CGS Financial Technologies has signed a deal to distribute the Morgan Beaumont card products. It will become a part of the SIRE Network and provide the necessary software to all of the POS terminals in the channel. CGS has over 2,000 locations in its current POS network. CGS Financial Technologies provides retailer-consumer financial solutions. Morgan Beaumont, Inc.is a provider of stored value and debit card solutions in the US.Details
Diebold lowered its second quarter and full-year earnings per share guidance for 2005 citing slowing upgrade/replacement activity in the regional bank segment and strengthening of the dollar. Additionally, the company has identified a reconciliation issue in its North America sales commission accrual account with the impact on specific prior years yet to be determined. As a result of this reconciliation, the company has determined the commission account was under accrued by approximately $13 million at the end of 2004. Diebold, Incorporated provides integrated self- service delivery and security systems and services, with reported revenue of $2.4 billion in 2004.Details
Personal bankruptcy petitions in May rose nearly 5% over year ago levels but fell sharply from the surge experienced in April when filings soared nearly 17% year-over-year. It is expected that bankruptcy filings will run higher as the clock continues to tick towards the October 17th effective date of new laws. Nearly 143,000 filings were made during May, compared to 136,509 for May 2004. This is the third month in a row that filings have moved up sharply after a steady two-year decline. Bankruptcy filings declined about 4% for the full-year of 2004. In January, filings dropped 13% and during February filings dived by 17% year-over-year.
Monthly Filings Historical
May 04: 136,509
Jun 04: 127,742
Jul 04: 133,390
Aug 04: 125,783
Sep 04: 127,664
Oct 04: 133,404
Nov 04: 116,952
Dec 04: 113,957
Jan 05: 99,705
Feb 05: 103,457
Mar 05: 165,459
Apr 05: 170,130
May 05: 142,915
Source: CardData (www.carddata.com)
MasterCard Europe says banks are now looking to vendors and MasterCard to help them turn a cost savings measure into a new revenue source. As such, EMV presents a huge new opportunity for the payments industry. MasterCard recently held its “Global Vendor Information Forum” to bring together members of the global “MasterCard Vendor Program,” to enhance the business relationship between MasterCard and vendors who are supplying solutions to its member financial institutions throughout the world. Globally, there are now over 132 million MasterCard
branded cards that are EMV compliant, representing a 169% increase since
the beginning of 2004. There are 2.4 million EMV point-of-sale terminals which accept MasterCard branded chip cards, a 205% growth since the beginning of last year.
Certegy has landed Sherri Nadeau, formerly with Equant, as SVP and Chief Human Resources officer. Nadeau brings over 20 years of experience in human resource management and tax expertise to Certegy. She previously held senior human resource positions at Equant, Inc. (formerly Global One), Universal Studios and Holiday Inn Worldwide and served as senior tax manager for KPMG Peat Marwick. Certegy provides credit and debit processing, check risk management and cash access services, merchant processing and e-banking services to over 6,500 financial institutions, 100,000 retailers and 100 million consumers worldwide.Details
Oregon-based TRM announced a new contract with AMF Bowling Centers to deploy more than 325 ATMs at bowling centers throughout the USA. TRM will service the full-placement relationship with its nationwide employee service network. TRM Corporation provides ATMs in high-traffic consumer environments with over 22,000 multi-national ATM networks worldwide.Details
Scottsdale, AZ-based LifeLock got a big shot in the arm as two top industry guns join its executive and advisory boards. The Company, which provides preventative identity theft protection services, announced that Luke Helms, former vice chairman of Bank of America and Inder Singh, former EVP and chief global technology officer for VISA International, have become senior advisors to the LifeLock management team. Helms will serve as Chairman of the Board. Singh will serve as an advisory board member. LifeLock places alerts on credit bureaus, stops pre-approved credit card applications and monitors credit files for consumers. (CF Library 6/17/05)Details
As many as 500,000 credit card accounts in the Asia-Pacific region may have been exposed to potential fraud as a result of the security gap at CardSystems Solutions that took place between November 2004 and May 2005. Published reports claim 67,000 Japanese accounts and 50,000 Australian accounts were compromised. The U.S. breach reportedly took place following the installation of new data mining software which enabled a rogue computer program to extract files.Details
Minnesota-based National Bankcard Services has certified Systech’s “IPG/7000” dial-to-IP converters for retail petroleum POS applications. The solution gives merchants the flexibility to convert to broadband IP without new expenditures for POS hardware or software and in-store payment devices such as POS controllers, ATMs, POS terminals, and check readers can be connected to the Systech solution. National Bankcard Services is a leading provider of electronic payment and loyalty services. Systech Corporation designs and manufactures Internet Payment Gateways for electronic transaction markets.Details
CardinalCommerce has partnered with Cart32 and Scan Alert to actively fight e-commerce fraud and chargebacks. CardinalCommerce’s authentication platform is now integrated into Cart32 Version 6.0, a shopping cart system for Windows, allowing merchants the ability to participate in the 3-D Secure authentication initiatives. Cardinal Commerce’s proprietary technology provides the ability to conduct fully authenticated Internet-based e-commerce. ScanAlert is a web site security certification company, protecting over 65,000 web sites in 30 countries through the HACKER SAFE certification program.Details
Hypercom said yesterday it has completed its overhaul of the company and will cut 100 jobs today including 21 senior management positions. The plan also calls for the elimination of more than 25 employee annual pay packages in excess of $100,000 each. Top jobs included EVP, SVP, VP and Regional President positions. The move is expected to create annualized savings in excess of $15 million. However, the changes will result in one-time employee termination costs estimated at $1.6 million. Hypercom says more cost reduction action will be taken in the third quarter. The Company previously reported a 10% increase in net revenue for the first quarter, however, Q1 gross profit declined more than 9% due to $3.7 million in special charges. First quarter revenue was $54.5 million, compared to $49.6 million for 1Q/04. Gross profit declined from $20.5 million for 1Q/04 to $18.6 million. For complete details on Hypercom’s latest performance, visit CardData ([www.carddata.com]).
Fujitsu has launched its contactless palm vein authentication
device. Palm vein authentication is highly secure in that the veins are internal to the body and carry a wealth of information, thereby being extremely difficult to forge. Fujitsu’s palm vein authentication features a high rate of applicability across users in that impact from external factors during the authentication process is minimal. Such features of Fujitsu’s palm vein authentication overcome these technical issues and hygiene issues which are often of concern when using alternative biometric authentication methods, such as fingerprint
biometric authentication. Since its market introduction in Japan in July 2004, Fujitsu has sold approximately 5,000 units of its palm vein authentication device in Japan.