Dallas-based Paymentech has inked a payment processing deal with Pro Golf International for its 120 golf clothing and equipment franchise stores, producing more than $100 million annually in card volume. Pro Golf International signed with Paymentech because of its quality of technology and level of customer service. The deal calls for Paymentech to provide advanced online reporting tools and consolidated financial data for payment and gift card sales. Pro Golf International is based in Farmington Hills, Michigan and is currently the most rapidly growing golf retail franchise operation in the world. Paymentech, L.P. processes the most payment transactions in North America.Details
VISA International and the Commonwealth Business Council have released a white paper which supports the notion that efficient
and effective payment systems are vital for economic modernization.
According to the paper, the electronic payments revolution that transformed consumer spending in many countries and boosted the global economy can be expanded to provide significant benefits in developed and developing countries around the world and draw two billion unbanked citizens into mainstream financial services. The paper advances
an essential argument in the debate about driving economic modernization
and bridging digital divide issues: governments can deploy tailored
electronic payment initiatives for specific stakeholders or geographies,
allowing infrastructure, education and adoption issues to be resolved in
targeted and cost-effective ways, with maximum return. To make this case, the paper clarifies the components of electronic payment systems from the point of view of international payment networks.
Fair Isaac has launched the “Global FICO” score for businesses operating outside the U.S., Canada, U.K. and South Africa. The “Global FICO” score is already being implemented by lenders in Poland, Sweden and Mexico. Lenders in countries where “FICO” scores are not yet available can use the “Global FICO” score to leverage available bureau data in automated, accurate credit decisions. Multinational companies can use “Global FICO” score as a common risk measure across diverse markets, without regard for the credit bureau or country where the scores are calculated. Fair Isaac has built its “Global FICO” scoring formula with a flexible but comprehensive library of variables to extract predictive value from the widest range of available credit data. The company has also developed and validated preconfigured software that intelligently interprets available credit data for consistent assessment of risk. Use of preconfigured software additionally helps clients implement the scoring solution quickly.Details
STMicroelectronics announced that, effective January 1st, it will realign its product groups to increase market focus and realize the full potential of its products, technologies, and sales and marketing channels. The Company will combine the Telecom Group of TPA with the Consumer Group of the present CMG (Consumer and Microcontroller Groups) to create a new product Sector, to be headed by Philippe Geyres, Corporate Vice President. The new entity formed by the combination of these converging product Groups will account for over one third of ST’s annualized sales, and will take the name of Telecom and Consumer Sector. The Company also announced that Aldo Romano, Corporate Vice President, Telecommunications, Peripherals, & Automotive Groups and Salvatore Castorina, Corporate Vice President, Discretes & Standard Circuits Group (DSG) are retiring. Also, Joel Monnier, Corporate Vice President, R&D will resign early next year.Details
Belbios, a subsidiary of the UK-based Tixway has selected GlobalCollect to process payments for cinema tickets sold
via the Internet. Belbios will use GlobalCollect’s soft descriptor
technology to process online payments for cinema groups in the
Netherlands, like Pathe and Jogchem’s Theaters, whereby the name of the
specific movie theater will appear on the customer’s credit card statement. GlobalCollect is currently the only Payment Service Provider offering dynamic descriptor technology. GlobalCollect is a fully owned subsidiary of the publicly listed TPG N.V.
Fair Isaac has launched the “Global FICO” score for businesses operating outside the U.S., Canada, U.K. and South Africa. The “Global FICO” score is already being implemented by lenders in Poland, Sweden and Mexico. Fair Isaac built its “Global FICO” scoring formula with a flexible but comprehensive library of variables to extract predictive value from the widest range of available credit data. The company has also developed and validated preconfigured software that intelligently interprets available credit data for consistent assessment of risk. Use of preconfigured software additionally helps clients implement the scoring solution quickly.Details
Bear Stearns upgraded Metris from “Peer Perform” to “Outperform” with a target price of $11. The news sent Metris stock up above $9.00 per share yesterday. The stock is still trading slightly up this morning. Metris also announced it will report third quarter earnings on Wednesday, October 20 after the market closes.Details
After five months of negotiating, Diners Club and MasterCard have executed the final agreements to expanded acceptance for the “Diners Club” card. “Diners Club” cards, issued in the USA and Canada, will be redesigned to include the “MasterCard” brand mark and hologram on the front of the card in order to function as MasterCard cards. The redesigned cards will be issued in a phased approach, beginning with corporate and personal “Diners Club” cards across Canada in November. Diners Club also plans to offer cards enhanced with MasterCard acceptance to new U.S. corporate customers by the end of this year. Phase two of the implementation will include distribution of the enhanced cards to existing “Diners Club” cardholders in the USA. “Diners Club” cards issued by Diners Club International franchises (outside the USA and Canada) will include the MasterCard brand on the back of the card, enabling these cards to be accepted at MasterCard merchants in the U.S. and Canada and processed as MasterCard credit card transactions. When these cards are used outside of the USA or Canada, they will continue to be accepted and processed by “Diners Club” as they are today. (CF Library 4-29-04)Details
VISA reports that debit card volume during the first two weeks of this year’s fall fashion shopping season was up 26% over last year. Between September 1st and 15th, Americans rang up $720 million at clothing retailers using “VISA Check” cards, compared to $570 million in 2003, and $450 million in 2002. A Harris Interactive poll, commissioned by VISA USA, shows that 54% of 18-34 year old consumers would use a debit card to purchase an item, such as a sweater or pair of jeans, versus only 23% for cash and 5% for checks. When consumers were asked which payment method best would get them through busy check-out lanes this fall, a mere one percent agreed that checks would be the fastest.Details