EMMA Processing

Los Angeles-based Cash Technologies reported yesterday that after a one-year pilot, its “E-commerce Message Management Architecture” (EMMA) can electronically identify a check and the person cashing it, and do a fraud analysis, in under 15 seconds. The result is the ability to do new things such as advanced financial transactions on ATMs, point-of-sale (POS) devices and even cellular phones that are otherwise impossible today. If desired, instead of receiving cash, the person could also pay a bill, wire transfer money to a distant relative, get a movie ticket and many other things. We know of nothing else in the market today with these capabilities.

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$$$ ON THE NET

Las Vegas-based Shift4 has signed ten more VARS for its “$$$ ON THE NET” credit/debit/private label card processing software. The product suite includes high speed processing of Credit, Debit, and Gift/Loyalty cards, including such functionality as Dynamic Currency Conversion, International Processing, Fraud Sentry, Direct to American Express, and much more. Some of the new members of the Shift4 Reseller team include: Retail Technologies Inc., InnQuest Software, and NewEra Tickets.

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Circuit City Sale

The Board of Directors of VA-based Circuit City Stores has given the green light to management to unload its $2.9 billion credit card portfolio. Circuit City reported yesterday that its First North American National Bank produced a pretax loss of $22.1 million for the quarter ending May 31st. The retailer says the loss was the result of higher costs associated with two securitizations, a $500 million deal for private-label credit card receivables, including receivables related to the co-branded VISA credit card it launched last year; and, a separate securitization of $550 million in bankcard receivables. Circuit City has $2.9 billion in managed credit card loans with approximately $1.4 billion in bank credit card outstandings, according to CardData. In June 2002, the company launched the co-branded “Circuit City Plus VISA” card to replace its private-label credit card program. The company also issues VISA and MasterCards under the First North American National Bank name. For complete details on Circuit City’s latest performance visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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Fiserv & EDS

Fiserv confirmed this week it is negotiating with EDS to acquire EDS’ credit union processing business. The company says that if the transaction is approved and completed, Fiserv would expect to provide core processing services for about 34% of the credit union segment within the financial services data processing market. In December, Fiserv acquired EDS’ consumer network services business, which provided ATM and transaction processing services, for about $320 million in cash.

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CO-OP Patronage

Ontario, CA-based The CO-OP Network yesterday announced a patronage distribution of $7 million for 2002, a 132% increase over the prior year. The distribution is equal to 93 percent of net income from operations after taxes, compared to 65 percent of net income the year before. CO-OP Network member-shareholders, which constitute more than 50 percent of the organization’s 1,213 member credit unions, each receive a portion of the patronage distribution. Also, the board of directors for Service Centers Corporation, a CO-OP Network subsidiary specializing in shared branching, has declared a $524,400 patronage distribution, equal to 40 percent of taxable income.

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VISA Intl CEO

VISA International’s president and CEO will step down next March after completing five years at the top spot. Malcolm Williamson, 63, informed the Board of his decision last week and it was disclosed to the VISA International staff late yesterday. Williamson said he wants to pursue a different career course and other interests in the United Kingdom. He also cited his desire to spend more time with his wife and two teenage children as a reason for leaving the Board. In addition to his top executive role at VISA, Williamson is Deputy Chairman, Britannic Group Plc in the UK. Prior to joining VISA, he served as Group Chief Executive of Standard Chartered PLC for five years. He was also a non-executive director of the UK’s National Grid Group; a board member of the British Invisibles; a member of the British Council of the Industrial Society and UK chairman of the British Thai Business Group. Under Williamson’s stewardship VISA’s card volume has more than doubled. Williamson said he was satisfied that he achieved three goals: first, to develop a strategy that would enable VISA’s long-term success; second, to shape an effective center organization; and third, to instill a disciplined and transparent approach to managing expenses and reporting. The executive recruitment firm of Spencer Stuart has been commissioned with the search for a new president and CEO. (CF Library 6/25/98)

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Moneris & Ingenico

Ingenico and Moneris Solutions have teamed for the pricing and development of POS devices throughout North America. The newly-formed relationship will enable Moneris to lead the market with new and innovative Ingenico devices throughout North America. Moneris merchants will be able to look forward to new products such as the next generation of short and long-range wireless terminals, new debit/credit terminals, enhanced LAN-based products and integrated PINPads, new connectivity options such as IP, and chip capable devices that will leverage chip knowledge gleaned from the European market.

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MC ASIA-PACIFIC

MasterCard International reported that its gross dollar volume declined in the Asia-Pacific region for the first time. During the first quarter, MasterCard’s gross dollar volume dipped 6.8% to $54.2 billion. One year ago, the gross dollar volume was up nearly 18% in the first quarter. This year, purchase dollar volume declined 1.37%, while cash advance dollar volume declined 13.19%. Card volume in South Korea has declined sharply for all card issuers as the country continues to deal with huge charge-offs. MasterCard also reported that the number of accounts and cards in the region grew 8% in the quarter. With over 144.1 million “Maestro” cards, Asia/Pacific was the second largest “Maestro” region at the end of the first quarter. The number of “Maestro” cards in the region rose 14.4% over first quarter 2002.

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IRECHERCHE WASP

Bank-Verlag has selected Systinet “WASP Server for Java” for its “iRecherche” system, that is used for the automatic handling of investigations for payment transactions. Bank Verlag GmbH is a subsidiary of the Association of German Banks, which represents 247 private commercial banks, including Commerzbank, Deutsche Bank, and Dresdner Bank. The “iRecherche” system supports these banks by handling investigation requests for lost, misplaced or unresolved payment transactions, such as checks and wire transfers. Participating banks can view incoming requests and manage outgoing requests, with Bank-Verlag’s “iRecherche” platform acting as the central database system. “iRecherche” handles all incoming requests, routes them to the appropriate recipient, and allows for status tracking.

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Healthcare Processing Solution

Moneris Solutions, MedCard Division, United Processing Corp. have teamed to deliver a comprehensive HIPAA-compliant solution for insurance eligibility verification, electronic referrals and electronic claims transaction processing. The partnership consists of MedCard’s complete suite of healthcare applications and Moneris’ self-pay receivable management solutions. Moneris will provide proprietary software and service/support that enable healthcare practices to also accept credit and debit cards from the same easy-to-operate terminal that delivers benefit verification and other medical services. In addition to targeting medical groups through direct sales, Moneris and MedCom will deliver their joint solution through United Processing Corp.

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