The National Consumers League launched a new Web campaign this morning to fight identity theft thanks to an unrestricted educational grant from Bank of America. The new “Invasion of the ID Snatchers” Web pages present common scenarios of how thieves steal personal information and what they can do with it, tips for consumers on how to avoid ID theft, and information on how to report the crime. It also provides tips for businesses on how to secure the personal information they collect from consumers. NCL says Bank of America found itself a victim of ID fraud earlier this year when consumers received an email from someone pretending to be from the bank.Details
The Republic of Tajikistan has signed a deal with Western Union Financial Services to joins its international money transfer network. Agreements with the Post of Tajikistan, Orienbank, Amonatbank and
Sohibkorbank will create an estimated 50 Western Union agent locations throughout Tajikistan by year-end. The companies anticipate increasing the number of agent locations to approximately 400 by the year 2006.
With the addition of Tajikistan, Western Union services are now available in all of the former Soviet Republics.
Rumors that Wells Fargo will no longer be using CheckFree’s EBPP services by the end of this year were squashed this morning as both firms announced the signing of a multi-year agreement to expand their relationship. Under terms of the deal, CheckFree will provide online banking, e-billing and payment processing services alongside Wells Fargo’s other partners including MasterCard RPPS, Metavante and Spectrum. CheckFree has been providing online banking and electronic payment services to Wells Fargo since 1996, and this agreement, which includes monthly revenue commitments, will allow CheckFree to participate in Wells Fargo’s latest version of its popular bill pay service. Wells Fargo currently has three million active online users, nearly a third of whom are doing EBPP processing through Wells Fargo. The relationship with CheckFree will give Wells Fargo customers access to CheckFree’s network of more than 200 national and regional billers. In March, Deutsche Bank Alex Brown suggested that CheckFree’s relationship with Wells was in jeopardy. (CF Library 3/18/02)Details
Dublin-based CardBASE Technologies has hired two top executives including a CEO and an SVP of Sales. Vincent Nolan has been named CEO while Mike Connolly will serve as SVP of Sales. Nolan is currently Director, Bank of Ireland Private Banking, responsible for the Privatebanking.ie Internet service. He also previously spent seven years in Asia Pacific as Regional Marketing Director Telecommunications, Siemens-Nixdorf and latterly as General Manager of the Siemens-Nixdorf operations in Hong Kong. Connolly has fifteen years experience in sales and sales management in the enterprise software field in both the Americas and Europe. Most recently he held management positions with Marrakech and J.D. Edwards.Details
Wincor Nixdorf has added the Intel Pentium III 1GHz processor to the standard list of options for its BEETLE family of POS systems including the BEETLE /M and BEETLE /XL-II series. The BEETLE family boasts more than 600,000 installations and can be configured for use at any touch point in a store. Form factors, processors, connectivity and expansion can be selected as appropriate to each particular use — kiosk, lookup terminal, thin-or-thick POS appliance, and more.Details
As part of the new American Express Tiger Woods Credit Card program, cardholders were awarded 500 bonus Membership Rewards points in celebration of Tiger’s 2002 U.S. Open win. This is the first “Tiger Bonus” to be awarded under the credit card program which was launched in May. It is the world’s first credit card bearing Tiger’s name and image. AmEx is awarding a 500 bonus Membership Rewards
points each time Tiger wins one of the Major Championships.
MidFirst Bank, Oklahoma’s second largest financial institution, has teamed with First USA to offer the MidFirst Bank Platinum VISA card. MidFirst has 39 banking center locations and more than 80 ATMs across Oklahoma. The new First USA card will be released this summer. First USA has been aggressively expanding its Platinum VISA program. Last week, First USA upgraded its co-branded Marriott Rewards VISA program to the VISA Signature level and in May, First USA upgraded the United Airlines Mileage Plus VISA program to the VISA Signature card.Details
Town North Bank, which includes TNB Card Services, a major card services provider to four hundred credit unions, has elected Kenneth Sorrels, CEO of the Credit Union of Texas, as chairman of the board. Mr. Sorrels has served as president and chief executive officer of the $1.2 billion Credit Union of Texas (formerly Dallas Teachers Credit Union) since February 1996. Before joining the Credit Union of Texas, Mr. Sorrels was president/CEO of Tinker Federal Credit Union for four years, and president of Sharonview Federal Credit Union for twelve years.Details
First Data has signed a five-year contract extension with Wachovia to process approximately two million home equity and unsecured line of credit loan accounts for Wachovia Bank. Before the First Union and Wachovia merger, First Data had provided loan processing services to First Union National Bank since 1998. Wachovia operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 states.Details
MasterCard is on track to become a private share corporation. Last week, MasterCard International’s principal members approved the conversion in connection with MasterCard’s upcoming merger with Europay International. Upon completion of the transaction, MasterCard’s principal members and Europay shareholders will receive shares in MasterCard Incorporated, the new holding company, and a membership interest in MasterCard International, which will continue as MasterCard Incorporated’s principal operating subsidiary. MasterCard International has had a long-standing alliance with Europay, and currently owns a 12.25% share of Europay, and a 15% interest in EPSS, Europay’s processing subsidiary. In addition, MasterCard and Europay each own 50% of Maestro, the world’s leading global online debit program. Following completion, Europay will become the European region of MasterCard, and will continue to be based in Waterloo, Belgium. Peter Hoch, currently CEO of Europay, will retain his leadership role for the region and will report to Mr. Selander.Details
VISA International announced Monday that Inder Singh has been promoted to global Chief Information Officer. VISA says Singh will play a leading role in improving the flexibility and capacity of VisaNet by helping retool key systems, IT resources, and the underlying system architecture. Singh previously developed Bank of America’s overall delivery strategy for expansion in Asia and established the global retail business/technology and payment strategies for the bank. Singh founded and headed Exlservice.com, a business subsequently acquired by Conseco that offered outsourcing services for customer care and backroom operations support. He also served as COO for Card Capture Services, now part of E-Trade.Details
GTCR is expanding its payments industry investments, announcing this morning a major investment in VeriFone that will recapitalize and drive an aggressive brand expansion for the payments terminal manufacturer. GTCR’s portfolio also includes Transaction Network Services, Genpass, TransFirst, and Risk Management Alternatives. Terms of the deal were not disclosed. However, Gores Technology Group, the company’s existing equity investor, will retain an ownership interest in the company as a result of the transaction. Terms of the deal were not disclosed. VeriFone has annual revenues of approximately $350 million. GTCR currently manages more than $4 billion of equity capital invested in a wide range of companies and industries including transaction processing and payments services. Kirkland & Ellis served as legal counsel to GTCR. Riordan & McKinzie served as legal counsel to Gores Technology and UBS Warburg served as its exclusive financial advisor. Gores Technology Group purchased VeriFone in May 2001 for an undisclosed amount of cash from Hewlett-Packard. HP acquired Verifone during April 1997 in a stock swap deal valued at $1.18 billion. (CF Library 5/11/01)Details