GE Money Has Launched Mortgage Business

GE Money Canada has launched its mortgage business, offering residential
mortgages through brokers in Ontario with plans for other Canadian
markets soon. Known as non-prime mortgages, the GE Money mortgage
offering is primarily directed to consumers who may find it difficult to
qualify for traditional, bank-originated mortgage loans. These include
individuals who are self-employed, new to Canada or those with less than
perfect credit. GE Money Canada, part of GE Consumer Finance-Americas,
provides private label and MasterCard credit card programs and lending
options for retailers in key industries.


The Interac Association has approved Hypercom’s “Optimum L4105” multi-application credit/debit terminal for use within the IDP network.
The signature capture card device enables large, multi-lane retailers, with stores in both the U.S. and Canada, to establish integrated cross-border payment systems. The “L4105” offers a 200Mhz 32-bit
Intel “XScale” processor; a 64K color 5.7″ 1/4 VGA screen; bi-directional, a dual-sided intelligent magnetic stripe reader; an advanced screen protection and replacement system; multiple connectivity options; and an optional contactless RFID reader. In 2000, IDP
surpassed cash for the first time as Canadians’ preferred way to pay for

Paymentech Introduces Express Aerial

Paymentech Canada has introduced the portable “Express Aerial”
terminal from American Express. The “Express Aerial” is cordless and has
a range of 30 meters inside and 100 meters outside, the terminal can be
taken directly to the customer, making payment at the table
quick and easy and providing peace of mind for customers as they do not
lose sight of their credit or debit card during the payment process.
Last year, Paymentech processed 8.5 billion transactions (U.S. and Canada) and $200 billion bankcard volume in 14 currencies.

Certegy Enters Into Agreement with Home Trust

ViVOtech has announced that Christopher Ong has been appointed senior director of sales for the Asia Pacific region. Ong brings to ViVOtech more than 11 years of
sales management experience from the financial industry. He will focus
on providing business development support for ViVOtech distributors,
system integrators, card associations, and POS terminal vendors in the
region. Prior to this appointment, Ong held a variety of sales and
management positions at WorldPay, an internet payment solution
organization, a subsidiary of the Royal Bank of Scotland Group.
ViVOtech provides an end-to-end transaction platform that allows
consumers to make contactless payments with radio frequency-enabled
credit cards, debit cards, access cards, key fobs, and NFC enabled
mobile devices.

AmEx Bank Renews Contract for AIR MILES

Amex Bank of Canada has renewed a long term contract with Alliance Data
Systems to continue to market and service the “AIR MILES Reward
Program”. The “AIR MILES Reward Program” is Canada’s premier coalition
loyalty program. More than 70% of Canadian households,
representing more than 15.4 million Canadians, actively collect “AIR
MILES” reward miles at more than 100 leading brand-name sponsors
representing over 14,000 retail and service locations across Canada.
Miles can be redeemed for more than 800 different rewards, such as movie
passes, family attractions, CDs and DVDs, electronic merchandise, sports
and recreation and travel.

Everlink Purchases CGI Switching Assets

Everlink Payment Services and CGI Group have signed an asset purchase agreement
under which Everlink Services will acquire CGI’s electronic switching assets
for CDN$28 million. Everlink is acquiring CGI’s electronic switching IP, which
includes the “Relay” and “CyberGateway” switching solutions. As part of the
transaction, 39 CGI professionals will join Everlink Services. CGI will
continue to service credit unions providing banking services through its credit
union banking group. Everlink Payment Services Inc. is an electronic
transaction switching provider that specializes in gateway transaction
switching, ATM driving and monitoring, and debit card processing. CGI is an
information technology and business process services firm. Its annualized
revenue run rate is currently CDN$3.8 billion (US$3.0 billion) and at June 30,
2005, CGI’s order backlog was CDN$12.9 billion (US$10 billion).

TD Bank Selects TSYS for Card Processing

TSYS has signed a long-term agreement with TD Bank Financial Group to provide a
range of processing and support services for its consumer and commercial credit
card accounts. The bank plans to consolidate its card program from multiple
processing systems to the “TS2” payments engine in the near future. TSYS
provides outsourced payment services, offering a broad range of issuer and
acquirer processing technologies. TD Bank Financial Group serves more than 14
million customers with CDN$368.4 billion in assets.

TNS Transaction Alert System is Introduced

TNS Smart Network has introduced the “TNS Transaction Alert System” designed to
combat identity theft and ensuring consumer confidence when using an ATM.
Customers securely register their e-mail address and their card number free of
charge. Registered customers will receive an e-mail each time their card is
used at an ATM that processes through TNS, alerting them that a transaction has
occurred to verify transactions and to question any suspicious activity in a
timely manner. TNS Smart Network provides the gateway for networking services
between ATMs and financial institutions in both the financial and retail

GE Money and Doubleday Launch a MasterCard

GE Money Canada and Doubleday Canada have launched a new credit card offering special rewards that can be used toward future book club purchases. The new “Readers Rewards MasterCard” will be offered exclusively to members of Doubleday Canada’s 25 book clubs. Cardholders earn three “Readers Rewards” points for every dollar spent at any of Doubleday’s book clubs and one point for every dollar spent everywhere else MasterCard cards are accepted for payment. For every 1,000 points earned, cardholders will receive a $10 “Readers Rewards” certificate redeemable on any future book club purchase. Cardholders also receive free shipping and handling on every book club order over $39.

Canadian Homeowners Not Consolidating Debt

Nearly two-thirds of Canadian homeowners with household debt surveyed last
month say they have never consolidated what they owe, in contrast to a new
research study for Manulife Bank of Canada that confirms they could save
borrowing costs by combining their debts and short-term assets. More than
a third of those homeowners say they only make minimum payments on their
mortgages, credits cards and other loans, according
to the national poll conducted in late September. A typical Canadian
family, with a residential mortgage, loses an average of $1,000 per year
by not effectively managing their debts and short-term assets. Manulife
Financial is a leading Canadian-based financial services with Cdn$364
billion (US$297 billion) funds under management.

627 Million Shoppers are Online Worldwide

According to a recent AC Nielsen survey, more than 627 million people
have shopped online. Over 135 million consumers
have purchased DVDs, with another nearly 135 million making plane
reservations via the Internet. Europe and North America have the
highest incidence of online shoppers, with Germany, Austria and the UK
topping the list, with at least 95% of Internet users having
purchased online. Germany and UK averaged seven and six purchases
respectively in the past month. In Asia Pacific, South Korea and
Taiwan rank highest, with at least 90% of respondents claiming to
have ever made a purchase online. Latin America registers the lowest
past month purchase, with an average of only three purchases. ACNielsen
is a marketing information provider, offering services in more than 100

First Cash to be Acquired by Relay Capital

First Cash Card is being acquired by U.S.-based Relay Capital. First Cash has processed close to $1 million in transactions over
the last few months. Relay Capital is a developer and
marketer of a wide range of prepaid financial services. The “First Cash
Card” can be used at over 5 million ATM machines and over 1 million POS
terminals worldwide. Its principle growth has been in the check cashing
industry where employees can obtain a “First Cash Card” at no charge.
First Cash Cards allows $2,500 in ATM daily withdrawals and $2,500 in
POS transactions. Cards can also be used to purchase goods and services
over the Internet. First Cash Card provides debit cards to the
unbanked and underbanked.