San Diego-based Institute of Consumer Financial Education is making available on-line, a free 26-slide “PowerPoint” presentation, designed to help explain universal default and what happens when a creditor invokes the clause against a borrower. The ICFE’s free online PowerPoint Show explains how universal default works, show examples of its wording in credit card agreements and provides some interesting facts and figures about the institutions which apply it to their delinquent accounts. For instance, more than one-third of major credit card issuers now say they act on these clauses regularly. A recent survey found that a staggering 44 percent of credit card issuers said they apply the rule to customers, even if they had no late payments on their own card.Details
Sparkasse Leipzig has signed an agreement with Diebold to purchase and install 42 Diebold “Opteva” cash dispensers. The deal also covers an upgrade of the bank’s existing ATM software, configuring 209 Diebold statement printers to make them compatible with the bank’s new central self-service architecture. Upgrades to Sparkasse Leipzig ATMs will continue throughout 2006 in branches across Germany. Diebold also recently signed an agreement with Sparkasse Dresden, another German bank, for the purchase of 200 “Opteva” ATMs.Details
PA-based USA Technologies reported third quarter revenue of $2.0 million, compared to $1.4 million one-year ago. In addition, the Company experienced a significant increase in gross profit compared to the three months ended September 30, 2005. The Company expects to announce its full first quarter results in mid-November. USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management.Details
Krediidiinfo A/S has signed a deal to be acquired by Experian.
Krediidiinfo is the country’s primary consumer and commercial credit information group and employs 30 people in Tallinn and Tartu. After the deal the Company will be known as Krediidiinfo A/S, an Experian company.
Krediidiinfo’s clients include most of the country’s leading financial services providers, utilities, telecommunications and retail companies, as well as many Nordic banks with operations in Estonia.
“Crandy” mobile phone-based payment system is now being offered in the USA. “Crandy” has over 350,000 users in five European countries. Users register by calling an 800 number to open a free mobile bank account and receive a registration SMS. The mobile number is also the “Crandy” account number. Users reload their “Crandy” account by credit card and can transfer money anonymously to other “Crandy” users. NCS also offers “Mcells” in the USA, an e-Wallet which banks can easily connect and consequently add to their existing payment systems. “Mcells” works as a white label ASP-solution, which is hosted in a secure, bank standard-compliant data center in Germany.Details
Consumers spent A$18.3 billion on a seasonally adjusted basis for September, an increase of 0.7% from the prior month. Raw spending reached A$17.8, a 0.4% increase sequentially. The “Cashcard Retail Activity Index” is based on EFTPOS activity and is calculated using only EFTPOS transaction data processed by Cashcard, and modeling the relationship of EFTPOS transactions to all transactions. Cashcard is a member of the First Data Group which is the country’s largest and independent payments services provider. The “Index” is independently prepared by PriceWaterhouseCoopers.Details
Paz, the country’s top energy company, will distribute On Track Innovations’ “EasyPark” devices and integrate contactless readers into its point-of-sale terminals to enable loading of “EasyPark” devices.
With about 250 Yellow Convenience stores nationwide Paz’s Yellow will more than double the number of loading stations for “EasyPark” across the country. Yellow now sells “EasyPark devices as well as enables adding value to “EasyPark” devices. Today “EasyPark” total volume is approximately $1 million per month. The addition of the readers to Yellow stores is expected to increase “EasyPark” volume by about 20%.
Dublin-based FreeStar Technology reported that revenue rose 30% and that the number of transactions processed climbed 16% in the fiscal year, ended June 30th. Revenue hit $2.1 million from $1.6 million in fiscal 2005 driven by software development income and higher payment processing volume. FreeStar’s wholly owned subsidiary Rahaxi Processing had transaction volume of 18 million, up from 15.5 million in fiscal 2005. The Company’s net loss for the period narrowed 36% to $13.99 million from $22.10 million in the prior fiscal year, largely as a result of a reduction in SG&A costs.Details
Global Axcess has closed on the sale of the remaining 50% of its South African subsidiary, Cash Axcess, to Coin Security Group. Global Axcess Corp, through its wholly owned subsidiary, Nationwide Money Services, provides turnkey ATM management solutions that include cash,
project and account management services. NMS currently owns and operates
over 4,600 ATMs in its national network spanning 42 states and provides
proprietary ATM branding and processing for 83 financial institutions with over 700 branded sites nationwide.
INSIDE Contactless has created a Services Department. Gary Chew, formerly with Gemplus has been hired as Vice President of the new department. Chew has more than 20 years experience in systems and solution delivery in different business and technical environments.
INSIDE Contactless is a top fabless semiconductor provider.
Ingenico and Gilbarco Veeder-Root have joined to develop and deliver comprehensive integrated indoor and outdoor payment technologies that automate petroleum retail sites. Combined, the two firms represent the largest installed global base of indoor and outdoor payment terminals in fuel sites. North Carolina-based Gilbarco Veeder-Root has approximately 30,000 integrated POS systems and 250,000 forecourt card payment devices in operation today.Details
ALONG Mobile Technologies will sign an agreement with Union Mobile Pay, the sole authorized mobile phone payment gateway on China Mobile’s platform, to jointly develop and market bank card, debit card and credit card-based mobile phone payment products and services in China. UMPAY’s key shareholders include China Mobile and China Union Pay. Under the agreement, ALONG will be the wireless payment portal company partner of UMPAY and will work with UMPAY to offer more comprehensive mobile payment products and services.Details