Advanta has taken a license under the patent portfolio held by Ronald Katz Technology Licensing for services in the financial services call processing field.Details
Sub-prime specialist CompuCredit reported first quarter net income of $33.2 million compared to $16.7 million in the previous quarter, and $1.1 million one year ago. The adjusted net charge-off rate for 1Q/03 was 10.2%, compared to 9.2% in 4Q/02, and 14.7% for 1Q/02. At the end of the first quarter, the 60+ day managed delinquency rate was 13.3%, compared to 13.9% at year-end 2002, and 12.2% one year ago. CompuCredit reported total managed loans of $2.5 billion for 1Q/03 compared to $1.8 billion one year ago. The increase is attributable to CompuCredit’s acquisition of some Providian accounts. CompuCredit had 3.2 million accounts at the end of the first quarter, a decline of nearly 400,000 accounts from year-end 2002. The net interest margin was 15.5% in the first quarter compared to 17.1% for the previous quarter. For complete details on CompuCredit’s 1Q/03 performance visit CardData ([www.carddata.com]).
More than 1.7 million contactless smart cards have been shipped to
the public transport associations of Verkehrsverbund Rhein-Ruhr and
Verkehrsverbund Rhein-Sieg, located in the region of
North-Rhine-Westphalia. ASK provided the cards for card.etc AG who is the
general contractor and who is managing the project together with the
KompetenzCenter EFM located at VRR in Gelsenkirchen. This is GermanyÂs
first and EuropeÂs largest rollout of smart cards in public transport. VRR
and VRS, representing 54 different transport operators, cover an area with
a total population of 10.6 million inhabitants.
Dallas-based CashWorks has launched a payroll check-cashing solution that allows the proceeds from a cashed payroll or government check to be loaded directly onto a prepaid debit card. The “Check-to-Card” solution will be first deployed in several Town & Country stores. The prepaid debit card can be branded as the “CashWorks Platinum Cash Card” or can be co-branded with the merchant. The card is provided through a partnership with FSV Payment Systems. The CashWorks card is offered free to those who enroll in the CashWorks check-cashing program at a participating merchant location. This new solution uses the same patent-pending “PayPort” and check cashing technology created by CashWorks which is already operating at over 400 locations across the USA.Details
JCB has named a new top executive to oversee smart card migration,
secure e-commerce, contactless payment, as well as other emerging
technologies, both domestically and internationally. Masahiro Omoto, who
spent 16 years of his 18-year career with JCB in the International
Department, has been appointed EVP/GM of the Advanced Technologies
Department. Omoto is succeeded by Hitoshi Shioda, SVP, overseeing advanced
technology for JCB’s International Department. JCB’s payment card network
has 10.43 million merchants and over 45 million card members worldwide.
A new survey from Harris Interactive, conducted on behalf of lawyers.com, has found that 28% of consumers have transferred credit card balances to lower interest rate cards, and 13% have contacted creditors to negotiate reduced interest rates or payment plans, over the past eighteen months.Details
USA Interactive and LendingTree announced a merger yesterday in a transaction valued between $626 million and $734 million. It is a stock-for-stock transaction. LendingTree has more than 200 participant lenders and has facilitated nearly $48 billion in closed loans since 1996 including credit cards. The deal represents USA’s entry into financial services and real estate verticals. USA has an existing base of nearly 40 million unique monthly Internet users. Doug Lebda, Founder and CEO, and Tom Reddin, President and COO, will continue in their current positions, as will other key members of the senior management team. LendingTree says its senior management team will have a significant ongoing economic interest in the upside of LendingTree, after USA recovers its acquisition costs with a rate of return, which is designed to incent and retain LendingTree’s strong management team over the long term. USA Interactive’s brands include HSN, Home Shopping Europe, Ticketmaster, Match.com, Citysearch, Expedia, Hotels.com, and others.Details
NY-based CRS Retail Systems has inked a deal to resell Wincor Nixdorf’s “BEETLE” family of POS systems and Wincor Nixdorf services in North America. Under the terms of the agreement, CRS Retail Systems will resell Wincor Nixdorf’s BEETLE family of POS systems and Wincor Nixdorf services in North America.Details
CheckFree’s CTO, Randy McCoy, has received the “Outstanding Technology Innovation Award” at the American Electronic Association’s inaugural Southeastern “Spirit of Endeavor” Awards Program last week. This award is presented to individuals who foster innovation in his or her industry, support the growth and success of their respective companies and the overall technology market, and serve as role models for other organizations.Details
Stockholm-based Pressbyran has committed to roll out Retalix’s
“StorePoint HOST-to-POST” software solution in all its 320 sites throughout
the country. Retalix is partnering with Wincor Nixdorf Norway for the
contract. Pressbyran is part of the Reitan Handel Corporation,
headquartered in Oslo, Norway. Other Retalix customers in the convenience
store/Kiosk segment in Europe include Welcome Break in the UK, AVEC, Kiosk
AG and Fenaco chains in Switzerland, and the Narvesen kiosk chain in Norway.