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Virgin Mobile has signed a contract for Retail Decisions to provide payment authorization and settlement services. The deal is expected to process in excess of 3 million transactions annually. Virgin
Mobile, Britain’s fifth network, has over 1.75 million customers and is the UK’s leading pre-pay phone provider. With no monthly contracts, all Virgin Mobile customers have the facility to pre-pay their phone
using a payment card. Retail Decisions will be providing Virgin Mobile with a comprehensive security solution that will allow it to obtain a bank authorization and settlement, and screen the transactions against the
Company’s Hot Card File. In 2001, ReD processed more than 1 billion card transactions, stopping an estimated $396 million in fraudulent purchases.
A new survey shows that 94% of Americans support the use of biometric devices to enhance airline security, and 84% would like to see biometric devices used to increase security at stadiums and public events. While 46% of those surveyed prefer using a PIN with their ATM card, 36% favor biometric authentication,and of the 42% who prefer the use of signatures with banking and credit card transactions, 32% would prefer to use a biometric. The study by WA-based SAFLINK Corporation says that overall, 90% said they would not be opposed to the use of some biometric device for verification purposes with payment card transactions. Only 11% of those surveyed perceive biometric identification as an invasion of privacy. The SAFLINK also found that more than 70% of those surveyed would be more willing to purchase products online if the transactions required biometric authentication, and 65% would prefer that hospitals and doctors used biometrics in place of passwords to protect patient records. In addition, 78% felt that biometric authentication would make their workplace computers more secure.
Atlanta-based eDebt launched eManager, a recovery management advisory service available to creditors and portfolio buyers on an outsourced basis. eManager supports all aspects of recovery strategy, account placement and provides hands-on management of agencies. It also provides pre- and post charge-off account compliance reviews, performance reporting, agency audits and specialty account monitoring.
CoreCard Software’s CoreISSUE has completed test requirements for the MasterCard Global Clearing Management System and the Integrated Product Messages format. GCMS with its IPM format is MasterCard’s new clearing system and message format. Financial services organizations using CoreISSUE to process their MasterCard portfolio can utilize features offered by GCMS and IPM such as a simplified chargeback process, multiple clearing and settlement cycles.
Kingston-based Paymaster Jamaica has signed a non-binding MOU with Colorado-based Equitex to form a jointly owned and operated company to replicate the Paymaster Jamaica financial services business model throughout the Caribbean and North America. The initial focus of the new Paymaster Worldwide, Inc. entity will be the international funds remittance business between the United States and Jamaica. Equitex will develop, market and implement a stored value card program through the newly formed company. Paymaster Jamaica will market the stored value card on a worldwide basis. Paymaster Jamaica, began operations in 1997, offering improved revenue collection and customer care facilities to businesses, institutions and consumers on the island of Jamaica.
Retail Technologies International, the developer of Retail Pro software, has teamed with Paymentech and TeleCheck to streamline credit card processing, check verification and guarantee for Retail Pro users. Retail Pro users will have one complete solution that links their PPM to their POS system for complete integration of credit card processing, check verification and guarantee. The PPM will offer debit card and gift card solutions in time for Christmas. Retail Pro users who implement Paymentech and TeleCheck solutions will save time and money since transaction data is automatically written into the Retail Pro database. There will no longer be a need to enter information twice, once to process the transaction and then again to enter it into the retail system.
Catuity announced a fully underwritten one-for-eight renounceable Rights Offer of shares of common stock at AUD $5.25 per share to raise approximately AUD $5.295 million. The company also announced that James Clark has been named an advisor to its Board of Directors. Clark is co-founder, Executive Chairman and President of Texas-based CloverWorxs and is a Director and Chairman of the Board of the Information Communication Institute of Singapore. From 1995 to 2000 Clark was co-founder and Executive Chairman of two start-up companies, TreLos Inc. and Dascom Inc. Meanwhile, Catuity says its stock offering will be used to extend its current business operations to include data aggregation and analytics software. Under the Rights Offer, only Australian and New Zealand resident shareholders will be entitled to subscribe for one new share of common stock for every eight shares registered at 5 p.m. AEST on July 9, 2002. Residents of countries other than Australia and New Zealand are Non-Qualifying Shareholders and will not be able to take up their Rights, but will receive any value from the sale of their Rights on the ASX after the deduction of expenses of such sale.
Coinstar has installed its 10,000th supermarket-based, coin-counting machine and now has machines in 47 states and the District of Columbia, as well as in Canada and the United Kingdom. Since its inception, Coinstar has processed more than $4.5 billion worth of coins, turning change into spendable currency. Today, Coinstar processes and reintroduces into circulation more coins than are produced by the U.S. Mint.
Kredi Kayit Burosu, the only credit bureau in Turkey, has formed a partnership with Fair, Isaac to provide member institutions of KKB with consumer credit scores. KKB currently holds information on more than 30 million consumer credit accounts and delivers 600,000 credit reports to the Turkish consumer credit industry every month. Under the new partnership, KKB will deliver credit bureau scores along with consumer credit reports provided to its members, both online and in batch mode, for use in account origination and for portfolio review purposes. KKB was established by eleven major Turkish banks in 1995.
Los Angeles-based Accesspoint announced it has settled the various shareholder derivative lawsuits filed in March by its former officers and directors, including James Bentley, Tom Djokovich and certain other related individuals and entities. The lawsuits, which were filed in March 2002, alleged eleven causes of action including breach of contract, misappropriation, unfair competition, unfair business practices and the imposition of a constructive trust, and sought undetermined compensatory damages and special and resulting damages, all to be determined at trial.