Two companies have teamed to create the next generation of account aggregation offering wireless accessibility, actionable alerts, and a range of customization options. 724 Solutions and CashEdge will each market the wireless solution to credit card issuers which includes a ‘Financial Dashboard’ and ‘Personalized Actionable Alerts’. The ‘Financial Dashboard’ account management tool gives consumers a single view of all of their key relationship information, including account balances and transaction histories, regardless of how many financial institutions they do business with. ‘Personalized Actionable Alerts’ enables credit card issuers to notify cardholders, by phone or on an Internet-enabled device, when transactions have been completed, or when their credit card balances hit pre-set highs or lows, The solution also offers access over virtually any Internet-enabled device as well as rapid deployment. CashEdge is the first aggregator to offer a multi-lingual, multi-currency platform currently supporting financial institutions in the U.S., Canada and the U.K.Details
Oberthur Card Systems announced the $3.3 million acquisition of the remaining 50 percent of Rapsodia Software from French customer relationship management specialist, Prosodie.
Rapsodia Software, set up in May 1999 as a joint venture between the two companies, will become a fully integrated business division of Oberthur Card Systems under the management of Olivier Leroux its current managing director. The software is a critical part of the smart card leaderÂs full range of value-added services it provides its global customer base.
ÂWe set our sights a while ago on making the shift from being a Âsmart card providerÂ to working with our customers to provide them with a complete end-to-end solution,Â noted Thomas Savare, chief executive officer of Oberthur Card Systems. ÂThis acquisition consolidates this shift; we have acquired a technology expertise that is key to our chip card solution offer.Â
Rapsodia Software operates within the wireless industry to provide innovative software platforms for mobile value-added services. Headquartered near Paris in Boulogne Billancourt, Rapsodia also has an office in Hong Kong, a headcount of approximately 50 people and generated revenues of $3.2 million in 2000 (compared to $1 million in 1999).
Rapsodia Software has delivered wireless software (SIMphonIC platform) to 20 customers in Europe and Asia, most notably a multi-application GSM portal to Philippine-based operator Smart Communication for which it was awarded the GSM Association title of ÂThe Most Innovative Wireless GSM Service for CustomersÂ. As the leader of solutions for the remote management of interoperable open platform cards, Rapsodia Software helps customers generate new revenue streams and increase market penetration.
Following the acquisition of card management specialist, Smart Cards International in 2000 and the creation of its consulting arm, Oberthur Advise, earlier this year, this latest investment by Oberthur Card Systems strengthens its leading position as the solutions and services provider in the smart card market.
This agreement does not end the strong business relationship established between Rapsodia and Prosodie who will continue to offer solutions based upon RapsodiaÂs technology. The collaboration between the two companies has been further reinforced by the signing of a distribution contract allowing Prosodie to offer RapsodiaÂs solutions to mobile operators.
The acquisition of Rapsodia was completed on July 23, 2001.
About Oberthur Card Systems
Oberthur Card Systems (Paris Stock Exchange – Code SICOVAM 12413), a global leader and the innovator in the smart card industry, is shaping the future by offering the ultimate in SIM, WAP, 3G (IMT-2000/UMTS), e-wallet technologies & Internet-based card management services coupled with a firm commitment to open standards.
Championing EMV migration, Oberthur is the worldÂs #1 supplier of MasterCard and Visa cards, #1 in banking, e-commerce, m-commerce and pay-TV, Oberthur is also the #1 in JavaTM and GSM technologies.
Oberthur Card Systems has an international reach ensured by 30 sales offices and 20 manufacturing sites across the five continents. Oberthur Card Systems had sales of 451.1 million Euros in 2000.Details
Nationwide, which launched the UK’s first retail internet banking service four years ago, today announced it is to conduct a pilot of its planned WAP phone banking service.
The mobile phone service is being trialled by 250 members ahead of the full launch this summer, and follows a successful in-house testing programme involving almost 100 Nationwide employees.
Nationwide’s WAP banking service will enable members with a current account and supported phone to
Â· View account balances and their last 12 transactions;
Â· Transfer money between Nationwide accounts;
Â· View and make bill payments;
Â· Order a new or replacement “PIN” number.
About 80% of online banking members visiting the Nationwide website (http//www.nationwide.co.uk) do so to carry out one or more of the above transactions.
The WAP service will also be accessible to members with a Nationwide credit card or savings accounts registered for internet banking. Initially, supported phones are the Nokia 7110, 6210 and 6250.
It is estimated that, by the year 2003, more people will access the internet via portable devices such as personal digital assistants (PDAs) and mobile phones than standalone PCs (source Gartner).
Jim Willens, Nationwide’s e-commerce director, said “Adding WAP banking underlines the commitment to making our products and services accessible to members through as many channels as possible.
“The full launch will take place this summer with the exact date to be determined by the feedback we get from members participating in this pilot.”
Nationwide launched the UK’s first retail internet banking service in May 1997 and Europe’s first banking service for PDAs operating on the Microsoft Pocket PC platform in December 2000. About 700,000 Nationwide members are registered for internet banking.
Members registered for internet banking can also access their accounts via Nationwide branches, post and telephone. A full internet TV banking service will also be launched this summer. You can register for internet banking on the Nationwide website, in branches and over the telephone.
Nationwide’s WAP banking service will be accessible through all UK mobile phone networks. Users dial-up servers at Nationwide, rather than access the service through a WAP portal site.
Nationwide credit cardholders will be able to view their account balance, credit limit and last 12 transactions via the WAP banking service.
Members with passbook-based CashBuilder, Smart, Smart2Save and Instant Access ISA investment accounts will be able to view balances and their last 12 transactions.
In addition, those with the card-based versions of these accounts, plus InvestDirect and e-Savings, will be able to transfer money between Nationwide accounts and order PINs.Details
Bumiputra-Commerce Bank Berhad, the second
largest commercial banking group in Malaysia, has chosen PKTech to install
Corillian’s eFinance-enabling software to provide online
banking services to customers of BCBB. This is Corillian’s third
Malaysian win, with Corillian Voyager now chosen by 3 of the top 5 banks
The project involves the implementation of the Corillian Voyager Internet
banking platform, a robust and secure system with the ability to handle
large volumes of online customer traffic. The system will enable BCBB to
offer its customers personalized financial management, portal facilities
and one-to-one marketing.
In choosing Corillian to enhance its online banking services, BCBB is
joining banks like Bank One, Chase Manhattan, Eurobank and RHB Bank, which
are currently running or in the process of implementing the Corillian
Corillian Voyager – The Operating System for eFinance(TM) – is a
high-performance platform that allows for the delivery of financial
services to customers over the Internet. Voyager provides a link between a
financial institution’s legacy host system and its consumers, using
Internet browsers, personal financial management software and
Internet-ready wireless devices. Voyager’s open architecture design allows
an institution to quickly integrate emerging technologies, deploy the
platform in-house or in a secure data center, and customize the entire
Internet banking presentation to its customers.
Following hot on the heels of the recent contract with RHB Bank, this deal
is the third in Asia for Corillian, already a leading player in the US
with a strong track record for providing cutting-edge eFinance solutions
to financial services institutions. Corillian’s success in Asia also
demonstrates that eFinance solutions developed for the US market can be
adapted for other markets. With over 40 financial institutions already
licensing the Voyager product in the US, the Corillian Voyager platform
offers unparalleled levels of scalability for leading banks that are
planning to enhance their Internet operations internationally.
“This deal is a another major step forward for us in Asia,” said Giles
Hewson, Corillian’s business director for Asia. “This will aid Corillian’s
penetration of other Asian markets such as Thailand, Singapore, Indonesia
and the Philippines. The competitive nature of these markets should result
in a greater liberalization and the rapid adoption of new technologies.
International banks that do not invest in world-class eFinance software
may find that domestic banks are able to attract their best customers away
with state of the art Internet banking services. The unparalleled
scalability and open architecture that Corillian provides will permit
forward thinking banks like BCBB to take the initiative and provide the
benchmark for internet banking in this region.”
BCBB was established on October 1, 1999 by the merger of Bank Bumiputra
Malaysia Berhad and Bank of Commerce Berhad. Bank Bumiputra Malaysia
Berhad has been a client of PKTech since 1994. BCBB, the second largest
commercial banking group in Malaysia, offers a comprehensive range of
financial services, and is a part of Commerce Asset-Holding Berhad, a
leading financial services group listed on the Kuala Lumpur Stock
Exchange. BCBB has a large network of more than 240 branches throughout
Malaysia and a worldwide presence with offices in London, New York,
Singapore, Hong Kong and Tokyo.
PKTech is a public-listed systems integration company that markets and
supports mission critical solutions. Founded in 1992, PKTech today has
operations in Singapore, Malaysia, Philippines, Indonesia, Hong Kong and
India, staffed by a large pool of IT and business professionals.
PKTech partners with premier global solution providers while providing
industry domain and technical expertise to implement and support software
solutions. Our areas of focus are in the banking and financial industry
as well as the public and commercial sectors. Over the past nine years,
PKTech has successfully installed mission critical IT systems for many of
the leading institutions in the region. Some of PKTech’s clients in Asia
include Arab-Malaysian Bank Berhad, Bumiputra-Commerce Bank Berhad, Hong
Leong Bank Berhad, Baiduri Bank Brunei and The Philippines National Bank.
PKTech has also successfully expanded beyond Asia, participating in the
implementation of banking and corporate systems in many major financial
centres across Europe, Africa, the Middle East and North America. For
more information, visit www.pktech-i.com.
Based in Oregon, and with international offices in Europe, Asia and
Australia, Corillian Corporation is an award-winning provider of
eFinance-enabling software for the financial services industry. Built on
the Microsoft Windows 2000 platform, Corillian applications support
Internet banking, bill delivery and payment, brokerage, customer
relationship management, enhanced data aggregation, and small business
transactions. Voyager can be deployed on-site at the financial firm or in
the state-of-the-art Corillian Data Center. Corillian technology also
enables Open Financial Exchange (OFX) access by finance management
software packages such as QuickenÂ®, QuickBooksÂ® and MicrosoftÂ® Money. For
more information about Corillian Corporation, visit our Web site at
Fair, Isaac and Company, Inc. and Equifax Inc. announced a new partnership to utilize Equifax’s data integration and linkage systems to deliver advanced integration support for a family of newly enhanced products Fair, Isaac is producing as part of the company’s recently announced Strategy Network.
By incorporating the consumer data integration services that Equifax is recognized for into Fair, Isaac’s acclaimed analytics and decision technology, Fair, Isaac plans to take a giant leap forward in bringing new levels of versatility and compatibility to its next generation of products. Fair, Isaac’s first product empowered by data integration services utilizing the Equifax unique customer identifier process is the recently announced, enhanced version of Fair, Isaac MarketSmart Decision System(TM)–a full-service, multi-channel marketing solution that helps companies determine where, when and how to interact with their prospects and customers to build stronger relationships–a watershed product to enable companies to avoid roadblocks in today’s CRM solutions.
“We selected Equifax since they are a proven leader in providing real depth in the areas of compiling and aggregating consumer data,” said Tom Grudnowski, CEO of Fair, Isaac. “The ability to help companies to quickly and consistently identify promising relationships has been a challenge for the CRM industry until now. Our new solution ups the ante in CRM since it meets a critical need to help our customers shake loose from the massive data integration and processing challenges that are faced in today’s marketplace.”
“Our unique identification and integration system leverages the unparalleled expertise of Equifax in data compilation and management to enable Fair, Isaac to set a new standard in CRM,” said Tom Chapman, CEO and chairman of Equifax. “This service will advance dramatically the ability of companies to use their data to enhance customer relationships.”
Fair, Isaac’s Strategy Network will be used in an array of products to integrate data, analytics, optimization, campaign management, and personalization, and to bring greatly enhanced speed and accuracy to the process of updating databases and then distributing that information across business enterprise segments. This new data infrastructure is the foundation of a series of new products scheduled for delivery in upcoming months that are based on the company’s recently revealed Strategy Machine(TM) vision.
About Fair, Isaac
Fair, Isaac and Company is a global provider of customer analytics and decision technology. Widely recognized for its pioneering work in credit scoring, Fair, Isaac revolutionized the way lending decisions are made. Today the company helps clients in multiple industries increase the value of customer relationships. Fair, Isaac has made the Forbes list of the top 200 U.S. small companies eight times in the last nine years. Headquartered in San Rafael, California, Fair, Isaac reported revenues of $298 million in fiscal 2000.
Equifax (EFX: NYSE) enables and secures global commerce through its information management, consumer credit, marketing services, business information, authentication and e-commerce businesses. As the leader in information services, Equifax adds value wherever customers do business, including the financial services, retail, telecommunications/utilities, information technology, brokerage, insurance and business lending industries and government. Equifax also enlightens, enables and empowers consumers to manage and protect their financial health with services offered at www.equifax.com. The company ranked in the top five in return on equity among Business Week’s Best Performers for 2001. Equifax employs 12,000 in 18 countries, has sales in 50 countries and has $2 billion in revenue.Details
Update your handicap, pay your greens fees, pay less for fuel, rent a car at an attractive price, buy groceries and take advantage of many more functions all on the same card. This may actually happen for golf- club members in Sweden as a result of collaboration between FÃ¶reningsSparbanken and the Swedish Golf Union. They have jointly developed the Golf Card (Golfkortet), sporting a unique chip with a multitude of functions.
“We want to be able to offer the widest and most relevant range possible. Our co-operation with the Swedish Golf Union is part of an ongoing development process to tailor new applications to best serve our different customer segments,” says Kennet Karlsson, marketing manager for Cards and Payments at FÃ¶reningsSparbanken.
The Golf Card is being tested during the 2001 golf season at the Chalmers Golf Club in Gothenburg, the Ljunghusen Golf Club in FalsterbonÃ¤set and the RÃ¶nnebÃ¤ck Golf Club in MalmÃ¶. If things go well, the new Golf Card will be gradually introduced at all the golf clubs in the country during next year’s season. A golf card that offers the opportunity of a payment function affiliated with MasterCard already exists.
The card’s basic offering will function in three ways, as a golf-club membership card, a handicap card and a cash card. It will be issued free of charge to all paying members of the three golf clubs included in the trial. It will also be possible to upgrade the Golf Card to a Golf Plus card, enabling access to an extended range of services and offers. This includes MasterCard, fuel discounts, attractive prices on car rental, comprehensive golf insurance and the opportunity to pay annual membership fees to the club interest-free for six months.
“FÃ¶reningsSparbanken’s advanced card services combined with offers that are ideally tailored to club members pave the way for a simplified existence for all Swedish golfers, who will now be able to devote a larger share of their spare time to playing golf,” says Ingrid Torines- Brandt, IT specialist at the Swedish Golf Union.
A number of companies have participated in the project implementation process, including Alphyra Nordic, Point Transaction Systems AB, ACSC, Epani, Integris, SeaWire and TKS.Details
J.C. Penney and Dutch insurance giant AEGON, have been named as defendants in a class-action lawsuit filed on behalf of a Corpus Christi woman who unknowingly was billed for insurance premiums on her credit card for six years. In August 1999, the woman was seriously injured after being struck by a car. After discovering the coverage, her son filed a claim under the credit card insurance program and was automatically rejected. According to the 13-page complaint, telemarketers began contacting customers in 1987 about the ‘ADD’ insurance program with the promise that they would receive information in the mail, but were under no obligation to purchase insurance. However, customers of the direct response solicitation program were enrolled automatically. In fact, no signatures were required to activate the policy. Some customers were told that premiums for the first three months would be paid for them. What they were not told was that the defendants made withdrawing from the program nearly impossible, and any refunds were “capped” at two or three months, no matter how long premiums had been paid.Details
After years of bird dogging for California trial attorneys, San Francisco-based Consumer Action has decided to partner with Bank of America. With direct funding from BofA, Consumer Action has created a series of informational pieces about preventing home equity loan fraud, credit repair scams, identity theft and credit card fraud. Consumer Action is distributing the fact sheets through its national network of more than 6,000 community-based organizations. So far, nearly 1,000 groups have requested more than 300,000 of the BofA-funded tracts. The set of four fact sheets are also available in Spanish, Chinese, Korean and Vietnamese. A second set of fact sheets on basic banking topics will be released later this year to help provide financial education to the public. Consumer Action is a non-profit advocacy and education organization established in 1971 that distributes more than two million pieces of consumer educational materials annually through its national network of more than 6,000 community based organizations. An additional 500,000 consumers receive information from its multilingual Web site Consumer-Action.org each year.Details
InteliData Technologies Corp. announced that Fidelity National has selected InteliData’s Card Solutions Internet Self Service product. Fidelity National provides a wide range of personal and corporate banking services, including trust, mortgage banking and credit cards, to a growing customer base in the Southeast.
InteliData’s Card Solutions will provide Fidelity National cardholders with access to review and manage their credit card accounts safely and securely through the Internet. It also offers Fidelity National an additional distribution channel for its services, ensuring that the company’s offerings remain attractive to potential customers.
“InteliData provides a superior product with the ability to quickly and efficiently implement a completely branded, secure and cost effective solution for Fidelity National,” says James B. Miller, Jr., Fidelity National Chairman. “We can now provide our customers with a leading edge solution for reviewing, maintaining and managing account information in a completely secure environment.”
“Our product’s hardware platform independence and database independence gives Fidelity National customers the choice of which user interface they prefer,” said Al Dominick, President and CEO of InteliData. “Our Card Solution Internet Self Service solution was an ideal fit for their needs because of its superior performance and scalability.”
InteliData provides Internet Banking Solutions and Electronic Bill Payment and Presentment (EBPP) technology and services to card issuers, banks, credit unions and financial institution processors. InteliData’s EBPP products offer card issuers, banks and other financial institutions an end-to-end solution for creating e-bills for billers, distributing e-bills and e-payments through multiple delivery channels, delivering e-bills to consumers, and enabling payment of bills through multiple payment processors utilizing OFX and IFX messaging standards. InteliData’s Internet Card Solutions products provide financial institutions throughout the U.S. and Canada with proven scalability, flexibility and security in supplying real-time, Internet-based cardholder services to their customers. For more information about InteliData, visit the company’s Web site at [www.InteliData.com] .
About Fidelity National Corporation
Fidelity National Corporation, through its operating companies Fidelity National Bank and Fidelity National Capital Investors, Inc., provides a wide range of banking, trust, mortgage and investment brokerage services through 19 full-service branches in Atlanta, Georgia. Mortgage, construction and automobile loans are also provided through an office in Jacksonville, Florida. For more information about Fidelity National, visit the company’s Web site at [www.fidelitynational.com] .
Sub-prime credit card specialist Cross Country Bank was named in a lawsuit filed last week in Palm Beach County Circuit Court by a Sarasota, Florida woman who says the bank purposely mailed monthly statements late, then held payments too long. Another recent suit filed on behalf of 450,000 Cross Country customers in California, seeks a refund of $68 million in application fees and annual charges. Plaintiffs’ attorneys charge that Cross Country tricks customers into accepting cards by advertising credit lines of up to $2,500, when, in fact, the average credit limit is $432, and the maximum credit limit for a new customer is $800. The FDIC has reportedly received more than 5,000 complaints about Cross Country since 1997.Details
Adding a new dimension to its existing suite of offerings, TSYS signed a multi-year agreement with Lockheed Martin IMS to provide various processing services to meet Lockheed’s electronic benefits transfer needs. TSYS, with its new Integrated Payments Platform, will assist LMIMS in providing transaction processing, settlement, and recipient call center services to LMIMS clients. This agreement with LMIMS solidifies TSYS’ entry into the EBT market.
The U.S. federal government has mandated that by October 2002, all federal funds be disbursed electronically, replacing paper coupons with plastic cards. Currently 41 states, the District of Columbia, and Puerto Rico have operational food stamp EBT systems, which represent the bulk of the EBT transactions. In 2001, 17.6 million people qualified for food stamp EBT benefits. An estimated 800,000 more recipients are expected in 2002.
The TSYS Integrated Payments Platform enables states to meet new federal requirements for electronic benefits programs such as food stamps, Temporary Assistance for Needy Families (TANF), and Supplemental Security Income (SSI), by providing quality and sustained system performance. The TSYS Integrated Payments Platform is a highly scalable processing platform with a redundant authorization system that allows for real-time benefit adjustments 24 hours a day, seven days a week. Unlike its competitors, TSYS has the ability to house multiple programs on one card, giving states flexibility in their program implementation.
In addition to the EBT programs, the Integrated Payments Platform supports the online and offline debit and stored value markets, giving clients access to all national and regional networks, ATM driving and switching services for online debit processing.
TSYS brings integrity and innovation to the world of electronic payments. TSYS serves as the integral link between buyers and sellers in the rapidly evolving universe of electronic payments. With almost 200 million accounts on file, TSYS makes it possible for millions of consumers to use their credit, debit, stored value, commercial, chip and retail cards anytime, anywhere through any medium or portal. TSYS and its family of companies offer a full range of acquiring and issuing services from accepting electronic payments for goods and services, to credit applications, bankruptcy and collections. Based in Columbus, Ga., TSYS processes for 21 countries, in 11 currencies, in three languages and maintains operations in Canada, Mexico, Japan, and the United Kingdom. TSYS is an 80.8 percent-owned subsidiary of Synovus Financial Corp. (NYSE: SNV) (http://www.synovus.com ), No. 8 on FORTUNE magazine’s list of “The 100 Best Companies To Work For” in 2001. For more information, contact email@example.com .Details
As bankruptcy reform bills are being conferenced in Congress, the majority of Americans believe, that given the uncertain economy and rising unemployment, this is not the time to make personal bankruptcy laws more restrictive. However the majority also feel that bankrupt consumers should be forced to repay a portion of their debts if they have income that exceeds reasonable living expenses. More than 65% of the respondents to a CardWeb.com homepage poll says this is not the time to reform bankruptcy laws. Slightly less than 60% believe bankrupt consumers should be forced to pony up for some of their debts if they have a good income. More than 55% says a limit on the home equity exemption is necessary. When it comes to making damages to abortion clinics non-dischargeable under new bankruptcy laws, the country is split right down the middle. Finally, three out of four consumers believe banks will not pass on the savings realized from bankruptcy reform to consumers by means of lower rates or fees. According to the most recent data, the number of bankruptcies filed in the first three months of this year increased by 17.5% over the first three months of 2000. The number of filings during the quarter were the highest since the spring of 1998. The spike in filings may be driven in part to the pending bankruptcy reform.Details