Utah-based ShopSite has released its new “ShopSite v8.0,” an e-commerce software option for Web hosting providers, which adds features such as “Rewards” and “Tell A Friend,” which merchants can use to increase customer retention and to obtain new customers. Besides allowing a faster and more secure checkout for shoppers using PayPal, it also provides an easy way for merchants to directly accept credit cards in their shopping cart. Merchants can now create gift certificates from within ShopSite. ShopSite, Inc.provides electronic commerce software for small to medium-sized businesses.Details
San Francisco-based Consumer advocacy group, Consumer Action, and Capital One announced that their joint “MoneyWi$e” financial literacy partnership will award stipends totaling $75,000 to community groups in 10 states. This year, the MoneyWi$e program is awarding stipends to 28 community-based organizations teaching financial education. The stipends will help the organizations reach a broad base of individuals in a variety of financial situations, including college students, farm workers, first-time homebuyers, senior citizens, and individuals facing unemployment or homelessness. By providing free brochures in multiple languages (English, Spanish, Chinese, Korean, and Vietnamese), the MoneyWi$e program is able to address financial literacy across both income and ethnic barriers. More than one million brochures have been distributed to date. Consumer Action provides financial education to its community-based organization partners. Capital One’s subsidiaries collectively had 48.9 million accounts and $83.0 billion in managed loans outstanding as of June 30, 2005.Details
NCR has opened “TransitionWorks,” an expanded radio frequency identification demonstration center located in Atlanta with plans to announce new centers in Europe and Asia in the near future. The TransitionWorks center will reflect the scope of NCR’s end-to-end portfolio of current or soon-to-be-announced RFID solutions and services, including comprehensive global consulting services, UHF reader solutions, hand-held RFID scanners, RFID labeling solution and data warehousing solutions. NCR Corporation is a provider of ATMs, retail systems, data warehouses and IT services.Details
VA-based Portfolio Recovery Associates has acquired substantially all of the assets of Alatax, a privately held company that specializes in government collections. The acquisition has a total price of $17.5 million, consisting of $16.1 million in cash and $1.4 million in Portfolio Recovery Associates common stock. Alatax’s two top executives, President Kennon Walthall and Executive Vice President Stephen Morris, have both signed long-term employment agreements and will continue to manage the company. Alatax is a provider of outsourced business revenue administration, audit and debt discovery/recovery services for local governments. Portfolio Recovery Associates is a full-service provider of outsourced receivables management and related services.Details
San Antonio-based Payment Data Systems reported that second quarter revenues increased 391% to $314,926. Net loss for the quarter was $496,531, compared to net loss of $302,949 for 2Q/04. Credit card transaction volume was up 26% for the second quarter and the related dollar volume was up 29% from the first quarter. As a consequence, revenues for the second quarter grew 30% from $242,962 for the preceding first quarter with the growth in credit card processing leading the increase. For complete details on Payment Data Systems’ latest results, visit CardData ([www.carddata.com]).
VA-based Intersections reported net income for the second quarter of $3.2 million, compared to $2.9 million for the year-ago quarter. Total subscribers increased to approximately 3.18 million as of June 30th, compared to approximately 2.98 million at the end of the first quarter. Subscriber additions in the second quarter were approximately 727,000. Intersections is a provider of branded and fully-customized consumer credit management and identity theft detection, protection and resolution services to the customers of financial services companies. For complete details on Intersections’ latest results visit CardData ([www.carddata.com]).
New Jersey-based Commerce Bank has launched a new VISA card with no annual fee, late payment fee, over-credit limit fee, cash advance fee and balance transfer fee. The new Commerce Bank Visa credit card also enables customers to earn triple Visa Extras Rewards Points for every purchase made. Commerce Bank has 330 locations and $33.4 billion in assets.Details
MO-based Jack Henry & Associates reported revenue of $141.4 million compared to $126.0 million in the same quarter a year ago. Gross profit increased to $59.9 million compared to $53.3 million in the year-ago quarter. Net income totaled $21.7 million, compared to $17.6 million for 2Q/04. License revenue decreased 10% to $19.7 million. Hardware sales in the quarter increased 5% to $21.5 million. For the quarter, the bank systems and services segment revenue increased 14% to $113.3 million. Jack Henry’s support and service revenue had a 20% increase for the quarter. Its recurring revenue, which consists of ATM and debit card processing, in-house support and outsourcing revenue, represented 61% of total revenue for the quarter. For complete details on Jack Henry’s second calendar quarter performance, visit CardData ([www.carddata.com]).
Citi Cards is expanding its Urbandale, Iowa center with the addition of up to 200 jobs and construction of a 170,000 square foot facility, scheduled for completion in January. Employees at the new site will handle remittance processing and statement printing and mailing for the Citi Cards bankcard, retail card and oil card portfolios, as well as Citi Cards processing related to other Citi businesses. Citigroup global financial services company, has some 200 million customer accounts and does business in more than 100 countries.Details
Pennsylvania-based Edentify has hired former MasterCard executive Thomas Harkins as COO to help lead Edentify’s business and product development efforts after spending over two decades helping MasterCard’s high-profile corporate customers detect and fight fraud, data theft and other high security risks. Harkins will leverage his existing relationships in the risk management community, and demonstrate the value of integrating Edentify’s identity management solutions into existing fraud control systems. In addition to opening new channels for Edentify’s industry- leading solutions, Harkins will be responsible for leading new product development initiatives and managing the companies’ fraud management operations. Edentify, Inc. develops and deploying technology solutions utilized in preventing identity theft and fraud.Details
HSBC reported that its cards businesses in Asia, outside of Hong
Kong and the Middle East, generated income of US$228 million, 38% up
year-on-year. Cards-in-force reached five million compared to 1.6
million five years ago, with card receivables and spending both
achieving some 300% growth, a compound annual growth rate of more than
30%. Over the past five years, card outstandings have risen 287%. During
the same period, HSBC has appointed over 8,750 sales agents to
distribute cards and invested substantially in marketing to grow its
cards business. HSBC is now largest credit card issuer in Hong Kong,
with an 8% rise in the number of cards in circulation to 3.6 million.
HSBC Mexico continued to leverage benefits from the enhanced customer
relationship management system, increasing the number of cards in
circulation by 59% to 794,000. This helped drive the 54% increase in
credit card fee income to US$33 million. For complete details on HSBC’s
second quarter performance, visit CardData (www.carddata.com).
Putnam Investments today announced that it intends to vote shares of Providian held in client accounts against the proposed merger of Providian with Washington Mutual. Putnam regards the price as inadequate and believes recent fundamental trends and Providian management’s outlook confirm Putnam’s judgment on the value of the Providian franchise. In a consolidating industry and in light of the recently announced Bank of America/MBNA transaction, mono-line credit card companies such as Providian represent an increasingly scarce asset that should command a higher price, says Putnam. In June, Providian announced its $18 billion card portfolio was being acquired by Seattle-based Washington Mutual for $6.45 billion. Bank of America also inked a deal in June to acquire MBNA for $35 billion for a portfolio of nearly $135 billion in U.S. outstandings. (CF Library 6/6/05′ 6/30/05)Details