Diebold has introduced the fifth generation of its “Intelligent Depository Module,” representing a new standard in ATM check-imaging technology. Among the most important advancements are those that enhance security. The module includes a patent-pending, double-detect capability, which prevents the insertion of multiple checks and enhanced magnetic ink detection, reducing the risk of accepting photocopied checks. Diebold, Incorporated is a global leader in providing integrated self-service delivery systems, security and services. Diebold reported revenue of $2.4 billion in 2004.Details
The Egyptian Association for Smart Cards Industry & Applications
announced the formation of its executive board under the leadership of Moustafa Samaha. The board includes ten high level members representing the banking sector, industry entrepreneurs and active organizations in the field of smart cards manufacturing, development and promotion. The association will be working closely with banks to implement the worldwide payment card standard (EMV), in line with the Middle-East’s
compliance mandate of January 2006.
Atlanta-based CompuCredit reported that profits for the first quarter nearly tripled over the year-ago period to $49.2 million. The sub-prime specialist says improved credit quality and three newly acquired portfolios have set the firm up for a breakthrough year. Delinquency (60+ days) dropped sharply to 8.7%, compared to 10.4% in the prior quarter, and 10.5% for 1Q/04. Net charge-offs, based on average credit card loans, dropped to 9.2% from 12.0% in 4Q/04, and 15.7% in the first quarter of last year. Total managed receivables for the first quarter were $2,274,329,000, an 8.8% increase compared to one-year ago. As of March 31st, CompuCredit had 3,009,000 accounts, compared to 2,276,000 at the end of 2004. The net interest margin was 20.8% in the first quarter, as compared to 20.2% for the fourth quarter of 2004, and 19.9% one-year ago. In morning trading, CompuCredit’s stock was up 7%, trading near $31 per share. For complete details on CompuCredit’s first quarter performance, visit CardData ([www.carddata.com]).
COMPUCREDIT NET INCOME SNAPSHOT
1Q/04: $17.7 million
2Q/04: $13.8 million
3Q/04: $37.9 million
4Q/04: $27.0 million
1Q/05: $49.2 million
Source: CardData (www.carddata.com)
CrediMax BSC has signed a card-issuing license agreement with JCB International. The new card will mark the first time that a JCB card will be issued in Bahrain in local currency. The new “CrediMax JCB Card” offers cash back of 1% through December and a 2.5% minimum payment, compared to 5% for most other cards. JCB has had a presence in Bahrain since 1997 through a merchant acquiring license with the Bank of Bahrain and Kuwait. CrediMax, which was the card center division of BBK until it was established as a separate, wholly-owned subsidiary in 1999, succeeded to all of BBK’s credit card business operations together with JCB merchant acquiring services. At present, CrediMax has a network of 3,500 merchants, covering 85% of the country’s total credit card merchants. It has a cardholder base of about 50,000 for other brand cards and expects to issue more than 10,000 “CrediMax JCB Cards” in the first 3 years.Details
Nashville-based iPayment reported that revenues doubled to $163.4 million for the first quarter. Net income increased 37.4% to $6.9 million, compared to one-year ago. Charge volume more than doubled to $6.2 billion in the first quarter from $2.9 billion in the first quarter of 2004. iPayment is increasing its target range for annual revenues from approximately $650 million to $675 million. iPayment is a provider of credit and debit card-based payment processing services to over 130,000 small U.S. merchants. For complete details on iPayment’s first quarter performance, visit CardData ([www.carddata.com]).
CO-OP Network announced a 2004 patronage distribution of $10.3 million for its members, which represents slightly more than one-cent per ATM and point-of-sale transaction.The distribution to member-shareholders exceeded the previous record–$7.5 million in 2003–by 37.3 percent. CO-OP Network is wholly-owned by its credit union shareholders, with 1,790 credit union members, 19,648 surcharge-free ATMs, 80 million-plus monthly transactions and 21 million cardholders.Details
Atlanta-based RBS Lynk has rolled-out “Payments Unplugged” as its new line of wireless payment solutions. “MobileLynk” is the first wireless product to be introduced in the “Payments Unplugged” product line. “MobileLynk” transmits encrypted payment information to RBS LynkÃ¢Âs proprietary processing platform over a national wireless network. The MobileLynk solution combines a cellular phone with a docking sled that has a built-in magnetic credit card reader and printer. Wireless data service for MobileLynk subscribers is available through several carriers including Sprint, Verizon, AT&T or Cingular Wireless. In addition, MobileLynk subscribers have access to Lynk VT, RBS LynkÃ¢Âs proprietary Internet-based virtual terminal for reporting, application enhancements or for use as an additional POS terminal.Details
The National Association of Credit Management “Credit Manager’s Index” for April shows growth after a strong first quarter. The CMI rose for the third straight month to 59.3. The CMI manufacturing sector was flat, but the services sector, boosted by a 11-point increase in dollar collections, rose for the third straight month to 60.2, an overall change of 3.44%. The “CMI” is a monthly survey of the business economy from the standpoint of commercial credit and collections.Details
Ohio-based Agilysys has added First Data “GlobalChoice” dynamic currency conversion functionality to its “Lodging Management System” software. DCC allows international customers to know the transaction amount in their native currency at the point-of-sale. First Data Corp serves approximately 4.1 million merchant locations, 1,400 card issuers and millions of consumers. Agilysys distributes and resells enterprise computer technology solutions and software applications and services focused on the retail and hospitality markets.Details
Growth in MasterCard International’s gross dollar volume and purchase volume remained in double digits during the first quarter.
Gross dollar volume of $379.6 billion was up 10.9% year-on-year while purchase volume increased 11.4% to $277.2 billion. Purchase transactions for the first quarter hit 3.75 billion compared to 3.31 billion one-year ago. Globally, MasterCard has 697.9 million cards-in-force linked to 595.7 million accounts. The number of acceptance locations worldwide as of March 31st was 23.7 million compared to 24.6 million for the fourth quarter. For complete details on MasterCard’s first quarter results, visit CardData (www.carddata.com).
Texas-based Abilene Teachers FCU reports that outstanding balances increased by 35% as it raised average credit lines by 47% between 1999 and 2004, using TNB Card Services’ marketing programs. Abilene Teachers FCU currently has 21,000 members, 3,600 credit card accounts, 4,000 debit/check cards and assets of $172 million. TNB Card Services serves more than 450 financial institutions and manages more than 1.6 million cards.Details
Canada’s Info Touch Technologies has signed Maverik Country Stores to deploy self-serve automated bill payment and financial services touch-screen terminals at 35 select convenience stores in Salt Lake City and Boise. The TIO Network provides patrons with secure and convenient access to financial services, geared towards the under-banked marketplace. Maverik Country Stores, Inc. operates about 170 convenience stores in seven western states and represents the area’s largest independent gasoline marketer. Info Touch Technologies is a strategic investment of Hewlett Packard and builder of the “TIO Network”, the largest national multi-retailer network of self-service financial service kiosks in North America.Details