is a competent finance leader with extensive expertise of payments and financial services,” stated Western Union President and CEO Devin McGranahan. “His extensive expertise and experience will be a significant benefit to our organization as we focus on plan execution.” “Western Union is at a critical juncture, having just articulated our ambition for growth and change during our Investor Day,” stated Matt Cagwin. “I am proud to head our global finance group as we strive to create long-term value.”
Mastercard Inc. (NYSE: MA) and Visa Inc (V) Hopes On China Reopening
According to Wall Street analysts, Mastercard Inc. (NYSE: MA) and Visa Inc (V)will rely on China reopening to boost travel spending as the rate of development in other areas of the world slows from a post-pandemic boom. Executives from payment businesses said on Thursday that there is still opportunity for travel recovery in China, which reopened its borders earlier this month after abandoning its rigorous COVID-19 control procedures.
Analysts predict that when payment processors enter 2023, they will face difficult comparisons to last year’s robust growth. “The impact of the resurgence in cross-border transactions is expected to fade going ahead,” Morningstar analyst Brett Horn said. “However, China’s reopening should provide a minor lift.”
American Express (NYSE: AXP) Releases New Cash Flow Management
American Express (NYSE: AXP) announced the introduction of American Express Business BlueprintTM, a new digital cash flow management center built particularly for small companies that includes cash flow data, digital financial products, and a simple way to access and manage their Business Cards.
“Business Blueprint is a critical next step in American Express’ vision of becoming a digital one-stop shop for small businesses’ financial needs, whether it’s managing cash flow, making payments, getting paid, or accessing working capital,” said Anna Marrs, Group President of Global Commercial Services and Credit & Fraud Risk at American Express. “Kabbage is now completely integrated into the spectrum of American Express business products, enabling a comprehensive range of digital financial solutions to assist business owners manage their money easily and confidently.”