Baar-based OPENLiMiT Holding AG has been acquired by Jure
Holdings. OPENLiMiT is a developer of Internet-enabled smart credit cards
that are sold as part of a package to Internet users. The package consists
of an “OPENLiMiT CARD” with an integrated chip that utilizes a digital
signature, the “OPENLiMiT” card reader and the “OPENLiMiT SignCubes”
software. Each OPENLiMiT subscriber receives an immediate credit line,
starting at $200 up to $1,000 depending on the credit evaluation of the
individual. Once a credit limit has been established, each subscriber is
granted access to the OPENLiMiT Tower, where customers can transact
purchases on the Internet at preferred rates by using digital signatures.
While details of the acquisition were not revealed, Jure did announce that
Henry Dattler will serve as the company’s new CEO and Chairman.
Baar-based OPENLiMiT Holding AG has been acquired by Jure
SD-based BANKFIRST has signed an agreement with the Federal Reserve Bank of Minneapolis to rein in its sub-prime bank credit card operations. Under terms of the agreement, the Bank will discontinue opening any new unsecured or partially secured credit card account for any new or existing customer having a FICO score of less than 660, and not to provide any new credit line increases on any credit card account for any customer having a FICO score of less than 660. Within 30 days, the Bank has to submit a written plan to sell or liquidate its sub-prime card portfolio in the event that the Bank fails to fully comply with the agreement.Details
Citibank has launched a low-cost, account-to-account real-time
international, and domestic funds transfer service, for its consumer
customers in Mexico, Belgium, Germany, Spain, France, the United Kingdom,
Greece, Jersey, Monaco, Switzerland, Italy, Luxembourg and India. “Citibank
Global Transfers” enables banking customers using the “Citibank Online”
banking service or Citibank ATMs to transfer funds between two Citibank
accounts in the U.S., or between a Citibank account in the U.S. and a
Banamex account in Mexico or a Citibank account abroad. During an
introductory, promotional period through the end of May, 2003, there will
be no transfer fee for Citibank Global Transfers originating in the U.S.
Foreign exchange rates, attractively priced at approximately 2% commission
over wholesale bank foreign exchange rates, will apply. Following the
promotional period, the transaction fee for each transfer domestically and
to Mexico will be $5.00. Transfer fees to other countries will be $10.00.
Transfer fees are the same regardless of the amount being sent. The same
foreign exchange rates will apply. Citibank consumer customers, including
“CitiGold” and “International Personal Banking” customers may transfer up
to $3,500 per calendar day up to $10,500 per calendar week. Citigroup
“Private Banking” customers may transfer up to $5,000 per calendar day up
to $25,000 per calendar week.
Suresnes-based ActivCard reported its fifth consecutive quarterly
revenue increase with first quarter revenues of $13.1 million, an increase
of 60% over revenues reported in 1Q/02, and 8% higher than the fourth
quarter. Net loss for the quarter was $4.6 million, compared to a net loss
of $28.6 million in the first quarter of the previous year. During the
first quarter ActivCard completed re-incorporation of publicly listed
company to the USA. In the second quarter, the company expects revenues to
range between $12.5 million and $13.5 million.
Euronet Worldwide reported revenues of $33.1 million for first quarter compared to $17.0 million for 1Q/02. The quarter included the sale of Euronet’s U.K. network and its acquisition of e-pay Limited. e-pay contributed $17.4 million in revenues for the quarter. Net income for the first quarter was $15.4 million. The EFT Processing segment posted first quarter revenues of $11.9 million. The EFT Processing segment processed 23.4 million transactions in the first quarter compared to 15.6 million transactions for the same period last year. The segment completed the quarter with 2,994 ATMs owned or operated, compared to 2,548 ATMs at the end of the first quarter of last year. Euronet owns and/or operates ATMs in Hungary, Poland, Germany, Croatia, the Czech Republic, U.K., Greece, Kosovo and Egypt. The Prepaid Processing segment reported first quarter 2003 revenues of $17.4 million and operating income of $1.5 million, reflecting the operating results of e-pay from the beginning of February 2003 through the end of the quarter. For complete details on Euronet’s 1Q/03 performance visit CardData ([www.carddata.com]).
Household International, a subsidiary of HSBC Holdings plc announced that its retail services business has signed an agreement to establish a new private label credit card program for Galyan’s Trading Company Inc. Through the agreement, Galyan’s and Household will develop the Experience Card for customers who are passionate about sports and the outdoors.Details
Transaction Systems Architects reported revenue for the first three months of this year of $69.3 million, a 3% decline over the year-ago quarter. However net income declined 41%, from $6.8 million to $4.0 million during the same period. During the quarter, ACI Worldwide, the Company’s largest business unit signed a U.S. based card processor for its “BASE24-es” and “ACI Payments Manager”. Also, a top 500 financial institution in Spain selected “ACI Proactive Risk Manager” for debit card fraud and a financial institution in Turkey selected “ACI Proactive Risk Manager” for credit card and merchant fraud. The Company completed the second quarter of fiscal 2003 with $233.1 million in backlog, consisting of $162.4 million in recurring revenue backlog and $70.7 million in non-recurring revenue backlog. For complete details on TSAI’s 1Q/03 performance visit CardData ([www.carddata.com]).
American Express has introduced a new feature to its “Membership Rewards” program that, for the first time, allows enrollees to create their own unique redemption packages. Under the “Your Reward” program, cardholders call a toll-free redemption line and are connected with a concierge specialist who will make suggestions, provide advice, research options, and make all arrangements for the reward that fits the cardholder’s point balance. Some of the ready-made “Your Reward” redemption packages include season tickets for two to big league baseball for 950,000 points; three-day polo instruction from a world renowned player, at a beautiful polo club in Palm Springs, California for 180,000 points; and a personal chef, who will teach expert food preparation techniques and make a meal of a lifetime for up to nine people for 95,000 points. The “Membership Rewards” program is the world’s largest card-based rewards program, with more than 4 million U.S. enrollees and more than 9 million worldwide.Details
MasterCard’s new “Family Account MasterCard” has found its first issuer. El Paso, TX-based GECU has launched the “GECU Family Account Credit MasterCard Card.” The new card features a family credit line with individual credit cards and customized spending limits for each adult family member. The primary accountholder may set and change the spending limits. The “Family Account” will also include cash access to ATMs and monthly-itemized statements. GECU is offering the card with no annual fee. Gold cards offer an APR of 9.9% and standard cards carry a 12.5% APR. In November, MasterCard and Texas-based Town North Bank/TNB Card Services teamed to offer the “MasterCard Family Account” in 2003. (CF Library 11/7/03).Details