The FTC yesterday filed charges in federal court against Montreal-based 9094-5114 Quebec, Inc. d/b/a Kinito, for promoting advance-fee, nonexistent credit cards to U.S. consumers. The FTC’s complaint alleges that the defendants typically target American consumers with offers of a MasterCard credit card with a $5,000 credit limit in exchange for a one-time advance fee, which the defendants automatically debit from the consumers’ bank accounts. The FTC has worked closely with the Canadian Competition Bureau and the United States Postal Inspection Service on this case and expresses its gratitude for the fine cooperation it has received from these consumer protection officials.Details
NCR Corporation has received the ATM Industry Association’s “ATM Security Best Practice Award” at the association’s annual security awards presentation held in London. The award recognized NCR’s holistic approach to security, whereby the aim is to protect the integrity of the ATM channel at all potential points of compromise. The NCR security offer is unique, covering physical security offerings from its wholly owned subsidiary, Fluiditi, data and smart-card solutions that are standards compliant, features and procedures to combat fraudulent activity at the ATM and fraud detection through network management from NCR’s subsidiary, Gasper.Details
Melbourne-based On Q Group has inked a deal to distribute GlobeTel Communications’ “Magic Money Stored Value Card.” GlobeTel says the program has been successfully rolled out in the US, South America and Europe. Over 100,000 cards have already been issued to-date. On Q Business Systems provides business software systems, integration, installation and support services to the Australian petroleum industry. The On Q Group of companies specializes in e-Commerce and business solutions through products that provide clients with a “one stop” shop for multiple solutions, or specific solutions, for specific needs. The On Q Group’s overall strategy is to focus on the development of Internet based and electronic commerce solutions for the point of sale interfaces between business and consumers.Details
Deutsche Postbank AG has gone live with enhanced transaction banking functionality from the “SAP for Banking” portfolio of solutions. As a result, Postbank has replaced 14 legacy systems and reduced the number of standard banking processes from more than 120 to 35. Now managing processes for 10 million customers, 6 million debit cards, 5 million checking accounts and 40 million
address records on a single, standard software platform, the company anticipates annual reductions in back-office operating costs of up to 30%. More than 6,000 Postbank employees at five back-office locations as well as employees at more than 10,000 Deutsche Post offices in Germany gain access to the new functionality. “SAP for Banking” also handles the accounts and transactions of all of Postbank’s 1.5 million online banking customers.
Omaha-based Transaction Systems Architects reported revenue of $71.8 million for the quarter ending September 30th, a 1.5% gain over the third quarter of 2002. Net income for the quarter was $9.1 million, compared to $1.1 million one year ago. The quarter also included $2.0 million in restructuring charges associated with staff reductions. The Company completed the quarter with $232.8 million in backlog, an increase of $6.9 million sequentially. During the quarter, the Company added 25 new customers and increased its worldwide presence to 73 countries. TSAI’s revenue estimate for fiscal 2004 is $266 million to $287 million. For complete details on Transaction Systems Architects’ 3Q/03 results visit CardData (www.carddata.com).Details
AZ-based eFunds reported third quarter net income of $9.1 million, compared with net income of $10.7 million one-year ago. Net revenue for 3Q/03 was $133.1 million compared to net revenue of $144.0 million in the third quarter of 2002. eFunds says the revenue decline is largely attributable to the loss of the STAR and EMEVS contracts last year and a decline in revenues from IT consulting services this year. However, the effect of the revenue declines was somewhat offset by increased revenue from ATM acquisitions and ongoing cost reduction efforts. Earlier this month, eFunds announced the acquisition of Oasis Technology for approximately $28 million in cash. The Company said it currently expects that full year net revenues for 2003 will be somewhat lower than the revenues of $543.1 million reported in 2002. For complete details on eFunds’ 3Q/03 results visit CardData (www.carddata.com).Details
Wand Corporation has inked an agreement to resell Wincor Nixdorf’s “BEETLE” POS systems and services to the QSR industry. Under the agreement, Wand Corporation will market Wincor Nixdorf’s BEETLE POS systems as part of its integrated turnkey solutions for QSRs. The reseller agreement also includes Wincor Nixdorf services. Wand Corporation has partnered with restaurant operators nationwide to engineer products and services specifically for the Quick Service Restaurant industry. Wincor Nixdorf’s BEETLE family is the most prolific open POS platform in the world. Highly versatile, the BEETLE addresses the complete spectrum of retail touch points, including thin-client POS terminals, lean- and thick-client POS systems, self-service kiosks, inquiry and service desk workstations, and mobile POS devices. Worldwide, Wincor Nixdorf, Inc. is one of the fastest-growing providers of IT products and solutions for the retail and banking industries.Details
T.V.G. Technologies has moved its smart card manufacturing facilities to Har Ha’hotsvim, a high tech park suburb of Jerusalem. TVG is a developer and manufacturer of smart card solutions, including readers, cards, and software applications with over 8 years of pioneering R&D efforts in the smart card industry. TVG has developed a substantial suite of smart card hardware and software technologies, offering complete end-to-end solution for secure tracking and transfer of financial transactions and secure information. Applications include online banking and financial transactions, e-commerce, secure data base access, data storage, and e-cash, among others.Details
Digital Insight reported third quarter revenues of $39.4 million, a 16% gain over last year. The Company also reported net income of $4.6 million in the third quarter, a 180% increase compared to 3Q/02. DGIN says it had an outstanding quarter within “Cash Management,” where its business end users grew by a record 3,600, up 11% sequentially and 51% from a year ago. The Company also announced earlier this week a definitive agreement to acquire Magnet Communications. For complete details on Digital Insight’s 3Q/03 results visit CardData (www.carddata.com).Details
MasterCard is partnering with the Pacific Asia Travel Association to sponsor two awards as part of PATA’s “Young Tourism Professionals” initiative for 2004. The “Young Tourism Strategist of the Year Award” seeks to identify the best young executive in the Asia/Pacific travel industry through a 2,500-word essay on one of a variety of industry related topics. The “Face of the Future Award” recognizes a young professional who is an upcoming “star” in the industry. The PATA Honours Committee will shortlist and pick the winning essay and MasterCard will award the author with a US$5,000 research grant and will also
sponsor the winner’s air travel and accommodation. The award will be presented at PATA Travel Mart 2004 in Bangkok.
Cleveland-based Charter One Bank has launched the first “MasterCard Gift Card” that features no upfront fees for the card or for processing. The new stored-value, personalized card is available in 25 designs and in denominations from $25 to $500. Customers who request express processing are charged $50, but the usual turn-around time is 7 to 10 business days. Charter One charges a $2 fee for each ATM withdrawal or cash advance and a $1 fee for each PIN POS transaction. The card is good for six months. Other fees include a $10 expired card fee, $10 refund processing fee, and a $2.50 monthly inactivity fee if the card remains inactive after six months. Bank of America, the largest issuer of bank gift cards, charges a $5.95 fee for new cards with up to $300 in value, and a $7.95 fee for values between $300 and $600. BofA also charges a $1.50 for each ATM transaction on its network plus any surcharges from other institutions, a $2.50 monthly maintenance fee after six months, a $7.50 reissuance fee, a $15 check issuance fee, and a $25 fee for use of the card in excess of the amount stored.Details
eBay and MBNA have launched a new MasterCard credit card that allows Canadians to earn “eBay Anything Points” with every retail purchase. For retail purchases charged on the eBay credit card, cardholders will earn a special eBay currency worth $.01 USD for each point, which can be spent on eBay sites. eBay “Anything Points” can also be used to pay eBay sellers in Canadian Dollars, U.S. Dollars, Pounds Sterling, or Euros. The new credit card is the latest expansion of the “eBay Anything Points” program, launched in May 2003. eBay launched a similar credit card in the U.S. in early October. Cardholders must be registered eBay users and enrolled in the “eBay Anything Points” program to begin spending points earned from using this credit card. Once enrolled in the program, members’ points are accumulated in their PayPal accounts. In Canada, eBay was visited by more than 7.9 million Canadians in September.Details