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]).
LendingTree posted 2Q/02 revenue of $24.5 million, which is $3.2 million, or 15%, greater than the first quarter and $8.7 million, or 55%, greater than the revenue for the second quarter of 2001. Net loss for the quarter was $1.1 million, $1.7 million less than the first quarter, and $11.2 million less than the same quarter in 2001. LendingTree says that for the first time ever, the quarterly transmit rates for its mortgage and home equity products both exceeded 80%, and the average number of lenders to whom these loan requests were transmitted exceeded three. Another significant factor in LendingTree’s revenue growth was its average closing rate, which increased to an all-time high of 14.0%, up from 11.4% in the first quarter, an improvement of nearly 23%. For 2003, LendingTree expects to grow revenue by 30% to $126.0 million and to earn net income of $9.2 million. For complete details on LendingTree’s 2Q/02 results visit CardData ([www.carddata.com]).
NCR reported 2Q/02 revenue of $1.38 billion, an 8% decline from the $1.50 billion reported in the second quarter of last year. Net income for the second quarter was $32 million compared to $35 million one year ago. ATM revenues declined 2% from last year’s second quarter, despite strong double-digit growth in the Asia-Pacific region. Retail Store Automation solution revenue was down 22% and Payment & Imaging solution revenues declined 24%. NCR says it has not seen any signs of improved capital spending. For the third quarter, revenue for NCR is expected to decline 0-5% year over year. ATM or Financial Self Service and Retail Store Automation solution revenues are expected to be down 0-5% and 5-10%, respectively. Payment and Imaging solutions revenues may decline 25-30%. NCR’s 3Q/02 operating income is expected to be $50-$65 million range. For complete details on NCR’s 2Q/02 results visit CardData ([www.carddata.com]).
CompuCredit has named Richard Huddleston, current CompuCredit board member and former EVP of Prudential Bank and Trust, to serve as the General Manager of the portfolio recently acquired from Providian. CompuCredit Corporation is a credit card company that uses analytical techniques, including sophisticated computer models, to market general-purpose credit cards and related fee-based products and services.Details