Wire Transfer Process Needs Streamlined

A new study released by The Clearing House Payments Company and the Federal Reserve Banks says that wire transfer volume will grow significantly if parties involved in the wire transfer process work together to overcome current inefficiencies. “Business-to-Business Wire Transfer Payments: Customer Preferences and Opportunities for Financial Institutions,” found that both small and large companies want a more streamlined process for making wire transfer payments and favor a single remittance information standard. The survey also found that institutions are willing to pay more for payments that include remittance information, since this information will streamline their accounts payable and receivable operations. The report concluded that if financial institutions do not take an active role in making improvements to the wire transfer system, payments that could benefit from the immediacy and finality of wire may default to the “ACH” instead.

Details

Vmark Network Offers DM & Card Services

A group of eight related companies have banded together to form a network of companies offering turnkey direct marketing solutions from form and plastic card printing to personalization and lettershop services. The “Vmark” network includes Automated Presort, Creative Automation, Fulfillment Xcellence, Global Card Services, Unique Data Services, Unique Embossing Services, Unique Mailing Services and Versatile Card Technology. Many of these companies are based in suburban Chicago but also include manufacturing plants in India and New Jersey. In addition to being able to fulfill the card needs for the direct marketing industry, Versatile Card Technology has the capabilities to produce virtually any type of card with choice of finishes, including UV-coating, laminated, polished, lenticular, foil or matte. Global Card Services has the capacity to personalize over 500 million cards per year in their VISA and MasterCard certified facility.

Details

Americans in Excellent Financial Fitness

A new poll taken this month has found that nearly 84% of Americans believe they are in either “excellent” (28%) or “okay” (56%) financial fitness shape. Eleven percent believed they were in troublesome shape and 4% were unsure. The poll also found that 67% of consumers had never received advice on their personal finances. The “Financial Services Roundtable” says only 4% of respondents had considered filing or filed for bankruptcy, and of those only 2% considered filing in the past year. Of those who considered bankruptcy, 1 in 2 felt that the new law did not impact their decision, and none of them had sought advice on their personal finances. The Financial Services Roundtable represents 100 of the largest integrated financial services companies.

Details

Cross Keys Bank Outsources to Diebold

Louisiana-based Cross Keys Bank has signed an outsourcing agreement for Diebold to provide ATMs, transaction processing, card management, software, monitoring, help desk services, custom ATM screens plus on-site and depot repair service for the bank’s existing and newly installed ATMs. Additionally, Diebold will provide on-site and depot repair service for the bank’s existing and newly installed ATMs. Cross Keys Bank survived the Great Depression and other hard times through the insight of conservative leadership that remained true to the bank’s core values. Diebold, Incorporated is a global leader in providing integrated self- service delivery and security systems and services.

Details

Experian Enhances its National Business Database

Experian announced the addition of more than 30 new data elements to its National Business Database. Some of the new information incorporated into the National Business Database includes more than six million additional contact names, bringing the total number of business contacts in the database to more than 22 million. The expanded file also includes new specialty data elements such as commercial vehicle information. Experian is a global leader in providing analytical and information services to organizations and consumers to help manage the risk and reward of commercial and financial decisions.

Details

FleetCor Expands Fuel Cards in the Czech Republic

Atlanta-based FleetCor acquired CCS, the top fuel card operator in the Czech Republic. CCS is the number one fuel card operator in the Czech Republic, serving 23,000 fleets of all sizes. This is the second European fuel card provider acquired by FleetCor this quarter; they purchased Keyfuels, a leading fuel card operator in England, in early September. FleetCor is the worldwide leader in fuel card processing serving over 530,000 business Fleets in the US, Canada, and Europe. Advent International is one of the world’s leading private equity firms, with $10 billion in cumulative capital raised and offices in 13 countries. CCS was established in 1991 by its management team and is the leading fuel card issuer and processor in the Czech Republic and Slovakia.

Details

NAMOS Compact Earns PCATS Certification

Wincor Nixdorf announced that its “NAMOS Compact” software for petroleum/convenience retailing has achieved the “Conformance Validation Certificate” by the Petroleum Convenience Alliance for Technology Standards. The PCATS certification validates that NAMOS Compact complies with specific-use instances for the PCATS-NAXML standards, which were designed to ease integration and communication between point-of-sale (POS) systems and the back office. PCATS was formed in September 2003 to continue developing and maintaining standards work that was initiated under the National Association of Convenience Stores’ (NACS) Technology Standards Project. The Petroleum Convenience Alliance for Technology Standards (PCATS) was founded in September 2003 to continue the development and maintenance for standards work initiated under the National Association of Convenience Stores’ (NACS) Technology Standards project. Wincor Nixdorf is one of the world’s leading suppliers of IT solutions to the retail and banking industries.

Details

Finpago Introduces New FSA Card Products

PA-based Finpago has released the “FSAok Debit Substantiation” service including Finpago’s “FSAok Real-Time Eligibility Engine” for FSA debit card use. For most retailers to accept FSA Debit Cards for OTC and pharmacy purchases, the IRS has ruled that each line item of the purchase must be confirmed as “eligible” before the money is spent. Finpago provides FSAok, the first independent clearinghouse solution for automating in-store health care purchases. WageWorks is the nation’s leading provider of tax advantaged consumer spending and savings programs, including flexible spending accounts, health savings accounts, health reimbursement arrangements, commuter benefits and COBRA.

Details

GE Money Third Quarter Profits Climb 13%

GE reported that profit for its Consumer Finance unit, now known as GE Money, climbed 13% in the third quarter to $913 million as revenues rose 14% $5.6 billion, compared to one-year ago. During the third quarter Wachovia inked a partnership with GE Money’s Corporate Payment Services to provide commercial and purchasing cards to its wholesale and treasury services customers and Thailand’s Bank of Ayudhya agreed to give GE Money a 25% interest for $600 million. Also, Los Angeles-based PeachDirect, a direct-to-consumer retailer launched the “PD Platinum Card with GE Money’s Retail Sales Finance unit and ValueVision Media inked a multi-year deal for a cobranded credit card and for enhancements to its current private label credit card. In staff changes GE Money promoted Glenn Marino to President & CEO, Retail Sales Finance, GE Money, Americas; named Robert Green as SVP/CFO; and promoted Thomas Gentile to head its worldwide marketing. For complete details on GE’s third quarter performance, visit CardData ([www.carddata.com][1]). (CF Library 8/8/06; 8/11/06; 9/12/06; 9/25/06; 9/26/06; 9/28/06)

GE CONSUMER FINANCIAL TRACK RECORD
Income Revenues
3Q/05: $810 million $4913 million
4Q/05: $770 million $4886 million
1Q/06: $836 million $5090 million
2Q/06: $880 million $5268 million
3Q/06: $916 million $5590 million
Source: CardData (www.carddata.com

[1]: http://www.carddata.com

Details

Pacific Financial Names a New President

Pacific Financial Solutions has named John Cutillo as its new President. Previously, Mr. Cutillo was National Director of Sales at GlobeNet which was involved in high growth sectors of the international telecom market. In the 90’s, Mr. Cutillo also served as Senior Vice President of US WATS, Inc., a publicly traded domestic communications carrier. He holds a Bachelor of Arts degree from the University of Pennsylvania. Pacific Financial Solutions Inc., a premier global distributor of financial services and products, provides its customers with a wide array of affinity and prepaid stored-value cards and kiosk enabling devices.

Details

SCA Issues a Contactless White Paper

The Smart Card Alliance Transportation Council has released a white paper entitled: “Transit and Contactless Financial Payments: New Opportunities for Collaboration and Convergence.” The report says the pilots in New York and Utah are pushing the envelope for fare payment in public transport. The white paper looks at new financial industry directions and transit industry requirements to assess how the two industries might collaborate to combine the best of both worlds. The report also examines possible alternative implementation models that could leverage the capabilities of multi-application smart cards and contactless payment enabled mobile phones. Meanwhile, the SCA announced its seven-member 2006-2007 executive committee will include: Greg Garback, executive officer of finance and program development for the Washington Metropolitan Area Transit Authority ; Wendy Humphrey, VP/Transaction Devices, First Data; Francine Dubois, director of marketing, financial products & services, Oberthur Card Systems; Carey Miller, senior manager, BearingPoint’s Security and Identity Management Practice; Bryan Ichikawa, identification solutions architect, Unisys; Robert Wilberger, senior manager, PriceWaterhouseCoopers and Gerald Hubbard, government business development manager, Datacard Group.

Details

Green Dot Selects Vormetric for PCI

Green Dot has selected Vormetric’s “Data Protection Products” for PCI compliance. The PCI Data Security Standard is a multifaceted security standard that includes requirements for security management, policies, procedures, network architecture, software design and other critical protective measures. This comprehensive standard is intended to help organizations proactively protect customer account data. Green Dot Corporation is America’s first and largest provider of prepaid cards sold at tens of thousands of locations across the United States, including Rite Aid, CVS Pharmacy, RadioShack, and Walgreens. Vormetric is a leading provider of solutions for protecting enterprise information from unauthorized access or theft.

Details