Halifax Bank is gearing up to launch a new “One Card MasterCard” on July 10th that will feature 0% for nine months on balance transfers
and purchases. The new card has an ongoing APR of 9.9%. HBOS has acquired one million new credit card accounts since 2005, resulting in an estimated share of 14% of new credit card accounts. As a result, HBOS has increased its overall credit card market share from 8% in 2001 to 10% in 2005. Halifax was the first provider to feature personalized summary boxes on credit card statements.


Alberta-based ATB Financial has introduced two new business
MasterCard products that offer a rewards program. The “Alberta Gold Rewards BusinessCard MasterCard” and the “Alberta Gold Ag-Rewards BusinessCard MasterCard” offers 1.5 points for every $1 spent on the card. Points may be redeemed for rewards such as a Honda ATV, an Oregon Scientific Weather Station, and QuikAir flight coupons. ATB Financial is the largest Alberta-based financial institution in Canada with more than 600,000 customers.

WAY Systems Names a New VP/Global Services

Boston-based WAY Systems has hired Bruce Shirey, formerly with First Data/CardService International, as VP/Global Services. Shirey is a pioneer in the Internet Payments Industry where he created an Applications and Software development team that built one of the first and most successful secure payment gateways while at CardService International. WAY Systems is a leading global service provider of mobile phone based Point of Sale solutions designed for millions of unwired merchants worldwide. WAY Systems has gained recognition for its award-winning end-to-end payment solution for acquirers, payment processors and POS resellers that work out-of-the-box, virtually anywhere.

AmEx Names a New Corporate Treasurer

American Express has named David Yowan, who joined the Company in 1999, as SVP/Corporate Treasurer. As corporate treasurer, Mr. Yowan will be responsible for management of capital resources at American Express, the management of short- and long-term funding, asset securitization, market risk and overall cash management. Prior to joining American Express, Mr. Yowan was senior vice president, portfolio and risk management, for the global consumer banking business of Citigroup. American Express Company ( is a leading global payments, network and travel company founded in 1850.

VISA and FDC Settle Their Transaction Dispute

VISA USA and First Data confirmed that they have agreed to settle a four-year legal dispute over the processing of VISA payment card transactions. The two companies also agreed to work together to build a stronger business relationship. The two giants say that new leadership recognized a mutual interest in resolving legal differences. VISA agreed to provide financial support to pursue mutual business opportunities and cost cutting initiatives that are expected to drive new innovation, reliability, security and new merchant acceptance. First Data agreed to transition existing private arrangements between itself and VISA member financial institutions onto “VisaNet.” Specific terms of the settlement are confidential.

Late Stage Delinquency Begins to Build Again

Delinquency is slowly but surely returning as the economy faces new hurdles. The latest figures for “prime” credit card-backed securities shows delinquency (60+ day) has been climbing for the past three months. According to the latest “Fitch Credit Card Index,” “prime” delinquency increased to 2.41% in May, compared to 2.37% for April and 2.34% for March. Fitch says it expects a slowdown in consumer spending, although credit card usage may increase as they are used to purchase gas and consumers revolve more frequently.

Month Delinquency
Dec 05: 2.54%
Jan 06: 2.26%
Feb 06: 2.09%
Mar 06: 2.34%
Apr 06: 2.37%
May 06: 2.41%
Source: Fitch Ratings

Metavante Acquires a Payment Software Concern

Milwaukee-based Metavante Corporation has inked a deal to acquire CA-based VICOR a provider of corporate payment processing software. VICOR will provide Metavante with the opportunity for future growth in other markets that require complex payments and receivable processing, such as healthcare and government payments, and the brokerage industry, where Metavante also offers a suite of other payment-related products. VICOR, Inc. is the leading provider of solutions that optimize the processing of complex payments for businesses and financial institutions. Metavante Corporation delivers banking and payments technologies to financial services firms and businesses worldwide.

NBPCA Partners with Prepaid Media

The Network Branded Prepaid Card Association has partnered with Prepaid Media, and will host workshops in conjunction with the “2007 Prepaid Card Expo” next February. Through the partnership, the NBPCA will offer its members significant discounts on attendance and exhibiting opportunities at the upcoming Prepaid Card Expo 2007 in Las Vegas, a conference and trade show addressing the specific needs and interests of the network branded prepaid card industry. Prepaid Media provides a host of business-to-business, integrated media and information services to numerous emerging industries. The Network Branded Prepaid Card Association (NBPCA) is an inter-industry trade association that supports the growth and success of network branded prepaid cards and represents the common interests of the many players in this new and rapidly growing payments category.

Abanco and VeriFone Team for Wireless Payments

IL-based Abanco International has teamed with VeriFone to expand its wireless payment processing services using the “VeriFone V(x) 610” terminal. With the addition of the V(x) 610, Abanco continues to lead the payments industry by offering the most technologically advanced wireless payment programs available. VeriFone Holdings, Inc. (“VeriFone”) (NYSE:PAY), a global leader in secure electronic payment technologies, provides expertise, solutions and services for today with a migration strategy for tomorrow. Abanco International, LLC, headquartered in Rosemont, IL, was founded with a mission of providing the best “Total Payment Solutions” available.

LaSalle Bank Names STAR its Primary ATM Network

First Data has renewed its agreement to provide “STAR Network” access and signature debit processing for more than one million cardholders of Chicago-based LaSalle Bank. As a coast-to-coast electronic payments network and an expert in secure, real-time electronic transactions, the STAR Network connects LaSalle Bank’s U.S. customers with their cash at ATM and retail locations, as well as provides access to various national and international ATM and point-of-sale networks. LaSalle Bank Corporation is the largest bank holding company headquartered in Chicago with $116 billion in assets, with subsidiaries in 23 states. First Data Corp. (NYSE: FDC) is a leading provider of electronic commerce and payment solutions for businesses and consumers worldwide.

Pipeline Data Acquires Paynet Systems

MA-based Pipeline Data has entered into an agreement to acquire Paynet Systems for $9.5 million in cash and $1 million in stock. The deal will add about 6,500 merchant accounts to Pipeline’s existing portfolio, resulting in approximately $200,000 in additional monthly cash flow. It will also generate 400 new merchant applications monthly. Pipeline Data currently services more than 25,000 accounts.