National Processing Company announced this morning the renewal of a multi-year processing agreement with Big Lots, Inc. Under the terms of the agreement, NPC will provide an end-to-end processing solution for all Big Lot’s VISA and MasterCard transactions. Big Lots, Inc. is the nation’s largest broad-line closeout retailer with annual sales in excess of $3 billion and more than 1,300 stores throughout 45 states. NPC will provide an end-to-end payment solution, to include front-end authorization and settlement services. NPC recently signed an agreement with the Professional Association of Innkeepers International to be their endorsed provider of merchant processing services. The processor also signed this month a multi-year agreement with Independent Bankers’ Bank to provide marketing and merchant processing services to the community banks that IBB serves. (CF Library 11/16/01: 11/21/01)Details
First Data Merchant Services said this morning it has established additional direct connections to two major debit networks. First Data’s front-end payment processing systems now interface with the ‘MAC’ and ‘Interlink’ networks to provide their merchants with direct on-line debit POS transactions. FDC recently made connections directly to the ‘NYCE’, ‘Pulse’, and ‘Star’ networks. FDC has processed over 580 million PIN-based debit POS transactions this year, representing a 30% growth over last year’s volume. The point-to-point connectivity allows First Data to substantially minimize dependency upon third-party gateway providers, improve online performance, and manage reconciliation of transactions. First Data’s network control center will monitor debit networks just as it does credit card networks. In June, FDC announced a 60-65% equity interest in NYCE. FDC hopes to leverage TeleCheck’s leadership in electronic and Internet check acceptance as complements to the set of payment choices that directly debit a consumer’s DDA or share draft account. (CF Library 6/15/01)Details
Palomar Enterprises, Inc. announces the company (D.B.A. Regency Horizon Corporation) has appointed Mr. Arnold Wenzloff as its President and Chief Operating Officer. Mr. Wenzloff has an impressive background spanning 20 years in the banking services industry and will head up the company’s new debt management and financial services venture focused on acquiring and collecting on non-performing debt.
Mr. Wenzloff is a transaction-processing expert that has extensive experience in all areas of Transaction Card Management with specialization in Operations and Risk Management. He served as Consultant for International Payment Card programs, specializing in Risk Management and Operations and other areas of Payment Card Management. He built several Risk Management groups and consolidated / re-engineered Authorization, Security, and Recovery Departments for VisaNet, where he built the foundation for VISANET, a partnership of three Brazilian Acquiring Banks and Visa. He also coordinated the selection of EDS, Brazil, as the external payment card processor and TRANSPEV as the draft capture processor serving VISANET and the Brazilian $8.8 billion Acquiring Payment System.
During his career in financial services, Mr. Wenzloff consulted Bancomer, Mexico’s second largest bank with 7 divisions, 50 regions and 800 branches. He has also been Interim Center Manager, Century National Bank Ltd., Kingston, Jamaica and Senior Vice-President of Southeast National Bank, Bank Card Division, in Miami, Florida.
Regency Horizon Corporation is a newly formed financial services company created to provide funding for a growing portfolio of non-performing debt from previously non-locatable debtors. The company will continue to build it’s portfolio of debt, and through managing collections, return exceptional profits on a proportionately small capital investment. With industry leader, People Locator, Regency Horizon has invested in the best people, processes, and technology available today.
Through its arrangement with People Locator Inc., the nation’s leading debtor information provider for non-locatable debtors, Regency Horizon intends to collect on a specific debt portfolio not conducive to conventional collection methods. People Locator Inc. has a phenomenal record of locating 80% of debtors requested by Fortune 500 clientele.Details
RS2 Software Group and Telaterra Software Ltd. announced today the signing
of an agreement with Jordan National Bank PLC and the George Nuqul Group to
form PaymentCentric, a new joint venture company located in Amman, Jordan.
PaymentCentric will offer Internet based e-payment infrastructure and
processing services to banks, general financial services organizations and
merchants initially in the Middle East.
In the announcement Mr. Reinhold SchÃ¤ffter, RS2’s Group Chief Executive
Officer said, “This new joint venture with our partners in Amman is a
further step in selected business strategies which now include entry into
electronic payment transaction processing using RS2’s proprietary core
software BankWORKSÂ®.” Mr. SchÃ¤ffter commented further, “The year 2000 was a
year of consolidation and implementation of strategies to engage only in
businesses which strengthen our products and services using BankWORKSÂ® to
build existing businesses and to launch new ones. Entering international
markets with joint ventures offers tremendous opportunities to expand our
position as transaction processor. It is an important milestone towards our
long-term success, and allows us to increase our market share and earn
superior and predictable returns.’
The first range of Internet based services to be introduced by
PaymentCentric will include Internet on-line authorization switching,
e-Billing through new channels, e-Payments for credit and debit card
transaction processing and hosting of merchant store-front applications.
In joining in the announcement Mr. Sameer Mubarak, Technical Director and
Co-Founder at Telaterra, added, “The e-Payment infrastructure that
PaymentCentric provides comes to complement the e-Government efforts
directed and supported by H.M. King Abdullah II. PaymentCentric services are
based on latest available technology and software solutions whereby
transaction processing is linked to local and international payment
infrastructures on a real-time on-line basis. We anticipate start-up with
our first customer in February 2002.”
TELATERRA SOFTWARE LTD
Telaterra is a Jordanian company, which provides efficient and high quality
software outsourcing services. It specializes in Internet-enabled software
application development. Telaterra is set apart from its peers in the local
market by employing highly qualified staff which enables Telaterra to
develop dynamic integrated and network able software solutions targeted at
the thin-client market. In providing broadly based added-value services
Telaterra efficiently assists their customers in improving their financial
Please find further information at
JORDAN NATIONAL BANK PLC
Jordan National Bank PLC was established in Jordan in 1955. It operates 54
branches and offices in Jordan, 35 of which are in the Greater Amman Area,
12 branches in Lebanon, an international banking unit in Cyprus, and 5
branches in Palestine (West Bank). The Bank’s principal activities include
retail and corporate banking services such as deposits in JD in all
principal foreign currencies, lending, trade finance, foreign exchange,
credit cards and investments. Jordan National Bank is regarded as a retail
bank with a strong market position and customer base.
Please find further information at www.ahli.com
RS2 SOFTWARE GROUP
RS2 Software Group is a global provider of business driven electronic
payment solutions and Internet services, consultancy and related services to
the banking and financial industry, service providers and retailers. RS2
Software Group lists major financial institutions as its clients.
BankWORKSÂ® products are installed at over 80 locations in more than 30
countries in Europe, Middle East, Africa, the Americas and Asia. RS2
Software Group companies have offices in Germany, Malta, Hungary, Egypt,
Lebanon and Hong Kong.
Please find further information at www.rs2.comDetails
HNC Software Inc., a leading provider of high-end analytics and decision management software, announced that People’s Bank, a Connecticut-based bank with a national credit card operation, will implement HNC’s Profit Manager software as a critical component of its new customer relationship management initiative.
“Measuring and deploying customer profitability information for effective cross-selling and the overall optimization of customer treatment strategies will be a crucial aspect of our overall CRM program,” said James Sheridan, People’s Bank senior vice president of customer relationship management. “After reviewing several customer profitability systems, we found HNC’s Profit Manager software to be the most sophisticated and selected it as the cornerstone of our CRM initiative.”
Profit Manager software calculates the profitability of customers, relationships, products and business units. The system incorporates an interface to core accounting and banking systems, and guards the integrity of profitability measurement through matched-maturity funds transfer pricing and sophisticated cost-allocation methods, including activity-based costing. The system can also be used to conduct valuable “what if” scenarios and customer simulations to facilitate optimized CRM strategies.
“People’s Bank’s ability to generate funds transfer pricing and assemble customer fee income, customer activity cost drivers and functional standard costs from several diverse data sources results in rapid and significant customer and product performance differentiation,” said Richard Ciolli, a principal business consultant with HNC Software.
Traditional measures of customer profitability often include variables such as high average balances, demographics and multiple account relationships, but do not account for the actual cost of providing the services and channels that customers use. There are segments within segments that warrant different treatment strategies. For example, a customer may have a high balance yet write a high number of checks and visit branches often, while another customer with a similar balance may instead use low-cost channels such as ATMs and the Internet.
“In today’s highly competitive business environment, it is critical that companies do more than merely collect customer profitability information. They must accurately measure, analyze and use it to their maximum advantage,” said Michael Chiappetta, group vice president of customer analytics for HNC Software. “A multidimensional enterprise-wide profitability system is one of the critical technologies needed to manage holistic customer relationships.”
About People’s Bank
People’s Bank (peoples.com) is a diversified financial services company providing commercial, consumer, insurance and investment services. Founded in 1842, it is the largest state-chartered bank in Connecticut with managed assets of $13 billion, 146 branches and 220 ATMs. People’s is a leader in consumer and commercial banking, residential lending, insurance sales, supermarket banking and is the nation’s 15th-largest issuer of MasterCard and Visa credit cards. People’s subsidiaries offer brokerage services, asset management, equipment financing and leasing and insurance services.
About HNC Software Inc.
HNC Software Inc. (Nasdaq:HNCS) is a leading provider of high-end analytic and decision management software that enables global companies to manage customer interactions by converting data and business experiences into real-time recommendations. HNC’s proven software empowers Global 2000 companies in the financial services, insurance, telecommunications, healthcare, and other industries and governments to make millions of the right mission-critical customer decisions, and take action in real time, substantially improving financial performance, reducing costs and decreasing risk. For more information, visit [www.hnc.com].
Same-store sales for the day after Thanksgiving rose 2.4% over the same day last year, according to TeleCheck Services. In 2000, the day after Thanksgiving was the fifth largest day of the holiday season, with the biggest spending days occurring the final week before Christmas.The TeleCheck Retail Index is based on a year-over-year, same-store comparison of the dollar volume of checks written by consumers at more than 27,000 of TeleCheck’s 272,000 subscribing locations.Details
Credicard has reportedly invested R$5mil in the launch of its ‘Credicard
Mastercard One’, a prepaid card aimed at teenagers. The card issuer says it
hopes to issue 30,000 of the new cards by June 30, 2002. The pre-paid
stored-value cards may be obtained via the Internet or by phone. The
card costs R$25, plus a monthly charge of R$2.50 and a 1% transaction fee.
has indicated it will launch a competing product sometime next year.
Wal-Mart Stores reported record single-day sales for Friday, Nov. 23, of more than $1.25 billion at the company’s domestic stores. Top-selling items during the day included home electronics, toys and small appliances. Wal-Mart operates more than 2,700 discount stores, Supercenters and Neighborhood Markets, and more than 490 SAM’S CLUBS in the USA.Details
TEMENOS, a global vendor of
integrated banking software that supports international banking, announced
today that Magyar Kulkereskedelmi Bank (Hungarian Foreign Trade Bank Ltd.),
with assets of over USD $2.7 billion has chosen TEMENOS GLOBUS as
the foundation for all of its domestic banking operations. This major win
extends TEMENOS’ position as the leading banking software vendor in the world.
“It is the intention of MKB to be at the forefront of the domestic banking
market through the delivery of innovative products and services to our client
base,” said Tamas Erdei, Chairman and CEO of MKB. “With TEMENOS GLOBUS as our
foundation, we will be able to build upon our leadership position by providing
exemplary customer service, manage our costs, as well as have the capacity to
grow our customer base through organic expansion and acquisitions.”
MKB will be implementing the core banking system of GLOBUS along with the
lending and deposit, treasury, funds transfer, teller services, private
banking, trade finance, image management, SWIFT and MIS modules. The system
will be configured to support the bank’s extensive branch network throughout
Hungary and will handle in excess of 1,000 concurrent users.
“We are delighted that the MKB has chosen GLOBUS as its integrated banking
platform and we acknowledge the significant commitment that this decision
represents. We will deliver the best system in the world to support MKB’s
business goals,” said George Koukis, Chairman and CEO of TEMENOS. “TEMENOS has
a strong presence in the region and adding an institution such as this greatly
enhances our image throughout Europe. We look forward to a long and fruitful
relationship with the bank.”
GLOBUS is an integrated, modular international banking system with full
functionality, including retail and wholesale banking, trade finance, and
treasury modules. It supports multi-company and multi-bank environments and is
truly global in scope, incorporating both multi-currency and multi-lingual
capabilities. In addition, GLOBUS contains robust risk management and security
features that provide a flexible, user-friendly environment while allowing
institutions to have complete control over their financial systems.
“We were looking for a system that could serve our diverse client base of over
11,000 corporate and 80,000 private clients as well as support our growth
in the future,” said Gabor Miklos, Deputy CEO of MKB. “GLOBUS’ robustness and
rich functionality in commercial, retail, treasury and private banking
applications as well as its integrated design and scalability will allow us to
provide innovative banking products and services as we continue to expand
About Magyar Kulkereskedelmi Bank
MKB, founded in 1950 and headquartered in Budapest has assets of over USD $2.7
billion. The bank targets primarily the largest Hungarian companies, quality,
medium-sized companies with growth perspectives, Hungarian institutional
clients such as foundations, representations, insurers, insurance brokers,
local governments and other budgetary organs, insurance funds etc. with its
banking products and financial services. The bank maintains a 30 branch
throughout Hungary and provides a variety of commercial banking services
including corporate finance, correspondent banking, equity investments,
exchange, letters of credit and money market products.
TEMENOS is a global leader in providing financial institutions with integrated
banking systems that increase productivity, profitability, and allow them to
respond to changing market conditions. The company’s solutions are utilised in
a variety of segments including retail and wholesale banking as well as for
treasury and accounting functions. TEMENOS customers include Deutsche Bank
(GER: DBK), Bank Julius Baer (SWX: BAER), Barclays Bank (LONDON: BARC) and
Merrill Lynch (NYSE: MER). TEMENOS has 40 offices in 28 countries and has
installed over 400 systems since its founding in 1993. The company had
of $125.2 Million in the twelve months ending 30 June, 2001. In June, 2001
TEMENOS became a public company, listed on the Swiss Stock Exchange (TEMN).
Just in time for the holiday season, Chase has launched a national sweepstakes promotion to offer incentives to customers who use a Chase credit card for holiday purchases.
Entitled the “Choose Chase Holiday Sweepstakes,” the promotion is running through January 31, 2002. For each purchase, cardmembers will be awarded with an automatic entry into the sweepstakes for a chance to win a $20,000 cash grand prize, as well as a Caribbean cruise and other travel packages to Hawaii and Orlando. Special $1,000 shopping sprees to select retail partners also will be awarded. Bonus entries will be awarded when cardmembers use their cards at select retail partners, including Bed Bath & Beyond, FTD.com, Godiva, Samsonite, The Sharper Image, and other nationally recognized retailers. There will be value-added shopping discounts from these same partners to provide cardmembers with savings for their holiday purchases.
Also, Chase is offering cardmembers bonus entries for registering on a special sweepstakes Web page, [www.choosechase.com], and an opportunity to win weekly prizes by registering on this page. There also will be more entries offered for shopping with select partners at [www.chaseshop.com].
“We are very excited about the sweepstakes opportunity we can offer our customers during the year’s heaviest shopping period,” said Steven J. Kietz, Senior Vice President of Branding and Relationship Management for Chase’s credit card division. “Research has shown that many consumers rely on a single credit card today. We want that card to be Chase, and we’re willing to provide customer-focused incentives to ‘Choose Chase.'”
Chase’s credit card portfolio, issued and owned by Chase Manhattan Bank USA, N.A., has more than 20 million accounts and over $38 billion in outstandings. Chase is the fourth largest bankcard issuer in the United States, and its joint venture with First Data Corporation is the largest merchant acquirer in the U.S.
J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $799 billion and operations in more than 50 countries. With relationships with over 99% of teh Fortune 1000 companies, the firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services, retail and middle market financial services, and e-finance. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers and the world’s most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the internet at [www.jpmorganchase.com].
STMicroelectronics introduced a turn-key development kit that
offers designers a solution for rapid development of low-cost flash
writers that plug into a PC’s Universal Serial Bus (USB) port.
The resulting card writers can have single or multiple card slots and need no
ASIC or external program or data memory.
The ST92163-DEMO/MS kit is based on the ST92163 12 Mbit/s USB microcontroller
(MCU) and includes device firmware, a demonstration board and schematic
diagrams. It offers OS kernel driver support for Windows 98, 98SE, ME,
and Macintosh PCs. The reference design interfaces to the most popular flash
card formats: Compact Flash, SmartMedia, Secure Digital (SD) and Multimedia
(MMC), Sony Memory Stick, as well as NAND flash chips.
Products developed using ST92163-DEMO/MS can serve as USB-based PC peripherals
that accept popular flash cards–non-volatile mass storage media–for writing
or reading electronic images, digital music files, programs, and data. The
for such peripherals has exploded with the popularity of digital still
MP3 music players, cellular phones, personal digital assistants, and other
handheld devices that use flash memory cards for non-volatile storage. Because
the peripherals look to the PC like removable drives, these flash memory cards
can also provide back-up storage for conventional programs and data.
The ST92163-DEMO/MS kit and has been fully plug tested by the international
Compliance Workshop and is included on the list of USB software integrators.
The solution is available now and key OEMs in USA, Japan, Taiwan, Korea and
Singapore are already producing card writers using this platform.
More information about the ST92163-DEMO/MS development kit, including a user
manual, is available at:
STMicroelectronics is the world’s third largest independent semiconductor
company. The Company shares are traded on the New York Stock Exchange, on
Euronext Paris and on the Milan Stock Exchange. The Company designs, develops,
manufactures and markets a broad range of semiconductor integrated circuits
(ICs) and discrete devices used in a wide variety of microelectronic
applications, including telecommunications systems, computer systems, consumer
products, automotive products and industrial automation and control
2000, the Company’s net revenues were $7,813.2 million and net earnings were
$1,452.1 million. Further information on ST can be found at