American Express Incentive Services has teamed with JetOne Jets to offer a prepaid card for flying private charter. The new “AccessOne Card” is available in denominations of $100,000, $200,000, $500,000, and $1 million and is loaded with funds worth a specific number of flying hours. JetOne offers rewards and VIP perks such as complimentary in-flight catering, limousine service, a 24-hour concierge team, bonus gifts and free jet upgrades. The “AccessOne Card” is packaged in a custom-made wooden box along with a keepsake signature leather carrier. Additionally, a percent of all “AccessOne’s Card” purchases is donated to the “Corporate Angel Network” in the cardholder’s name.Details
New procedures are in place in England, Wales and Northern Ireland
making banks and financial institutions the first point of contact
for check, plastic card and online fraud offenses. In most cases
consumers will be required to
report instances of this type of fraud straight to their bank or
building society and not to the police. It will be up to the financial
institution involved, and not the account holder, to pass details of the
relevant crime on to the police. The change in reporting has come about
introduction of the Fraud Act 2006 and follows discussions between the
Home Office, Association of Chief Police Officers (ACPO) and the
financial sector. The aim is to reduce the level of bureaucracy involved
in fraud recording and to streamline the reporting, recording and
investigation of such frauds. APACS statistics show that there were just
over 700,000 cases of card
fraud in 2006, with the average loss per case amounting to GBP608.
The 6th International EPCA conference will be held in Frankfurt May 15
and 16, 2007. The focus of the conference will be “Reshaping the European payment landscape: the realistic scenarios” and will address key issues for strategic professionals involved in payment services industry to include compact briefings on the SEPA update, the customer view, reshaping processing networks and payments innovations in Europe.
The European Payments Consulting Association (EPCA) is a pan-European
association of independent payments consultancies. The annual EPCA
conference is organized for financial professionals by financial
CA-based Tranax Technologies has formed a Board of Directors including Wolfgang Hausen, Jack McDonnell Jr., Dr. Kathryn Hanson; Dr. Hansup Kwon and Heemook Kwon. The role of the newly-created board of directors will be to serve as a sounding board and counsel to help the CEO and executive team evaluate and respond to strategic business opportunities and challenges. The charter will also include accelerating the implementation of practices, people, and strategies needed to expand and grow Tranax. The five board members will serve for 3 years and will provide best practices related to corporate strategy, operations and general management. Tranax provides the design, development, manufacture and sale of self-service technology to the retail, banking, hospitality, entertainment, and gaming industries.Details
Research from MoneyExpert.com found that as many as 2.8 million attempts
to obtain a credit card
had been rejected over the last half year, around 15,555 a day.
People aged between 25 and 35 were found to be the most likely to have card applications turned down, with 11% having been rejected. This compared with 8% of 18 to 24-year-olds
and just 3% of the 55 and above age group. MoneyExpert.com has warned
that some people who genuinely need access to credit may have been
excluded in the crackdown by providers. A poll of 2,300 UK adults
revealed that around 6% of people had seen their
credit card application turned down in the last six months. One in 10
people in total reported having been rejected for a range of
financial products. MoneyExpert.com provides financial comparison service allowing customers to select from all suitable products from all relevant providers.
NYCE Payments Network has signed a long-term contract extension with KS-based INTRUST Bank which also expands the existing relationship by naming NYCE the sole provider of retail PIN debit access for INTRUST, which will also use NYCE as its primary network for ATM card access. The NYCE Network provides consumers with secure, real-time access to their money, connecting the accounts of more than 74 million cards with 280,000 ATMs and 1.5 million point-of-sale locations nationwide. INTRUST has assets of $3.3 billion, 47 branches spread across Kansas and Oklahoma, and contributes more than 100,000 cards and 100 ATMs into the NYCE Network. NYCE is a leading U.S. debit card payments network and a division of Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation.Details
Citi has announced the approved acquisition of the Bank Of Overseas
Chinese, by members of major shareholders’ board, for the
amount of NTD 14.1 billion. BOOC has assets of US$8.5 billion, loans
of US$5.5 billion and a deposit base of US$7.0 billion and offers
consumer and corporate banking products and services. It serves more
than one million clients through 55 branches. The merger will consist
of the combination of operations of the two entities creating an
institution with 66 branches and assets of $22.8 billion, making it the
largest international bank and has the 13th highest assets in Taiwan.
BOOC employs 2,200 staff. Citi has some 200 million customer
accounts and does business in more than 100 countries. The
transaction, subject to shareholder and regulatory approvals, is
anticipated to close in the second half of 2007.
A competitive intelligence service has concluded that smaller card issuers are using email marketing to find new customers while larger issuers are focusing email marketing on cross-selling. Chicago-based Mintel says companies such as Metabank in the banking sector and First Premier Bank in the credit card sector have been identified as key players, flooding consumer mailboxes with acquisition offers and promotions. However, on the direct mail front these companies are distributing a significantly lower share of offers than their larger competitors. But, larger issuers that grind out millions of direct mail solicitations per year are now offering email promotions for other products. Citibank recently revived efforts to promote its “e-Savings” account to customers via email and Capital One renewed promotional efforts via email for “Blank Check Auto Loans” to current customers. Mintel reported that the top 2006 overall mailers for acquisition financial services direct mail pieces were Chase (1.7 billion), Capital One (1.2 billion), American Express (1 billion), Citibank (980 million), and Bank of America (920 million).Details
The “Travel Money MasterCard”, by RHB Bank Bhd, was introduced
and offers rewards such as gifts from points accumulated from
shopping, free flights and travel packages. Also, with “Visit Malaysia
Year 2007”, cardholders earn travel air miles faster under its
“2X TM Air Miles” rewards program. With the introduction
of the “Travel Card”, a partnership agreement with The Flying
Emporium has been developed, making it the latest merchant partner
of RHB Bank. This will enable holders of the bank’s many credit
cards to redeem their reward points “On-The-Spot” for
“Smart Gifts” at the emporium. RHB has more than 300 partner
merchants where cardholders can earn free air miles. These new
rewards are meant to encourage travel. Reflecting a 7.8% year-
on-year growth, 21.7 million people are expected to travel
outbound for the first six months of 2007. Ranked fourth among
local banks, RHB Bank has issued more than 700,000 credit cards.
IL-based Versatile Card Technology says its biodegradable plastic card is grabbing international attention. The Company’s “Green Earth Card” is made of corn starch and can be printed on using VCT’s waterless-ink “KBA Genius 52” printing press. VCT developed the card ten years ago in response to calls for protecting the environment. The “Green Earth Card’s” plastic core and overlay material are completely biodegradable, reducing hundreds of tons of poly vinyl chloride waste. Meanwhile, Australia’s Westpac has launched the “Easy Being Green” initiative for its “Altitude” cardholders, according to CardFlash International. Cardholders can redeem points for offsetting greenhouse gas emissions of auto and plane travel and purchase environment-friendly products for their home.Details
Precidia has announced the introduction of “NetVu 2.3”. The management
server offers important new features such as managing PCI compliance
requirements, automatically updating the POSLynx220 as new threats are
recognized, strict password rules and audit logs of operator activity.
“NetVu 2.3” also offers the ability to remotely download configurations
to a field device, what many of the server users consider to be
critical. These features collectively offer security insurance to
merchants and ensure PCI compliance. Precidia has customers in over 80
countries and migrate stand-alone dial and serial equipment onto more
sophisticated IP networks.