Intersections Acquires Chartered Marketing

Virginia-based Intersections has acquired Chartered Marketing Services, a privately-held direct marketer of consumer-oriented insurance and membership products. CMSI distributes its products – primarily accidental death and membership programs for mortgage customers – through large financial institutions as well as directly to individuals. It has marketing relationships with the top 10 mortgage servicers nationwide and recently began offering its products to demand deposit account (DDA) and credit card account holders. In 2005 CMSI had revenues of $51 million.

Details

Monthly Payment Rates Retreat in April

Monthly payment rates for credit card-backed bonds began retreating in April after reaching historical highs early this year. The April figure was 250 basis points below March’s record of 22.1%. According to Standard & Poor’s Ratings Services, the average MPR for 2006 is 20.5%. The monthly payment rate over the past 12 months has averaged 19.5%. During this period only one month, last April, posted a rate lower than 18%. The higher payment rates have been primarily driven by higher minimum payments which were phased in during the fourth quarter of 2005 and the first quarter of this year.

ABS Monthly Payment Rates
Apr 05: 17.7%
May 05: 18.9%
Jun 05: 18.9%
Jul 05: 18.7%
Aug 05: 18.6%
Sep 05: 19.2%
Oct 05: 19.0%
Nov 05: 18.8%
Dec 05: 19.7%
Jan 06: 20.6%
Feb 06: 19.4%
Mar 06: 22.1%
Apr 06: 19.6%
Source: Standard & Poor’s

Details

EFMARK-Bantek Signs a Chicago Bank

Chicago-based ShoreBank has signed EFMARK-Bantek to provide a complete package of managed ATM Services for the bank’s ATM network. EFMARK-Bantek’s comprehensive solution for ShoreBank includes first and second-line ATM maintenance, cash replenishment, deposit pick-up, cash management, ATM supplies, ATM cleaning and branding programs for the bank’s 23 ATMs. The single point of contact for the customer allows for faster problem resolution, greater consistency and clear lines of accountability.

Details

GE Money Recognized By The Asian Banker

GE Money was recognized for its leadership and innovation at this year’s annual “Asian Banker Excellence in Retail Financial Services Awards”, winning in 2 key categories — “Best Retail Non-Bank Financial Services Institution” (GE Thailand) and “Best Consumer Credit Product” (GE Singapore for “ezyCash”). GE Money has a global 10-year compound asset growth rate of more than 20% with net earnings surpassing USD 3 billion last year. With USD 163 billion in assets, GE Consumer Finance — branded-GE Money in Asia and a unit of General Electric Company– is a provider of credit services to consumers, retailers and auto dealers in approximately 50 countries around the world.

Details

VISA to Offer a Clear Card Discount

Some “VISA Signature” and “VISA Traditional Rewards” cardholders will be offered discounted memberships for the “Clear” registered traveler program. “Clear” members enroll and provide identification and biometric data, such as fingerprints and iris images at special kiosks in participating airports. The card enables members to quickly proceed through airport security checkpoints. VISA signed a marketing deal with Verified Identity Pass to offer the special benefit to its affluent cardholders. “Clear,” launched last July, is the first privately run registered traveler program operating at a U.S. airport. At Orlando International Airport there are 25,000 members. The card as also been selected for use at airports in San Jose, Indianapolis, Cincinnati and Toronto. The program currently offers an introductory price of $79.95 per year, before special discounts.

Details

NFC Pilot Planned for Amsterdam

The first contactless credit payment program using near field technology is set to pilot in Amsterdam this fall. JCB, CCV Holland, Gemplus, KPN, Nokia, PaySquare, Philips and ViVOtech have all teamed for the test using an NFC-enabled mobile phone, according to CardFlash International. Selected cardholders will be supplied with a Nokia mobile phone equipped with Philips’ NFC chips, loaded with the JCB payment application. In the first stage of the pilot, JCB will be targeting approximately 100 cardholders located in Amsterdam and merchants in and around the city’s World Trade Center. NFC operates in the 13.56 MHz frequency range, over a distance of typically a few centimeters and combines the functions of a contactless reader, a contactless card and peer-to-peer functionality on a single chip.

Details

POSDATA to Distribute Hypercom’s L4100

Washington-based POSDATA has teamed with Hypercom to become a stocking distributor for Hypercom’s “Optimum L4100” high-speed signature capture card payment terminals for multi-lane retailers. POSDATA offers customers complete solutions, including systems consulting, application design, installation and testing, training and maintenance services. Hypercom Corporation provides a full suite of high security, end-to-end electronic payment products and services.

Details

CPSRB to Deploy 700 Wincor Nixdorf ATMs

The Chinese post office bank “China Postal Savings & Remittance Bureau” is deploying 700 ATMs from Wincor Nixdorf. The systems will be installed in branches across 18 provinces by 2006. The bank has also selected other suppliers alongside Wincor Nixdorf as part of its procurement strategy under which the equipment is to be sourced from several manufacturers. CPSRB is a public sector post office bank with deposits totaling RMB 1,300,000 million in 2005. China Postal Savings currently operates 31 provincial branches with over 36,000 sales outlets across the country. CPSRB runs over 6,000 ATMs and has issued 90 million “Postal Green Cards.”

Details

FDC Renews Chicago’s Amalgamated Bank

Amalgamated Bank of Chicago, which has been a First Data client for nearly 20 years, has signed a renewal agreement for FDC to provide comprehensive card processing service and merchant processing First Data will continue to provide statement production and mailing and plastics personalization, for Amalgamated. In addition, the bank has renewed its merchant processing agreement with First Data.

Details

QI Systems & SmartCentric Target Vending

Dallas-based QI Systems and Ireland’s SmartCentric Technologies have signed a deal to combine SmartCentric’s “SmartCity” products for multi-application and payment solutions with a wide variety of QI System’s unattended devices including laundry equipment, vending machines, printers, copiers and parking equipment, using both contact and contactless cards. The partnership between QI Systems and SmartCentric will provide university and corporate campuses remote data collection and hot-listing of lost or stolen cards. These solutions include Off-Campus Merchant programs, parking and transportation and are part of the full suite of SmartCity solutions which includes Secure IT access, logical access, Web Revalue of cards, and Digital Certificates. QI Systems Inc. develops and markets contact and contactless chip-based card payment and tracking solutions.

Details