OTI Posts 91% Revenue Increase for 3Qs 2010 Y/Y

On Track Innovations contactless microprocessor-based smart card solutions announced 3Q/10 total revenues of $15.8 million, a $10.5 million drop from the year ago quarter. For the first 9 months of 2010, however, revenues totaled $43.6 million, a 91% increase compared to $22.8 million last year. Additionally, non GAAP operating expenses were $6 million compared to $ 6.1 million the year prior; GAAP operating expenses were $ $7 million vs $7.2 million last year; GAAP operating profit was $1.4 million compared to the $3.5million loss in 3Q/09; and revenues from licensing and transaction fees of $999,000, down from $1.8 million in the prior quarter. OTI designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. OTI applications include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking and loyalty programs.

1Q/09: $ 8.4 million
2Q/09: $16.9 million
3Q/09: $26.3 million
4Q/09: $ 8.6 million
1Q/10: $14.4 million
2Q/10: $27.8 million
3Q/10: $15.8 million


LaserCard to Showcase Multi-Purpose ID Cards

LaserCard secure ID solutions is set to highlight its multi-technology smart card solutions at the 9th Annual Smart Card in Government: Identity, Security & Healthcare Conference to be held Nov. 16-19 in Washington, DC. The Company will showcase its innovative approach to integrating multiple ID technologies on a single ID card, addressing the expanding security and functional needs of government ID programs around the world. LaserCard Corporation’s booth is #207. The rapid expansion of government identity and security initiatives, including expanded government efforts to improve and implement secure electronic medical records, is driving innovation in identity applications ranging from Patient ID to e-government to border crossing.


PayPal to Use Axiomatics Access Management

Axiomatics XACML authorization solution supplier has partnered with PayPal for its “Attribute Based Access Control” (ABAC) software solution. Servicing millions of users, PayPal operates an IT environment representing the largest XACML-based authorization deployment to date and will be using Axiomatics’ intelligent access management solution for the “ABAC.” The ABAC includes the Axiomatics Policy Server (APS), the Axiomatics Policy Auditor (APA) and Axiomatics’ policy modeling know-how in the form of professional services. Axiomatics access management products utilize XACML 2.0 and the 3.0 draft to provide enterprise-wide, fine-grained, context-aware authorization tp provide security management systems that can be integrated into virtually any existing IT platform.


Bridge Community Bank Reviews NACHA ACH

Aptys Solutions payments network for financial institutions and IA-based Bridge Community Bank announced positive results from the NACHA-initiated “Deposited Check Truncation” (DCT) Pilot. Facilitating the truncation of low-value consumer checks between financial institutions, the NACHA-initiated “Deposited Check Truncation” (DCT) Pilot is projected to save the Bank significant cost-savings with ACH, of which 50% of the items Bridge Community Bank handles are truncation-eligible. This comes on the heels of the Federal Reserve having announced its reducing electronic image pricing 12-13% for 2011. Bridge Community Bank has participated in the DCT Pilot since its launch in August using Aptys Solutions’ “PayLOGICS” payment processing.


MultiCarta Initiates Compass Plus Processing

Russia-based transaction processing center MultiCarta is set to implement the Compass Plus “TranzWare” processing. MultiCarta is a member of the VTB Group of companies and consolidates the processing service of all the banks within the group by replacing in-house solutions with outsourced processing. Increased business volumes, new requirements from customer banks in different countries and the reliability of the processing system are all factors that led to the need to upgrade their multi-vendor processing infrastructure. MultiCarta selected Compass Plus after a competitive bidding process due to its speed of implementation, flexible product architecture and stable operation even under heavy transaction volume. MO-based Compass Plus retail banking software and electronic payments organization is an international provider of electronic funds transfer (EFT) and payments technology serves more than 100 customers in 25 countries, offering payment card management, fraud detection, transaction processing, mobile and electronic commerce.


iPayment Posts 3Q/10 Revenue Down $8mm Y/Y

iPayment 3Q/10 revenues were down to $175.1 million for 3Q/10 from the $182.7 million posted in 3Q/09 and $180.1 million in the quarter prior. Revenues, net of interchange, were $77,898,000 for the quarter compared to the year ago figure of $80,741,000. Net income was $5.2 million for 3Q/10 compared to $3.7 million in the year ago period. iPayment credit and debit card-based payment processing provides its services to approximately 135,000 small merchants across the United States. The payment processing services enable merchants to process both traditional card-present, or “swipe,” transactions, as well as card-not-present transactions, including transactions over the internet or by mail, fax or telephone.

1Q/09: $170.1 million
2Q/09: $190.2 million
3Q/09: $182.7 million
4Q/09: $174.9 million
1Q/10: $159.5 million
2Q/10: $180.1 million
3Q/10: $175.1 million
Source: CardData


SmartMetric Enters Visa/MC Settlement Discussions

On November 10
SmartMetric and defendants Visa and MasterCard
entered into a postponement stipulation with the US District Court to extend the report filing deadline
to November 30th, thus confirming it has engaged
in certain settlement discussions with one of the two defendants. Moreover, this indicates SmartMetric intends to maintain these copyright infringement
discussions on the SmartMetric portable biometric identity and transaction card storing a wide variety of personal information.
This comes after the Company filed a two complaints against Visa and MasterCard, originating from March 15
for patent infringement in United States District Court, for which it was seeking a preliminary and permanent injunction
against each defendant to prohibit any further infringement,
an award of actual damages SmartMetric has suffered by reason of the
infringement, and a royalty on each of the defendant’s infringement. On on May 6 VISA and on May 14 MasterCard filed motions to dismiss, both of which were
denied on June 2 in the US District Court for the Central District of California.
MasterCard has since admitted to having issued more than 50 million “PAYPASS”
cards that use a technology that SmartMetric claims breaches its patent. (Cardflash Library, 2010/07/29, 2010/04/23, 2010/06/08)


Citi Retail Partner Cards Launch New Loyalty

Citi Retail Partner Cards has inked agreements with rDialogue customer loyalty and relationship marketing firm to offer end-to-end loyalty solutions to its retail partners. Currently supporting private label consumer and commercial credit products and services, Citi is now set to offer the full suite of enhanced loyalty and consulting services as a core component of the comprehensive industry leading programs and services it offers every Partner. In addition to customer rewards, Citi services will now provide loyalty consulting services with integrated branding and custom-designed solutions and comprehensive programs that drive sales and loyalty with and beyond private label card use.


Custom Credit Systems Introduces mLending

Custom Credit Systems (CCS), a provider of small business and commercial loan processing solutions, announced new mobile capabilities for its CustomLender product suite at the 15th Annual RMA/American Banker Small Business Banking Conference in Fort Worth.

“Mobile banking is clearly the next step in our industry, and commercial lending has a lot to gain by evolving with the available technology”
CustomLender offers true end-to-end lending processing through five core modules: sales/CRM, loan underwriting and application processing, legal document preparation, loan boarding and servicing and proactive portfolio and risk management. The mobile features of the CustomLender suite give commercial lenders tools and information to more quickly address the needs of prospective and current borrowers from any location in a consolidated, single point of entry method, thus increasing sales and cross sale opportunities.

Lenders can now create or modify loan requests, alert customers about high balances, better manage portfolios and present custom cross sale opportunities from any location, including a commercial clients’ offices, via iPads, tablet devices and smart phones. Demonstrations of the new mobile capabilities are available at the Small Business Banking Conference.

“Mobile banking is clearly the next step in our industry, and commercial lending has a lot to gain by evolving with the available technology,” said Brian Shaw, CEO of CCS. “The primary role of a commercial loan officer should be to manage customer relationships; our mobile capabilities enable them to fulfill this goal while dramatically increasing efficiency and effectiveness. The result will redefine industry service standards.”

CustomLender is highly configurable; its screens, rules, flags and logic engines all easily adjust to meet the needs of any financial institution. Its streamlines operations for all types of financial institutions, ranging from several top 10 banks to community institutions.

About Custom Credit Systems

Custom Credit Systems is a premier provider of integrated, end-to-end, straight through credit processing and credit maintenance systems, via its CustomLender® product suite and other specialty modules. Custom Credit Systems has supported the unique needs of the leading financial institutions in the United States for more than 20 years. Several top ten financial institutions in the United States use Custom Credit Systems’ products to streamline their operations, provide better customer service and enhance their return to shareholders. The company is also a leading innovator of technology to support the complex processing needs of the financial services industry.

For more information visit the company’s Web site at www.customcreditsystems.com.


AmEx Issues $10mm Commitment to History

American Express has signed a $10 million, five-year commitment to historic preservation and launched the American Express “Partners in Preservation” program. This expands company focus on securing cultural assets for the future and builds on its decade-long relationship with the World Monuments Fund (WMF) through partnership with the National Trust for Historic Preservation. American Express’ partnership with the National Trust seeks to increase public awareness of the importance of historic and environmental conservation in the United States, preserve American historic and cultural landmarks, and strengthen local communities through preservation efforts. The National Trust is a U.S. nonprofit organization dedicated to protecting and restoring America’s historic landmarks and communities. Through “Partners in Preservation,” American Express will provide $5 million for each partner dedicated to preservation projects.


Planet Payment Sees 3Q/10 Revenue up 32% Y/Y

Planet Payment payment and data processor announced 3Q/10 total revenue was up 32% to $15.5m from the year ago figure of $11.7m with multi-currency revenue up 47% to $12.5m from the year ago figure of $8.5m. Gross profit for the period was up 22% to $5.0m from $4.1m in 3Q/09 while adjusted EBITDA for the quarter increased to $0.4m from $0.2m in Q3‘09. On a GAAP basis, net loss narrowed by 44% to ($0.4m) compared to the Q3‘09 loss: ($0.8m), and also narrowed by 47% sequentially over the prior quarter (Q2’10 loss ($0.7m). Planet Payment’s revenue growth reflects an increase in transaction processing volumes thanks to its 46 banking and processing customers having continued to roll out Planet Payment’s solutions in sixteen countries as reflected by the addition of 3,800 active merchant locations for a 39% increase from the year ago period. This is also a reflection of the Company having expanded debit card processing with the certification of Maestro for the Middle East and Africa; complementing Planet Payment’s support of VISA Debit and Interac in Canada; and adding EMV support for online PIN entry for the Middle East and Africa.