On Track Innovations reported second quarter revenues of $10.2 million, a 1% decrease compared to 2Q/06. Gross profit of $4.4 million slipped 6% compared to the second quarter last year. OTI says it is expecting a stronger second half, with most of the growth realized towards the end of 2007. During the quarter, STMicroelectronics and OTI announced that their joint contactless solution has been certified as level 1, level 2, and Chip Assessment Security Testing (CAST) by MasterCard. Also, in Kenya OTI will provide Smart Applications International with 100,000 smart payment cards. For more details on OTI’s 2Q/07 performance visit CardData (www.carddata.com).Details
Western Union has signed agreements with EGT Holdings of Chile
to offer intra-country remittance services at nearly 500 locations.
The most significant EGT transportation provider is Tur-Bus, which
provides both interurban and tourism services in Argentina and Chile.
Western Union provides money orders through a network of more
than 312,000 Agent locations from over 200 countries and territories
around the world.
For 1H07, Bank of China has reported an operating profit of RMB 50.315
billion and a 51.7% increase in net profit from shareholders since 1H06.
The bank also reported an average equity growth of 15.18%, average
growth of 1.16% and net profit growth of 73% since the previous half. The
growth for this half was in due part to growth in net interest income
fee income. Net interest income of BOC grew 29.6% while the net interest
spread and net interest margin widened to 2.49% and 2.66%, respectively.
Non-interest income increased by 19.9% to a total of RMB17.604 billion.
The bank’s agency commission income grew by 143.3% with subsequent
growth of 72.0% in net fee and commission income. Due to the instability
of the U.S. sub-prime mortgage market, however, BOC has made
unrealized impairment loss provisions of RMB388 million and RMB758
million against certain subprime ABS and subprime CDOs, respectively.
Giftcard software provider SmartClixx has announced its “Platinum Partner Program” available for licensing by Payment, POS, Banking and Network providers. The Web-based application runs on a vendor-independent database layer that allows the simultaneous use for multiple companies, divisions, chains, stores and terminals to communicate in a hosted environment. SmartClixx is a provider of in-house Stored Value Card/Gift Card application software and services platform with no transaction fees.Details
TN-based shopping center developer CBL & Associates Properties is offering shoppers a line of themed “American Express Gift Cards,” available for sale via CBL’s mall websites. CBL already offers the American Express Gift Card, as well as its own CBL gift card for sale both online and at many of its regional malls. With the new agreement, CBL will add the “American Express Gift Card Especially for Kids,” “Especially for Teens,” “Especially for the Bride and Groom,” and “Especially for Birthdays” to its portfolio of gift cards. The cards are available in a variety of denominations. All American Express Gift Cards come with a choice of cardholder-only special offers at participating merchants including 1-800-FLOWERS.COM, AMF Bowling, Build-A-Bear Workshop, f.y.e., KB Toys and Kid’s Foot Locker. CBL owns, holds interests in or manages 130 properties, including 80 regional malls/open-air centers.Details
NJ-based On Track Innovations reported second quarter revenues of $10.2 million, a 1% decrease compared to 2Q/06. Gross profit of $4.4 million slipped 6% compared to the second quarter last year. OTI says it is expecting a stronger second half, with most of the growth realized towards the end of 2007. During the quarter, STMicroelectronics and OTI announced that their joint contactless solution has been certified as level 1, level 2, and Chip Assessment Security Testing (CAST) by MasterCard. Also, in Kenya OTI will provide Smart Applications International with 100,000 smart payment cards. For more details on OTI’s 2Q/07 performance visit CardData (www.carddata.com).Details
Midwest Airlines is now accepting PayPal to purchase tickets. With PayPal, customers can make online purchases without sharing financial information with a merchant, providing an extra layer of privacy. PayPal also provides customers with more convenience, allowing them to pay using debit cards, bank accounts, credit cards or stored balances that are accessed through their individual PayPal accounts. Midwest Airlines offers service to 53 cities.Details
Crown Financial Services has released a new merchant cash advance that is based on the merchants total sales volume and not just VISA/MasterCard sales volume. Unlike a loan with a fixed rate of interest, amount due and set due date each month, merchant cash advances is paid back as credit card receivables come in. If the merchant’s business is doing well and sales are up, the advance provider collects the money sooner. If sales are sluggish, the payback takes longer. Since there is no time limit on paying back the loan, the effective annual rate decreases as the payments are extended over time, although the cash provider typically forecasts a fairly short period for payback, usually less than a year.Details
Apriva has issued Class A certification of VeriFone Vx Solutions payment systems running the “SoftPay 3.0” application and is in process with the MasterCard PTSP certification for the Apriva “Secure POS Suite” running on the “Vx” suite of payment systems. Apriva also certified VeriFone’s exclusive pay-at-the-table application, “ServPOS,” with the “Vx 670,” the smallest all-in-one wireless payment device in the industry, designed to be carried to the point of service and handed to a customer for customer-activated payment.Details
The world’s largest c-store chain has rolled-out a suite of gift cards. 7-Eleven, Elan Financial Services and InComm have introduced the “Vanilla VISA Gift Card.” The card is available in $25 and $50 denominations. 7-Eleven’s gift selection includes its own 7-Eleven gift cards, redeemable for gas or merchandise at participating 7-Eleven locations, as well as gift cards for many other popular brands including movie theaters and rental outlets, restaurants, sporting goods, bookstores, shoes, clothing, games and more. 7-Eleven also offers the 7-Eleven SpeakOut prepaid wireless handsets and ReVos cards, which provide unlimited prepaid calling time to 42 countries, as well as prepaid airtime cards from the nation’s leading wireless providers. 7-Eleven operates, franchises or licenses more than 7,200 7-Eleven stores in North America.Details
The Single European Payment Area (SEPA) has recorded a surplus of
EUR 5.9 billion and net direct and portfolio investment inflows of EUR
25 billion, mainly driven by equity security purchases, for June of 2007.
For current account, a surplus of EUR 5.9 billion was recorded reflecting
EUR 7.0 billion surpluses in goods and a EUR 3.9 billion services. For
the financial account, direct and portfolio investment totaled a net of
EUR 25 billion with net inflows of EUR 70 billion for portfolio investment
and net outflows of EUR 45 billion in direct investments.