Atlanta-based Global Payments has renewed its agreement with Kaiser Permanente to provide authorization and settlement for credit and debit cards and online reporting capabilities. Kaiser Permanente uses a variety of Global Payments’ processing solutions throughout its many business segments, including its optical, pharmacy and medical facilities.Details
MI-based Asset Acceptance Capital reported that revenues declined to $53.8 million for the fourth quarter, compared with revenues of $57.5 million for 4Q/04. However, cash collections grew to $76.5 million in the fourth quarter versus cash collections of $68.3 million in the prior year period. Net income for the fourth quarter declined 51.5% year-on-year to $6.1 million. During the fourth quarter, AACC invested $25.6 million to purchase consumer debt portfolios with a face value of $884.0 million, representing a blended rate of 2.89% of face value. This compares to the prior-year fourth quarter, when the Company invested $26.9 million to purchase consumer debt portfolios with a face value of $1.25 billion, representing a blended rate of 2.15% of face value. AACC collects on purchases made from credit card issuers, retailers, finance companies, utilities, healthcare providers and other credit originators. For complete details on AACC’s fourth quarter performance, visit CardData ([www.carddata.com]).
Intuit has released a new $40 simplified credit card processing solution for small businesses that handle less than $5,000 in credit card transactions each month. The new QuickBooks Credit Card Processing Kit is designed for the millions of small businesses that don’t need a full accounting package or a high end merchant account service. The kit helps small business owners turn their PCs into credit card terminals through a short and simple process.Details
Nova Southeastern University, the nation’s seventh largest private university, has chosen Siemen Communications for a multi-functional contact/contactless smart card program. The new smart card technologies will provide NSU students, faculty and staff with identification cards, physical and logical access privileges and the ability to pay for purchases such as meal plans, printing services and vending machine items. The initial deployment phase will include the distribution of more than 30,000 chip-embedded multi-application cards, utilizing both contact and contactless radio frequency identification technologies. Nova Southeastern University is the largest independent, not-for-profit institution of higher education in the Southeast. Siemens AG are global electronics and engineering companies with reported worldwide sales of $96 billion in fiscal 2005.Details
New borrowing on credit cards rose GBP 111 million in January, well below December’s GBP 223 million and somewhat below the six-month average of GBP 148 million. The British Bankers Association says overall consumer borrowing in January showed a stronger rise, largely through loans and overdrafts. Overall, net lending rose by an underlying GBP 5,312 million in January, compared to GBP 5,633 million in December and GBP 5,114 million in January 2005. Last year, credit card borrowing fell in three separate months, dropping a record GBP 146 million in August. The BBA collects data from Abbey National, Alliance & Leicester, Barclays, Bradford & Bingley, HBOS, HSBC Bank, Lloyds TSB, Northern Rock and The Royal Bank of Scotland.Details
VA-based credit card enhancement specialist Intersections, reported fourth quarter net income of $4.0 million, compared to $2.4 million for the year ago quarter, an increase of 68%. Total subscribers increased to approximately 3.7 million as of December 31st, compared to approximately 3.4 million as of September 30, 2005. Subscriber additions in the fourth quarter of 2005 were approximately 770,000. Total revenue for the fourth quarter was $43.2 million, compared to $35.9 million for the fourth quarter of 2004. Subscription revenue increased to $27.7 million for the fourth quarter from $22.9 million for the fourth quarter of 2004. For complete details on Intersections’ fourth quarter performance, visit CardData ([www.carddata.com]).
First Data has signed a three-year global merchant processing agreement between its affiliate OmniPay and HSBC. Under the terms of the agreement, OmniPay will enable HSBC to acquire merchants with a Pan-European or global presence on a single processing platform, consolidating all treasury, reporting and support requirements. Entering into a global acquiring contract with HSBC will eliminate the need for merchants to negotiate market-by-market contracts.Details
Electronic payments provider Euronet Worldwide posted revenues of $144.3 million for the fourth quarter, a 28% jump over 4Q/04. Net income nearly doubled to $8.5 million, compared to one-year ago. The EFT Processing Segment posted fourth quarter revenues of $29.3 million, a 24% gain over the fourth quarter of last year. The EFT Processing Segment processed 103 million transactions in the fourth quarter compared to 73 million transactions for 4Q/04. The segment completed the quarter with 7,211 ATMs owned or operated, compared to 5,742 ATMs at the end of the fourth quarter 2004. The Prepaid Processing Segment reported 4Q/05 revenues of $111.7 million, a 30% increase over the year-ago quarter. Total transactions processed by the Prepaid Processing Segment in the fourth quarter were 100 million, compared to 66 million prepaid transactions processed in 4Q/04. The Prepaid Processing Segment processes electronic point-of-sale prepaid transactions at more than 237,000 point-of-sale terminals across more than 127,000 retailers in Europe, Asia Pacific and the USA. For complete details on Euronet’s fourth quarter performance, visit CardData ([www.carddata.com]).
Fair Isaac reports that 20 organizations have joined the company’s roster of “TRIAD” adaptive control system users over the last 15 months. Nearly 300 credit portfolios, representing 85% of the credit card volume in the U.S. and 65% of the world’s credit cards, are managed using “TRIAD” systems. Fair Isaac also says it saw an unprecedented migration of existing customers to its newest “TRIAD 8.1” platform last year, with 14 installations currently in process at client sites on five continents. “TRIAD 8.1” is the first portfolio management solution to combine industry-standard account and customer strategy management capabilities onto a single platform. Fair Isaac’s “TRIAD” adaptive control system applies actionable analytics and executes strategies that help businesses segment customers based on risk and revenue.Details
GERS Retail Systems has deployed I4 Commerce’s “Bill Me Later” payment option at its Fred Meyer and Littman Jewelers stores. With Bill Me Later, consumers who do not have a credit card on hand or those who, for security reasons, prefer not to give out credit card information, simply provide basic information such as date of birth to make a purchase. Within seconds, qualified customers complete their purchase, receive a bill from I4 Commerce, and have the option of paying in full or financing their purchase over time. I4 Commerce’s provises a network of alternative payment solutions to multichannel retailers. GERS Retail Systems is a supplier of software solutions for retailers.Details
Metavante has hired John Reynolds, formerly with Wells Fargo, as President of its Healthcare Payment Solutions division. Reynolds is a 20-year banking industry professional who previously served as senior vice president and business director for Health Benefits Services at Wells Fargo Institutional Trust Service. Metavante Healthcare Payments provides a health benefits payment platform.Details
Illinois-based Abanco has released “Abanco Vista Merchant View,” the industry’s first ISO-Agent business intelligence tool that enables Abanco ISO agents to manage their merchant portfolio via a Web interface. Abanco Vista was designed to provide Abanco’s ISO sales partners with information on merchant underwriting and other status questions as well as provide visibility into the ongoing merchant services contacts and activity on individual merchant accounts and has the capability to build cross merchant statistical trend reporting as well as residual paymentinformation and other reporting queries requested.Details