FL-based nFinanSe has added the option of having purchase and available balance notifications sent to a cell phone or e-mail address after a prepaid card is used. This new free feature is available on all of “nFinanSe’s Gift Cards,” “Reloadable General Spend Cards” and “Payroll Cards.” When registering a “Gift Card,” “Reloadable General Spend Card” or “Payroll Card,” cardholders will be asked if they would like to receive free notification of their purchase and available balance by providing up to as many as three e-mail addresses. After each purchase, the cardholder will receive an e-mail message with the amount authorized and the available balance. Also, registered cardholders of gift cards will be sent an e-mail notification after 30 days inactivity to remind them of any unused balance.Details
TRM Corporation announced that Michael J. Dolan, previously CFO of Direct Group, has been appointed Chief Financial Officer. Dolan brings over twenty years of financial and accounting experience to TRM Corporation. As CFO at Direct Group, a privately held direct mail and fulfillment services company supporting major financial banking, insurance and marketing firms, he was responsible for managing all finance, treasury, reporting, banking, audit, HR and administrative functions and staffs. Prior to that Dolan held various finance and accounting management positions at Acxiom Corporation and at a time when the company’s annual revenue increased from $68 million to $800 million, he was the company leader in financial management, reporting, controls and systems. He also oversaw capital expenditure, analyzed M&A targets, and was responsible for cash management of roughly $400 million. TRM Corporation is a consumer services company that provides convenience ATM services in high-traffic consumer environments.Details
WI-based Fiserv has agreed to acquire CheckFree in an all-cash transaction valued at about $4.4 billion. CheckFree’s Electronic Commerce business serves 21 of the top 25 financial institutions in the U.S. and processes more than 1 billion transactions per year. CheckFree has annual revenues of about $970 million. Fiserv currently serves almost 6,000 core processing clients and all top 100 banks in the U.S. Fiserv says the deal will tightly integrate electronic bill payment and settlement capabilities with its core account processing and risk management solutions to create a unique value proposition unrivaled in the marketplace today. Pete Kight, CheckFree Chairman and CEO will be employed by Fiserv and appointed to its board of directors. Fiserv expects to realize more than $100 million in annualized cost savings and more than $125 million in annualized revenue synergies. The transaction is expected to close by the end of the year.Details
NJ-based Heartland Payment Systems reported that total revenues for the second quarter were up 20% to $333 million. Net income for the quarter jumped 40% to $10.4 million. Processing volume for the second quarter increased 21% to $13.3 billion from the same period in 2006. The Company’s active merchant count rose to 152,400 at June 30th, a 19% increase over the past twelve months. Same store sales at its installed base rose 3.3% during the quarter. Heartland noted that 84% of new merchants installed and 73% of total transactions were on “HPS Exchange.” The Company reaffirmed its 2007 full year guidance with net revenue (total revenues less interchange, dues and assessments) expected to grow between 21% and 23%. For complete details on Heartland Payment Systems’ second quarter performance visit CardData ([www.carddata.com]).
Barclaycard Business has extended its contract with Transaction
Network Services (TNS) to provide transaction security products and
services on the TNS network. For its more than 152,000 corporate
customers and 33.3% of UK retailers, Barclaycard will implement the
TNS POS routing. This routing is conducted over ISDN or PSTN,
DSL, host to host, and leased line connectivity. TNS provides electronic
transactions for various companies and has 32 offices in 29 countries.
Barclaycard has nearly 95,000 retailer and business relationships for
processing card payments, over 152,000 corporate customers and over
565,000 cardholders. In 2005, more than 1.8 billion purchases were
made with credit and debit cards through 192,000 Barclaycard BusinessÃÂ¢ÃÂ
customer outlets in the UK.
RBC reported it surpassed more than 10 million successful chip transactions at compatible merchant locations in Canada and worldwide. This milestone comes four years after RBC became the first Canadian financial institution to begin issuing chip cards nationally to
its “Platinum Avion VISA” cardholders in 2003. As part of Canada’s migration to chip cards, RBC along with other members of the Canadian payment card industry have announced a chip market trial to start this fall in Kitchener-Waterloo, Ontario, leading into a national rollout of chip-enabled cards, ATMs and merchant terminals over the next several years. In the past four years “RBC Avion” cardholders have been using chip in over 100 countries worldwide, most often in Europe and South America, but also in Saudi Arabia, Australia, and South East Asia. However, the majority of chip transactions are now occurring in Canada as more chip-enabled terminals are being placed with merchants.
USA Technologies announced that the NASDAQ Stock Market has approved its application to upgrade its listing from the NASDAQ Capital Market to the NASDAQ Global Market. Trading of the Company’s stock on the NASDAQ Global Market will commence at the market open on Wednesday, August 1, 2007 under the company’s current ticker symbol “USAT”. USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management.Details
Transunion has introduced an analytical tool, “Bureau Credit
Characteristics,” for consumer credit risk assessment in providing
information such as demographics, public records, enquiries and payment
performance. The solution develops risk “scorecards” which can define
and implement rules and policies throughout the customer lifecycle and be
customized for the business’ needs. “Bureau Credit Characteristics” can
also be used to identify segments and trends in their portfolios to
risk and maximize returns. TransUnion employs more than 4,000 employees
in over 30 countries on six continents.
Wing Lung Bank has deployed Thales’ “SafeSign” for two-factor based
retail e-banking user authentication to meet Hong Kong Monetary Authority
(HKMA) standards. Because the HKMA directive asserts that single-factor
authentication for high-risk transactions is no longer adequate, Thales and
Wing Lung Bank collaborated to design and implement a two-factor
authentication system for integration with the bank’s existing and future
applications. Specifically, this solution uses Vasco hand-held tokens
with the user’s online password or user name. Using a flexible platform for
consumer use, the solution provides risk assessment for the appropriate
security level. Thales employs 68,000 in 50 countries and projects 07
of over 12 billion euro. Wing Lung Bank had 2006 assets of HK$85 billion,
a total staff of more than 1,400 and 41 banking offices.
Norkom Technologies has acquired Digital Harbor for the expansion of
its client base and the expansion of global compliance security. With this
development, Norkom’s client list is over 50 and projects a 100% growth
in security compliance by 2010. The transaction for $36.5 million cash
stipulates the takeover of the company and the acquisition of Digital
Harbor’s 74 employees.
A new research study shows that the overall safest card issuers are: #1 Bank of America; #2 American Express; #3 tie – Discover and First National Bank Omaha; #4 Citibank; and #5 Navy Federal Credit Union. Javelin Strategy & Research says that its research also showed that in fraud prevention Citibank ranked top and in fraud detection American Express ranked as #1. More than half of the top card issuers still require full nine-digit SSNs when interacting with customers, whether by phone, Internet or mail. The number of issuers offering transaction alerts for transactions such as payment past due, new account set up, foreign transactions and replacement cards is a missed opportunity for issuers. The lack of alerts for changes to personal information makes issuers especially vulnerable to new accounts fraud and account takeover. Only 16% of card issuers provide an alert for physical address change. More than 80% of issuers report having a data breach resolution plan in place.Details
Espirit Financial Group has signed a Memorandum of Understanding with
Money Check ATM deployer for the joint deployment of ATMs in China.
The deployment of ATMs in China is currently estimated at 10,000 with
projections of growth to over 1,000,000 by 2014. With this development,
Espirit predicts a prosperous 2Q07. Esprit Financial Group Inc offers
online financial services including the Payday Loan Software division;
Trading; Advanced Electronic Funds Management; and Online Structured