MA-based Netegrity reported second quarter revenues of $18.9 million, a 13% increase over first quarter revenues. License revenues for the second quarter of 2003 were $10.7 million, a 27% increase over license revenues of $8.4 million in the first quarter. Netegrity had $94.2 million in cash and marketable securities, as of June 30, 2003. The Company expects growth in license revenue for Q3 versus Q2 of approximately 3 percent, which would equate to total revenue growth by 3 percent as well.Details
Netherlands-based ABN AMRO has joined Virginia-based NACHA – The Electronic Payments Association. NACHA now has 37 members consisting of 21 payments associations and 16 financial institutions. The other financial institution members of NACHA are American Express Centurion Bank, Bank of America, Bank One, BB&T Corporation, Capital One, Citibank, Commerce Bank, Discover Bank, FleetBoston Financial, J.P. Morgan Chase, Mellon, National City, U.S. Bank, Wachovia, and Wells Fargo. ABN AMRO is an international bank with total assets in excess of EUR 600 billion.Details
National Processing has signed a multi-year credit and debit card processing agreement with Sheetz and its 290 locations in five states. Sheetz, founded in 1952, has become one of the industry’s leading quick service retailers. Every store features a touch screen ordering system, this technology combined with upgraded back office software and fast checkout scanning systems allows Sheetz to service their customers better and faster than the competition.Details
STMicroelectronics reported that net revenues for the second quarter were $1.7 billion, a 5.2% sequential increase over first quarter and
11.2% above last year’s second quarter. Gross profit was $607.3 million, a 7.2% sequential increase from the prior quarter, and 5.5% above the
2002 second quarter. Revenues for memory products declined 12.9% to $286.7 million however Consumer and Microcontroller revenues increased 8.3% to $312.5 million. On May 22nd, STM announced the acquisition of the assets and business of Incard SpA, a smart card maker that specializes in the telecom market.
MBNA reported net income for the second quarter of $543.3 million, an increase of 20% compared to the second quarter of 2002. Managed loans were up 11% and charge volume was up 15%. Total managed loans at the end of 2Q/03 were $110.5 billion and charge volume was $45.4 billion. Managed charge-offs were 5.35%, compared to 5.47% in the previous quarter, and 5.09% one year ago. Delinquency on managed loans were 4.46%, compared to 4.74% in 1Q/03, and 4.80% in 2Q/02. During the quarter MBNA added 3.0 million new accounts, compared to 2.3 million in the first quarter. The issuer signed 125 new affinity card deals during the quarter. The issuer also renewed 318 affinity group contracts during 2Q/03. For complete details on MBNA’s second quarter results visit CardData ([www.carddata.com]).
OR-based Corillian posted net income of $1.8 million in the second quarter on revenues of $11.5 million. Cash and investment balances at the end of the second quarter were $24.5 million, compared to $21.4 million at the end of the first quarter of 2003. Corillian anticipates third quarter 2003 revenues will be in the range of $10 to $11 million and reaffirms that revenues for 2003 will be in the range of $43 to $45 million.Details
Texas-based National E.Commerce Corporation, developer of “E-Chex” and “E-Chex PC,” has named Charles Cunningham as CFO. Cunningham has served in a variety of corporate financial capacities over the past 20 years, including serving as Chief Financial Officer for both public and private companies. Prior to E-Chex, he erved as Chief Financial Officer for e resources inc until its merger with Central Wireless in June of 2002.Details
Cardholder activities among consumers in Shanghai, Guangzhou, Shenyang, Deyang, and Hangzhou vary widely according to a new research report. Holders of credit cards in Shanghai and Guangzhou use their cards more frequently for purchase transactions than do their counterparts in other major cities, with 71.7% of card holders in Guangzhou using their credit card at least seven times per month over a six-month period compared with just 25.5% in Deyang and around 30% in Shenyang. According to the study by the School of Management at Fudan University in Shanghai and underwritten by MasterCard, cardholders in Shanghai and Guangzhou use their cards more frequently for shopping than their counterparts in Shenyang, Hangzhou and Deyang, with cardholders in those three cities spending comparatively more, and using their cards more frequently, on hotel accommodation. Not surprisingly, taken across all cities expenditure on shopping and dining out accounts for most of the credit card transaction volume.Details
After an eight-month pilot program in southern California, Best Buy, this week, launched the “Reward Zone” loyalty card nationally. The card rewards members with 100 points for every dollar they spend at its 550 retail stores in the USA. Members earning 12,500 points will receive an automatic $5 discount on future purchases. New members receive a 5,000-point enrollment bonus the first time they use the card. The card comes with a $9.99 annual fee. Best Buy’s most loyal customers have been automatically enrolled in the program this year for a waived fee. To kick-off the launch of the new card, Best Buy is offering a $1 million sweepstakes for consumers between now and August 23rd. Best Buy is using Frequency Marketing’s proprietary “Loyalty Solutions Platform” for the card. FMI provides the technology platform, technical services, print fulfillment and ongoing program support for the “Reward Zone” program. The technology platform includes “MemberNet”, FMI’s Web interface. Print fulfillment includes member welcome kits, quarterly statements and award certificates. Best Buy manages creative development and media buying through its existing vendors and runs member services using FMI’s platform at its existing call centers.Details
Ontario-based RDM and Xign announced that Texas-based Pantellos has been selected by Cinergy and FirstEnergy to implement the “Pantellos eSettlement Network,” to automate their procure-to-pay processes. Based on the “ePayables” solution from Xign, the “Pantellos eSettlement Network” is an electronic invoice and payment service that helps utilities automate their financial settlement processes. The “Pantellos eSettlement Network” also supports the “MasterCard e-P3” electronic payment and information management service, which helps utilities broaden their use of “MasterCard Corporate Purchasing Card” programs to settle large-value transactions for direct materials and services. Pantellos was founded in June 2000 by some of North America’s largest utilities.Details
Miami-based iDine Rewards Network reported second quarter pre-tax income of $6.5 million, a 67% increase over 2Q/02. The Company also reported sales for the quarter of $87.7 million, a 34.1% gain over the prior year. The Company closed the quarter with more than 3.0 million active members and in excess of 11,100 total merchants. Transactions for the quarter were 2.6 million. The iDine Rewards Network currently has 20.4 million credit cards registered through 15.4 million enrolled accounts. Currently, more than 10,700 restaurants throughout the USA participate in iDine programs, and the company in May launched its hotel rewards program with more than 400 hotels in 25 markets. For complete details on the iDine Rewards Network’s second quarter results visit CardData ([www.carddata.com]).
Paris-based Groupe Ingenico has selected Massachusetts-based MSL as its primary worldwide strategic supplier, providing global support for Ingenico’s electronic payment terminals. As part of the multi-year agreement, Ingenico’s subsidiary Telesincro, located in Barcelona, Spain, will transfer to MSL its manufacturing employees with technical expertise in EFTPOS and secure payment products, as well as certain assets and manufacturing space. The Barcelona plant, formerly Ingenico’s only internal manufacturing site, manufactures approximately 600,000 terminals annually, approximately 40% of the company’s global demand. MSL will provide manufacturing, build-to-order (BTO), order fulfillment, and repair services to Ingenico from Barcelona and from additional locations worldwide.Details