Datacard introduced a new release of its “MPR5000” card production and personalization system that is now capable of issuing 5,000 smart cards per hour, a 28% increase in speed. This enhanced speed is a result of newly designed card personalization features including modules for high volume smart card encoding, dual laser engraving and card input and output. Datacard Group offers secure ID and card personalization solutions.
Atlanta-based NetBank Payment Systems announced plans to create a point-of-sale and prepaid sales and service support division. Whereas previously the NPS sales and service team focused on the ATM and POS/prepaid markets together, the creation of this new division will allow for a singular focus on each market – ATM and POS/prepaid. NetBank Payment Systems is a single source provider for payment processing solutions, including a full range of ATM products and services.
Dallas-based PayPro announced the return of Mike Terrell as President/CEO following the sale of Chexcard Corporation, a wholly owned subsidiary. As the founder and largest shareholder, Terrell has spent more than twenty-three years developing cutting edge products and services for the financial and insurance industries and will focus on strategic alliances, initiatives, corporate development, and new market opportunities for PayPro, Inc.
The industry association that is advancing the use of “near field communication” has added 14 new organizations over the past four months. The NFC Forum also announced the first five specifications, as well as the initial tag formats for which support will be mandatory in NFC Forum-compliant devices. Organizations joining the Forum in the past four months include new “Associate”-level members ALPS Electric; ARM; Dai Nippon Printing; E-Group (Hungary); KDDI; MobileLime; OMNIKEY; Oberthur Card Systems; Sprint; SFR; Sirit; Strategic Engineering Group; and Telenor International. The VTT Technical Research Centre of Finland has also joined the Forum as a non-profit organization. The NFC Forum’s “Sponsor Members,” which hold seats on the Board of Directors, include: MasterCard, Matsushita Electric Industrial, Microsoft, Nokia, NEC, Renesas Technology, Royal Philips Electronics, Samsung, Sony, Texas Instruments and VISA International.
Credit card outstandings rose by GBP 300 million in May following a GBP 400 million jump in April and a gain of GBP 200 million in March. As a result credit card debt has soared to a record GBP 55.6 billion. However, the Bank of England reports that the annual growth rate of consumer credit continued to fall, to 7.2% in May from 7.3% in April. The BOE also says the increase in total net lending to individuals in May (GBP 10.5 billion) was higher than the increase in April and above the previous six month average. The twelve-month growth rate rose by 10 basis points to 10.3% and the three month annualized growth rate also increased, by 30 basis points to 10.4%.
New Jersey-based Asta Funding is now included in the new “NASDAQ Global Select Market. Beginning July 3, NASDAQ-listed companies will be classified under three listing tiers — NASDAQ Global Select Market, NASDAQ Global Market, and NASDAQ Capital Market. All three market tiers will maintain rigorous listing and corporate governance standards. Asta Funding is a consumer receivable asset management company that specializes in the purchase, management and liquidation of performing and non-performing consumer receivables.
The second round of payments in the “VISA Check/MasterMoney Antitrust Litigation” case will be released this week. NY-based Constantine Cannon, the lead counsel in the lawsuit, reports that 494,000 payments have been dispatched involving more than $600 million. The first batch of 23,000 payments went out in December. This week’s payments are being made to class members whose claim forms had been submitted and approved for payment by March 31st. Among the 494,000 checks to be mailed by the Claims Administrator during the next three days, there are 24,553 checks of $1,000 or more; 1,149 checks of $10,000 or more; 222 checks of $100,000 or more; and 75 checks of $1,000,000 or more. In December 2003, the U.S. District Court in Brooklyn, New York gave final approval of the settlement and of a plan to allocate and return the more than $3 billion in monetary relief to merchants. VISA is paying $2 billion and MasterCard is paying $1 billion, over a ten-year period. (CF Library 1/11/05)
Following its acquisition of MBNA six months ago, Bank of America announced the launch of a “BofA American Express Rewards Card.” The card, to be launched on June 30th, features a clear plastic card design, offers a sweepstakes for international getaway vacations and includes complimentary enrollment in BofA’s “WorldPoints” program. The new card also offers special privileges such as VIP access to dining, hotel and sought-after tickets from personal concierge services. The sweepstakes offers a chance to win one of four major getaway vacations and one of 1,000 instant prizes. The nation’s leading card issuer also says it will introduce a broader line of premium American Express cards later this year. BofA currently has about 116 million cardholders according to CardData (www.carddata.com). AmEx says it has nearly 100 card-issuing partnership arrangements in nearly 110 countries. MBNA was the first U.S. bank to issue American Express cards. MBNA announced its intent to issue AmEx cards in early 2004 and then began the alliance in the fall of 2004. (CF Library 1/29/04; 11/5/04)
Google officially launched a hassle-free, trusted checkout process that enables shoppers to purchase from participating stores with a single Google login. Most significantly, “Google Checkout” works with Google’s search advertising program, “AdWords,” to lower the cost of payment card fees for participating merchants. For every $1 merchants spend on “AdWords,” merchants can process $10 in sales through “Google Checkout” at no charge. Shoppers can keep track of their purchase history, including orders and shipping details via “Google Checkout.” The new service also lets shoppers choose whether or not to keep email addresses confidential or turnoff unwanted email from the stores where they shop. Citibank is offering its credit card customers a special, limited-time promotion for signing up and purchasing with “Google Checkout” using their “Citi Card.” Service providers such as GSI Commerce, MonsterCommerce and ChannelAdvisor have already integrated “Google Checkout” with their commerce platforms. The service is currently open to all U.S. merchants, whether they advertise with Google or not. Google says it is exploring the option of taking the new service international.
Massachusetts-based Utix Group has been granted a patent for a magnetic strip payment process for one-time admission or access to sports, recreation, leisure or entertainment activities or events. The Utix pre-paid experience ticket system operates as a magnetic strip payment process for one-time admission or access to sports, recreation, leisure or entertainment activities or events. Utix issues its proprietary technology and co-branded prepaid experience products to the business-to-business industry and retail marketplace.
Houston-based US Dataworks continues to post strong revenue gains and profitability. For the quarter ending March 31st the payment processing solutions provider reported revenues of $2.1 million, compared with revenues of $655,848 for the same period a year ago. Net loss for the quarter was $47,694, compared to a net loss of $1,447,425 for the corresponding period in the prior year. The Company says the growth was driven by the release of “Clearingworks,” its comprehensive solution for automated payment processing. The Company also recently inked relationships with Online Resources, Bank of Oklahoma, and a significant financial transaction processor. For complete details on US Dataworks latest results visit CardData ([www.carddata.com]).
Massachusettes-based Pipeline Data has reached an agreement with several institutional investors to purchase $37 million of convertible notes and warrants to be used to refinance short-term indebtedness and to fund acquisitions. The notes, which mature four years from the date of issuance, can be converted into Pipeline common stock at the conversion price of $1.30 per share. Proceeds from the transaction are earmarked to refinance $17 million of short-term, high-coupon indebtedness and to fund acquisitions. Maxim Group LLC served as the exclusive placement agent for the transaction. Pipeline Data provides integrated transaction processing services for all major credit cards.