Mag-Tek has introduced the ‘APTM Transaction Terminal’ to assist tellers to quickly identify customers with the swipe of a card and the associated PIN. The new ‘APTM Transaction Terminal’ facilitates seamless integration with popular teller automation software applications. It connects to the teller station or platform PC via a RS-232 port, and includes an additional RS-232 port for connecting other peripherals such as a Mag-Tek check reader. The ATM-style display prompts, with the screen addressable function keys of the APTM, provide a user-friendly customer interface. The APTM’s security processor is independent of its application processor, resulting in a secure and virus-proof design that enables an end-to-end secure link. The design meets industry recognized cryptographic standards.Details
MA-based elcom.com and VISA International EU have entered into a ‘Co-Marketing Memorandum of Understanding’. Under the agreement VISA will recommend ‘PECOS Internet Procurement Manager’, elcom.com’s remotely-hosted automated procurement system, to its member banks for internal use, or for a member bank’s commercial customers. The solution combines elcom.com’s flagship product, ‘PECOS Internet Procurement Manager’, with VISA’s commercial electronic payment and data delivery mechanism. The system is a host-based Internet automated procurement system application accessible via a web browser, offering end users e-click purchasing, low cost of entry, rapid ROI, and speedy pilot implementation.Details
CyberMark and VISA have signed a cooperation agreement to market the ‘VISA Cash’ electronic purse in conjunction with CyberMark’s campus applications in Latin America and the Caribbean. Friday’s agreement allows VISA, VISA member banks and CyberMark to provide Universities with a variety of integrated services tied together on a smart identification card. The ‘VISA Cash’ electronic purse would be used for payments inside the campus, while other value added applications, such as computer resource access control, status checking, and student voting, would be provided by CyberMark and its partners in the ‘SmartWorld’ network.Details
Boston-based Verbind and Toronto-based Optus Corp. have teamed up to develop a smart credit card billing solution. Optus recently began a pilot to test the smart billing program, and measure its impact on companies’ ability to improve customer loyalty and activity. To provide the customized product or service offer that is most relevant to customers, the Optus solution integrates transaction data, merchandise offers, and discount ranges. Based on that information, it then matches customers with appropriate offers. Redemption data gets fed back into Optus’ data processing system to update existing smart bill or statement programs and refine new ones. The solution integrates Optus’ billing composition software with Verbind’s real-time marketing solution, ‘LifeTime’, featuring patented behavior mapping technology. The resulting smart bill communicates product or service information of greatest interest, and timeliness, to customers, based on individual customer behavior patterns, documented in real-time.Details
UICI announced this morning that release of its fourth quarter and full year 1999 operating results has been delayed, pending completion of the OCC’s examination of UICI’s United Credit National Bank and completion of various internal inquiries at its credit card operations. The OCC has not yet completed its assessment of the level of United Credit National Bank’s credit card loan loss reserves at December 31 and the adequacy of the Bank’s capital.Details
Electronic Clearing House announced the receipt of orders in excess of $1.1 million from U-Haul International for ECHO’s ‘EB920’ terminals. The ‘EB920’ terminal is presently used by over 11,500 U-Haul dealers who participate in the U-Haul C.A.R.D. program to track inventory rental, financial settlement and all reporting obligations between the dealer and U-Haul corporate.Details
NOVA Corporation has promoted Pamela Joseph to President and COO of NOVA Information Systems. Ms. Joseph most recently was the Senior EVP and CIO of NOVA Corporation and was named to NOVA’s Board of Directors earlier this week. John Perry, who was the former president of NOVA Information Systems, has resigned.Details
CIBC Aerogold cardholders now have wireless remote Internet access, through their Bell Mobility PCS digital phones, to the Advantex restaurants, golf courses, country inns, resorts, and entertainment venues across Canada. CIBC is offering cardholders double and triple ‘Aeroplan Miles’ for using the new service. CIBC Aerogold cardholders launch the mobile browser on their Bell Mobility PCS phone and select ADVANTEX from the menu. Advantex owns and operates the CIBC ‘Aerogold Advantex Benefit’ program, a fully integrated feature of the CIBC ‘Aerogold VISA’ frequent flyer credit card. CIBC Aerogold cardholders earn bonus ‘Aeroplan Mile’ awards when making purchases at Advantex’s network of over 450 participating restaurants, golf courses, country inns and specialty resorts in Canada. An additional 4,500 restaurants in the U.S. will be launched in April for the program.Details
Hypercom it has changed to the auditing firm of Ernst & Young from PricewaterhouseCoopers. The change was prompted by a technical independence issue that arose in connection with retirement payments payable by PricewaterhouseCoopers to Hypercom’s CFO, Jonathon Killmer, a former PWC partner.Details
Equifax reported this morning that Payment Services, which operates through Card Solutions and Check Solutions, increased revenue 10.1% to $190.8 million in the fourth quarter. The revenue increase in Payment Services was driven primarily by merchant and card processing in U.S. Card Solutions and the new card processing operations in the United Kingdom. Operating income for Payment Services of $41.5 million increased 7.6% due to the continued strong performance of both Card Solutions and Check Solutions. Growth was tempered by the investment in the start-up card processing operation in the United Kingdom and a reduction in software license sales between quarters. Equifax says it is de-emphasizing card software sales as it grows its global card processing operations which can utilize this proprietary software and generate a recurring stream of revenue. For more details on Equifax’s 4Q/99 results visit CardData ([www.carddata.com]).
Concord EFS reported Thursday that fourth quarter 1999 revenue was $250.0 million, up 41% over the fourth quarter of 1998. Net income for the fourth quarter 1999 was $40.5 million. For the full year 1999, company revenue was $830.1 million compared to $634.5 million in 1998, a 31% increase. Net income in 1999 was $129.4 million. For more details on Concord’s 4Q/99 visit CardData ([www.carddata.com]).