Transaction Systems Architects has closed on its acquisition of P&H Solutions and closed a $150 million credit facility led by Wachovia Securities plus says it will re-brand the corporation fully under the “ACI Worldwide” name. The acquisition was funded by $75 million of available TSA cash and $75 million from the revolving credit facility. The Company is announcing today that it plans to rebrand the corporation fully under the ACI Worldwide name. ACI Worldwide is the primary operating company and brand used in the marketplace, and this name change is a key element of the Company’s strategic plan developed in 2005. Transaction Systems Architects facilitates electronic payments by providing consumers and companies access to their money.
CO-based Alpine Bank has acquired two of Saylent Technologies’ “Y-Debit” modules including “Card Management” and “Card Profitability” for their debit card program. Card Management will enable the bank to identify customer payment trends dynamically as well as track the effectiveness of marketing campaigns. Card Profitability was acquired to analyze the financial impact of its decisions and to automate the growing loyalty program calculations. This module will also allow the bank to allocate financials by branch, region and other custom groupings. Saylent Technologies, based in Medway, Massachusetts, is a leading provider of debit card management solutions for the banking, credit union and payment industries.
Credit card charge-offs, among “prime” asset-backed securities, headed north in August, but, the 60+ day delinquency ratio remained stable. Nevertheless, total charge-offs will edge up by year-end despite the fact that bankruptcy filings are down more than 65% year over year. According to FitchRatings, “prime” charge-offs for August were 3.94%, 50 basis points higher than July and compared to 5.97% one-year ago. The “prime” 60-plus day delinquency index for August was 2.33%, compared to 2.36% in July. Fitch also reported that “sub-prime” 60+ day late payments increased five bps to 5.00%. “Sub-Prime” charge-offs jumped 105 bps to 9.45%. Charge-offs for the year have averaged 9.13%, a 419 basis points improvement from 13.32% for the same period the year before.
ABS PRIME CHARGE-OFFS HISTORICAL
Jan 06: 6.88%
Feb 06: 3.29%
Mar 06: 3.10%
Apr 06: 3.19%
May 06: 3.58%
Jun 06: 3.58%
Jul 06: 3.44%
Aug 06: 3.94%
Hypercom has submitted its recently announced universal RF-enabled touchscreen-based “P4100” PIN entry device for “EMV,” “PCI PED,” “PTS” and contactless certifications. The device will accept magnetic stripe payments as well as EMV and contactless transactions, support multiple electronic payment and value-added applications simultaneously, and feature a small handheld form factor enabling customers to hold and turn it for enhanced privacy. Hypercom Corporation (NYSE: HYC) delivers a full suite of high security, end-to-end electronic payment products and services.
MedCom USA has named William Bednarski as COO of its new division Card Activation Technologies. Mr. Bednarski joins MedCom from Minrad International Inc., a medical device and acute care company, where he had originally been hired as the COO in February 2005 and was then promoted to President and CFO in January 2006. Mr. Bednarski graduated Cum Laude from Harvard University and has an MBA in Finance from the Wharton School of Business at the University of Pennsylvania. MedCom USA, Inc. (OTC Bulletin Board: EMED – News) provides innovative healthcare and financial transaction solutions for electronically processing HIPAA compliant transactions within the healthcare industry.
The “Credit Manager’s Index” slipped in September from 57.3 to 57.1. Six of the 10 components for the combined sectors fell. The National Association of Credit Management says the figures show good momentum, but one which is slowly trending downward, probably due to the combination of a plummeting housing market and tightened monetary conditions. However, sales dropped sharply in both sectors: manufacturing sales fell 7.7% and service sector sales fell 4.8%. The NACM says this is a somewhat worrisome development as sales can lead other business conditions.
Shell has again elected to extend the temporary reduction to merchant service transaction fees. The extended temporary reduction will remain in effect until October 31st. This temporary fee reduction will be extended on all electronic transactions for VISA, MasterCard, and AmEx credit card transactions. The Company previously announced permanent reduction in MasterCard fees from 2.10% +.10 to 2.00% + .10. In addition to the extended temporary reductions in transaction fees, Shell Wholesalers and Retailers receive no fees on Shell-branded consumer card transactions such as the “Shell Gasoline Card,” “Shell Gift Card,” “Shell Gold MasterCard” and “Shell Platinum MasterCard.” Last week, Shell and Citibank launched a promotion for new “Shell Platinum MasterCard” holders offering triple rebates on all Shell gasoline purchases; the first $100 of daily Jiffy Lube purchases; and, all other purchases. (CF Library 9/29/06)
Kennebec Savings Bank of Augusta, ME has become the first savings bank in New England to offer image-based “No Envelope Deposit” technology on NCR ATMs. Using NCR’s ImageMark Passport technology, Kennebec Savings is quickly capturing check images both at the ATM and at the branch back counter using tabletop scanners. These transactions are sent to NCR’s ImageMark NCompass platform where they are processed using sophisticated balancing and error detection tools designed to reduce back-office time, eliminate processing errors and flag questionable transactions for investigation. Kennebec Savings Bank is a $607 million state-chartered mutual savings bank with a team of 77 employees and branches in Augusta, Waterville, and Winthrop, as well as KSB Anytime, the Savings Bank’s new 24-Hour Electronic Banking Center in Manchester, Maine. NCR Corporation (NYSE:NCR) is a leading global technology company helping businesses build stronger relationships with their customers.
Experian has named Tiku Patel to the role of Chief Operating Officer for UK and Ireland. Patel joins Experian from Barclays Bank where he was Managing Director, Barclays Premier Banking. He will have direct responsibility for some of Experian’s fastest growing businesses. and be responsible for the integration of new acquisitions.
Chase has completed the acquisition of more than 400 Bank of New York ATMs in a deal that includes BONY’s consumer, small-business and middle-market banking businesses. The former Bank of New York customers now can withdraw cash and check account balances without a usage fee at more than 2,200 ATMs, including Duane Reade locations, in New York, New Jersey and Connecticut. The Bank of New York branches will be converted to the Chase brand and computer system in the spring of 2007, creating an unparalleled Tri-State network of more than 750 Chase branches and more than 2,200 Chase ATMs. Chase is the U.S. consumer and commercial banking brand of JPMorgan Chase & Co..
TSYS has landed its first processing relationship with a card-issuer in
Japan. TSYS will support a new co-branded VISA to be offered by Toyota
Finance and Nikko Cordial Securities. Next month, Toyota Finance will
issue the “VISA Platinum” cards for customers of Nikko Cordial
Securities. The card will be linked to the customer’s brokerage account
facilitating the cash access via domestic ATMs and purchase transactions
in Japan and overseas. Given the fact that many Nikko Cordial customers
hold accounts in more than two currencies, cardholders can settle with
yen-based account for domestic transactions and with U.S.-dollar-based
account for overseas transactions. TSYS is the only third-party payments
processor in Japan that currently offers multi-currency and
A new survey has found that nearly as many men as women experience “compulsive buying disorder.” The research by the Stanford University School of Medicine also found that more than one in 20 adults in the U.S. suffers from the condition. Prior to the study, researchers estimated that compulsive buying disorder affected between 2% and 16% of the U.S. population and that 90% of sufferers were women. “Compulsive buying disorder” is not the same as occasional “impulse buying,” which many people engage in. Sufferers go on frequent shopping binges and accumulate large quantities of unnecessary, unwanted items. They also often rack up thousands of dollars in debt and lie to their loved ones about their purchases. The researchers found that 6% of women and 5.5% of men had symptoms consistent with “compulsive buying disorder.” The gender-adjusted prevalence rate was 5.8%.