Mosaic Software Receives Processor Award

Mosaic Software has received the Co-Op Network’s “2003 Outstanding Processor Performance Award”. Based on the evaluation period from July 2002 to June 2003, the credit union achieved a 99.84% average response rate and a 96.56% approval rate for transactions acquired from the network. The Processor Award was presented to Johann Dreyer, CEO of Mosaic Software, at the 2003 EFT User’s Conference in New Orleans during the Interactive Software Vendor Luncheon and Processor Award Presentation.

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CIBC Launches Basic VISA Card for Small Business

CIBC has launched a stripped-down small business credit card offering a super low interest rate. The new “CIBC bizline VISA,” available to firms with less than 10 employees, offers an interest rate as low as prime +1.5%. The card carries no annual fee and a credit limit between $5,000 and $50,000. The card does offer some built-in benefits, including access to a “Small Business Saving Program”; $1 million of travel accident insurance; and a year-end statement summary. The card offers optional benefits including “CIBC Hot Line Service”; extra travel insurance; and trip cancellation/trip interruption insurance. Business applicants must have been in business for 3 months or more and have annual revenue between $35,000 and $5 million. CIBC will issue up to 9 additional cards.

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NCR Introduces First Touchscreen POS Workstation

NCR has introduced the “NCR RealPOS 70” touchscreen POS workstation and has announced that Stewart’s Shops has signed the first order, and that Uno Restaurants are piloting the system this month. The NCR RealPOS 70 is a multipurpose system offering more than just POS functionality. With a powerful Intel processor starting at 2 gigahertz, standard stereo speakers and full multimedia capabilities, it can double as a kiosk or interactive training device. The new NCR workstation is easy to upgrade. Converting from a 12.1-inch to a 15-inch operator display is quick and tool-free, while preserving the retailer’s original POS terminal investment. Emerging technologies such as fingerprint recognition or wireless communications can also be added with ease.

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Global Axcess Names International Expert to Board

FL-based Global Axcess has named Georg Hochwimmer, Ph.D, as an independent member of its Board of Directors. Dr. Hochwimmer is a noted business consultant and academic responsible for aiding in the development of several highly profitable companies throughout Europe. Widely published in international scientific publications, Dr. Hochwimmer has earned advanced degrees in chemistry, machinery engineering, computer sciences and polymer chemistry.

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iDine Raises $60MM and Will Hit 3Q Target

Chicago-based iDine Rewards Network is raising $60 million through an offering of Convertible Subordinated Debentures. The Debentures are expected to be redeemable by iDine Rewards Network Inc. commencing in October 2008. iDine intends to use the net proceeds from the sale of the Debentures to pay down the indebtedness outstanding under its existing credit facility and for general corporate purposes. The company also announced Tuesday that it expects third quarter earnings to be within the range of consensus analyst estimates of $0.16 to $0.17 per share, on gross revenues of $89 to $90 million. The company will release its report on October 22nd. iDine currently has 20.4 million credit cards registered through 15.4 million enrolled accounts for its program.

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GE’s Fasoli to Head New Retail Sales Finance Company

GE Consumer Finance has named Dave Fasoli, who served in several roles in GE’s private label credit card and bankcard businesses, as president of the new Retail Sales Finance Servicing Company, which was created following the purchase of the Conseco Finance and Mill Creek Bank. Fasoli brings 22 years of business experience to the new position, and has worked with several units of GE, including aerospace, consumer electronics and corporate headquarters. Fasoli is a graduate of the State University of New York, Albany.

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Card Debt Increases in August But Sluggish

Revolving debt is growing about a third of last year’s rate, as Americans added $1.2 billion to total revolving debt during August. One year ago, U.S. consumers added $3.9 billion to revolving debt during the month of August. However, the August figures, released Tuesday by the Federal Reserve, represented a sharp increase over the prior two months. During June consumers reduced total revolving debt by a revised $2.0 billion, and in July revolving credit was up 80 basis points or by $500 million. Bank credit card debt (excluding store and gas credit cards) at the end of the second quarter was $646.2 billion, or roughly 90% of total revolving credit, according to CardData (www.carddata.com).

REVOLVING CREDIT HISTORICAL ($billions)
Aug03 Jul 03 Jun03 May 03 Apr 03 Mar 03 Feb 03
GRWTH: 2.1% 0.8 -2.4 7.7 3.4 4.1 5.9
$OWED: $727.6 726.4 725.9 727.9 722.8 720.7 718.6

Jan03 Dec 02 Nov 02 Oct 02 Sep 02 Aug 02 Jul 02
GRWTH: 5.2% -6.7 -1.4 1.6 3.0 6.2 6.0
$OWED: $715.5 712.4 716.8 717.9 721.3 719.5 715.6
Source: Federal Reserve; revised figures as of 10/07/03;
For complete historical data visit CardData (www.carddata.com).

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CIBC Launches New Card for Small Business

CIBC has launched a stripped-down small business credit card offering a super low interest rate in Canada. The new “CIBC bizline VISA,” available to firms with less than 10 employees, offers an interest rate as low as prime +1.5%. The card carries no annual fee and a credit limit between $5,000 and $50,000. The card does offer some built-in benefits, including access to a “Small Business Saving Program”; $1 million of travel accident insurance; and a year-end statement summary. The card offers optional benefits including “CIBC Hot Line Service”; extra travel insurance; and trip cancellation/trip interruption insurance. Business applicants must have been in business for 3 months or more and have annual revenue between $35,000 and $5 million. CIBC will issue up to 9 additional cards.

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10% More Cards Were Manufactured Last Year

Last year, approximately 10.7 billion cards were manufactured worldwide, a 10.3% increase over 2001, but, when measured in U.S. dollars, the global card market increased slightly from $4.7 billion to $4.8 billion over the same period. Traditional cards represented 84% of the units, while smart cards represent 16.4% of the units. However, smart cards, due to their high cost, represented 75% of the dollars on a global basis. The findings come from the International Card Manufacturers Association “Global Market Survey” which also found that financial hologram cards represent 11.9% of the global card unit market, an increase by 11.3%.

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VISA Partners with Enterprise Software/Services Company

ISA has signed a two-year alliance agreement with iRise to develop ways to quickly enhance business application development. As part of the alliance, Visa and iRise will explore opportunities to enhance Visa’s product platform and technology development processes as well as consider customization of iRise technology solutions to serve the unique needs of the payments and financial services industries. The iRise Application Simulator(TM) platform enables business analysts to create a functionally-rich, data-aware, interactive simulation of Web-based applications without a single line of code and can eliminate up to 40 percent of development costs overall.

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Offshore Telemarketing May Save Card Issuers

An outsourcing company in India is advising U.S. credit card companies to move their outbound telemarketing activity offshore to lower costs and compliance issues with the “National Do Not Call Registry.” ICICI OneSource North America, India’s largest third-party provider of contact center and transaction processing services to the U.S. and U.K. credit card industries, says the new telemarketing rules will change the way new credit card customers are acquired. ICICI says companies spend an average of $15,000 for every call center agent plus incur rising costs due to high staff turnover and predictive dialer restrictions at their call centers.

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Americans Pull Back on Credit, Due to Job Insecurity

A survey by Cambridge Consumer Credit has found that one third of Americans have decreased their use of credit or their willingness to take on new debt because of their feelings of job insecurity. More than half of Americans (57%) say their current employment situation is having no impact on their credit usage. While those with higher incomes of over $75,000 a year. feel the most secure about their jobs (63%), while only 26% of those earning under $25,000 a year feel secure in their jobs. In conjunction with the Index, the Cambridge Credit Counseling Corp. is releasing its monthly survey of people who have called in for credit counseling services over the past month. Cambridge representatives ask callers for the primary reason that they found it necessary to get help with their debts now.

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