Intelligent Finance, an online bank, is shutting down its “offset” credit card program due to costs involved in upgrading to “chip and PIN.” IF has 70,000 cardholders in the program. Cardholders have a month to transfer to another card issued by IF. Intelligent Finance is a division of Halifax plc, which merged in September 2001 with the Bank of Scotland to form a new banking group called HBOS. Since its launch in September 2000, the Company has provided a range of banking services, and created a radical new approach to personal finance.
Scotiabank recently began leveraging the combined benefits of Borland’s “JBuilder” Java development environment and Borland’s “Together” enterprise-level modeling solution to speed the delivery of top-quality software. Other Borland customers include APIR Systems, BNP Paribas Securities Services, Maybank Sdn Bhd, New Zealand Reserve Bank,
TIAA-CREF and VISA International. Australia-based APIR, a financial services coding agency, has been using Borland support and ALM solutions for almost four years. APIR recently selected Borland “CaliberRM” and “Together Designer” to collect, model and manage their technical and business requirements for application development.
Fiserv has acquired Interactive Technologies, a developer of fee management and billing software for large and mid-sized financial services organizations with annual revenues of about $10 million. Interactive Technologies Advantage Fee System is a multi-currency, multi-lingual product that is sold worldwide. Interactive Technologies currently has about 60 clients. Fiserv, Inc. provides information management systems and services to the financial and health benefits industries. The company serves more than 16,000 clients worldwide and reported $3.4 billion in processing and services revenues for 2004.
TRUSTe and the Anti-Phishing Working Group are planning their first “Phish Fry” Consumer Education Summit, to communicate simple measures people can take to protect themselves from phishing. The event, sponsored by Charles Schwab, Ernst & Young, Mail Frontier, RSA and Symantec will include more than fifty executives from security-focused companies that recognize the need to create a safe environment for digital communications with customers. Sessions include a review of the current state of phishing and spoofing trends followed by an overview of current consumer education efforts and new ideas with broader reach to educate a mass audience. TRUSTe runs an award-winning global privacy certification and seal program.
Applications using prepaid debit card, smart card technology, and mobile payment technology could eventually generate more than $5 trillion of the worldwide global payments market. However, PELORUS Group says this might not be incremental revenue for some players. Traditional money transfer companies could see significant erosion in their market share. For many organizations, stored value could literally turn their fortunes upside down. PELORUS Group is hosting an “International Stored Value” conference on July 11 and 12 at the Fairmont Hamilton Princess in Bermuda.
A new survey has found that a significant percentage of consumers would chose an apartment lease based on whether or not there was an automatic rent credit card payment program offered. The American Express survey found that 27% of AmEx cardholders stated that an automatic rent program would have a major impact on their decision to renew a lease compared with 17% for residents without an AmEx card. About 40% of AmEx cardholders in the survey stated that if choosing between two apartments, they would be extremely or very likely to rent one that offered an automatic credit card payment program compared to 29% for residents without an AmEx card. In a ranking of various amenities offered at many luxury rental properties, the ability to pay on a card that offers rewards ranked second among all amenities, behind only recreational facilities and above concierge services or clubhouse and social activities.
Salt River Project, the nation’s third-largest public power utility and one of Arizona’s largest water suppliers, has joined VISA’s “Utility Program,” accepting VISA exclusively for automatic recurring bill payments. The Salt River Project joins approximately 500 residential utilities nationwide to offer nearly 7 million customers card payments. Cardholders can schedule regular payments to automatically pay their electric bills and track payments on their monthly card statements. Visa cardholders in over 150 countries carry more than 1 billion Visa-branded cards, accounting for more than $3 trillion in annual transaction volume. The Salt River Project District provides electricity to more than 860,000 retail customers in the Phoenix area.
PA-based Sovereign Bank will become the first retail bank in the nation to offer customers American Express-branded credit cards issued by MBNA. The new card includes the “Sovereign Rewards Program,” which offers various redemption options such as cash, travel, gifts, merchandise and more. Sovereign has more than 1,000 ATMs in the Northeast U.S. MBNA began issuing AmEx cards last year.
Guangzhou Railway Group has selected SafeNet’s “Borderless iKey” USB
authentication tokens to launch its online ticketing service this year.
In order to cope with the increasing demand, stop black market
activities and ensure passengers could return home in time for the Chinese
New Year, the GRG set up the online ticketing service system using
SafeNet’s “iKey” as its 2-factor authentication to install personal
credentials and all necessary data for purchasing tickets in an efficient
manner. GRG will offer this service to large enterprise companies, who can
apply for an online account with GRG. These companies will receive
SafeNet’s “iKey” to access the system and reserve tickets for their
employees. Other SafeNet clients include Bank of America and the U.S.
Departments of Defense and Homeland Security.
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VISA USA has taken fraud detection to a new level with the rollout of patent-pending technology that detects fraud at the POS. The new “Advanced Authorization” provides an instantaneous rating of that transaction’s potential for fraud to the financial institution that issued the card, including whether it was part of a reported data security compromise. The issuer is then able to send an immediate response back to the merchant whether to accept or decline the transaction, based in part on a sophisticated evaluation. This new technology is being applied to every VISA credit and check card purchase today. Issuing financial institutions determine how to incorporate the expanded fraud information into their existing risk systems. “Advanced Authorization” instantaneously detects potential fraud occurring not only on individual cardholders’ accounts, but throughout the VISA network. This dynamic capability allows “Advanced Authorization” to pinpoint and address coordinated attacks on multiple accounts in real time. VISA estimates the new system will prevent $164 million in fraud losses over the next five years.
International Card Establishment has signed its first ISO under its new Rep program in a deal with Texas-based Foresite Merchant Solutions. Foresite is currently opening new merchant accounts at the rate of 200 per month and expects to build its volume to 500 new merchant accounts per month by year’s end. I.C.E. is a provider of diversified products and services to the electronic transaction processing industry.