TSYS announced this morning a Web-based process management system that provides card issuers with streamlined, direct access to account information and other system interfaces. Unlike many popular CRM solutions, TSYS ProphIT utilizes an open architecture with a three-tiered design — data access, process management and portal layers, that are customizable and scalable. Behind the scenes, workflows control the access and use of data, which execute decisions automatically for the user. TSYS ProphIT also allows clients to develop new workflows almost twice as fast without any custom programming. Charming Shoppes is the first to deploy TSYS ProphIT for its Fashion Bug credit card portfolio. Charming Shoppes implemented TSYS ProphIT in February in a deployment that required just under 90 days to customize to its customer care services related to its Fashion Bug credit card operations.Details
James Leroux has joined First Annapolis Consulting, Inc. as Principal where he will specialize in the firm’s Mergers and Acquisitions and Outsourcing Support Services practice areas. Mr. Leroux has extensive experience in structuring and negotiating complex corporate transactions and outsourcing relationships and will focus on advising First Annapolis clients on successfully structuring and completing their M&A, outsourcing and other strategic transactions. Mr. Leroux previously spent several years at First Annapolis where he worked on transactions in the card issuing, transaction processing and retailer services areas. Mr. Leroux has also worked as an attorney at Bingham Dana LLP in Boston specializing in corporate transactions in the financial services industry. First Annapolis’ principal specialties lie in advising clients in payment-related industries such as credit, debit, and stored value issuing, transaction processing, electronic banking, and emerging payments.Details
Travelers Express/MoneyGram has hired David Parrin, formerly of U.S. Bancorp, as its new CFO effective June 10th. Parrin, former executive vice president and chief financial officer at RBC Dain Rauscher in Minneapolis, left the investment firm this spring after its sale to Royal Bank of Canada. Prior to that, he was a senior vice president and corporate controller at U.S. Bancorp. He also spent nearly 20 years with the accounting firm Ernst & Young and was an audit partner when he left that firm in 1994.Details
First Data’s Paymap subsidiary has completed its rollout of the Sanchez processing platform. Sanchez is supplying Paymap with computer operations services and technology support through its outsourcing unit, Sanchez Data Systems Inc. Paymap has licensed the Sanchez transaction processing application, Sanchez Profile, to increase the flexibility and communication capabilities of the high volume consumer electronic mortgage payment system it operates daily on behalf of nearly forty banks.Details
Experian has appointed Gary Wood as Managing Director of its expanding fraud prevention business. Gary joins Experian from ABM, a specialist police software business where he was Managing Director. In his new role, Gary will be responsible for spearheading Experianâs growth as a fraud prevention provider, both in the UK and internationally. Working alongside the existing product development team, Gary will help to further develop Experianâs innovative anti-fraud product range and deliver a global fraud strategy to lead the companyâs expansion into new markets.Details
American Express has launched its first-ever double points Membership Rewards promotion centered around the business-to-business category. This week, AmEx launched a special promotion for its OPEN: The Small Business Network. Through July, OPEN Small Business Network cardholders will earn double Membership Rewards points for both offline and online purchases made on an eligible, enrolled charge or credit card from the OPEN Network at participating merchants: FedEx Express and FedEx Ground, IKON Office Solutions, MSC Industrial Supply, Newark Electronics and Mailboxes, Etc. The OPEN Network serves nearly three million customers and is dedicated to those companies with fewer than 100 employees. AmEx launched the OPEN Small Business Network in mid-January. (CF Library 1/18/02)Details
The Federal Trade Commission yesterday announced its tenth settlement since 1998 for misrepresentations made in pitching fraudulent credit card protection products to consumers. AZ-based Millennium Industries, Inc., doing business as Premier Consumer Services, was nailed last year in the FTC’s “Ditch the Pitch” Law Enforcement Sweep. Under terms of this week’s settlement, the firm is permanently enjoined from selling credit card protection insurance and from misleading consumers when pitching any other products or services using telemarketing. The order also contains a suspended $1 million judgment that can be reinstated if the defendants are found to have misrepresented their financial condition.Details
Caixa Economica Federal will surpass the 20 million Maestro debit card mark this summer, to become the largest issuer of Maestro cards in Latin America. With over two thousand bank branches throughout Brazil, CAIXA is Brazil’s largest bank and currently has more than 1.6 million MasterCard credit cards. About 85% of the bank’s credit card portfolio are MasterCards. Maestro is the only online, PIN-based global debit brand that can be used to make purchases and to provide access to cash at ATMs. The Maestro brand mark now appears on over 433 million cards worldwide and is accepted for purchases at more than 5.7 million merchant terminals in 82 countries and territories and at more than 760,000 MasterCard/Maestro/Cirrus ATMs worldwide.Details
American Express says 29% of Americans are planning a June vacation this year, the same percentage as last year, and 41% plan to travel in July, on par with 44% who planned to travel in July 2001. Overall, the survey found that more Americans plan to take a vacation this year: 62% compared to 55% last year. American Express offers a number of travel tips, including: take small sums of cash and other forms of payment; pack light; and travel with a cell phone.Details
London-based NTT/VERIO has signed a deal to host Cyota’s Verified by VISA and MasterCard Secure Payment Application solutions to European credit and debit card issuers. The announcement marks Cyota’s first penetration into the European market. Cyota SecureSuite is the only integrated payment security platform that combines Verified by VISA, MasterCard SPA, surrogate numbers, and other
various payment security applications providing a one-stop-shop for credit and debit card issuer’s needs. New York-based Cyota was recently selected by Bank of America to provide a “Verified by VISA” service for its 17 million VISA Check Card holders. Other clients of Cyota currently include First USA, Total Systems, and Leumi Card in Europe.
Gemplus, a provider of smart card solutions, yesterday announced that industry analysts have confirmed the company’s market-leading position for the fourth year running. This news reflects a year when the company delivered such technology breakthroughs as Target Corporation’s Target smart Visa card, China Unicom’s first smart card-based CDMA network, NTT DoCoMo’s 3G Launch, and the shipment of the ten millionth Java technology-based smart card to the Financial Services market in the US. Based on an April report released by Eurosmart which analyzed chip card shipments, Gemplus was shown to have a 34% share of the global market.Details
Latin America travel services provider Despegar.com, Inc. and MasterCard International, an official sponsor of the 2002 FIFA World Cup Korea/Japan, announced a joint promotion. MasterCard will provide
free match tickets to its cardholders who purchase their vacations to Korea and Japan during the 2002 FIFAWorld Cup with a MasterCard card at Despegar.com. As part of the promotion, MasterCard will launch an aggressive online marketing campaign to communicate the benefits of the promotion to Despegar’s 3 million users. In addition, both companies will collaborate on a traditional media effort to further convey the promotional activities. Miami-based Despegar.com currently operates in 9 countries throughout Latin America, Spain and the US., employing more than 150 travel professionals regionwide.