In conjunction with MasterCard’s new ‘Secure Payment Application’ solution, the card association also introduced a solution to assist online merchants in defending against Internet hackers. MasterCard’s ‘Site Data Protection Service’ takes a proactive approach against hackers by identifying possible vulnerabilities in an acquirer’s or merchant’s online system and making recommendations. The solution addresses the security issues and the resulting concerns over Internet fraud/chargebacks, damage to brand image, consumer concerns about safety and privacy, cost of replacing stolen account numbers. MasterCard will deliver the ‘SDP’ service directly to its acquiring members, who in turn will offer the services to merchants. MasterCard members and merchants can choose from several levels of protection, ranging from site vulnerability assessments and alerts to insurance coverage for third party liability, crime losses and more. SDP is expected to be available globally to MasterCard members by the end of this year. ‘SDP’ was developed by MasterCard, Marsh, Predictive Systems, and Ubizen. (CF Library 5/17/01)Details
CompuCredit Corporation announced that it has added Peter L. Briger, Jr. and Richard R. House, Jr. to its board of directors.
Mr. Briger was with the investment banking firm, Goldman, Sachs & Company for 14 years. During his career at the firm, Mr. Briger served as a founding managing director of GSVentures, a founding managing director and co-head of the Asian Special Situations Group, and a co-head of the Whole Loan Trading Desk.
Mr. House joined CompuCredit in 1997 and currently serves as president of the company. Mr. House previously served as chief credit officer of CompuCredit.
“We are very fortunate to add the depth of experience that Peter and Rich bring to our board,” said David Hanna, chairman and chief executive officer. “Their unique perspectives will help strengthen and broaden our vision as we continue to build upon the strategic initiatives of the company.”
CompuCredit Corporation is a credit card company that uses analytical techniques, including sophisticated computer models, to identify consumers who it believes are credit-worthy and are overlooked by more traditional consumer credit providers. CompuCredit markets unsecured general purpose credit cards through direct mail, telemarketing and the Internet.Details
Western Union and ACI Worldwide have teamed up to add electronic money transfer capability to ACI’s ATM processing software. ACI will add the ‘Western Union Money Transfer’ service to its ‘BASE24’ e-payment processing software. The WU service allows a consumer to electronically send money using any participating ATM by simply swiping an ATM card and then selecting the money transfer option. The user is prompted to select a personalized code and the desired dollar amount to transfer. The ATM provides the cardholder with a receipt and confirmation number. To complete the money transfer, the sender relays the confirmation number and personalized code to the intended recipient who can retrieve the funds from any participating ATM. No bankcard is necessary to receive the funds. The ‘Western Union ATM Money Transfer’ service will offer interoperability with Western Union’s agent network of more that 33,000 agent locations across the USA. Western Union acquired the cardless ATM transaction technology to provide its money transfer services (also known as Z-Cash) through an exclusive license agreement with EDS.Details
USA Technologies, Inc. has expanded its Authorized Reseller Program to target the multi-billion dollar global vending industry. TransAct swipe card technology will soon be upgraded to its new generation e-Port cashless and interactive media technology. Under the program, USA Technologies will provide the technology and integration expertise to allow manufacturers and distributors of vending as well as office equipment and services to readily attach e-Port to any brand of vending product or office equipment.
The USA Technologies Authorized Reseller Program was launched less than a year ago as a result of significant, positive feedback from major office equipment manufacturers and distributors who wanted to use TransAct and incorporate it into their own office equipment products and solutions, as well as sell it independently.
TransAct is a networked self-serve system that enables micro-credit card transactions, as low as $1.00, when connected with the use of office equipment. e-Port has all the same advantages as TransAct, but includes e-business and interactive media capabilities. It is targeted at more industry uses including: vending, point of sale, gas pumps, and other equipment that offers consumers access to goods and services in high traffic areas, such as hotels, convenience stores, travel & transportation facilities and public buildings. USA Technologies recently signed a major Canadian distributor, Global Technologies, that committed to resell an initial 500 terminals. Additionally, the company has signed an Authorized Reseller Agreement with North American Interstate, a major Michigan based vending distributor, as well as an OEM agreement with Automated Merchandising Systems. The growing Pennsylvania-based technology company is in other negotiations and discussions with the top vending manufacturing and distribution companies.
“We are arming our business partners with our revolutionary e-Port, and we’re signing on major manufacturers and distributors of vending equipment who sell hundreds of millions of dollars worth of vending equipment throughout the world, every year,” said Michael Lawlor, Senior Vice President of Sales & Marketing for USA Technologies. “Our goal is to develop a network of worldwide distributors for our technology and services. We have the infrastructure in place to mass produce e-Port, and we will continue to aggressively build the foundation for mass distribution via our Authorized Reseller Program, OEM agreements, etc,” he said.
The Authorized Reseller Program is part of an overall strategy to give USA Technologies greater distribution of its technology; new marketplace opportunities; and expanded distribution channels worldwide. USA Technologies has also signed a Strategic Alliance agreement with Marconi Online Systems, a division of Marconi PLC. In 2000, Marconi Online became the exclusive provider of intelligent vending technology to the Coca-Cola Company. USA Technologies is also in negotiations with global IT and interactive media businesses who are interested in the e-Port technology, especially the next generation of e-Port technology, which will offer unique wireless capabilities. e-Port attracted huge vending industry interest at the recent NAMA vending exposition held in Las Vegas earlier this year, where industry analysts described e-Port as: “unique technology that can collect supply chain data, allow consumers to make purchases with a credit card, and to view interactive media such as news, sports and weather. It will not only improve the value vending machine manufacturers and suppliers bring to customers, but will help generate greater revenue through increased sales of vending machines.”
About USA Technologies:
USA Technologies is recognized as a leader in cashless micro transactions and interactive media technology and associated financial services. USA Technologies provided credit card activated and other cashless systems, allowing end users, ranging from consumers to business professionals, to communicate, conduct business or make ordinary commerce transactions, outside of the home or workplace. USA Technologies is an IBM (NYSE: IBM – news) Business Partner and an inaugural member of the Sprint Enabling Application Service Provider Program for e-commerce. It has also established relationships with a number of global IT, multimedia, and telecommunications companies including RadiSys Corporation, DoubleClick Inc, and Xerox Corporation. Visit the USA Technologies home page at [www.usatech.com].
Bank of America introduced of a new service that enables consumers to order foreign currency and foreign currency ‘Travelers Cheques’ over the Web using credit cards as payment. The service is similar to one introduced in Oct 1999 by Chase called ‘Currency-to-Go’. Customers for the BofA service can purchase up to US$5,000 in foreign currency or foreign currency Travelers Cheques. Orders of up to US$1,000 can be delivered via UPS to the customer’s home or business within two to three business days. Orders of more than US$1,000 must be picked up at any Bank of America full service location. BofA customers may also deposit foreign currency into their checking or savings accounts when they have currency they want to sell back or exchange for U.S. cash. Chase Manhattan offers 75 different foreign currencies and ‘Travelers Cheques’ online with no fees or commissions for next-day delivery. FedEx overnight home delivery is free for orders of $500 or more, with a $10 shipping charge for orders below that amount. (CF Library 10/7/99)Details
PrivaSys has introduced its PIN-driven card technology. PrivaSys’ proprietary card provides an input device and a display within the dimensions of a conventional credit card.
Protected by a portfolio of patents, three of which are issued, PrivaSys’ proprietary technology authenticates cardholders for financial transactions (in person or online). PrivaSys technology requires no change to merchant or acquirers systems, making it instantly compatible with over 21 million merchants worldwide.
The PrivaSys suite of solutions quickly integrates with existing issuer systems providing an immediate security benefit through cards that are activated by keying in the cardholder’s PIN on an ATM style keypad, embedded on the card. Enhanced security features allow issuers to select a card that automatically generates a surrogate number for financial and/or authentication transactions.
PrivaSys’ first generation solutions are SecurSys and VariSys. SecurSys safeguards a cardholder’s information for single account cards such as credit (private label or bank issued), debit, or identity/security cards. VariSys consolidates multiple types of accounts (such as debit, personal and corporate credit, money market account) onto one card. Both SecurSys and VariSys cards can display either a surrogate account number or a conventional account number on the magnetic stripe and on the LCD.
“Real world and online fraud for financial transactions represent an escalating issuer concern worldwide,” said Joan Ziegler, CEO and co-founder of PrivaSys. “By introducing PrivaSys’ solutions at CardTech/SecurTech, the leading card show, PrivaSys has a great opportunity to reach the leaders in the card technology field.”
To learn more about the PrivaSys technology, stop by booth 1558 or visit the PrivaSys Web site at [http://www.privasys.com] . To schedule a private technology demonstration, please contact David Patterson, executive vice president of business development and co-founder, at 415-495-4098.
PrivaSys’ patented payments infrastructure brings a new level of security, interactivity and convenience to credit and debit card transactions. PrivaSys proprietary card technology provides a user input device and display embedded within the dimensions of a conventional credit card. Protected by a portfolio of patents, three of which are issued, PrivaSys licenses its technology to financial institutions and security card manufacturers. PrivaSys’ technology is designed to scale from the smallest government installation to the largest credit card issuer. PrivaSys is a privately held company, founded in May 1999 with headquarters in San Francisco and product development in Orlando, Florida. For more information, please contact PrivaSys or visit [http://www.privasys.com].
Concord EFS, Inc. announced that it has filed a registration statement with the Securities and Exchange Commission for the proposed public offering of 24,373,218 shares of the company’s common stock, including an over-allotment option. The shares to be offered include 19,194,103 held by the former owners of Star Systems, Inc., which was acquired by Concord on February 1, 2001, plus an additional 2,000,000 being sold by Concord. In addition, the underwriters have an option to purchase up to 3,179,115 additional shares of common stock from Concord to cover over-allotments. Concord intends to use the net proceeds from the offering for working capital and general corporate purposes. Concord will not receive any of the proceeds from the sale of common stock by the selling stockholders.
The offering will be managed by Salomon Smith Barney, Goldman, Sachs & Co., William Blair & Company, Banc of America Securities LLC, Bear Stearns & Co. Inc., Merrill Lynch & Co. and Morgan Keegan and Company, Inc.
Concord is a leading, vertically-integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to financial institutions, supermarkets, petroleum retailers, convenience stores, and other independent retailers. Concord’s primary activities include Payment Services, providing credit, debit, check authorization, and electronic benefits transfer (EBT) processing services to selected retail segments; and Network Services, providing gateway processing, ATM driving, online and signature debit card processing, and network access to the financial services industry under the Cash Station(R), MAC(R), and STAR(SM) brands. Concord also provides electronic payment and payroll services to trucking companies, truck stops and other businesses.Details
ActivCard, a leading provider of digital
identity management products and technology, and Precise Biometrics AB
, Europe’s leading biometrics company, developing products
for fingerprint identification, announced a strategic partnership to
deliver the first Open Platform-based On-Card biometric authentication,
eliminating the need to rely on cumbersome static passwords and PIN-codes.
Global companies and institutions alike, are seeking increased adoption of
a convenient method of facilitating cross-industry application and credential
loading and management, as well as expanded network mobility, efficiency and
security. With this partnership, the Companies have increased their ability to
meet market demands by offering an integrated solution using ActivCard Gold
— a robust and highly secure infrastructure for issuance, enrollment and
management of smart cards, and Precise Biometrics Match-On-Card(TM) technology
for JAVA cards. Further to this, each year MIT (Massachusetts Institute of
Technology) presents a study of the top ten technologies it expects to have a
far-reaching daily impact in the near future. In the latest study, published
in February 2001, biometrics was described as one of the ten technologies.
“This is a complimentary relationship in more ways than one — not only is
the fingerprint template stored in the secure environment of a smart card, the
fingerprint image is also matched and verified on the smart card itself,
making our solution more secure and convenient than ever before,” stated
Thomas Arthur, senior vice president of sales and business development at
ActivCard. “Companies who wish to use new web-based systems effectively must
feel confident that the people accessing the systems are who they say they
“We are pleased to be teaming with ActivCard to offer the only On-Card
Biometric authentication that is compatible with the Open Platform Framework,”
said Marten Obrink, CTO and co-founder of Precise Biometrics. “In particular,
we are confident that by combining the leading technologies from Precise
Biometrics and ActivCard offered on this platform, we can expedite the
deployment of Common Access Cards to the U.S. Department of Defense as well as
the Global 2000 that require a more secure method of transmitting credentials
Secure Management and Issuance
Built on the experience from Precise Biometrics’ pilot installation at the
Pentagon during the last year and ActivCard’s experience and knowledge of Open
Platform framework and smart card-based e-business deployments with
organizations include the U.S. Department of Defense, Datacard,
Hewlett-Packard, Sun Microsystems, Lloyds TSB and Citigroup. This relationship
compliments the industry’s movement toward an interoperable universal standard
in smart card solutions specific to biometric authentication. The complete
solution, available worldwide over the second quarter of 2001, enables
companies to reduce their total cost and security risk relative to having
these identification credentials being stored in the insecure environment of a
network, or a PC hardrive.
Businesses are deploying ActivCard solutions to employees and customers
worldwide, migrating away from existing single-function token-based digital
identity systems to a multi-function dynamic smart-card based solution
— making possible the consolidation of personalized services on one card for
picture ID, building access, network log-in, digital signature as well as
remote access authentication.
At the CardTech/SecureTech Show
On Tuesday, May 15, 2001 the Companies will be hosting an “Open Booth”
presentation and reception of the technology available via the partnership for
media and customers at 430 PM at booth #2841. ActivCard and Precise
Biometrics will demonstrate the solution for Match-On-Card Biometrics
authentication at the CardTech/SecurTech 2001 conference and exhibition in
Las Vegas, USA, May 15-17. The exhibition showcases the latest trends in smart
cards, biometrics and identification and security technologies.
About ActivCard http//www.activcard.com
ActivCard is a leader in digital identity and electronic certification
technology, delivers core components required to enable next generation
e-Business communication and transactions. The ActivCard technology suite
offers the ease-of-use of an ATM transaction with a security level better than
face-to-face meeting. ActivCard solutions, in conjunction with the
applications support for public key based data confidentiality and integrity,
allow individuals and businesses to perform secure online transactions over
the Internet. Today, more than 2.0 million people use ActivCard products for
secure Internet banking, Web access and remote access to corporate networks.
ActivCard is headquartered in Fremont, California, with worldwide operations
in France, Germany, Japan, Sweden, Singapore and United Kingdom.
About Precise Biometrics http//www.precisebiometrics.com
Precise Biometrics develops and sells biometric fingerprint solutions for
IT Security, Embedded Solutions and Physical Access. These solutions provide
the company’s customers with high security at a low cost. In particular,
e-commerce, e-banking and the exchange of sensitive documents over the
Internet require a method of user authentication that can be relied on without
question. The Company’s unique Precise Pattern Matching and Match-on-Card(TM)
technologies provide reliable proof that people are who they claim to be.
Precise Biometrics is a leader in biometric security solutions and the
company’s mission is to become the key supplier in the international arena.
Founded in 1997 in Lund, Sweden, Precise Biometrics has offices in Sweden and
in Washington DC, USA. The company’s stock is traded on the Stockholm Stock
Closing the gap in smart payment card platforms, MasterCard announced Wednesday it will support the ‘JavaCard’ platform for smart cards along with its continuing support for ‘MULTOS’. MasterCard also says it is prepared to support Microsoft’s ‘Windows Powered Smart Cards’ if its members demand it. The decision to support ‘JavaCard’ will help break the platform logjam for U.S. issuers of both VISA and MasterCard. However MasterCard says its ‘MULTOS’ platform is more open than ever and as new members have joined the ‘MULTOS’ consortium, pricing has been simplified. ‘MULTOS’ recently added a new policy which enables card issuers to build their own facility to authorize application loading and deletion. MasterCard offers the ‘M/Chip’ family of credit/debit applications for smart cards. Gemplus announced yesterday type approval from MasterCard and Europay for delivery of the ‘M/Chip Lite’ smart card solution, based on the ‘JavaCard’ platform for its ‘GemXpresso’ card. Schlumberger Test & Transactions also announced that ‘M/Chip Lite’ is now available on its ‘Cyberflex Palmera’ card.Details
FoneCash Inc. announced it is in discussions with ITE
(Holding) Limited in Hong Kong to form a joint venture, utilizing a wholly
owned subsidiary of FoneCash, Universal Information Technology Limited in the
formation of a merger company which will eventually be qualified to have its
stock trading on the GEM Board in Hong Kong.
The proposed merger of the two companies would have FoneCash owning 80% of
the stock and infusing its wireless technology and skilled hardware design and
software programming staff, while ITE would inject cash and its SmartCard
ITE is a smart card solution provider and system integrator, utilizing a
combination of smart card system expertise and its extensive software library
to design and implement solutions based upon the requirements of its clients.
FoneCash has experience and technical know-how in wireless transmission of
data, particularly in using RFID (radio frequency identification) technology
for contactless systems. The merger company would focus initially on
developing a Smart Tag contactless system for clients who are concerning with
the organization of inventories of huge amounts of goods such as warehouses,
custom houses, the military, libraries and any enterprise where location of
countless components are stored.
“This merger offers an unprecedented opportunity for the Company with a
chance to implement its business strategy, calling for the merger of its
design capabilities with other like companies who want to utilize a hand-held,
wireless processing unit”, stated Daniel E. Charboneau, Chairman and CEO of
Fonecash. “Given our relatively early entrance in the Hong Kong market”, added
Mr. Charboneau, “we are pleased to have the support of ITE, their investors
and their outstanding position in Hong Kong, recently reinforced by their sale
of shares on the GEM Board. Their position will undoubtedly lead other
investors to take a serious look at the merger company and lead to value for
the investors of both parent companies”.
About FoneCash Inc.
Under an exclusive licensing agreement, FoneCash, Inc designs, develops
and manufactures electronic terminals for processing credit and debit cards of
all the major banks issuers whose cards are accepted for payment by merchants
worldwide. The Company’s products includes software and proprietary processing
services that provide end-to-end support of electronic financial transactions,
utilizing wired and wireless networks for the transmission of data. The
Company intends to market a complete processing system that is high quality
and simple to operate. Revenues will be generated from sales/rentals of the
terminals and from transaction charges.
Giesecke & Devrient announced that they will be launching their new card
innovation, the Foil Card this month. This new offering is the flagship of
G&D’s new series of
product innovations for 2001 titled “Stepping Out” — cards that go beyond
traditional borders. The kind of cards that you just can’t get out of your
The new G&D Foil card is a composite card using a process exclusive and
unique to G&D. The final design images created on this Foil card provide an
exciting level of depth and dimension to traditional card graphics. Customers
have their choice of custom Holographics (silver & gold), laser refractive or
rainbow patterns. The foil effect can be applied to the front or the reverse
of the card.
“The challenge for Foil cards in the market so far, is the risk of
delamination,” explained Anna Rossetti, Vice President, Sales & Marketing.
“G&D has taken extra measures with extensive testing and now leads the market
in not only meeting, but exceeding all the specifications required by the ISO
(International Standards Organization).”
With an unprecedented money-back service guarantee, the G&D Foil card
claims the highest level in quality and durability in North America.
About Gisecke & Devrient
Giesecke & Devrient (G&D) is an international technology group with over
thirty subsidiaries worldwide. With nearly 150 years of history, the Giesecke
& Devrient of today upholds their tradition as a trusted leading supplier of
banknotes and security documents; banknote, security paper and currency
automation systems; as well as cards, components and complete multifunctional
Smart Card systems for electronic payments and telecommunications. Giesecke &
Devrient also offers consultancy services and complete solutions for brand
protection and security in e-commerce. The company employs about 5,800 people
In conjunction with the 20th
anniversary celebration of the AADVANTAGE Travel Rewards Program, American
Airlines introduced an enhancement to its distinguished list of
AADVANTAGE partners. Together with the Royal Bank of Canada, American is
launching the Royal Bank AADVANTAGE Visa Gold card.
The co-branded credit card enables Canadians to earn AADVANTAGE miles for
every purchase they make — one mile for every Canadian dollar spent.
Canadian AADVANTAGE members can then redeem these miles for trips on American
Airlines, American Eagle or any other airline partner, as well as for hotel
stays, car rentals and American Airlines Vacations(SM) packages.
As an added incentive, AADVANTAGE is offering 2,500 bonus miles to
AADVANTAGE members who sign up for the Royal Bank AADVANTAGE Visa Gold card.
Additionally, AADVANTAGE members who purchase air travel aboard American
Airlines or American Eagle using the Royal Bank AADVANTAGE Visa Gold card will
earn double purchase miles between May 15 and December 31, 2001.
“We are pleased to work together with Royal Bank, Canada’s premier
financial institution,” said Bruce Chemel, President of AADVANTAGE Marketing
Programs. “For years our Canadian AADVANTAGE members have been asking for a
co-branded card that will enable them to earn AADVANTAGE miles with every
“We are pleased to partner with airlines that know how to reward customer
loyalty, and American Airlines — with the world’s first and largest rewards
program — was a perfect fit,” said Mark Tonnesen, Executive Vice-President,
E-Commerce and Cards, Royal Bank. “The Royal Bank AADVANTAGE Visa Gold card
continues to build on our strategy of offering cardholders a wide variety of
options and features to meet their needs.”
American Airlines and AADVANTAGE already participate in the Royal Bank
Avion Visa Gold Rewards Program. Through a recently launched points
conversion program, AADVANTAGE members can convert their Avion points — which
are earned 1 Avion point per Canadian dollar spent — for AADVANTAGE miles at
a 11 ratio. The Royal Bank AADVANTAGE Visa Gold card is an extension of this
American’s AADVANTAGE Travel Rewards Program — the first and largest of
its kind — began in 1981 with 283,000 members and has grown to more than
43 million members worldwide. AADVANTAGE has more U.S. fliers than any other
frequent traveler program, and it provides more opportunities to redeem miles
than any other program, including the two most popular redemption options,
AAnytime(R) Awards and PlanAAhead(R) Awards. AAnytime Awards, available
‘anytime, anyplace, anywhere’ there is a vacant seat, carry no restrictions,
such as limited seat availability or travel embargo dates. PlanAAhead Awards
— best for times when customers can plan in advance — have restrictions,
such as limited seat availability and some travel embargo dates, but can be
claimed for fewer miles than AAnytime Awards.
About Royal Bank of Canada
Royal Bank of Canada (RY) is a diversified financial services company. It
provides personal and commercial banking, wealth management services,
insurance, corporate and investment banking, and transaction processing on a
global basis. The company employs more than 54,000 people who serve
10 million personal, business and public sector customers in North America and
in some 30 countries around the world. For more information, please visit
www.royalbank.com. Canadian residents can apply for
the Royal Bank AADVANTAGE
Visa Gold card by visiting their local Royal Bank branch or Royal Bank’s Web
site at www.royalbank.com/cards/aa.