The wrangling between Sen. Charles Schumer and Rep. Henry Hyde over abortion-related language in the bankruptcy reform legislation officially ended last night as committee conferees signed off on the package. The House could vote on the legislation today, and the Senate could follow next week. It could become effective as early as next March, if President Bush signs the law, as he has previously indicated. The abortion provision prevents protestors, who bar others from abortion services through the use of intimidation or interference, the ability to discharge debts arising from those actions. During the first three months of this year, 379,012 bankruptcy petitions were filed, the highest number of cases ever filed in any first calendar quarter. The total filings also broke the bankruptcy filing record for any 12-month period. The reform legislation, the most comprehensive in 25 years, will add a needs-based provision to the bankruptcy law, forcing some petitioners into a Chapter 13 repayment program instead of a Chapter 7 liquidation program. (CF Library 5/20/02)Details
Hitachi, Matsushita Electric Industrial Co, Ingentix GmbH & Co. KG/Ltd., SanDisk Corporation and Toshiba announced the creation of the “Mobile Commerce Extension Standard” for flash memory cards. Adding these security capabilities will enable flash memory cards to be used in electronic payment and the purchase of entertainment content such as music and video. Flash memory cards are mainly used to capture and store digital photos, digital video, data and audio. The new 5C standard outlines how the security features can be implemented in flash memory cards. The new standard will be promoted and licensed in the open market so that card standard organizations, card manufacturers and device vendors can use it for the implementation of their products. It is expected that complete standard specifications and licensing documents will be available to the public by October, 2002.Details
Fort Knox National Company has announced the upcoming release of its new “TruePay” electronic payment program. The TruePay program combines FKNC’s telephone and Internet payment technologies into a multi-channel, unified solution for bill payment. TruePay also provides consumer-direct payment options, allowing customers to expedite next day payments by phone or Internet.Details
Montreal-based BCE Emergis reported second quarter revenue of $141.9 million compared to $132.0 million for the first quarter and to $158.7 million in the second quarter of 2001. The net loss for the quarter, including restructuring and other charges, was $95.8 million, compared to a net loss of $90.6 million for the same quarter one year ago. The company also announced that CFO, Nelson Gentiletti, will be leaving the company by the end of August. J.P. Mazzanti, currently Vice President and Controller, has been appointed interim CFO. Subsequent to quarter end, Emergis announced the expansion of its relationship with VISA, extending the contract signed last year with VISA U.S.A. through the signing of a new agreement with VISA International to support the worldwide development and hosting of Visa Commerce.Details
Atlanta-based Global Payments announced a plan for Paul Garcia, currently President and CEO, to assume the additional role of Chairman of the Board of Directors succeeding Robert Yellowlees, and also announced that Garry Betty, president and CEO of EarthLink, has been elected to serve on the Company’s Board of Directors. Global Payments Inc. is a leading provider of electronic transaction processing services to merchants, ISOs, financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, the United Kingdom and Europe.Details
USA Payment Systems is using Transaction Network Services’networks and services to transport payment card authorizations from ATMs in the UK and from debit-card enabled slot machines in the U.S. TNS is providing the network for USA Payment Systems to process transactions from ATM/debit-card enabled slot machines located in U.S. casinos. The application, which is currently testing in one casino, will allow ATM/debit-card holders to receive cash right from the machine, instead of having to acquire cash through ATMs or credit card advances. USA Payment Systems is targeting more than 400,000 slot machines for the application. USA Payment Systems drives over 60,000 credit card/POS terminals, 1500 ATMs, and processes over 5 million transactions per month. Major customers of USA Payment Systems include Bank of America and Global Cash Access.Details
GE Business Productivity Solutions has signed The First National Bank of Slippery Rock, Pennsylvania, to market commercial credit cards to the bank’s business customers. Under the agreement, GEBPS will make the Productivity Visa Card available to The First National Bank of Slippery Rock’s middle market and small business customers. The Productivity Card suite of products benefits companies by helping streamline purchasing and payment processes and control costs.Details
Los Angeles-based Direct Card Services has signed a three-year agreement with Chase Merchant Services to be an ISO. Direct Card Services, as a registered ISO, will solicit merchants for payment processing services and submit the merchant applications to Chase Merchant Services. Those merchants that are approved will be equipped to accept payment processing of card transactions.Details
Viad reported second quarter revenue of $418.5 million and net income of $32.3 million. Payment Services’ revenues grew 10.1% to $206.0 million from $187.0 million in the 2001 second quarter. MoneyGram’s transactions grew over 32% from the prior year’s second quarter. Viad says its Wal-Mart MoneyGram rollout is now complete and they are processing transactions from almost every U.S. Wal-Mart location. Viad says the Payment Services segment will again show continued growth and is expected to deliver revenue growth in the low double-digit to low teens for the quarter. For complete details on Viad’s 2Q/02 results visit CardData ([www.carddata.com]).
Imagis Technologies has signed an authorized reseller agreement with Datacard Group. Under the agreement, Datacard will integrate facial recognition technology from Imagis and offer it as a value-added feature in its portfolio of secure identity solutions. In recent months, demand for identity solutions that leverage the power of biometrics and smart card technology has increased dramatically. The U.S. Enhanced Border Security and Visa Reform Act of 2002 calls for biometrics technology to be embedded into all visas and travel documents of international visitors by October 26, 2003. A second bill currently before the U.S. House of Representatives, the Driver’s License Modernization Act of 2002, calls for States to embed biometric identification into all driver’s licenses within five years.Details
Corillian reported 2Q/02 revenue of $9.0 million, compared to $15.2 million for the same quarter of 2001. Net loss for the quarter was $5.7 million. The company says that despite continued consumer demand for online financial services, banks are reluctant to replace their underperforming first generation systems in this economic climate. As of the end of the second quarter, there were approximately 7.2 million end users on Corillian “Voyager” platforms, compared to approximately 2.4 million end users one year ago, an increase of more than 193%. Five new customers went live in the quarter, including The Golden 1 Credit Union, Sterling Financial Corporation, and Bangkok Bank. Corillian’s revenue backlog increased to $41 million at the end of the second quarter. For complete details on Corillian’s 2Q/02 results visit CardData ([www.carddata.com]).