Visa and M&I Bank Ink a Seven-Year Extension

Visa has confirmed the signing of a seven-year agreement to renew its partnership with Wisconsin-based M&I Marshall & Ilsley Bank.
Under the terms of the agreement, Visa will provide payment programs for credit, debit, prepaid and commercials cards, as well as merchant acquiring services. Visa and M&I Bank have had a 30-year partnership. M&I is the largest Wisconsin-based bank, with offices throughout Wisconsin, Arizona, Indiana, Florida, Missouri, Minnesota and Nevada.
Earlier this week, Visa announced that it has renewed a brand partnership agreement with M&T Bank that provides customers with branded consumer and small business debit, commercial credit, and prepaid cards. M&T Bank is one of the top 20 largest U.S. commercial bank holding companies, with 680 offices and 1600 ATMs in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, New Jersey and the District of Columbia. (CF Library 12/2/08)

Details

Bankruptcy Filings Run 39% Higher in November

U.S. consumer bankruptcy filings rose 39% year-over-year in November. However, sequentially the total of 99,925 represented a slight decrease from the October total of 106,266. The American Bankruptcy Institute and the National Bankruptcy Research Center reports that “Chapter 13” filings constituted 33% percent of all consumer cases in November, a slight increase from October. ABI and NBKRC projects total bankruptcies for 2008 to approach 1.1 million, the highest figure since Congress changed the bankruptcy laws in 2005. According to the Administrative Office of the U.S. Courts, filings in the 12-month period ending June 30th neared the one million mark. The 967,831 bankruptcy cases filed represent a 29% increase over the prior 12-month period. Of the total filings 64% were Chapter 7 filings. Consumer filings for the same 12-month period, totaled 934,009, up 28% from the 727,167 bankruptcies filed in the 12-month period ending June 30, 2007.

BANKRUPTCY FILINGS
Jan 08: 66,050
Feb 08: 76,120
Mar 08: 86,165
Apr 08: 92,291
May 08: 91,214
Jun 08: 82,770
Jul 08: 94,124
Aug 08: 96,413
Sep 08: 88,663
Oct 08: 106,266
Nov 08: 99,925
Source: ABI/NBKRC

Details

Rapid7 and Trend Micro Fight Cyberthreats

Data vulnerability manager Rapid7 has teamed with Internet security
provider Trend Micro to provide the engine for Trend Micro’s “SecureSite”
Web-threat vulnerability scanning service. “SecureSite” helps
e-businesses safeguard their sites from malicious threats, meet PCI DSS
compliance and protects online shoppers from hackers attempting to steal
credit card numbers and passwords by monitoring Web application
vulnerabilities such as
cross-site scripting (XSS), SQL injection, data leaks, XPath injection
and bot attacks as well as a broad range of other vulnerabilities, which
may arise as a Web site’s content changes or new functionality is added
and can detect weaknesses and vulnerabilities such as
viruses, malware, spyware and other malicious Web threats that can cause
data losses during online transactions, further identity theft and set
off denial of service attacks.

Details

BofA Lands the Carnival C-Card Program

Vacation cruise line Carnival has selected Bank of America to operate
its corporate credit card program. Carnival Corporation will have a
program that covers three critical spending categories that includes air
ticket purchases, travel and entertainment expenses, and general
procurement and will benefit from access to Bank of America’s “Works”
application. “Works” is a web-based solution that automates, streamlines
and integrates corporate credit card payment authorization and
reconciliation and connects a client’s payment management automation
with Bank of America’s global credit card network.

Details

GPN Inks Four VIP LightSpeed Contracts

Gaming cash product provider Global Payments has signed four new casinos
to provide its “VIP LightSpeed”cash access products.
Emerald Princess, Spirit Mountain Casino, Jackpot Junction Casino and
Eastside Cannery to offer Global’s suite of products including “VIP
Preferred” check-cashing services, “PlayerCash @dvantage” credit and
debit card cash advance services, and
“ATM Cash @dvantage” services. “VIP LightSpeed” is an
Internet-accessible, PC-based platform that
provides cash access services for traditional and electronic check
cashing, ATM check
cashing, credit and debit card cash advances and credit reports. In
addition, VIP
LightSpeed provides high-speed processing of cash access transactions,
reduction of
risk associated with check-cashing and cash advance services, and a full
spectrum of management and legal compliance reporting tools.

Details

Chase Takes WaMu Card Processing In-House

Chase is discontinuing the servicing of Washington Mutual Bank’s consumer card portfolio by TSYS. Chase acquired WaMu’s portfolio in September as part of its purchase and assumption agreement with the FDIC regarding the assets and liabilities of WaMu. However, TSYS and Chase have agreed to an extension of the processing agreement for the Canadian card business through April 2012. Chase will pay TSYS fees for the WaMu deconversion and termination. The deconversion is expected to
take place in March after which Chase will process the WaMu portfolio in house on the technology platform it licenses from TSYS. WaMu accounts for less than 4% of TSYS’ revenues.

Details

Q-Card Names a New Sales Manager

Card manufacturer Q-Card has hired Jim Tusing, previously with G.L
Smith, as its new Sales Manager.
Tusing was a former partner with G.L. Smith Associates, specializing in
sales of mechanical and electronic
components to the OEM market. He began his career in the industry with
Nortronics
in 1986 as a Regional Manager and later promoted to Sales Manager for
Nortronics
which then became DRS Ahead Technology in 1997. During his tenure, he
was a team
member on several custom product design teams. Several of these designs
are still
being used in the magnetic card reading markets. Q-Card’s offerings
include magstripe
analyzers, card durability and opacity testers, smartcard analyzers,
magstripe test
cards, and magnetic developers.

Details

UEPS & IRAQ

Alternative payment provider Net1 UEPS will produce an
additional 800,000 smart cards to be issued to war victim beneficiaries and pension payment
recipients. This additional order follows the recent order of 200,000
smart cards received during October 2008. The total cards ordered from
Net1 to date amount to 1.1 million. In August 2008, Net1’s UEPS system was implemented in Iraq and is used
for the distribution and payment of government grants to war victims and
martyrdom beneficiaries, as well as salary and wage distribution and
payment to employees of the two state banks. Net1 provides its universal electronic payment system (“UEPS”), as an
alternative payment system for the unbanked and under-banked populations
of developing economies. The pilot system was
successful and for the first time in history the two state banks are
opening their doors to the public seven days a week to cater for the
flood of beneficiaries wanting to register for their smart cards.

Details

CHECKFREE & DUBAI ISLAMIC BANK

Fiserv has signed a contract to provide Dubai Islamic Bank
the CheckFree transaction management and
reconciliation solution. The intuitive user interface and ease of
deployment of the CheckFree
solution has positioned Dubai Islamic Bank to enable improved risk
management practices, and has already led them to extend the solution across
multiple business units. Ease of use of the CheckFree solution has
enabled Dubai Islamic Bank’s
staff to adapt to the new environment without intensive training.
CheckFree’s transaction management and reconciliation solutions are
deployed across a global customer base, including some of the largest
domestic and
international banks, custodians, brokers and asset managers. The Dubai
Islamic Bank
project is the result of an ongoing collaboration with EastNets Group,
Fiserv’s primary
business partner in Dubai.

Details

Coinstar/Overstock Offers Free Coin Counting

E-retailer Overstock.com has joined forces with Coinstar as part of the
“Coinstar Coin to Card” program that converts change to gift cards. To
receive free coin counting, consumers deposit their coins into
the Coinstar Center, the coin is then counted, and the full value is
applied to the eCertificate. The eCertificate is dispensed directly from
the machine and can be used immediately at Overstock.com. The
Overstock.com eCertificate is available on approximately 10,000 Coinstar
Centers across the U.S. Overstock.com offers over
600,000 products on their website, including apparel, jewelry,
designer accessories, home goods and sporting goods.

Details

OTI 3Q/08

On Track Innovations reports that revenues for the third quarter increased by 10% to $10.9 million. Net loss on a GAAP basis for 3Q/08 decreased by 39% to $4.8 million. At the end of the third quarter the Company had $106 million in total assets and $32 million in cash. During the quarter, OTI and Renesas Technology partnered to develop a secure contactless microcontroller payment certified by “MasterCard PayPass” and Visa; agreed to supply its contactless readers to the ERG Group for Utah Transit Authority’s contactless credit card bus payment solution; and its “Saturn 6000” countertop reader and “Saturn 6500” outdoor reader has been approved by Visa and MasterCard. For complete details on OTI’s latest performance visit CardData (www.carddata.com).

Details