CO-based Equitex has filed lawsuits in Minnesota and Delaware against iGames Entertainment over the failed purchase of Chex Services by iGames. The Company stated that it is fully confident that its claims in litigation will be upheld and that it believes that the various claims made by iGames Entertainment, Inc. lack merit, and intends to vigorously prosecute its claims and defend against iGames’ claims. Equitex, Inc. is a holding company operating through its wholly owned subsidiary Chex Services of Minnetonka, Minnesota, as well as its majority owned subsidiary Denaris Corporation.Details
JCB this week launched a six-month pilot for its dual interface smart card, marking the first time contactless technology has been added to a regular international credit card in Japan. Introduced with the Ministry of Economy, Trade and Industry, the new “e-METI JCB Business Card” allows employees to pay at canteens throughout the government agency’s facilities, but can also be used as a regular credit card at any store or merchant currently accepting JCB. The issuer has been offering a similar product with its Offica corporate smart card, which also incorporates contactless smart card technology, as well as a wide menu of functions on a single card including office access control, network authentication, employee attendance tracking and cashless purchasing at the office. The “e-METI JCB Business Card” incorporates JCB’s “DualPlus” dual interface technology, which complies with “ISO/IEC 14443 Type B” standards for contactless applications and also equipped with the contact interface EMV-standard credit application “J/Smart.” The
contactless technology was developed in cooperation with Dai Nippon Printing Co., Ltd. and Matsushita Electric Industrial Co., Ltd.
The Taxi & Limousine Commission of New York City this week announced it plans to have credit card terminals installed in all 12,187 yellow cabs by November 2005. Fleet owners, or owner-operators, will have to pony up for the projected $1500 cost per cab to upgrade with credit card terminals. However, there has been no decision on how the merchant fees will be absorbed. A recent pilot program in New York City with credit card equipped-taxis has found that the majority of transactions are not successfully processed and those that do, take too long. The New York Times reported yesterday that a similar program in Chicago has not taken off. Chicago mandated taxicabs to have credit card equipment by 2002, but technological obstacles delayed the start-up. Chicago now expects all cabs to be equipped by June. Meanwhile, the NYC Taxi & Limousine Commission approved a 26% fare increase effective May 1st. The flat rate fare from Kennedy Airport to Manhattan will also increase from $35 to $45.Details
Japan’s JCB has rolled-out its new Internet authentication program that is compliant with the “3-D Secure” protocol. More than 15 partners have already committed to implement the “J/Secure” program. LG Card in South Korea will launch the “J/Secure” service this month. AEON Credit Service in Japan will launch the JCB authentication service in May. Currently more than 15 access control server or merchant server plug-in products have passed “J/Secure” compliance testing. JCB cards are now issued in 18 countries and territories, with 49.6 million cardholders, according to CardFlash International ([www.cardflashinternational.com]). JCB’s merchant network includes 11.4 million merchants and spans 189 countries and territories.
The Anti-Phishing Working Group issued a “Threat Advisory Alert” yesterday concerning a new type of phishing attack that replaces the “Address” bar at the top of a Web browser with a working fake, allowing the phisher to display a completely fraudulent Web address URL, while taking the consumer to the phisher’s spoofed site. The Anti-Phishing Working Group (APWG) is focused on eliminating the problem of phishing and email spoofing attacks, by developing and sharing information about the problem, and promoting the visibility and adoption of industry solutions. Membership in the group is open to qualified financial institutions, corporations, law enforcement agencies, public policy groups and solution vendors. Tumbleweed is a leading provider of secure Internet messaging software products for enterprises.Details
Canada’s leading package holiday company has entered into a six-year agreement with Moneris Solutions for MasterCard and VISA online credit card payment processing. Signature Vacations chose “eSELECTplus” because it provides travel agents access to a web-based tool on their desktop, enabling real-time processing of credit card orders and quick end-of-day batch processing. More than 350,000
merchant locations rely on Moneris to process and streamline their card payment processing..
Discover has launched a new promotion offering up to 10% back on grocery purchases. Under the promotion, cardholders receive a cash award of up to 1% of each purchase based on annual level and type of purchases, plus those enrolled in the special offer receive an additional 4% of each purchase made at qualifying grocery stores. Cardholders can then exchange their cash award of up to 5% for up to double the amount in certificates from Discover’s “Cashback Bonus Partners.” The offer runs from April 1st to June 30th. Cardholders have to enroll via Discover’s Web site or a toll-free number.Details
MA-based Pipeline Data reported it reached accounting profitability in the fourth quarter after revenues tripled last year from $3.5 million to $10.2 million. Pipeline Data Inc. provides integrated transaction processing services for all major credit cards.Details
AT&T has won a five-year, multi-million dollar integrated networking contract to expand and enrich PULSE EFT Association’s payment network. According to a recent nationwide consumer payment preference study released by the American Bankers Association, increases in debit payments are steadily eroding the use of cash and checks. PULSE is the only major network solely owned by financial institutions. AT&T has been known for unparalleled quality and reliability in communications.Details
Mitsubishi Tokyo Financial Group is gearing up to issue its own credit cards one year from now to take advantage of deregulation which takes effect this week. MTFG named Izumi Tamai as General Manager, BTM, Director & General Manager, Comprehensive Card Division. Mitsubishi Tokyo wants to more than double its retail business by March 2007. Last week, the Company increased its stake in Acom to 15%. Acom is the country’s second-largest consumer finance company.Details
Bank One announced it will spend $3.98 million to replace 132 ATMs in Indiana this year. The banking centers feature a new layout designed to reduce customer wait times. It features teller stations for conducting banking transactions. Individual offices adjacent to the customer transaction area provide a more private space for relationship bankers to conduct detailed financial discussions with customers. Bank One operates more than 180 banking centers in Indiana. Bank One Corporation is the nation’s sixth-largest bank holding company, with assets of more than $325 billion. Bank One currently has more than 50 million credit cards issued, serves nearly 7 million retail households, and approximately 20,000 middle market customers. It also manages more than $185 billion of clients’ investment assets.Details
JCB International announced that Turkey’s Turkiye IS Bankasi is now authorized for JCB merchant acquiring through a sublicensing agreement. The license was granted to Isbank by JCBI’s direct licensee, Anadolu Kredi Karti. As a result, the number of merchants accepting JCB card in Turkey will increase to more than 100,000. Isbank maintains a network of 113,000 merchants and 121,000 POS terminals, representing 17% of the market. The Bank produces international credit card sales volume of more than US$19 million per annum. Anadolu Kredi Karti says its agreement with JCB in 1993 helped it increase sales at its 11,000 merchants and expects the Isbank deal to drive even more JCB volume.Details