Intersections’ Revenue Increases 10.3% in Q2

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][1]).

[1]: http://www.carddata.com

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Jack Henry & Assc Q2 Revenues Up 12.2%

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][1]).

[1]: http://www.carddata.com

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Citi Cards Expands its Iowa Facility

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.

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Edentify Snags a Former MasterCard Executive

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.

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HSBC Credit Card Income Climbs 38%

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).

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Putnam Says No to the PVN-WaMu Merger

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)

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Payment Data Systems & NeWave Partner

San Antonio-based Payment Data Systems has signed an expanded renewable agreement with NeWave for its wholly-owned subsidiary OnlineSupplier.com. It is expected that the expanded services will result in additional estimated revenues to PDS of $208,000, increasing the total value of the agreement to approximately $550,000 a year. Payment Data Systems, Inc., is an integrated payments solution provider delivering comprehensive, cost-effective solutions to billers and retailers for the processing and management of electronic payments. NeWave, Inc. is an online auction and e-commerce solutions provider.

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MasterCard Smart Data Tops 66K Companies

MasterCard reported that more than 66,000 businesses and over 70 issuers in 26 countries around the world are now using its proprietary Web-based reporting and expense management solutions, “MasterCard Smart Data OnLine” and “MasterCard Smart Data Express.” Businesses have utilized “MasterCard Smart Data” solutions since 1995 and now nearly 50 million transactions go through “Smart Data” each year.

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FSV Launches a STV Card for MoneyTree

FSV Payment Systems has made a national roll-out of its stored-value customer-loyalty card program for check-cashing giant Moneytree after a six-month pilot. The Cash Solution card will be offered to all Moneytree patrons with no charge to obtain the basic card or to load funds onto the card. Cardholders will also be able to upgrade their PIN cards to prepaid MasterCard-branded debit cards at Moneytree locations for a one-time, nominal activation fee. Moneytree owns more than 100 check-cashing locations in the Western US. FSV Payment Systems offers host-based FSA-, payroll-card- and stored-value ePayments solutions directly to large employers and financial institutions as a strategic business partner of Fiserv, Inc. Moneytree provides check cashing, payday loan services, money orders, and wire funds transfers.

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NCR Corporation Names Bill Nuti as CEO

NCR this morning announced that its board of directors has named Bill Nuti to the posts of president and CEO as of August 8th. Nuti has served since December 2003 as president and CEO of Symbol Technologies. Nuti departed Cisco in 2002 as SVP responsible for both the company’s Worldwide Service Provider business and the U.S. Theater Operations. Nuti’s career also includes sales and management positions at IBM, Network Equipment Technologies and Netrix. Last week, NCR reported second quarter revenue for its ATM business was $323 million, down 2% from the year-ago period. Overall, NCR reported 2Q/05 net income of $127 million. For the third quarter, NCR expects total revenue to grow 2% to 3% from the prior-year period. For complete details on NCR’s current and past performance, visit CardData ([www.carddata.com][1]) (CF Library 7/27/05)

[1]: http://www.carddata.com

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Acacia’s Financial Systems Innovation Signs 3

Acacia’s Financial Systems Innovation has inked non-exclusive licenses covering a patent that applies to credit card fraud protection technology with 7-Eleven, Academy and Michaels Stores. The system includes an electronic card reader and the generation and use of a transaction number, which specifically identifies each transaction processed within the system, eliminating the need to print detailed information concerning the cardholder’s identity or account number on the customer’s receipt. The Acacia Technologies group develops, acquires, and licenses patented technologies.

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