Following its acquisition of Thomas Cook Global & Financial Services, Travelex launched a new brand identity campaign yesterday after a recent decision to operate under the Travelex name. As a result of its $630 million acquisition of Thomas Cook, Travelex acquired the rights for use of the Thomas Cook brand for up to five years and in perpetuity for Thomas Cook Travellers Cheques. However the firm decided to use the licensing period to pursue a brand migration strategy. The branding strategy and advertising campaign was devised by Smith & Milton and LIDA from M&C Saatchi. To support the re-branding, Travelex has also become the official sponsor for the Australian cricket team for this summer’s Ashes tour.Details
Travelex, the world’s largest foreign
exchange specialist, is launching its new brand identity with a
US$4.26 million advertising and sponsorship campaign in the international
business media. This follows its recent US$630 million acquisition of Thomas
Cook Global & Financial Services. Travelex acquired the rights for use of the
Thomas Cook Global & Financial Services brand for up to five years and in
perpetuity for Thomas Cook Travellers Cheques. Following an extensive brand
review, Travelex took the key decision for the combined business to operate
under the Travelex name. It will use the licensing period to pursue a brand
migration strategy that is appropriate to each area of the business.
Travelex is a diversified worldwide money business offering retail,
corporate and commercial currency services to consumers and institutions
throughout the world. The company has extensive North American operations in
both retail and corporate services. Major offices are located in Garden City,
New York; Omaha, Nebraska; and Toronto, Canada, and over 100 retail branches
are found in U.S. airports with about 50 additional retail branches in North
American city centers.
The branding strategy and advertising campaign, devised by smith&milton
and LIDA from the M&C Saatchi village targets key corporates, analysts and
media owners. Revolving around the creative theme ‘You’d notice if we weren’t
there,’ the advertisements depict well-known images-such as tourist
attractions-with important pieces missing, serving as a reminder that foreign
exchange is an essential element of international business and travel. In
fact, more worldwide travelers and businesses rely on Travelex than any other
Lloyd Dorfman, Chairman and CEO of The Travelex Group, said “This
campaign and our new identity have been designed to reflect the incredible
business opportunity resulting from the combination of these two major brands.
The campaign clarifies the new relationship between these former competitors
in the retail and commercial foreign exchange markets and marks the way
forward for our global business to go on and achieve even greater success.”
“Travelex has grown into a global business in just 25 years. The
acquisition of Thomas Cook’s Global & Financial Services has created a
business that would have had a combined turnover of US$28.4 billion in 2000.
The combined business would also have had a pro-forma EBITDA of over
US$105 million in 2000,” he concluded.
The campaign will run from June to September in the Wall Street Journal,
Financial Times (UK and international editions), Economist and Business Review
Weekly, as well as in the major long-haul in-flight magazines.
“As a combined company, we wanted a new brand identity that would not only
reflect each of our company’s heritage but demonstrate the power of our
combined status as the world’s largest foreign exchange specialist,” said Tony
Horne, Senior Executive Vice President of Travelex America. “We want the new
Travelex brand to become synonymous with foreign exchange, for all users of
foreign currencies-from international travelers to corporations.”
The new visual identity, which reflects the heritage of both Travelex and
Thomas Cook, will be adopted across Travelex’s global network of 650 retail
outlets and across its Global Payments, Outsourcing and Business Partners
As Tim Duffy, Managing Director at M&C Saatchi, London, said “Travelex is
made up of two distinct sectors-retail and corporate-brought together with one
unifying thought ‘worldwide money.’ The current brand strategy is to develop
a world-leading financial services brand which reflects the global, secure and
expert nature of the company and has instant recognition and credibility
To support the re-branding, Travelex has also become the official sponsor
for the Australian cricket team for this summer’s Ashes tour, in a major
six-figure deal that will raise its profile among business and consumer
Travelex conducts 29 million foreign exchange transactions every year-more
than any of its competitors. It is also the world’s principal specialist in
the corporate international payments business.
Travelex was recently ranked 18th in the Sunday Times Profit Track 100
(May 20, 2001), which follows the performance of Britain’s fastest growing
private companies. The company employs nearly 6,000 staff across the world.
Travelex, the trading name of parent holding company Travellers Exchange
Corporation Limited, is a diversified worldwide money business offering
retail, corporate and commercial currency services to consumers, corporations
and institutions throughout the world. The company was founded in 1976 as a
single retail travel money branch in London and opened its first airport
outlet at Heathrow ten years later. The Travelex Group acquired Thomas Cook
Global & Financial Services, the financial services division of Thomas Cook,
on March 27, 2001, solidifying the company’s position as the world’s largest
foreign currency specialist. Headquartered in London, Travelex is privately
owned and employs approximately 5,000 staff around the world. 3i, Europe’s
largest venture capital company, is a 33% shareholder. For more information,
please visit http//www.travelex.com.
Jane Wallace, a leading national authority on electronic bill presentment and payments with nearly two decades of financial industry experience, has joined Princeton eCom to head the company’s consumer service provider division, which includes its recently acquired Quicken Bill Manager services.
Wallace was previously an e-Commerce executive with Bank of America. She was the bank’s Senior Vice President and Business Manager of Electronic Bill Presentment and Payments from 1995 until establishing a financial services consulting business earlier this year. Wallace joined Bank of America in 1989 as Vice President and Group Product Manager, Electronic Payment Services. She also held various senior positions with Bank of America’s Global Payment Services division supporting cash management sales and product management.
Wallace is a published author and frequent industry speaker on payments topics. She also serves on the Board of Directors for NACHA — The Electronic Payments Association and is Vice Chairperson of the NACHA Council for Electronic Billing and Payment. She has also served as a member of the Banking Industry Technology Secretariat (BITS), the Interactive Financial Exchange (IFX), and was president of the Electronic Payments Exchange.
In her new position, she reports directly to Princeton eCom CEO Curt Welling and is based in the company’s Mountain View, California office.
“Few people have Jane’s credentials and stature within the global payments industry,” said Welling. “We are pleased that Jane has joined Princeton eCom’s senior leadership team. Her extensive knowledge of our industry, financial institutions, and electronic bill presentment and payments services for the consumer and corporate marketplaces will help fuel Princeton eCom’s continued growth.”
Wallace began her business career with Colonial Penn Group Insurance Company in Philadelphia. She also held management positions at Provident National Bank (now part of The PNC Financial Services Group, Inc.) and Fidelity Bank (now part of First Union Corporation).
She holds Bachelor of Arts and Master of Business Administration degrees from Rutgers University. Wallace is an Accredited ACH Professional. “With the acquisition of Quicken Bill Manager, Princeton eCom is well positioned to offer innovative, comprehensive electronic bill presentment and payment solutions to its consumers, financial institutions, portals and billers throughout the country,” said Wallace. “Princeton eCom has a solid foundation in this business and I am looking forward to further expanding the company’s strong commitment to quality and leadership in the electronic billing and payments industry.”
ABOUT PRINCETON eCOM:
Princeton eCom, the first company to present a bill on the Internet, is a leading provider of electronic billing and payment services to more than 1,000 corporations, banks, financial institutions and payment partners including Ameritech, GMAC Mortgage, United Technologies, UPS, Mellon Global Cash Management, Verizon Wireless, Cellular One, Corillian, S1, FiServ, and Jack Henry.
Princeton eCom recently acquired Quicken Bill Manager from Intuit as part of a long term strategic alliance in which Princeton eCom will provide payment processing services to Quicken.com and Quicken Desktop customers. Additionally, the company has the right to market electronic billing and payment services using the Powered by Quicken Bill Manager brand.
Princeton eCom’s distribution network includes the largest personal financial management software, the largest Web portal, Spectrum, home banking software providers, and networks like MasterCard RPPS.
Princeton eCom enables businesses to present their consumers’ bills and their business invoices on the Internet and it provides consumers and businesses with the ability to access and pay those bills online, over the phone, or using a wireless digital device. It also provides electronic payment processing services to banks, credit unions, and other financial institutions. Princeton eCom’s range of services includes electronic lockbox, electronic collection, and electronic credit card balance transfer services as well as customer care and customer service programs. Additionally, through a strategic alliance with Trintech, LLC, Princeton eCom provides card processing capabilities on an outsourced basis as well as an international sales capability.
Additional information about Princeton eCom can be obtained at [www.princetonecom.com] .
OTI announced that its wholly owned subsidiary OTI Africa has entered into a distribution agreement with BureauFax Technologies, a leading payment systems integrator in Nigeria and a key player in launching smart cards in that country. BFT will focus on OTIÂs contactless microprocessor-based smart card solutions for secure payment and loyalty, gasoline management systems, and applications for the health care industry.
ÂWe welcome BureauFax Technologies to OTIÂs distribution network in Africa,Â said Oded Bashan, president and CEO of OTI. ÂOur presence in Africa is growing rapidly as the market embraces our contactless smart card solutions.Â
ÂWe at BFT are excited about our agreement with OTI. We believe the solutions offered by OTI are the most applicable to the needs of the market and are committed to the success of OTIÂs superior smart card solutions. We look forward to expanding OTIÂs presence in Nigeria,Â said Tope O. Onabolu, managing director/CEO of BureauFax Technologies.
This agreement will expand the market presence of OTIÂs patented contactless microprocessor-based smart card solutions to the financial services industry in Nigeria. BFT provides state-of-the-art technology solutions to the financial services industry for payments and transaction processing, and currently accounts for about 70% of the clearing and processing market in the country. BFTÂs experience in smart card technologies includes the launch of smart cards in Nigeria with over 34 leading banks and the establishment of the first full online multi-application payment system/ATM network. The companies intend to leverage BFTÂs successes and existing partnerships to secure projects in niche markets as well as in the mainstream financial community.
ÂBFT is a premier partner in the financial services processing arena in Nigeria,Â added Charlotte Hambly-Nuss, managing director of OTI Africa. ÂWith this agreement BFT will deliver OTIÂs secure, user-friendly smart card solutions to the banking, petroleum, and health care communities, enabling them to invest in a flexible platform ready for future applications.Â
Established in 1990, OTI (On Track Innovations) designs and develops contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for mass transit, parking, gas management systems, loyalty schemes, ID and secure campuses. OTI has regional offices in the US, Europe, Asia Pacific, and Africa to market and support its products. The company was awarded the prestigious ESCAT Award for smart card innovation in both 1998 and 2000. Visit OTI on the Internet at www.oti.co.il.
OTI Africa, a subsidiary of OTI Limited, is responsible for the distribution, installation and maintenance of OTIÂs products and technology in the African market. Users of the OTI technology have access to an experienced and professional management team who lead and guide dedicated functions in sales, marketing, installation, technical, development and support services.
About BureauFax Technologies
BureauFax Technologies Limited is a company incorporated in the Federal Republic of Nigeria on 11th March 1988 under the Companies Act 1968 (as amended by CAMD Â90). BFTÂs goal from the onset was to develop seamless solutions leveraging innovative technology and products that would most effectively fulfil the performance requirements of financial service providers seeking to add value to their customers at competitive costs. To establish an enduring presence in a rapidly changing market, BFT has focused, since its inception, upon being the preferred value-added reseller and systems integrator.Details
SchlumbergerSema yesterday introduced its new generation off-street parking solutions for North America that utilizes contactless smart cards. The ‘Flexio’ solution includes automatic and manual pay stations, entry and exit control gates and centralized management stations that monitor the system and provide overall financial control of parking and subscriber management. The Mifare-contactless option increases transaction speed and is easily implemented with the next generation of multi-application smart card. SchlumbergerSema says the digital voice support at the pay station and entry and exit gates provide easy directions for usage and the versatile system accepts multiple payment methods, including magnetic stripe cards, coins, bills, credit/debit and smart cards. SchlumbergerSema’s parking solutions control more than two million parking spaces in more than 3000 cities and 40 countries.Details
American Express Company
, TIBCO Software Inc., Infosys Technologies Ltd. and WestBridge Capital Partners today
announced the creation of a new company, Workadia, L.L.C. Workadia will
provide companies with comprehensive, customizable business intranets through
browser accessed hosted portals. The company will also offer consulting
services to help customers select and deploy their intranet applications,
content and services.
Workadia’s solutions are designed to increase productivity by giving
employees the ability to conduct business online, and its hosted model is
designed to decrease the total cost of ownership and deployment of intranet
applications. The portals will let companies select hosted and in-house
software applications, content and services and then integrate them into a
single desktop view. Workadia will integrate systems and automate business
processes, allowing real-time information to flow between the portal and
internal enterprise systems. Additionally, Workadia will offer a wide range
of software applications, online services, content and information, including
financial services, e-mail, expense reporting, corporate travel, news, stock
quotes and more.
The new company will begin operating for the near-term under the guidance of Co-founder and Interim-CEO Mohit Mehrotra, who is currently vice president of interactive business development at American Express, and a board comprising Glen Salow, executive vice president and chief information officer at American Express; Jud Linville, president of corporate services, Canada and U.S. at American Express; Raj Mashruwala, executive vice president, marketing and engineering at TIBCO Software; Phaneesh Murthy, Infosys board member and head of worldwide sales and marketing; and Sumir Chadha, managing director, WestBridge Capital Partners.
to provide superior
customer service and marketing, portal development, and technology
integration. American Express is a global leader in servicing companies of
all sizes in a variety of areas, from Corporate Cards to hosted business
travel applications, and has relationships with thousands of business
customers. TIBCO Software will provide its real-time e-business
infrastructure software, which is used by companies such as AOL/Netscape,
Ameritrade and Enron. Infosys, whose core experience is in software
development and integration of enterprises, will provide the services to
seamlessly link the systems of the new and existing applications for each
Workadia customer. WestBridge Capital Partners is a leading U.S.-India focused
venture capital firm that will help Workadia with various start-up activities,
including recruiting of the management team.
“There is an enormous, growing need for this type of service. This need,
combined with the potential to draw customers from the American Express
customer base, should give Workadia a leg-up in capturing market share,” said
Sally Hudson, research manager, Internet Infrastructure Services at IDC, a
market research company based in Framingham, MA. “This partnership and
technology combination shows that Workadia has a fundamental understanding of
what it takes to create a successful e-business.”
How it Works
Workadia’s easy-to-use browser interface requires minimal training, and
its single log-on is designed to give users a single point of access to many
software applications, content and services. Workadia plans to make numerous
business software applications, services and various types of content
available through the portal, including financial services, e-mail, calendar,
expense reporting, corporate travel, human resources, customer relationship
management, sales, e-procurement, news, stock quotes and more. Workadia
portals will offer customers the flexibility to choose from among the leading
Internet software and online service providers in each category.
Workadia plans to facilitate the flow of information between a company’s
new and existing business systems, software applications and services, which
will eliminate redundant data entry and many manual processes. For example
* Changes to Workadia employee profiles will automatically update
information in a company’s human resources databases, 401K plans,
payroll, travel and purchasing systems;
* Travel reservations will automatically post to employee calendars;
* Online corporate purchases will be automatically settled with accounts
Workadia will utilize advanced online security technology to help ensure
the privacy and security of employee and company information. In addition,
the TIBCO e-business infrastructure technology is designed to extend access to
wireless devices and mobile phones.
Workadia’s initial round of funding totals $16.7 million, enhanced by the
strategic assets each company brings to the partnership. The company will
generate revenue from three primary sources licensing fees from customers,
consulting fees, and third-party product and service sales.
The new company will begin operating for the near-term under the guidance
of Co-founder and Interim-CEO Mohit Mehrotra, who is currently Vice President
of Interactive Business Development at American Express, and a board
comprising Glen Salow, Executive Vice President and Chief Information Officer
at American Express; Jud Linville, President of Corporate Services, Canada and
U.S. at American Express; Raj Mashruwala, Executive Vice President, Marketing
and Engineering at TIBCO Software; Phaneesh Murthy, Infosys Board Member and
Head of Worldwide Sales and Marketing; and Sumir Chadha, Managing Director,
WestBridge Capital Partners.
“American Express has extensive experience building strong relationships with and servicing thousands of business customers with a wide range of products and services, including Web-based Corporate Card and travel applications. Through this experience, we know companies have a strong appetite for deploying a broader set of services to their employees,” said Glen Salow, executive vice president and chief information officer at American Express. “We’re pleased to play a role in creating and guiding Workadia, a company with all the right ingredients to quickly deploy a valuable workplace service for corporations.”
“Companies that lack the resources required to integrate and manage critical business systems on the Internet risk extinction,” said Vivek Ranadive, TIBCO chairman and CEO. “Workadia will give companies much broader access to the advantages of real-time e-business in a hosted model, reducing upfront investment and increasing speed to market.”
“Outsourcing of corporate intranets will be the way of the future for companies,” said Phaneesh Murthy, Infosys board member and head of worldwide sales and marketing. “Our own experience in building and integrating systems and connecting enterprises will be invaluable for Workadia as it rolls its services out for all ranges of businesses.”
“Workadia is addressing a large market opportunity and leveraging three powerful corporate partners that provide it with a sustainable competitive edge,” said Sumir Chadha, managing director, WestBridge Capital Partners.
Workadia is currently operating the portal in a pilot phase and plans to
make it more broadly available later this year. More information is available
about Workadia on the Internet at http//www.workadia.com.
About the Companies
American Express Company (http//www.americanexpress.com) is the leading
global provider of commercial cards and expense management solutions. Through
its Corporate Services group, formed in 1982, the company counts more than
70 percent of the Fortune 500, along with tens of thousands of mid-sized
companies, as customers of its Business Travel, Corporate Card, Corporate
Purchasing Card and Consulting Services group. The company offers a variety
of Internet-based products and services for large and mid-sized companies,
including American Express @ Work(R) for online Card program administration
and Corporate Travel Online for online corporate travel reservations. In
addition, the American Express(R) Corporate Purchasing Card offers enhanced
interoperability with most of the leading online purchasing systems.
The American Express Company is a diversified worldwide travel, financial
and network services company founded in 1850. It is a leader in charge and
credit cards, Travelers Cheques, travel, financial planning, investment
products, insurance and international banking.
TIBCO Software Inc. is a leading provider of total business integration
solutions delivering infrastructure software that enables companies to
seamlessly integrate business systems in real-time. TIBCO’s products enable
the real-time distribution of information through patented technology called
The Information Bus(TM), or TIB(R). TIBCO technology was first used to
digitize Wall Street and has since been adopted in diverse industries
including financial services, telecommunications, electronic commerce,
transportation, logistics, manufacturing and energy. TIBCO’s global customer
base includes more than 1,000 customers, such as Cisco Systems, Ariba, NEC,
Enron, Sun Microsystems, GE Capital, Philips, AT&T, Pirelli and AOL/Netscape.
Headquartered in Palo Alto, California, TIBCO can be reached at 650-846-1000
or on the web at http//www.tibco.com.
Infosys Technologies Ltd. is an IT consulting and service provider,
providing end-to-end consulting for global corporations. The company has
partnered with several Fortune 1000 companies providing a wide range of
services for technology driven business transformation initiatives. These
services include e-strategy consulting and solutions, large application
development and enterprise integration services. Infosys also has product
co-development initiatives with numerous communication and Internet
infrastructure companies that are creating the building blocks for the digital
The Global Delivery Model of the company leverages talent and
infrastructure in different parts of the world to provide high quality, rapid
time-to-market solutions. Infosys’ U.S. headquarters is located in Fremont,
California; the company also maintains offices throughout the U.S., Europe and
Asia. For more information, contact Infosys Technologies at +91-80-8520261 in
India, and 510-742-3000 in the U.S. or visit Infosys on the web at
WestBridge Capital Partners (http//www.wbcp.com) is a leading U.S.-India
focused venture capital fund with $140 million under management. The fund
primarily focuses on cross-border U.S.-Indian technology companies that are
targeting the U.S. market. WestBridge was founded by Sumir Chadha, KP Balaraj
and Raj Dugar, who are former Goldman Sachs professionals with substantial
experience in venture capital, investment banking and entrepreneurship.
WestBridge’s investors include Goldman Sachs, SUN Technology, Capital Z
Investments, Merrill Lynch, and Fidelity. Individuals, such as Suhas Patil,
Arjun Malhotra, BV Jagadeesh, Rajat Gupta and Laxmi Mittal, have also invested
in the fund. WestBridge has offices in Silicon Valley, Bangalore, India and
Salt Lake City-based Gift Check Solutions unveiled a program designed to provide small- and medium-sized restaurateurs and retailers with an off-the-shelf, customized gift card program. Gift cards have been growing more popular in the U.S. as 45% of consumers used a gift card during the past year, spending an average of $200, according to a recent survey. The GCS ‘Gift Card-In-A-Box’ package includes 2,000 electronic gift cards produced in one of six designs, gift sleeves for the cards, matching point-of-purchase materials, a dedicated POS gift card reader with printer, a detailed operating instruction manual, and 24-hour toll-free support. The turnkey program also offers detailed reporting to monitor the date, balance and location where the card was activated, as well as the date each card is used, where it was redeemed and for what amount. The reports also include the current balance of all active cards. Customers can place any amount between $1 and $500 on the gift cards. ‘Gift Card-In-A-Box’ is available for $2,700 each.Details
MasterCard International and
Europay International said today that their boards of directors have agreed in
principle to combine their organizations into a unified global
Speaking at Europay’s annual membership meeting, MasterCard president and chief
executive officer Robert W. Selander, and Europay chief executive officer Peter
Hoch, said the combination would deliver significant operating efficiencies and
strengthened marketing and branding to their members globally.
MasterCard International has had a long-standing alliance with Europay, and
currently owns a 12.2% 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.
“This combination will be an important step toward becoming a seamless, global
organization that can serve all financial institutions, whether they operate in
one country, on one continent, or in diverse markets around the world,” Mr.
Selander said. “It brings together Europay’s particular strength in debit,
chip, and m-commerce, with MasterCard’s award-winning brand marketing expertise
and strength in e-commerce and processing technology.”
Mr. Hoch added that, “This integration is the logical consequence of worldwide
trends in consolidation and globalization, particularly in the payments
industry. A regional scope is no longer good enough. The requirements of e- and
m-commerce demand a global approach. Together, MasterCard and Europay will have
increased strategic flexibility, improved economics of scale, strengthened
consumer recognition and shorter time-to-market for innovative products and
Mr. Selander also said that in connection with the proposed integration with
Europay, MasterCard would convert from a membership corporation to a private
share corporation, MasterCard Incorporated, with MasterCard principal members
and Europay shareholders becoming equity owners. The conversion to a private
share corporation would facilitate the transaction with Europay, which is a
private share corporation. It is also expected to more closely align the
interests of MasterCard with those of its member-stockholders, because the
value created by MasterCard for its member-stockholders will be reflected
directly in the value of their shares.
Following completion of the transaction, Europay staff would provide the
framework for the European region of MasterCard, which will continue to be
based in Waterloo, Belgium. Mr. Hoch will retain his leadership role for the
region and will report to Mr. Selander. As with all MasterCard regions, the
European region will have its own board, which will make decisions on regional
issues consistent with MasterCard’s global strategy.
“For example, under the umbrella of MasterCard there is a full range of payment
programs available for the use of member banks,” Hoch said. “In Europe,
financial institutions continue to have the choice to promote the
well-recognized Eurocard name along with the MasterCard brand, if they consider
it appropriate for their markets.”
The integration of MasterCard and Europay has been approved in principle by
each company’s board of directors, and will be submitted to their respective
constituents for approval. MasterCard’s share conversion will be subject to
approval by a majority of MasterCard International’s principal members, and
each Europay shareholder will be asked to agree to exchange its shares in
Europay for shares of MasterCard Incorporated, in connection with the
integration. Both transactions are subject to customary closing conditions,
including the receipt of necessary regulatory approvals. MasterCard will soon
file a registration statement with the Securities and Exchange Commission to
effect the conversion to a private share corporation.
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 the most comprehensive portfolio of payment brands
in the world. More than 1.7 billion MasterCard(R), Cirrus(R) and Maestro(R)
logos are present on credit, charge and debit cards in circulation today. An
association comprised of more than 20,000 member financial institutions,
MasterCard serves consumers and businesses, both large and small, in 210
countries and territories. MasterCard is the leader in quality and innovation,
offering a wide range of payment solutions in the virtual and traditional
worlds. MasterCard’s award-winning Priceless(R) advertising campaign is now
seen in 81 countries and in more than 36 languages, giving the MasterCard brand
reach and scope unrivaled by any competitor in the industry. With more than 21
million acceptance locations, no card is accepted in more places and by more
merchants than the MasterCard Card. In 2000, gross dollar volume exceeded
US$857 billion. MasterCard can be reached through its World Wide Web site at http//www.mastercard.com.
About Europay International
Europay International, headquartered in Waterloo, Belgium, is Europe’s leading
payments organisation, dedicated to providing a tailored product range and
support services to its more than 9,000 Member banks. At present, over 271
million cards (Eurocard-MasterCard, Maestro, Cirrus and eurocheque) provide
European and global debit and credit card services, and offer cash access to
Europe’s largest network of more than 277,000 ATMs in 43 countries. Through its
alliance with MasterCard International, over 580,000 ATMs and more than 19
million retail locations worldwide accept Europay products. Europay’s website
at www.europay.com gives a detailed view on the
company’s products and services and shows how Europay offers its Member banks
both support and leadership on issues including virtual commerce, chip
technology, security & risk management, and the advent of the euro.
American Express and two other firms have teamed to setup a new company to provide businesses with business intranets through browser accessed hosted portals. Workadia will focus initially on U.S. companies in need of a complete business intranet service. Many of Workadia’s initial target customers will be middle market companies or companies that want to outsource business activities. The portals will let companies select hosted and in-house software applications, content and services and then integrate them into a single desktop view. The initial funding for the company was $16.7 million.Details
Royal Ahold has formed a strategic alliance to offer electronic banking
services to its U.S. customers. The partnership with Amicus Financial, the
U.S. division of the Canadian Imperial Bank of Commerce, will offer a range
of financial services to AholdÂs 15 million weekly customers in the USA.
The services, in several of AholdÂs trade areas along the U.S. eastern
seaboard, will start in the fall of 2001. Amicus Financial, the largest
internet bank in North America, will offer financial services in selected
Ahold stores through telephone call centers, ATMÂs and the internet. The
services offer excellent conditions for customers. The initiative at Ahold
USA is in line with similar activities of Ahold in stores around the world.
In The Netherlands, AholdÂs flagship Dutch chain Albert Heijn has set up a
savings account facility with insurance bank Aegon. AholdÂs Brazilian
operation BompreÃ§o runs a successful credit card service – the Hipercard.
After American Express launched a ‘Code Blue’ to put life into its smart cards, VISA issued this morning a competitive call to find and develop innovative smart card applications using ‘Java Card’ technology and tools. The ‘smart VISA Challenge’ is an effort to facilitate the development and rollout of untapped services for the ‘smart VISA’ technology platform. VISA and its partners will select several Challenge winners and potentially bring their new ‘Java Card’ technology-based smart card solutions to market by spring 2002. In addition to recognition and royalties stemming from the market launch of their application, winners will enjoy cash prizes, from $ 1,000 to $75,000, plus additional VISA-provided benefits.The due date for entries is August 24. In October, the companies will choose the top 20 ideas to be developed to full applications or services: 10 in the online (Internet) category and 10 in the offline (retail) category. The American Express ‘Code Blue’ contest awarded prizes last month for Java Card applications for smart payment cards. (CF Library 5/24/01).Details
Same-store retail sales for May rose 2.8 percent over the same period last year, according to data compiled by TeleCheck Services, Inc., the world’s leading check acceptance company. While sunny weather encouraged consumers to shop the malls in the southern regions of the country, California’s power crisis is taking its toll on retailing in the West. The Southwest region led the nation, followed by the Southeast and the Mid-Atlantic (tied), the Midwest, the West and the Northeast. 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. Compiled on a calendar basis, TeleCheck’s index is based on a broad cross-section of retailers nationwide. Checks account for about one-third of retail spending and remain second only to cash as the most popular method of payment. TeleCheck is a subsidiary of Denver-based First Data Corp. (NYSE: FDC).
“The country’s power crisis is having its greatest affect in the West, as suggested by the region’s sluggish retail sales,” said Dr. William Ford, TeleCheck’s Senior Economic Adviser. “Retail spending in the Northeast and Midwest regions picked up pace slightly from previous months, which we can assume is due to the long-awaited break from winter weather. In general, despite an overall economic slowdown, retail sales rose moderately across the country.”
In the Southwest, sales rose a strong 3.5 percent. Oklahoma’s sales rose 4.1 percent, Missouri’s sales jumped 3.6 percent and Texas’ grew 3.5 percent. Sales in Oklahoma City rose 4.3 percent, Houston’s climbed 4.2 percent, sales in Tulsa grew 4.0 percent, sales in St. Louis were up 3.7 percent, sales increased 3.6 percent in Kansas City, 3.5 percent in Dallas/Ft. Worth, 3.3 percent in Austin and 3.0 percent in San Antonio.
Sales grew in both the Southeast and the Mid-Atlantic regions by 3.2 percent. In the Southeast, sales climbed 4.4 percent in Louisiana, 3.8 percent in both Florida and Georgia, 3.2 percent in The Carolinas and 2.9 percent in Tennessee. Sales increased 4.8 percent in New Orleans, 4.0 percent in Orlando, 3.9 percent in Miami/Ft. Lauderdale, 3.4 percent in Atlanta, 3.3 percent in Tampa, 3.1 percent in Nashville and 2.8 percent in Memphis.
In the Mid-Atlantic, Pennsylvania’s sales were up 4.1 percent, Virginia’s sales increased 3.3 percent, New Jersey’s sales rose 3.2 percent and Maryland’s sales grew 2.4 percent. Pittsburgh saw sales jump 4.3 percent, Philadelphia’s sales grew 3.9 percent, the District of Columbia saw sales rise 2.4 percent and Baltimore’s sales climbed 2.2 percent.
Sales in the Midwest climbed 2.9 percent, with Minnesota up 4.5 percent, Wisconsin up 3.6 percent, Michigan up 2.8 percent, Illinois up 2.6 percent and Ohio up 2.2 percent. Sales grew by 5.0 percent in Minneapolis/St. Paul, 3.9 percent in Milwaukee, 2.9 percent in Detroit, 2.8 percent in Chicago and 2.0 percent in Cleveland.
The West was up 2.6 percent, with sales increasing 5.2 percent in Hawaii, 2.9 percent in Oregon, 2.2 percent in Washington, 2.1 percent in Colorado, 1.9 percent in California and 1.5 percent in Arizona. Sales rose 2.9 percent in Denver, 2.4 percent in San Diego, 2.2 percent in Portland, 2.0 percent in Los Angeles, 1.9 percent in Seattle, 1.5 percent in the Bay Area and 1.2 percent in Phoenix.
The Northeast region’s sales grew 1.8 percent. Sales rose 2.3 percent in New York and 1.2 percent in Massachusetts. New York City’s sales were up by 2.7 percent and Boston’s sales increased by 1.9 percent.
TeleCheck’s index is compiled on a calendar basis and is based on the total sales volume of check-writing consumers at a broad cross-section of retailers. Figures are not adjusted for inflation. Checks account for approximately one-third of retail spending. In 2000, TeleCheck authorized more than $163 billion in checks, representing 3.2 billion transactions. For more information about TeleCheck, visit the Internet site at http://www.telecheck.com.
About First Data Corp
First Data Corp., with global headquarters in Denver, powers the global economy. Serving nearly 2.5 million merchant locations, more than 1,400 card issuers and millions of consumers, First Data makes it easier, faster and more secure for people and businesses to buy goods and services, using virtually any form of payment: credit, debit, stored-value card or check at the point-of-sale, over the Internet or by money transfer. For more information, please visit the company’s Web site at http://www.firstdata.com.
(Period: 05/01/01 – 05/31/01)
June 5, 2001
SOUTHEAST 3.2% WEST 2.6% MIDWEST 2.9%
Florida 3.8% Arizona 1.5% Illinois 2.6%
Miami/Ft. Phoenix 1.2% Chicago 2.8%
Orlando 4.0% California 1.9% Michigan 2.8%
Tampa 3.3% Bay Area 1.5% Detroit 2.9%
Louisiana 4.4% Los Angeles 2.0% Minnesota 4.5%
New Orleans 4.8% San Diego 2.4% Minneapolis/
St. Paul 5.0%
Georgia 3.8% Oregon 2.9% Wisconsin 3.6%
Atlanta 3.4% Portland 2.2% Milwaukee 3.9%
Tennessee 2.9% Washington 2.2% Ohio 2.2%
Memphis 2.8% Seattle 1.9% Cleveland 2.0%
Nashville 3.1% Colorado 2.1%
The Carolinas 3.2% Denver 2.9% MID-ATLANTIC 3.2%
Hawaii 5.2% District of
SOUTHWEST 3.5% Pennsylvania 4.1%
Texas 3.5% NORTHEAST 1.8% Philadelphia 3.9%
Austin 3.3% Massachusetts 1.2% Pittsburgh 4.3%
Dallas/Ft. Boston 1.9% New Jersey 3.2%
Houston 4.2% New York 2.3% Virginia 3.3%
San Antonio 3.0% New York City 2.7% Maryland 2.4%
Missouri 3.6% Baltimore 2.2%
Kansas City 3.6%
St. Louis 3.7%
Oklahoma City 4.3%