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ABN AMRO Merchant Services has signed a deal to provide access to its merchant base to EWI Holding’s product suite of prepaid services such as prepaid wireless, long distance and digital content. This alliance will provide AAMS merchants and agent banks with the ability to process payments for a broad variety of prepaid product offerings. National Processing, Inc. through its wholly owned operating subsidiary, National Processing Company, LLC., is a leading provider of merchant credit and debit card processing. EWI Holdings is a leading provider of advanced payment processing technologies to the prepaid and cash payments sectors in the US and Latin America.Details
GMAC Mortgage and MBNA have teamed to launch a co-branded rewards card that assists cardholders to pay down their mortgage balance with GMAC Mortgage by applying the rewards directly to the mortgage principal. The new “GMAC Mortgage Equity Rewards Platinum Plus MasterCard” offers one point for every dollar in net retail purchases charged to the card. Each time a cardholder accumulates 2,500 points, $25 is credited automatically to the cardholder’s mortgage principal with GMAC Mortgage. There is no annual limit on points and no annual limit on how many “Equity Rewards” can be applied to the reduction of mortgage principal. Redemption is automated and occurs once each quarter. The new card is offered at a 7.9% APR and includes an introductory rate of 0% on cash advance checks and balance transfers until April 2005, as well as credit lines of up to $100,000. As of December, GMAC Mortgage originated $112 billion in residential mortgages, representing 773,135 transactions. The company’s servicing portfolio of more than $196 billion represents nearly 2 million customers throughout the nation.Details
Lipman Electronic Engineering reported for the first quarter that revenues were $32.1 million, an increase of 44.2% over the first quarter of 2003. Net income for the quarter was $4.8 million, compared to $5.8 million for the comparable year-ago period. Gross profit for the quarter was $15.7 million, or 49.0% of revenues, compared to $12.7 million, or 57.1% of revenues, for the first quarter of 2003, due to penetration and expansion into new and emerging markets. During the quarter, Lipman was awarded tenders from AK Bank, Isbank and Yapi Kredi Bank in Turkey to supply a total of 89,000 terminals during the first half of 2004. Lipman also recently received Interac certification for its “NURIT 8000S” wireless terminal for the Canadian market. Lipman is a provider of handheld, wireless and landline POS terminals, electronic cash registers, retail ATM units, PIN pads and smart card readers, all under the “NURIT” brand name.Details
MasterCard yesterday asked the U.S. Supreme Court to review the decision by the Second Circuit Court of Appeals affirming the judgment that MasterCard’s “Competitive Programs Policy” and VISA’s “rule 2.10e” violate “Section 1 of the Sherman Act.” MasterCard said it is asking the high court to review this case in order to clarify the serious and important issues the decision raises about how all joint ventures are treated under the antitrust laws. MasterCard contends that Judge Barbara S. Jones and the Second Circuit Court of Appeals applied the wrong legal standards in reaching their decisions on the “CCP” and “rule 2.10e,” and that when the appropriate standard is applied, the decision should be reversed. MasterCard and VISA’s policy prohibit proprietary card rivals American Express and Discover from gaining access to the network of banks the associations each spent more than 30 years building. Both AmEx and Discover have opened their networks to bank issuers. To-date, MBNA has inked a deal with AmEx to issue cards if the U.S. Supreme Court fails to reverse the lower court ruling.Details
Banco Itau and MoneyGram Payment Systems have launched a money transfer services in more than 2,400 Banco Itau locations. There are nearly 4 million Brazilians living abroad who send money
home to their families in Brazil. Banco Itau is the largest privately owned bank in Brazil, with more than nine million customers and $40 billion in assets. MoneyGram has 68,000 agent locations (excluding Banco Itau) in 160 countries. It is a subsidiary of Travelers Express Company, which is a subsidiary of Viad Corp.
NJ-based Incurrent has hired Keith Ginsberg, formerly of CT Corporation, and William Davit, formerly of Uponus and Mobius, as two new account sales executives. The new sales executives will facilitate the expansion in the company’s product offerings in order to meet increased demand for its services due to unprecedented growth in enrollments. Incurrent develops and operates advanced online products for financial institutions in the global payment card industry, including issuers of consumer, small business, purchasing card, corporate T&E, and private label cards.Details
Bottomline Technologies has acquired the assets of ABM Microbank, the fifth largest BACS solution provider in the UK. Albion Business Machines Limited (ABM) provides electronic funds transfer software to more than 1,500 users. Bottomline Technologies also recently reported that revenues for the first calendar quarter were $21.6 million compared with $18.6 million for the year-ago quarter. The net loss for the quarter was $241,000, compared with a net loss of $2.2 million in same quarter one-year ago. During the quarter over 90 new orders for Bottomline?s “BACSTEL-IP” versions of “PayBase” and “WebSeries” were received from leading UK-based organizations including Trinity Mirror, BNP Paribas, and PayPoint. In addition, over 150 companies in the United Kingdom have subscribed to and are now running Bottomline?s recently launched “BACSTEL-IP” subscription service. Bottomline Technologies, founded in 1989, is a global technology provider of “Financial Resource Management” solutions. Bottomline’s “FRM” offerings enables businesses and financial institutions to more effectively manage their critical financial transactions, cash decisions and trading partner relationships, leveraging the Web. “FRM” applications include “Electronic Payments and Cash Management,” “Electronic Invoice Receipt and Management,” “Electronic Invoice Presentment and Payment,” “Electronic Banking and Information Reporting.” The Company’s corporate headquarters is located in Portsmouth, NH with international headquarters in Reading, England.Details
Central States Indemnity Company of Omaha has decided to integrate “ID3” with its existing Fiserv solutions for annual statement, financial management and unclaimed property to launch CSI’s newest payment protection product and implement complete credit card payment processing. Central States Indemnity (CSI) is a specialty insurance company that found its niche 25 years ago in the bankcard market as credit cards emerged. Fiserv, Inc. provides information management systems and services to the financial industry, including transaction processing, business process outsourcing and software and systems solutions.Details
MasterCard International and the Western Australian Tourism Commission have signed a MOU to allow for a strategic marketing alliance between the two organizations in the Asia Pacific region. Initially, the partnership will focus on marketing activities in China, Hong Kong, Singapore, Malaysia, Japan and Australia. Under terms of the deal, the Tourism Commission will work with the in-bound tourism industry to provide MasterCard and its financial institution partners with promotions, packages and prizes suitable for several key markets, including: women, golfers, and couples and families looking for long weekend get-aways.
Last year WA received 204,000 tourists from the Asia region, who stayed for a total 4,605,000 nights and spent nearly $500,000,000. The initial agreement was for two years, but it would be reviewed each year and automatically extended if it proved successful for all parties. It is anticipated that the partnership will extend into the Middle East and European markets next.
Intelecard Resources has introduced a Spanish-language version of “Telecard,” its prepaid promotional phone card. Telecard provides corporate marketing messages and carries a gift of free long distance minutes, allowing Hispanics to make international calls to friends and family in their home countries. By connecting Hispanics with their roots for free, Telecard wins immense “heart-share” for the client distributing the card. Intelecard Resources Inc., based in Delray Beach, Florida, has been a leading provider of prepaid promotional phone cards since 1995.Details