E-Duction has named Dr. Charles Tharp to its Advisory Board.Details
Toronto-based Advantex Marketing International reported fiscal year
annual consolidated revenue was $92,410,000, a 6.4% increase over the
previous year’s revenue of $86,842,000, principally from its card-based
marketing programs. The Company reported a loss from continuing operations
of $2,547,000 for the year compared to a loss from continuing operations of
$4,553,000 for fiscal 2001. Advantex clients include:
Aeroplan, The Canadian Imperial Bank of Commerce, US Airways, The New York
Times, Shoppers Drug Mart, National Grocers, and Wal-Mart.
Sevres-based XIRING announced a strategic partnership with
Caradas. As part of the joint sales, marketing and distribution agreement,
Caradas will integrate its “Connexus” authentication platform with XIRING’s
range of smart card readers, providing a suite of authentication
solutions. Initially, Caradas will integrate its “Connexus Platform” with
XIRING’s “Xi-Sign” cardholder authentication solution to support
MasterCard’s “SecureCode” initiative.
YUM! Restaurants International has chosen Trintech’s “ReconNET 6.1” to
manage its reconciliation and cash management needs. YUM! runs the
operations of 30,000 restaurants in 100 countries around the
world. The installation of “ReconNET 6.1” by the international division of
YUM! Brands is part of the company’s on-going efforts to centralize daily
cash management and reconciliation processes and provide a standardized
methodology across its restaurants. Implementation will begin in the UK and
the Netherlands, and extend to other countries as additional language
versions of “ReconNET” become available. “ReconNET” facilitates much more
than a simple matching process; the real benefits are derived from
identifying and managing exceptions, i.e., the missing deposit, the
fraudulent check, or the unresolved chargeback.
Arab National Bank has deployed an anti-money laundering and fraud
detection system using ACI “Proactive Risk Manager” fraud detection
software. In addition, the ACI software will monitor deposit and
authorization activity to detect merchant fraud. The system will compare
historical merchant use and confirmed fraudulent activity against new
merchant activity to detect merchant fraud and suspicious cardholder
transactions. More than 40 banks, processors and retailers around the world
have licensed ACI “Proactive Risk Manager” to monitor transactions for
debit and credit card fraud, merchant fraud, and to detect money-laundering
activity. Another 1,200 financial institutions access ACI “Proactive Risk
Manager” services through processor relationships.
FL-based The DataFlash Corporation has launched a new web site to provide information on merchant transaction processing and to promote its stored value and debit card products. This site will give businesses in-depth information about the company’s capabilities, to provide businesses with transaction processing and account management software, as well as Automated Clearing House processing.Details
Capital One reported earnings for the third quarter of $258.8 million, versus earnings of $165.3 million one year ago. The company increased its allowance for loan losses by $358 million in the third quarter including $133 million due to the new FFIEC guidance. The managed net charge-off rate decreased to 4.96% for the third quarter compared with 4.98% for the second quarter. Cap One says 57 bps of the third quarter charge-off rate and 62 bps of the second quarter charge-off rate was due to the FFIEC change. The managed delinquency rate(30+ days) increased to 5.36% as of September 30th, compared with 4.54% as of June 30th, and 5.20% at September 30th. Cap One noted that charge-offs are expected to rise in the fourth quarter of this year and the early part of next year due to the seasoning of subprime assets added in the fourth quarter of 2001 and early 2002, as well as the slowing of loan growth. The company expects charge-offs to rise to the high-6 percent range in the first half of 2003 and then decline somewhat in the second half of 2003. Marketing expense for the third quarter was $185.8 million, down from $320.4 million in the second quarter. As a result, Capital One’s accounts declined to 48.2 million from 48.6 million at the end of the second quarter. For complete details on Cap One’s credit card performance during 3Q/02 visit CardData ([www.carddata.com]).
Card profits for Bank One/First USA rose 7% for the third quarter to $298 million. Charge volume increased by $4.3 billion, end-of-period managed loans grew by $2.4 billion, and 1.43 million new accounts were opened, the highest level in three years. On a managed basis, provision for credit losses was $870 million, an 11% decline. Managed loans as of September 30th, were $69.2 billion, an increase of $2.4 billion, or 4%. Charge-offs were 5.00%, down from 5.89% in the prior year and 5.62% in the prior quarter. On a reported basis, the 30-day delinquency ratio was 2.74%, down from 3.19% in the prior year and unchanged from the second quarter. The 30-day delinquency ratio on a managed basis was 4.05%, down from 4.25% in the prior year, and up from 3.83% in the prior quarter. For complete details on Bank One’s credit card performance during 3Q/02 visit CardData ([www.carddata.com]).
The CellBucks Payments Network has signed the Rochester Americans and the Syracuse Crunch to offer “CellBucks’ In Seat Services” for hockey fans. The “In Seat Services” allow sports fans to order and pay for food, beverages, and merchandise from their mobile phones, and have it delivered right to them in minutes right to their seats.Details