VA-based Cybertrust has announced the “Partner Security Program” to enable its customers to identify and eliminate risks that result from opening up its networks and systems to partners, customers and other vendors that may not be compliant with an individual organization’s security requirements. A recent Cybertrust study found that nearly three quarters of organizations worldwide feel that business partners increase their levels of information security risk, and approximately one third of respondents reported that their organizations had suffered a security incident involving business partners within the previous year. Cybertrust Partner Security Program was developed to help customers understand and manage the risks of doing business as an extended enterprise through a repeatable and scalable process that controls costs and minimizes the level of effort. Cybertrust is the global information security specialist, delivering services that secure critical data, protect identities and help customers demonstrate ongoing compliance.Details
TSYS has scheduled an October 4th workshop to discuss strategies for debit rewards at the upcoming “ATM, Debit & Prepaid Forum” in Las Vegas. TSYS is one of the world’s largest payment-services companies, offering a broad range of packaged or outsourced issuing and acquiring technologies that support consumer finance, credit, debit and prepaid services for financial institutions and retail companies worldwide. ESC Loyalty is one of the leading providers of loyalty solutions for the financial services and retail industries.Details
PA-based USA Technologies reported record revenue of $6.4 million for the last twelve months, an increase of 37% compared to one-year ago. Gross profit was $2.0 million for the same period, compared to $1.2 million for the fiscal year ended June 30th, 2005. For the first quarter USAT reported revenue of $1.6 million and gross profit of $687,749. The Company says the fiscal year results were driven by relationships with MasterCard, Pepsi and Coca-Cola, plus it made improvements to manufacturing and developed tight cost controls. During the past year USAT launched the “e-Port Generation Six” and introduced contactless technology in vending machines. For complete details on USA Technologies’ latest results, visit CardData ([www.carddata.com]).
The Board of Directors of the Electronic Funds Transfer Association selected its new executive officers for 2007. Ronald Congemi, SVP/Strategic Relationships at First Data, was elected as the new chairman. Elected to serve as vice chairman was Raymond Crosier, president and COO of Online Resources. Sandra Hartfield, president and CEO of Palm Desert National Bank and Lynne Barr, a partner in the law firm of Goodwin Procter, were re-elected treasurer and secretary of the Board, respectively.Details
The FDIC is holding its next symposia on the importance of consumer confidence in e-commerce on October 5th in Mesa, AZ, and on October 25th in Miami Beach, FL. The half-day meetings will bring together experts from government and the private sector to discuss ways to combat online identity theft and help maintain public confidence in e-commerce. Details about the October 25th symposium in Miami Beach have not been finalized, but will be posted to the FDIC’s Web site as they become available. Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation’s banking system.Details
PayPal has signed an agreement with 28 U.S. Attorneys General to simplify its user agreement and communicate more details on its fraud protection program. PayPal also announced it has reached a preliminary settlement agreement with a proposed class action for $3.5 million. To cover the cost of the investigation, PayPal will pay $1.7 million to the Attorneys General. Under the terms of the settlement agreements, PayPal is not admitting any liability for any of the allegations in the two cases. PayPal had 113.7 million total accounts at the end of the second quarter, a 44% increase from one-year ago. Total payment volume rose 37% to a record $8.9 billion which includes payments initiated through the PayPal system but excludes its payment gateway business. (CF Library 7/24/06)Details
VA-based TNS has named Henry Graham, currently its EVP/CFO, as its new CEO, replacing Jack McDonnell, who has left the Company at the request of the Board. Henry Graham, 56, has held various senior-level finance and management positions. Prior to rejoining TNS as its Executive Vice President, Chief Financial Officer and Treasurer, Mr. Graham served as Senior Vice President and Chief Financial Officer of PaylinX Corporation. While at PaylinX, Mr. Graham successfully raised $35 million in new cash and conversion of debt and facilitated the sale of the company to CyberSource Corporation. TNS is one of the leading providers of business-critical, cost-effective data communications services for transaction-oriented applications and operates through its wholly owned subsidiary Transaction Network Services, Inc.Details
IA-based Wells Fargo Financial Retail Services is launching a dual-line VISA credit card for Alliance Flooring and Floors Today. Alliance Flooring does business as Carpets Plus Color Tile, Carpetland USA, Color Tile, and Floorco, has more than 450 flooring retail locations nationwide. Floors Today’s has 57 locations throughout the southeastern U.S. Under the program one line is dedicated for purchases at participating locations and the other line for VISA card purchases everywhere else. In addition, participating retailers can offer special terms promotions on the retailer line of credit such as buy today, and pay later.Details
AZ-based Desert Hills Bank has signed with Merchants Information Solutions to launch “Merchants Recovery Care,” a service designed to manage the process of recovering from identity theft, and return the victim’s identity to pre-event status. This service is supported by a professionally trained, Personal Recovery Advocate assigned to manage the case and take care of all the necessary research, phone calls, letters and follow up necessary to restore one’s identity. Desert Hills Bank affords busy professionals and businesses with all the products of a large bank, yet offers the personalized customer service and tailored products to meet their individual needs. Information Solutions, Inc. has been in business since 1912, and is a privately held Phoenix-based company with more than 2,600 business clients.Details
Shell Oil and Citibank have launched a promotion for new “Shell Platinum MasterCard” holders offering triple rebates on all Shell gasoline purchases; the first $100 of daily Jiffy Lube purchases; and, all other purchases. Shell Oil Products US, a subsidiary of Shell Oil Company, is a leader in the refining, transportation and marketing of fuels, and has a network of approximately 6,000 branded gasoline stations in the Western United States. Citi, or Citi Cards, is a member of Citigroup (NYSE: C). Citigroup, the preeminent global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services. Jiffy Lube, with more than 2,200 service centers in North America, services approximately 27.5 million vehicles each year.Details
VISA has added five major merchants to its “No Signature Required Program” for certain transactions less than $25. 7-Eleven, Clearview Cinemas, Dairy Queen, Domino’s Pizza, and Sonic Drive-In have joined the program. VISA reports that its volume on purchases less than $25 in targeted small ticket segments has reached $27.3 billion for the first six months of this year putting it on track to top $60 billion by year-end. Last year, more than $49 billion in small ticket purchases less than $25 were made on VISA payment cards. VISA estimates that by the end of 2006 as much as 27% of all VISA transactions may qualify for the “No Signature Required Program.” VISA currently has 17 merchant categories that qualify for the program first launched in April. VISA estimates the merchant segments that qualify for its “No Signature Required” program represents approximately $750 billion in consumer spending.
Small Ticket Card Transactions Historical
2000: $ 5.7 billion
2001: $ 9.7 billion
2002: $14.0 billion
2003: $23.7 billion
2004: $39.2 billion
2005: $49.1 billion
2006: $60.0+ billion
Source: CardData (www.carddata.com)
MasterCard is launching a new business-to-business advertising campaign next
month in the U.S., U.K., Europe, Asia and Australia. The “Heart of Commerce”
campaign will be comprised of five ads with the central theme of: “A piece of
plastic that lives in your wallet.” The campaign will target customers,
acquirers, issuers and merchants, and builds on MasterCard’s new corporate
positioning. The ads will run primarily in business-to-business publications
worldwide but also in publications with a slightly broader-based readership,
such as The Financial Times and The Wall Street Journal. MasterCard says it
will continue to roll out this campaign in additional markets early next year.
Creative for the new B2B campaign was handled by McCann Erickson/New York.