Comdata Corporation announced the launch of the Domino’s ExpressPay Card, a card-based payroll product to replace paper payroll checks for all Domino’s domestic corporate employees. The pizza delivery company becomes the latest global food service operation to adopt the Comdata payroll card as a wholesale replacement for its traditional, paper-based payroll system.Details
Digital Insight Corp., a leading eFinance enabler, announced the release of AXIS Cash Management version 4.0 with an enhanced user interface. The new version allows financial institutions and their commercial customers to combat the risk of check fraud with reverse positive pay, positive pay or account reconciliation.Details
State Bank of India, India’s largest bank, and NCR Corporation, the world’s leading provider of financial self-service solutions, have signed an agreement to deploy about 1,500 automated teller machines in the next 18 months. SBI will, after this deployment, have the largest network in India, with 3,000 ATMs across the entire country.Details
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.
Retail Decisions, an international supplier of payment card fraud prevention and value added transaction services, announced that PaySystems Corporation, a leading provider of end-to-end payment processing solutions for online and point of sale merchants, has selected Retail Decisions’ global e-commerce fraud detection and prevention service to help protect its online merchants.Details
Bankrupt Air Canada has received an unsolicited and non-binding expression of interest for a credit card agreement in regard to its “Aeroplan” frequent flyer program. Reportedly, MBNA has made an offer to be the exclusive credit card partner of Air Canada, replacing Canadian Imperial Bank of Commerce. MBNA currently issues a co-branded “Aeroplan” credit card in the USA. Earlier this month, Air Canada and CIBC agreed to extend their “Aeroplan” air miles contract from 2009 to 2013. Under terms of the deal, CIBC agreed to boost its prepayment to Air Canada for air miles from $200 million to $350 million, and agreed to pay Air Canada a higher price per “Aeroplan” mile. CIBC purchases “Aeroplan” miles to issue to CIBC “Aerogold VISA” credit card customers. As at March 31st, CIBC carried the payment at $181 million on its balance sheet. In February, Air Canada and MBNA launched the “Air Canada Aeroplan Platinum Plus MasterCard.” The program enables “Aeroplan” members, resident in the USA, to accumulate one “Aeroplan Mile” for every dollar spent on eligible purchases. There are 400,000 “Aeroplan” members in the USA. Since its inception in 1984, Aeroplan has generated more than six million members in over 200 countries and has signed over 90 partnerships. In January 2002, “Aeroplan” became a wholly-owned subsidiary of Air Canada. Since then Air Canada recently agreed to let Onex Corporation acquire a 35% equity interest in “Aeroplan” for $245 million.Details
Gemplus reported first quarter revenues of $171 million, a 12.6% decline over the year-ago quarter. However, the smart card manufacturer reported a significant decline in its net loss from $69 million for 1Q/02, and $107 million for 4Q/02, to $42 million for the first quarter of this year. Analysts had forecast a loss between $43 million and $57 million. At the end of the first quarter, the restructuring plan announced in February 2002 was nearly completed with headcount reduction of 1,156 vs. 1,010 at the end of the fourth quarter. Revenue of the banking segment was impacted by slow start of EMV migration in Southern Europe and the renewal cycle of “GeldKarte.” However, in the EMV market, Gemplus achieved significant progress in the UK which is expected to be the hottest regional market in 2003. Excluding “GeldKarte,” shipments of smart cards in the banking segment increased 33% and revenue grew by 8% year on year despite adverse currency fluctuations. Also in the banking sector, Gemplus was able to secure two key wins for delivery in 2003 and beyond. These contracts, with major UK banks, represent a total of 15 million EMV smart cards.Details
Experian announced the formation of Scorex, a new decision support and consulting business. Experian acquired the outstanding shareholdings in its prior joint venture with Scorex, one of the world’s foremost developers of application processing and customer management software.Details
Major credit card issuers facing new challenges in reaching elusive college students with credit card offers have a new tool at their disposal. Stiel Direct and FreeCar Media have formed a strategic alliance to combine their expertise and offer a powerful new marketing program to leading college student credit card issuers.Details
AZ-based eFunds Corporation reported net revenue of $130.5 million and net income of $4.6 million for the first quarter. In 1Q/02, the electronic transaction processor reported net revenue of $134.0 million and net income of $8.5 million. eFunds says the decrease in revenue is primarily due to the 2002 expiration of the STAR, EMEVS and an EBT contract in the electronic payments segment, and lower software license sales in the professional services segment in the first quarter. However, increased revenue derived from ATM acquisitions completed in 2002 somewhat offset these declines. For complete details on eFunds’ 1Q/03 performance visit CardData ([www.carddata.com]).