Los Angeles-based Accesspoint has named Gene Valentine, CEO of Financial West Investment Group, and Joseph Byers, a retired institutional banker, to fill two vacancies on its Board of Directors. Management anticipates that the addition of Messrs. Valentine and Byers to the Accesspoint Board of Directors will be a great asset for the Company and will strengthen its Board of Directors as the Company strategically positions itself for continued growth and expansion.Details
Comerica has begun moving its ACH volume to the Electronic Payments Network private sector electronic payments system. EPN has now converted transaction volume from the Federal Reserve to its private sector ACH system from ten banks: BB&T, Bank of America, Bank One, Citrus Bank, Carolina First Bank, Comerica, Mellon, PNC, Wachovia and Wells Fargo. Comerica originates more than three million transactions a month.Details
Vital Processing Services has hired Wendy Porter, former EVP of Moneris Solutions, as president of Vital Merchant Services. An accomplished leader in the North American financial services marketplace, most recently Ms. Porter played an instrumental role in the formation of Moneris Solutions, a joint venture of the Merchant Services Divisions of Bank of Montreal and Royal Bank of Canada.Details
German-based DaimlerChrysler Bank has changed its legal form to a stock corporation, received a full banking license, and has begun offering new products such as deposit-banking services, as well as a new DaimlerChrysler VISA, both with the special rewards program “RoadMiles.” The DaimlerChrysler VISA is the first German credit card with an EMV chip and carries an annual fee of EUR 29, according to The RAM Report ([www.ramreport.com]). Those who pay their bills with the DaimlerChrysler Card automatically collect “RoadMiles,” which can be redeemed for attractive products and services. Gas purchases even get triple points. The bank will initially target its 4 million customers in Germany for the new products. The new banking products will not be offered at car dealerships, but instead via the Internet and the DaimlerChrysler Bank customer service center by telephone, fax, e-mail, or normal letter. The license for deposit-banking services is also valid for market entry into other European countries (Europapass).
Edgar, Dunn & Company and Webify Solutions have partnered to combine EDC’s deep expertise in corporate and retail banking, cards and payments with Webify’s integrated Web services solution comprising software infrastructure, applications, business libraries and methodology. This strategic alliance is aimed at delivering a new category of distributed applications that can make it cost effective to automate cross-functional and cross-organizational business processes that have heretofore resisted automation.Details
Geneva-based STMicroelectronics has commenced volume deliveries of the first secure microcontroller to receive USB certification for use in smart cards and tokens. The ST19XT34 provides both a USB and an ISO 7816-3 smart card interface and therefore has backward compatibility to the existing contact smart card reader solutions while eliminating the need for a reader in USB mode. Moreover, the ST19XT34 includes an ISO/USB mode detection capability, which allows it to automatically respond to either USB or ISO 7816 communications initiated by the PC or the card reader. STM received the USB certification for the card implementation in early January.Details
GE Capital Services reported this morning that revenues for its card services segment rose by only 1% during the second quarter, from $956 million for 2Q/01 to $962 million. Net earnings for card services declined by 6%. Net earnings for card services was $176 million for the second quarter compared to $187 million one year ago. For the first half of 2002, GE’s card services revenues have slipped by 10% from $2.0 billion to $1.87 billion. However net earnings year-to-date for card services increased by 6%, from $364 million for the first half of 2001 to $387 million for the first six months of 2002. Overall, GE’s second-quarter 2002 earnings grew 14% over second quarter 2001 to $4.4 billion, the highest of any quarter in the Company’s history. For complete details on GE’s 2Q/02 performance visit CardData ([www.carddata.com]).
China Construction Bank has inked a US$14.4 million hardware and software deal with NCR. CCB will deploy NCR’s “Personas 84” and “Personas 86” ATMs across China. CCB currently has 8,000 ATMs deployed across China. There are 50,000 ATMs total in China. NCR and CCB have a 12 year relationship.Details
Oberthur Card Systems has received the highest security certification ever granted in France for a multi-application smart card. EAL4+ Common Criteria certification was awarded to Oberthur’s “CosmopolIC” by the Direction Centrale de la SÃ©curitÃ© des SystÃ¨mes d’Informations. The “CosmopolIC” smart card is the first Java multi-application card that enables applications to be downloaded or deleted after the card is issued without compromising its security components.Details
Unable to find a buyer and facing an early amortization of NextCard’s securitized credit card assets, the FDIC decided this week to shut down about 800,000 NextCard credit card accounts. The FDIC began notifying cardholders on Tuesday, via email, of the deactivation action, which took effect yesterday. The action has no impact on the NextBank, non-securitzed credit card accounts sold to CardWorks and Merrick Bank last week. The FDIC informed cardholders there will be no refund of annual fees and that all points accrued in the NextCard incentive program have been eliminated. However, Amazon.com, an investor in NextCard, indicated it will honor the points. VISA reportedly said it has lined up two issuers to contact affected customers during the next few weeks to offer balance transfers. The FDIC estimated last week that the cost to the Bank Insurance Fund for the failure of NextBank will run between $300 and $400 million. The OCC closed NextBank on Feb. 7th and the FDIC was appointed the receiver. NextCard tried to find an acquisition partner after regulators determined last year that the bank was undercapitalized. The OCC said NextBank was classifying some delinquent accounts sold into a securitization trust as fraud losses, although the delinquencies were actually attributable to credit quality problems. (CF Library 2/8/02; 2/11/02; 3/14/02; 6/10/02; 7/3/02)Details
Toronto-based NRT Technology Corporation has become a certified VAR for @pos’ POS terminals. NRT will implement @pos’ signature capture products, including iPOS 3100, TX.C, and iPOS TC terminals, with its Players Signature Capture System. The turnkey solution allows casinos to be compliant with Canadian government legislation regarding the storage of personal information such as gaming history. Patrons desiring to join a casino’s loyalty program must acknowledge a document that is electronically presented to them. The player’s card is swiped through an @pos terminal and the document is presented. If the patron agrees with the document, they sign on the terminal’s signature capture pad. The digital signature is stored with the player’s card information in the casino database as a cost-effective compliance solution.Details
MBNA and the NBA will launch, in October, a new program to enable basketball fans to choose a credit card featuring the logo and colors of any of their favorite NBA, WNBA, or NBDL teams. Fans can sign up for the credit cards on-site at a variety of NBA events and activities including NBA Jam Van, NBA All-Star Jam Session, Yahoo! Sports NBA Rhythm ‘n Rims presented by Reebok, and through NBA.com. MBNA will team with the leagues to market and issue the new team and league credit cards at these NBA events and through a national marketing campaign. The program will also extend outside of the US in the United Kingdom, Spain, and Ireland.Details