Keycorp Ltd has tangled up with two American companies over a dispute involving a technology license issue. California Plasticard Inc and Colorado Plasticard Inc have filed lawsuits in Los Angeles Superior Court in connection with the terms of a technology license between Keycorp and CPI. The lawsuits also cover disagreements related to the possible expansion of the partnership agreement. Keycorp says it will fight the lawsuits “vigorously.”
IL-based Givex Corporation is set to release a new standalone gift card software application in October. The new application will conduct real-time gift card transactions directly through a merchant’s POS system and will run independently of other software while functioning in the merchant’s existing Windows-based POS system. This will enable merchants with existing POS systems that lack gift card capabilities to conduct real-time gift card transactions without having to purchase gift card processing hardware devices or go through a software integration. Givex currently offers a variety of fully integrated and standalone hardware solutions for conducting real-time gift card, frequent user card, e-gift certificate and points programs.
Trintech Group Plc, a global provider of secure payment infrastructure solutions, announced an agreement with FREEDOM, a unit of Fiserv. Under this agreement, Trintech is integrating FREEDOM’s TRACKER software into ReconNET to offer its customers the industry’s most powerful reconciliation and unclaimed property solution. ReconNET TRACKER brings together the acknowledged leaders in their industries, and delivers a best of breed solution that provides immediate benefit to any company looking to reduce cost and improve its bottom line performance.
Trintech will immediately provide ReconNET TRACKER to its customers and prospects, either incorporated with ReconNET’s reconciliation of disbursements or as an add-on module. This integrated offering provides significant value and enables companies to quickly realize the benefits of automated reconciliation and cash management while increasing their level of control and visibility into their unclaimed property and escheatment process.
“We are pleased to partner with Trintech for the purpose of helping their clients and prospects reduce their costs and improve the effectiveness of their processes,” said Layton Olson, senior vice president, sales and marketing for FREEDOM. “TRACKER has an excellent track record of streamlining the unclaimed property process for over 1,500 leading companies. This combined offering is a valuable solution for companies who need to meet the increasing demands and challenges of unclaimed property regulatory compliance.”
The integrated ReconNET TRACKER solution provides companies with the most widely accepted system for controlling “stale” checks, while reducing operational costs and eliminating penalties and other liabilities associated with non-compliance and unclaimed property regulations. Any company that has uncashed checks, holds dormant customer accounts, makes frequent customer refunds, has a large or revolving workforce, or issues gift cards, can now automate its disbursement reconciliation needs with comprehensive unclaimed property reporting.
“This partnership opens up a new market for Trintech,” said Randy Jesberg, vice president and general manager of the funds management and reconciliation division at Trintech. “This is another step forward in our commitment to delivering solutions that enable our clients to significantly reduce their operating costs and risk, while increasing their level financial control. By working together, we ensure our clients and prospects have the most effective and comprehensive solution available for managing the tracking of unclaimed property and reporting their findings to the appropriate U.S. jurisdiction.”
Customers can use the enhanced solution to automate a variety of functions. For instance, if a customer uses ReconNET TRACKER for unclaimed payroll checks, ReconNET Disbursements provides the needed controls to easily manage and track the processing of stale payroll checks. The ease and accuracy of ReconNET’s reporting suite makes this process much easier, since reports and file extracts can be scheduled daily and quickly configured to provide any needed information.
ReconNET Product Overview
ReconNET, part of Trintech’s PayWare suite of products, provides business-to-business enterprise reconciliation and treasury platforms that streamline the management of cash deposits, credit card payments and disbursements. ReconNET is currently in use by over 270 of the largest merchants, financial institutions, insurance companies, telco’s and multi-national corporations in North America and Europe.
TRACKER Product Overview
TRACKER Unclaimed Property system is the nation’s leading software choice for complying with State-specific unclaimed property laws. Automation helps property holders consolidate this labor-intensive process, comply with due diligence requirements, and meet State-specific filing requirements. Currently over 1500 companies use TRACKER in the United States. TRACKER is the premier unclaimed property software solution because of FREEDOM’s proactive approach to compliance and unmatched customer service.
For additional information about the ReconNET or Tracker solution, contact Trintech at 15851 Dallas Parkway, Suite 940, Addison, TX 75001 (Tel: 972-701-9802) or on the Internet at http://www.trintech.com/ReconNET.
Founded in 1987, Trintech is a leading provider of secure electronic payment infrastructure solutions for card-based transactions for physical world commerce, eCommerce and mobile commerce. The company offers a complete range of payment software products for credit, debit, commercial and procurement card applications, as well as being a world leader in the deployment of payment solutions for Internet commerce that are fully SSL and SETÂ compliant. Trintech’s range of scalable open systems architecture solutions for UNIXÂ® and Windows NTÂ platforms covers consumer, merchant and financial institution requirements for physical payments and the emerging world of electronic commerce. Trintech can be contacted in the U.S. at 2755 Campus Drive, San Mateo, CA 94403 (Tel: 650-227-7000) and in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: 353-1-207-4000). Trintech can be reached on the Web at http://www.trintech.com/.
FREEDOM, a unit of Fiserv, Inc., specializes in the development of financial, back-office and customer service applications for the insurance and other markets. Founded in 1986, FREEDOM backs the products with responsive, toll-free customer support for a large client base. The company’s web site, www.freedomgroup.com, contains more information.
Fiserv, Inc. (Nasdaq: FISV) is an independent, full-service provider of integrated data processing and information management systems to the financial industry. As a leading technology resource, Fiserv serves more than 10,000 financial services providers worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance agents and companies, mortgage banks and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv also can be found on the Internet at www.fiserv.com.
Global Cash Access, a provider of Internet-based cash access, financial management and marketing technologies for the gaming industry, will unveil its QuikPlay ATM at Global Gaming Expo, to be held Oct. 1-3 in Las Vegas. QuikPlay ATM enables late-model gaming machines to receive ATM funds via a highly secure technology platform (patent pending). When a gaming machine is equipped with QuikPlay ATM technology, patrons can access their own funds conveniently and safely. Instead of inserting cash into a slot, patrons can swipe their ATM cards, enter their PIN and requested amount, and approved funds are credited to the machine. QuikPlay ATM enables patrons to control spending via daily limits they set with the ATM card issuer as well as by the QuikPlay System. Additionally, QuikPlay ATM reduces the cash-handling burden for casino management.
QuikPlay ATM supports GCA’s Self Transaction Exclusion Program, or STEP, which allows gaming patrons to exclude themselves from access to their own funds from cash access devices in the GCA network. STEP is successfully deployed in nearly 1,000 gaming establishments.
Following its debut at G2E, regulatory submissions to pilot QuikPlay ATMs will begin in Native American casinos while regulatory approval in additional gaming jurisdictions is sought. Product installations are expected in 2002. “ATMs have become part of our cultural fabric,” said Kirk Sanford, CEO of GCA, “and it’s now possible for casino patrons and management to conveniently take advantage of our technology. This type of technology is a fundamental characteristic of the casino of the future.”
“The technology used in QuikPlay ATM provides the ultimate in speed and security,” said Morry Goldstein, executive vice president of GCA. “Our socially responsible approach ensures the greatest functionality while providing state-of-the-art safeguards for gaming patrons.”
About Global Cash Access
Global Cash Access was formed in 1998 and is a joint venture of First Data Corp. (NYSE:FDC) and M&C International, Inc. Providing access to the gaming industry’s largest patron database, Global Cash Access uses Internet technologies to deliver funds transfer, financial management and customer relationship marketing services to more than 1,000 gaming properties nationwide. More information on the company is available at [www.globalcashaccess.com].
Coinstar Inc. announced a new promotional partnership with Warner Home Video, a division of AOL Time Warner Entertainment Company.
Coinstar customers who process at least $5 worth of change between November 18 and December 31 can cash-in on great family entertainment. They will receive a rebate form good for $5 off any one of seven Warner Home Video releases. The titles include the recently released 30th anniversary edition of Willy Wonka & the Chocolate Factory as well as See Spot Run, Pokemon 3 The Movie, Cats & Dogs, Scooby Doo and the Cyber Chase, Osmosis Jones, and Dr. Suess: How the Grinch Stole Christmas! All are available on both videocassette and DVD.
“This newly announced promotion with Warner Home Video will deliver added value to our customers just in time for the holidays,” said Rich Stillman, chief operating officer of Coinstar. “In addition to turning their coins into cash, our customers can also save $5 on a great new movie.”
“Warner Home Video is looking forward to using Coinstar’s marketing reach in nearly 9,000 supermarkets to promote our new lineup of holiday videos,” said Ewa Martinoff, vice president of family entertainment for Warner Home Video. The Warner Home Video promotion is Coinstar’s third for the year. It follows promotions with Radio Disney and PAX-TV and will receive nationwide exposure via in-store advertising and a national full-page freestanding insert on November 18.
About Coinstar Inc.
Coinstar Inc. (NASDAQ:CSTR) owns and operates the only nationwide network of supermarket-based machines that offer coin counting and other electronic services. Linked by a sophisticated interactive network, the company has nearly 9,000 machines throughout North America as well as in the United Kingdom.
Canada’s Fincentric Corporation announced that South Africa-based 20twenty Financial Services completed implementation and
went online on July 21, 2001 using Fincentric’s i-Wealthview Banking(TM)
software. 20twenty (www.20twenty.com) is the first ‘cyberbank’ in the region.
It licensed i-Wealthview Banking(TM) as its Internet banking system for
providing retail banking services to web-savvy consumers in South Africa.
20twenty Financial Services is based in Cape Town and is 65% owned by
Saambou Bank, a national retail bank headquartered in South Africa. 20twenty
currently offers an innovative transactional account called the “20one
account” that encompasses saving and current accounts, credit card and
optional line of credit – all in one. 20twenty plans to add new products
shortly, including electronic bill payment and presentment, financial
aggregation and a rewards program. It targets retail consumers and expects to
capture 15% of South Africa’s online banking market by the end of year one.
Mr. Christo Davel, Chief Executive Officer of 20twenty Financial Services
stated, “We selected i-Wealthview(TM) because of its advanced e-banking and
wealth management capabilities that fit well with 20twenty’s business
objectives. i-Wealthview’s Customer Value Management(TM) (CVM) features
provide us with the ability to analyze our customer-base for profitability and
other measures of value, and facilitate strategies to maximize customer
Mike Cardiff, President and Chief Executive Officer of Fincentric
commented, “20twenty is positioned to capitalize on South Africa’s high
propensity for online banking. With i-Wealthview, they are able to provide
innovative new products to their web-savvy customers and focus on delivering
the highest levels of customer service. We are pleased to be an instrumental
part of their strategy for achieving unparalleled levels of customer
acquisition and retention.”
Fincentric is a leading developer of software solutions for the global
financial services industry. Fincentric, formerly Prologic Corporation, has
more than 300 customers worldwide. Fincentric software products enable
financial institutions to quickly deploy solutions for their converging
financial service offerings, while also supporting capabilities for increasing
customer profitability, customer acquisition, and retention. Through strategic
alliances with Microsoft, Compaq, and other international partners, Fincentric
delivers complete, end-to-end, multi-channel wealth management solutions to
large, global financial institutions. For more information, visit Fincentric’s
home page at www.fincentric.com , or call (604) 278-6470.
As sub-prime focused issuers continue to languish in the stock market, new players are still emerging. Yesterday, DE-based Junum Inc. announced the creation of NextTech Card Services. NextTech intends to originate and issue secured, unsecured, balance transfer and fee-based MasterCard and VISA credit cards to the sub-prime community. The company also intends to specialize in providing front-end credit card processing services tailored to sub-prime business owners. Junum specializes in credit management, debt exchange and financial services. Meanwhile the top sub-prime players are in still in rough water on Wall Street. Yesterday Providian’s stock retrenched by 5.6% closing at $19.35. Metris/Direct Merchants edged down to $23.90 on Wednesday. Last week Providian sank to $18.35 per share and Metris hit bottom at $19.15 per share. In other sub-prime developments, Los Angeles-based Bank Plus/Fidelity Federal Bank announced yesterday that the arbitrators in the proceeding between it and Durga Ma Corp. issued an interim award to Durga Ma of $2.3 million in damages for lost profits arising from a sub-prime credit card program under which cards were never issued. Last year, Bank Plus unloaded two sub-prime portfolios, the MMG Direct credit card portfolio and the ADC credit card portfolio, following exorbitant losses and a messy fallout with the partners involved in the program. Bank Plus is currently in the process of merging with FBOP Corporation. (CF Library 7/5/00: 6/4/01)
Gemplus International S.A, the leading provider of solutions empowered by smart cards, announced that the company anticipates it will report reduced net sales and net earnings for its third quarter ending September 30, 2001.
Reasons for the reduction include soft demand for GSM SIM modules, customer requested project delays in its Financial Services Business and the unfavorable currency effects of a weakening U.S. Dollar.=
The company said that it now expects Q3 revenue to finish in the 225-235 million Euros range, with operating profit to finish at a 30-37 million Euros loss. Adjusted for the divestitures of Skidata and the Tags business which occurred during the third quarter, the revised third quarter guidance was for revenues of 259 million euros and an operating loss between 11 and 17 million euros.
The company said that there is no indication that GSM SIM module demand would improve much in the next quarter. As a result, the Q4 is also going to be softer than expectations.
GSM SIM module demand to show little improvement in the short term
“In the past two weeks, we have seen a rapid deterioration in our revenue prospects for the third and fourth quarter” said Antonio Perez, President and CEO of Gemplus International S.A. He added that, while he was quite optimistic about the mid-to-long term prospects for the GSM SIM modules, he felt the short term would be “very challenging.”
Financial Services Business to be impacted by US customer initiated requests to delay shipments
Perez said that the company was also analyzing the preliminary implications that recent world events would have on demand, particularly in the U.S. market.
In its Financial Services Business, the company noted that as a result of the global economic uncertainties, it has received several customer initiated requests to delay shipments.
However, Perez stated that he was confident that the revenue associated with the projects delayed in Q3 would be recognized in Q4.
Unfavorable impact of weaker dollar on revenue performance
In addition, the economic slowdown in the U.S. is creating a weaker U.S. Dollar, which in turn is having an unfavorable impact on the company’s revenue performance and operating profit. Much of the revenue that the company generates in Southeast Asia is dollar denominated. Gemplus currently estimates that the currency effect could contribute as much as 8 million euro unfavorable impact to the operating profit. This amount represents about 40% of the shortfall in operating profit. Perez noted that “fortunately, about half of this effect will be offset by the company’s hedging program and will be reported in other income.”
Positive effect of tight cost control to dampen impact of difficult business conditions
Finally, Perez highlighted the solid progress the company had made with hiring and expense controls. These controls were established late last year and are accomplishing their intended purpose. He said that these controls would remain in place until the business situation improved.
The company noted that it would not be providing specific guidance for the fourth quarter nor for FY2001 at this time. “Obviously, given the situation in our specific markets and adding the uncertainty in the world economic environment, our visibility looking forward is not at the confidence level we require to provide meaningful guidance and set performance expectations,” concluded Perez. The company will communicate performance guidance when it is confident enough that the visibility will have improved and the economic environment stabilized.
The Company intends to report its actual third quarter financial results on November 6, 2001.
InfoSpace, Inc., a leading provider of the platform and applications that enable partners to deliver consumer and commerce services across the Internet to any device over current and next-generation networks, announced the company signed up a record number of new merchants to process transactions on the Authorize.Net payments platform in August.
InfoSpace is also showing strong momentum in its strategy announced March 8, 2001 to offer the platform enabling financial institutions, independent sales organizations (ISOs) and resellers to roll out payments services to customers under their own brand. In the past 30 days, InfoSpace has announced that it will power payments solutions for Wells Fargo and Dydacomp. In addition, InfoSpace announced that it has signed an agreement to power a new payments solution for Union Bank of California.
August’s strong performance reflects the continued growth and market acceptance of InfoSpace’s merchant services. This year, the number of transactions processed through InfoSpace’s commerce services grew from 7 million in Q1 to more than 8 million in Q2, representing growth in the total dollar value of transactions processed from $500 million to more than $600 million.
“August marked a month of great achievement for the Authorize.Net payment processing platform. We are seeing strong growth through both our reseller channel and our platform solution offered directly to leading financial institutions and other merchant service providers,” said Prakash Kondepudi, executive vice president of merchant services for InfoSpace.
InfoSpace’s Authorize.Net service has been pioneering online payment processing solutions since 1996. Authorize.Net provides server-based payment solutions that enable merchants to authorize, process and manage credit card and electronic check transactions in a secure, real-time environment 24 hours a day on Internet-enabled mobile devices and personal computers. The service is offered directly to merchants through Authorize.Net’s reseller channel and as a platform solution to financial institutions and merchant service providers, enabling them to roll out global payments services under their own brand. Over 120,000 merchants have signed up to process transactions using Authorize.Net.
About InfoSpace, Inc.
InfoSpace, Inc. (NASDAQ: INSP) provides an integrated technology platform and suite of applications that enable partners to deliver consumer and commerce services across the Internet to any device over current and next-generation wireless, broadband and narrowband networks. The Company’s array of products includes consumer services, such as communication, entertainment, gaming and speech applications, as well as commerce services, including payments, promotions and shopping. Together, the InfoSpace platform and applications comprise a highly flexible and scalable end-to-end solution that can be rapidly deployed under a partner’s brand. InfoSpace’s partners and affiliates include more than 3,200 Web sites and companies worldwide, including Verizon, AT&T Wireless, Cingular Wireless, ALLTEL, Virgin Mobile, Charles Schwab, Intel, Lucent, Nortel, AOL, Microsoft, Lycos, National Discount Brokers and Bloomberg, among others.
Fiserv announced this morning that Gores Technology Group has signed a definitive agreement to purchase Fiserv Human Resource Information Services. Gores recently acquired VeriFone. Fiserv HRIS was acquired as part of the company’s 1991 acquisition of Citicorp Information Resources, Inc.. Firserv said the firm did not fit the long-range strategic direction of Fiserv. Fiserv HRIS has annualized revenue of approximately $35 million. In May, Hewlett-Packard sold its VeriFone electronic-payment systems unit to a privately held international acquisition and management company, Gores Technology Group. HP acquired Verifone during April 1997 in a stock swap deal valued at $1.18 billion. Gores specializes in acquiring high-tech organizations, has, to date, acquired approximately 35 companies with annual revenues in the aggregate of over $2 billion. (CF Library 4/24/97; 5/11/01)
CyberMark, Inc. announces that Glenn Santmire accepted the smart card innovator’s offer to join as President and Chief Executive Officer. CyberMark, based in Tallahassee, Florida, is the nation’s leading issuer of smart card systems to “controlled” communities.
The company’s smart card technology is used in more than 50 communities and is carried by one million cardholders throughout North America. As a total solutions provider, the company’s offering includes a broad base of multi function applications including smart card issuance, loyalty, security, transaction and information processing services.
Mr. Santmire has extensive experience in the financial services industry. He joins CyberMark following six years at Unisys Corporation where he served in a number of senior management positions including President of its Worldwide Financial Service Group. Prior to helping Unisys expand its position in the financial services sector, he held senior executive roles with MasterCard International, Citibank NA, and American Express. He also successfully co-founded and sold a technology services company. Mr. Santmire received a BA and MBA from New York University and a JD from George Washington University School of Law.
CyberMark’s Board of Directors selected Mr. Santmire following an extensive search that included senior executives from both the smart card and financial services industries. According to Board Member Dr. Mert VanderLind, Battelle Memorial Institute, “Glenn brings to CyberMark his considerable business experience along with proven abilities to client focus and build cardholder relationships. Our board is pleased to have recruited an individual of his stature to take CyberMark to the next level of success.”
On his decision to join the company, Mr. Santmire commented, “Smart card growth in the US is at a take off stage. Accelerating market forces, declining technology costs, open standards, multi applications and rapid Internet services growth are all combining to make the business case for chip technology compelling. CyberMark is uniquely positioned for this growth — our technology pipeline is strong, the cardholder base is large, the management team is very experienced, and solid revenue streams have been established.”
Adds Dr. Mert VanderLind, “We feel that Glenn rounds out an extremely capable management team. I am optimistic about CyberMark’s continued growth potential with his type of leadership and vision.”
CyberMark is one of the leading providers of smart card technology in North America with installations in Higher Education Institutions, Corporate Facilities, Automobile Dealerships, Retail Centers and Event Venues. Based out of Tallahassee, FL, CyberMark’s experienced personnel have been working with identification card systems for decades and are experts in all methods of ID card management, distribution, printing, marketing, implementation, system customization, application development and systems integration. For more information, visit .