FL-based Morgan Beaumont has hired Jerry Uffner, formerly of RBS Lynk, as VP/Sales. Prior to joining Morgan Beaumont, Uffner was the Director of Sales — Prepaid Products Division of RBS Lynk, a prepaid card provider and processor. Uffner has also held sales management positions with First Data and InComm. Uffner will report to Erik Jensen, the Company’s President. Morgan Beaumont, Inc. is a Technology Solutions Company located in Bradenton, Florida, and is one of the premier providers of Stored Value and Prepaid Card Solutions in the United States.Details
Los Angeles-based Oberthur Card Systems reported that during the second quarter revenues increased slightly to $155.2 million. During the quarter Oberthur delivered 58.7 million microprocessor cards, breaking the record of 58.2 million cards set in the fourth quarter of last year. However, the payment segment top line amounted to $27.7 million, a 38% decrease at constant exchange rate compared to 2Q/05. The decrease in sales is due to two momentary and localized events. The French market is experiencing a temporary lower activity with the delay of DDA migration and the UK market, which posted extremely strong revenue in 2Q/05, led to a comparative decrease in sales. But, Oberthur says with 15.1 million cards delivered against 16 million, volumes were stable sequentially. Sales in the “Other Cards” Segment (magnetic stripe cards, scratch cards and memory cards) amounted to $27.3 million, a 16.7% increase year-on-year. For complete details on Oberthur’s second quarter performance, visit CardData ([www.carddata.com])
VISA, MasterCard and Diners Club have agreed to settle a lawsuit over foreign currency conversion fees for $336 million. MasterCard, now a public company, disclosed its share will be more than $72 million. Other defendants include Bank of America, MBNA, Chase, WaMu and Providian. The lawsuit alleged that the network and issuers failed to disclose the costs associated with conducting transactions in foreign countries, or with foreign companies. The defendants largely said the litigation costs forced a settlement.Details
MA-based Utix Group has signed a five-year deal with the PGA Tour to offer a U.S. prepaid card. Subject to certain conditions, PGA TOUR granted us an exclusive license and right, without a right of sublicense, to use PGA TOUR’s logo in connection with the development, sale and marketing of prepaid golf experience ticket products and services (the “Licensed Products”), subject to PGA TOUR’s prior approval. Both parties agreed to negotiate in good faith toward the finalization of a definitive agreement by no later than December 31, 2006.Details
Celcom and Citibank have launched a co-brand credit card that offers a 5% cash rebate on mobile phone bills plus a rewards program.
The new “Citibank Celcom VISA” credit card also waives the first year credit card annual fee, RM36 for SIM card rescue and RM50 for SIM card replacement. Cardholders earn 50% extra reward points for all non-Celcom purchases while for Celcom bills, they can earn triple reward points.
The reward points can be redeemed for free SMS, Internet browsing time, or even pay Celcom phone bills. The new card is targeted at both male and female mobile phone users, between 21 to 55 years of age with an annual income of RM18,000 and above. There are 20 million mobile phone users in Malaysia.
X-based Interstate Connections has inked a deal with NetSpend to sell the “All-Access VISA Prepaid Card,” issued by MetaBank. Under the agreement, Interstate Connections will immediately begin offering the All-Access Prepaid Card across its network of 100 retail interstate travel centers and truck stops throughout the United States. NetSpend Corporation is the leading provider of prepaid debit cards for America’s underserved markets. MetaBank is a federally-chartered savings bank headquartered in Storm Lake, Iowa. Meta Financial Group, Inc.(R) is the bank holding company for MetaBank, MetaBank West Central, Meta Payment Systems(R), and Meta Trust Company(R).Details
Boston-based MobileLime has named Fred Gore, a former top executive at MasterCard to an advisory role. As an advisor to MobileLime, Gore will leverage his bankcard industry ties and extensive background in merchant portfolio management to help support the company’s growth. Gore is a 25-year veteran of the Financial Services industry and is best known for his high profile work as a senior vice president & group head, North America Acceptance for MasterCard International. MobileLime is the first company to turn the mobile phone into a marketing, loyalty and payment device, enabling merchants to build sales and loyalty in ways never before possible.Details
CyberSource announced that “Decision Manager” has been enhanced to provide fraud detection for online direct debit purchases covering five European countries. Decision Manager allows even non-technical merchant staff to create business rules that define acceptance criteria for their online orders. In CyberSource’s 2006 Online Fraud Report, data from over 400 eCommerce merchants indicates the need for greater protection in international orders. On average, merchants say the rate of fraud associated with international orders is twice that of the overall average. CyberSource Corporation is a leading provider of electronic payment and risk management solutions.Details
Koehler Paper Group has signed an agreement with NCR to license its simultaneous two-sided thermal-paper technology. NCR’s patented two-sided printing process reduces paper-roll receipt usage by as much as 50 percent and provides additional operational savings on freight, storage, disposal and roll changes. In addition to cost savings, two-sided paper also provides a host of environmental benefits. The Koehler Group is the leading, global provider of fine, colored, thermal, carbonless and decor papers. NCR Corporation is a leading global technology company helping businesses build stronger relationships with their customers.Details
PULSE EFT Association is celebrating this month its 25th anniversary. The network was founded by seven TX-based bank holding companies who linked together for ATMs. Almost 10 billion transactions later, the network provides basic ATM services, as well as a wide variety of ancillary payment products, to more than 4,200 financial institutions across the nation. PULSE links an estimated 90 million cardholders to nearly 250,000 ATMs and approximately 3.4 million POS debit terminals at retail locations in all 50 states. In 2005, PULSE was acquired by Discover Financial Services. PULSE Chairman Stan Paur has been a long-term leader of the Company.Details
Boston-based Merchant Warehouse has teamed with Canada’s Precidia Technologies to introduce the “POSLynx220” with “NetVu” to North American ECR dealers. Merchant Warehouse will provide qualifying dealers with a $100 discount off each POSLynx220 unit purchased before September 30, 2006. In addition to its ‘one device’ approach to IP based processing, this solution is differentiated from existing options by several key features. Merchant Warehouse is a privately owned merchant service provider delivering low cost card processing equipment and services. Precidia Technologies is a global leader in the design and manufacture of IP access devices for a wide range of industries including retail payments and building automation.Details
PA-based NCO Group has inked a definitive agreement to be acquired by One Equity Partners and Michael Barrist, Chairman, President and CEO of the Company for $1.26 billion. The price represents a 44% stock premium. Blank Rome acted as legal counsel to NCO and Bass, Berry & Sims acted as legal counsel to the Special Committee. Credit Suisse acted as financial advisor to the Special Committee. Dechert acted as legal counsel for OEP and Cleary Gottlieb Steen & Hamilton acted as legal counsel for Barrist. Morgan Stanley and JPMorgan Chase acted as financial advisors to OEP. The transaction is expected to close in the fourth quarter.Details