The U.S. Bancorp Board has elected Pamela Joseph, who is president and CEO of NOVA Information Systems, to the position of vice chairman. Joseph, 45, is also one of 10 members of the corporation’s managing committee, which is comprised of the highest-ranking executives within the organization and chaired by Jerry A. Grundhofer, chairman and chief executive officer of U.S. Bancorp. NOVA is the third largest payment processor that specializes in providing integrated credit and debit card payment processing, electronic check conversion, related software applications, and value-added services in the United States and in Europe through EuroConex. U.S. Bancorp (NYSE:USB), with $193 billion in assets, is the 6th largest bank holding company in the United States.Details
Global Payments reported revenue for the quarter ending November 30th of $188.5 million, a 27% increase over the prior year. Net income grew 59% to $23.6 million. GPN noted that revenue for the quarter included $31.2 million from the company’s DolEx and MUZO acquisitions, which were completed during fiscal 2004. The Company raised its fiscal 2005 annual revenue guidance to a range of $758 million to $768 million versus $629 million in fiscal 2004, a growth of 21% to 22%. For complete details on Global Payments’ latest performance visit CardData ([www.carddata.com]).
The University of Wisconsin-Oshkosh has selected U.S. Bank to add banking functionality to its multi-use identification card, the “TitanCard”. The Titan Card provides official campus identification and a variety of conveniences for more than 12,000 students, faculty and staff. The TitanCard has numerous capabilities that benefit students, faculty, and staff. U.S. Bank is one of the top student banking institutions in the nation providing a comprehensive line of student banking products, including campus ID card programs, student loans, Internet banking, U.S. Bank student checking and savings, and Visa Buxx(R) prepaid spending cards.Details
Smartpay Jieyin has launched its electronic payment system in
Liaoning Province. The system allows mobile users to pay their phone bills, top up their pre-paid accounts, purchase online gaming time and other merchant offerings simply by sending an SMS message. In addition, mobile subscribers will be able to access a wide variety of payment and information services. Partner merchants and banks including China Unicom, Agricultural Bank of China, and China Merchants Bank have already been fully integrated into the system. The system launch in Liaoning closely follows the launch of Smartpay services in Shanghai, Anhui and Chongqing. With the addition of Liaoning, over 18 million mobile phone subscribers can now use Smartpay to pay for merchant offerings conveniently and electronically.
Global Payments has acquired a group of European
electronic money transfer firms that operate collectively under the name Europhil. Based in Madrid, the group operates 26 retail branches
in Spain, Belgium and the United Kingdom. Europhil’s settlement
network includes approximately 1,000 locations in over 20 countries. More than 80% of its money transfers are sent to Latin American countries, including Ecuador, Columbia, Bolivia and Brazil. For calendar year 2004, Europhil anticipates approximately $12 million in revenue.
Europhil was one of the first money transfer firms established in Spain.
“Maestro,” MasterCard’s global PIN-based debit brand, now appears on more than 548 million cards worldwide, a 7.4% increase over one-year ago. Europe continued to be the largest cardholder base for “Maestro” with 246.5 million cards as of September 30th, a 5.2% increase over the same date in 2003. At the end of the third quarter, there were 149.9 million “Maestro” cards issued in Asia/Pacific, 78.0 million in Latin America, and 27.4 million cards in the South Asia, Middle East and Africa region. In the United States, “Maestro”-processed purchase dollar volume nearly tripled and purchase transactions grew 170%. U.S. “Maestro” volumes set all-time records in September 2004, which was the twelfth consecutive month of growth in transactions and dollar volume.Details
Australia’s ANZ Banking Group has agreed to refund A$240,000 in annual fees to cardholders it promised “no annual fee ever.” The solicitations for the offer were sent out in 1996 to approximately 5,000 consumers. In 2002, the bank began levying a A$48 annual fee. After customers complained to the Australian Securities and Investments Commission, ANZ agreed to apologize and issue the refunds. ANZ said it “lost its corporate memory,” according to the Sydney Morning Herald.Details
MedCom USA has teamed with Worldwide Payment Services to offer the MedCom solution for the local healthcare industry. With approximately 10,000 healthcare provider offices on the island, many
of them currently not utilizing POS or PC based claims equipment. The MedCom System provides the updated financial self-pay solutions as
well as the enhanced features of electronic healthcare transactions.
The Office of Fair Trading is appealing the November ruling by the High Court that the consumer protection given by section 75 of the “Consumer Credit Act 1974” does not generally apply to overseas transactions. “Section 75” provides that for credit purchases with a cash price above GBP100 and not more than GBP30,000 the consumer is entitled to claim from the lender if things go wrong – e.g. if the supplier breaches the contract or if there was misrepresentation.
The application of section 75 to purchases made overseas has long been uncertain. It was opposed by Lloyds TSB, RBS/Tesco Personal Finance, and American Express Services Group Limited.
Six out of ten Canadians say they will use a credit card to buy gift this holiday season. The study released by Scotiabank, also shows 51% of Canadians pay their balances in full each month. While many Canadians plan to use credit cards for purchases this holiday
season, the poll also indicates that 54% of Canadians plan to use
credit cards less over the next 12 months, with only five per cent
saying they expect to spend more. The Ipsos-Reid poll was conducted on
behalf of Scotiabank November 17-22.
SunTrust’s Fleet One has inked a deal for card acceptance with PA-based convenience store operator Sheetz. This relationship makes it possible for Fleet One customers to purchase fuel with Fleet One branded fuel cards at any of the more than 300 Sheetz convenience stores, in Pennsylvania, West Virginia, Ohio, Virginia, North Carolina and Maryland. Fleet One(TM) provides financial service solutions to companies with fleets of vehicles, and the merchants that serve them. Sheetz, Inc., based in Altoona, PA, is one of America’s fastest growing, family owned and operated convenience store chains with more than 300 locations throughout Pennsylvania, West Virginia, Maryland, Virginia, Ohio and North Carolina.Details
ActivCard, which currently owns 49% of ASPACE Solutions Limited,
has acquired the remaining 51% equity interest in the UK-based company. ASPACE provides a multi-channel authentication and authorization solution to the banking industry. Under the terms of the agreement, ActivCard made an initial payment of $9.7 million, payable half in common stock and half in cash. The new set of ActivCard products, incorporating ASPACE’s advanced technology, will enable banks to authenticate customers and provide authorization for banking services, delivering a combination of better customer service and enhanced fraud protection.