ATCO Parts PartsCards is promoting commercial credit cards to their business customers through a relationship with GE Money – Corporate Payment Services. Under the agreement, PartsCard is promoting a co-branded version of the “CPS Productivity MasterCard” to middle market and small business customers nationwide. PartsCard provides the option to purchase parts, tools, paint, body, and equipment and other business-related items from any vendor accepting MasterCard. The Productivity Card’s suite of features helps companies streamline their purchasing and payment processes and control costs. PartsCard, a division of ATCO Parts, was created to support the national sales of the co-branded “Productivity Business Card”. GE Money – Corporate Payment Services, the commercial card unit of GE Money – Americas, develops and markets corporate bank cards and e-settlement tools designed for small-, medium- and large-sized companies and organizations. Cards are issued by GE Capital Financial Inc.Details
Bank of Queensland will transfer its $260 million credit card
portfolio to Citigroup, building on agreements to produce BoQ-
branded cards. Citigroup provides the bank with the product, back
office and marketing support for the portfolio. This agreement will
result in a $26 million profit for BoQ.
VA-based debt purchaser Portfolio Recovery Associates reports that first quarter net income rose 20% to $12.9 million. Total revenue increased 19% to $54.0 million in the first quarter. Cash collections rose 15% to a record $67.3 million in the quarter. The Company purchased $2.3 billion of face-value debt during the first quarter for $39.6 million, the second-largest amount the Company has spent on debt acquisitions in a single quarter. This debt was acquired in 26 pools from 15 different sellers. PRAA noted that productivity, as measured by cash collections per hour paid, the Company’s key measure of collector performance, stands at a record $155.91 for the first quarter, up from $146.03 for all of 2006. For complete details on Portfolio Recovery Associates first quarter performance visit CardData ([www.carddata.com]).
To comply with the national “Money Laundering Prohibition Act of
2004”, Zenith Bank has selected “ACI Proactive Risk Manager”
Software to detect suspicious account activity with account-based
view of transactions. Banks’ compliance has been mandated by
Nigeria’s Economic & Financial Crimes Commission (EFCC) to
monitor account activities, training for which will be provided by
ACI at the local level for a first line of defense against fraud.
For the manufacturing of over a million of “MoneytIC Chrysalis”
cards within its EMV migration process, Oberthur Card Systems
was awarded the “2006 Best Vendor Award” by Santander Mexico.
Santander is the 10th largest bank in the world and has been in
collaboration with Oberthur on smartcard projects since 2004.
Oberthur had sales of 524 million euros in 2006.
Nivea has launched a gender-targeted campaign with ATM:ad, part of the
UK-based i-Design multimedia group that uses new user-profiling and
gender-targeting features to enhance the existing capabilities of
ATM:ad. The campaign for “Nivea for Men” will employ each of ATM:ad’s
4-modules – one aimed at men and one aimed at women. When the customer
inserts the card, ATM:ad identifies the gender and plays appropriate
content during transaction and thank you modules as well as on the
receipt that will feature reminders of the Nivea
SEPA’s solution to reduce payment costs and allow for secure debit
payments with single payments area will cut costs for 490 million
customers throughout Europe. This will provide customers with the ability to make payments anywhere in Europe with the same convenience as
paying in their home country. Adoption of the “PSD” solution by the European Union is what created a common legal framework in which SEPA operates. The popularity of “Maestro” by Master Card is an indicator of the eminent success of SEPA, used by 50% of Europeans.
Paris-based Oberthur Card Systems reported that its payment smart card volume rose more than 48.5%, compared to one-year ago, to 37.6 million euros, with 27.5 million units delivered in the first quarter. Overall, first quarter revenues increased 15% to 133.8 million euros. During the quarter, Oberthur delivered over 80 million microprocessor cards, a 44.5% gain over one-year earlier. The strong European activity performance in payment cards was offset by a significant reduction in the gift card personalization demand in the USA. The whole payment segment, which represented 53% of Oberthur Card Systems for first quarter sales, amounted to 71.0 million euros, a 13.7% increase compared to 1Q/06. The conventional card business slowed down as expected with total sales amounting to 14.1 million euros. Oberthur notes that average selling prices seem to have entered a stabilization phase in all market segments. For complete details on Oberthur’s first quarter performance, visit CardData (www.carddata.com)Details
FundsTech has announced its agreement with Symelation to
provide a pre-paid debit card solution in South Africa. Due to the fact that
an estimated 13 million in South Africa do not have bank accounts, it is a
market with high potential in the pre-paid market. Furthermore, it is
estimated that 6 million South Africans are sending away over R12
billion ($2 billion U.S.) in cash annually. The partnership hopes to curb
this and compliment the government’s drive toward the economic
advancement of smaller, black-owned enterprises.
Allegedly the work of Sri Lanka’s Tamil Tiger Rebels, 200 rebel-owned
gas stations in the UK have been affected by a credit card scam.
Adversaries to the Sri Lankan government, the Tamil Tigers seek
asylum in the UK, steal information of British motorists when they use
the stations and due to security measures, are forced to withdraw money
from the accounts in Thailand. An investigation into the matter has been developing for an extended period of time.
MEI was awarded $13 million to settle a long standing patent infringement case against Coinco. When the case was filed 14 years ago, MEI was part of Mars, Inc., but MEI is now privately owned. When Mars sold MEI in June of 2006, all currency recognition related patents were assigned to MEI. The award does not yet include interest, which is expected to be added by the court in a subsequent ruling. MEI holds the world’s largest installed base of unattended payment systems, handling in excess of two billion transactions per week in over 90 countries.Details
State Bank of India (SBI) Cardholders need no longer pay the
standard 2.5 % surcharge at credit-card-accepting fuel pumps
with the new “Fuel Freedom” Card. “Fuel Freedom” enables
all SBI Card holders to enjoy a 0% surcharge on the purchase
of fuel at any petrol pump in any city. SBI was encouraged to
introduce this program with the success of the card’s
predecessor, “Fill it up”, which granted 0% surcharge at only some
fuel pumps. Currently, the company has more than 3.5 million
cardholders in its portfolio and a presence in more than 113 cities.