Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
BenefitMall history
BenefitMall company history timeline
In 1982, less than a decade after launching Westar 1, Western Union became the first company with five satellites in orbit.
In 1984, the problems related to overextending itself became manifest, as Western Union found itself suffering from a severe liquidity crisis.
William B. Winters , the founder of Diamond, has been Chairman of the Board of Directors and Chief Executive Officer since the company's formation in 1985.
Founded in 1986 to Purchase Bad Debts
The company acquired the first package offered by the Tulsa office of the FDIC in 1986 by submitting the winning bid for a portfolio of charged-off loans.
In 1986, there were eight million money-transfer transactions.
By 1989 CFS was servicing 6,700 loans with a face value of about $75 million.
In 1990 CFS signed its first contract with the RTC, originating out of the RTC office in Eagan, Minnesota.
Despite the American image of the country as economically volatile and politically unstable, Nicaragua has had open markets since 1990.
Prior to starting his own company in 1990, Mr.
Revenues for 1991 were $1.4 million.
In 1992, CFS made a groundbreaking arrangement with the RTC's San Antonio, Texas office to help the government agency liquidate millions of dollars in uncollected judgments and loan charge-offs from nine S&Ls in Texas.
In 1992, the company began the first consumer instant money-transfer service between the United States and Russia.
In 1993 the company repaid a $20 million loan at 32 percent interest within 11 months, convincing its lender to advance CFS $40 million at 18 percent.
At roughly the same time, the company introduced electronic funds transfer in Africa, entering Ghana in 1993 and expanding into South Africa, Ethiopia, Zambia, Senegal, Kenya, Nigeria, Uganda, and Eritrea during the subsequent two years.
By August 1994, First Data, a payment services company based in Hackensack, New Jersey, had emerged as the leading contender.
By 1994 CFS had grown to 182 employees and expected to hire another 125 by the end of the year.
Thoroughly revamped, Western Union waited during the summer of 1994 to find out who its new owner would be.
New Life As a Subsidiary Company Beginning in 1994
On May 31, 1995, CFS completed its first securitization with BancOne, pooling some 14,000 nonperforming and restructured consumer loans and selling them in two groups for a combined total of $80 million.
Securitizations As a New Source of Working Capital, 1995
Prisma's first client in 1995, Arroya Rios Vallejos, borrowed $500 for inventory for her corner store.
The company announced in April 1996 that it would donate $1 million for college scholarships and economic development, with $250,000 going toward programs of state and local chambers of commerce and $750,000 for 30 scholarships of $5,000 each over the next five years.
Timothy L. Moster is the founder of Moster Associates, a private investment advisory firm, and has served as Diamond's President since May 1996.
In 1996 CFS offered a 200 percent match on contributions to the company's 401(k) plan, and an annual profit-sharing bonus in 1996 resulted in an average check worth three weeks' salary.
Consequently, the company strengthened its ties with Elektra at the beginning of 1996, signing a 10-year agreement with the retailer.
Nicholas Brown joined the company as Senior Vice President, Western European Business Development in July 1997.
In mid-1997 collection work involved 1,200 front-line account officers calling to collect debts for eight hours a day.
During 1997 CFS had acquired bad debt with a $6 billion face value, typically paying from five cents to ten cents on the dollar.
Portfolio Manager: Honey Maria Aburto Villalta has been the loan portfolio manager since 1998.
1998: Western Union's money-transfer network ranks as the largest in the world.
In December of 2000, the Nicaraguan loan portfolio was at just over $850,000 distributed to 236 loans.
In 2000, Prisma held about 2 percent of the taxi finance market within a fragmented market where no single competitor dominates.
2000: Westernunion.com is launched.
The New York Times' front-page article "On Wall Street, More Investors Push Social Goals," from February 11, 2001, bolsters the second assumption.
The $1.5 million currently being raised in Series "B" round is scheduled to close in July 2001.
In fiscal year 2002, Prisma will relocate its Managua office to prepare for national and international expansion.
In 2002, as part of its consistent efforts to expand payment options on the Internet, Western Union launched its Consumer Web Payment Service, enabling customers' funds to be debited electronically from their checking accounts and funneled toward designated payments.
"Financial Services Company ." Business Plans Handbook. . Retrieved June 22, 2022 from Encyclopedia.com: https://www.encyclopedia.com/entrepreneurs/news-wires-white-papers-and-books/financial-services-company-0
Rate BenefitMall's efforts to communicate its history to employees.
BenefitMall jobs
Do you work at BenefitMall?
Does BenefitMall communicate its history to new hires?
BenefitMall competitors
BenefitMall history FAQs
Zippia gives an in-depth look into the details of BenefitMall, including salaries, political affiliations, employee data, and more, in order to inform job seekers about BenefitMall. The employee data is based on information from people who have self-reported their past or current employments at BenefitMall. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by BenefitMall. The data presented on this page does not represent the view of BenefitMall and its employees or that of Zippia.
BenefitMall may also be known as or be related to BenefitMall and Financial Services, Inc.