Marriott and Chase have added a “Premier VISA Signature Card” to the “Marriott Rewards” program. First USA upgraded the “Marriott Rewards VISA” program to the “VISA Signature” level in June 2002. First USA was part of Bank One which later merged with Chase. Under the new “Premier VISA Signature” program, cardholders earn five points for every dollar spent at Marriott, two points for every dollar spent on qualified dining, airline and rental car card purchases, and one point for all other card purchases. “Premier” cardholders also receive 15,000 bonus points after their first card purchase; a free night certificate; 15 nights toward “Elite” status every year; plus other status benefits. (CF Library 6/12/02)
Axalto announced it is providing Vakifbank with a complete EMV (Europay
MasterCard Visa) package including data preparation, multi-
application cards supply and a turnkey personalization solution.
Vakifbank also selected Axalto to provide its personnel with advanced
corporate badges to ensure identification and secure access to its
networks and premises. The Axalto badge solution combines logical and
physical access. Vakifbank’s employees need only one card to access
their buildings, park their cars, and log on to their networks.
Vakifbank was the fifth largest bank in Turkey with an asset size of
Denver-based iMAX Business Solutions is offering a free Verifone or Hypercom credit card terminal for qualified merchants who enroll for credit card processing services after March 1st.
Charge-offs for credit card-backed bonds in the U.K. continued to
deteriorate during the fourth quarter, hitting a record 5.8%, compared
to 4.5% one-year ago and 5.3% for the prior quarter. Delinquencies
remained at 3.4% for the fourth quarter. According to FitchRatings,
several trusts experienced an unusually large spike in charge-offs in
December, higher than any normal seasonal trend. The rating firm also
noted that delinquencies on a monthly basis posted a slight recovery
in October followed by a deterioration in November and to a lesser
extent in December. Meanwhile, the monthly payment rate on credit card
ABS fell significantly in the fourth quarter to 15.9%, compared to 16.9%
for the third quarter. This is the lowest level since December 2004.
FitchRatings says the MPR appears to have been affected by much reduced
balance transfer activity. The Fitch yield index stood at 19.3% at the
end of December, down from 19.6% at the end of September.
Fourth quarter gross dollar volume among the nation’s ten largest issuers grew 11.6% year-on-year with aggregate volume of more than $421 billion. Bank of America posted the sharpest rise of more than 43%, while Discover lagged at the bottom of the top ten with a 1.6% growth rate. Capital One, Wells Fargo, and MBNA posted higher than average gains in volume, according to CardData ([www.carddata.com]).
4Q/05 GROSS DOLLAR VOLUME
($ billions; ranked by outstandings)
Rank/Issuer 4Q/05 4Q/04 CHNG
1. Chase $79.6 $75.3 + 5.7%
2. Citi $75.8 $71.6 + 5.9%
3. MBNA $62.1 $54.0 +15.1%
4. BofA $39.0 $27.2 +43.4%
5. Cap One* $21.2 $17.8 +19.1%
6. Discover $26.1 $25.7 + 1.6%
7. AmEx $93.0 $83.4 +11.5%
8. HSBC $13.5 $12.5 + 8.0%
9. WaMu $ 4.8 $ 4.7 + 2.1%
10. Wells $ 6.2 $ 5.2 +19.2%
TOTAL $421.3 $377.4 +11.6%
* Cap One is purchase volume only
note: some issuers include international
SOURCE: CardData (www.carddata.com)
Ecobank has recently introduced an extensive ATM network supported by
NOMAD Software. The bank has set up a centralized processing platform at
its head office
in Togo. This platform has been designed to process transactions from a
geographically disparate customer base spanning Benin, Burkina Faso,
Cameroon, Cote d’Ivoire, Mali, Senegal and Togo. All transactions are
routed via a dedicated satellite infrastructure to ensure that all its
customers could access their funds, wherever and whenever required.
Ecobank is currently issuing a network-only debit card, but plan to
develop a card which can be used internationally.
NV-based Sooogood Financial Services has signed a deal with CA-based Transmark Payment Solutions and CV Marketing Concepts to offer a co-branded stored value debit card known as the “Global Pay Good Card.”
Independent ATM deployer and operator Cashbox plans to go public and
trade on the AIM Market of the London Stock
Exchange. At year-end 2005, Cashbox owned and operated 845 ATMs in the
UK, 89% of which are located in corporate locations with the remainder
in commercial locations and independent retailers. Cashbox has planned a
further 583 ATM installations and believes there is potential to
install an additional 5,510 ATMs. The UK is the third largest ATM market
in Western Europe, representing over 16% of installations in the region,
and the eighth largest ATM market in the world.
San Francisco-based Pay By Touch has named Gary Bender, former chief architect of the FBI’s newest fingerprint identification system, as VP/Biometrics.
Diversinet, a provider of mobile-enabled personal
authentication and security solutions, announced its fiscal 2005
results. Its reported 2005 revenue of $1.1 million compared to revenue of $2.6 million, for 2004. The Company reported
a net loss of $7.1 million for 2005, compared to a net loss of $7.5 million for 2004. During the fourth quarter, the Company recorded revenues of $159,000 compared to $419,000 for the same period in the prior year. In January 2005 Diversinet re-launched its corporate strategy and began to focus on the evolving protection, trust and provisioning needs of mobile users. These financial results reflect this shift in focus and the time required to build up the distribution channel and corresponding customer base. Recently, the Company announced a licensing, development and support agreement with RSA Security Inc. that will result in minimum revenues of $2.2 million to
Diversinet over three years.
Standard Chartered has officially launched its first American Express card after signing a partnership last August. The new “Standard Chartered American Express Card” offers two reward options, cash-back or points. The “Bonus Points” program offers quadruple points on all purchases. The “Cash Rewards” program offers 1% cash-back on all purchases and up to 8% cash-back for purchases at major supermarkets and department stores in Hong Kong. While there is no card fee there is a HK$250 annual fee for the rewards program. Cardholders applying by April 30th will receive a first waiver on the fee. Standard Chartered has a global network of over 1,200 branches. American Express has now established nearly 100 card-issuing partnership arrangements in
close to 110 countries.
Within the next year, Microsoft plans to release a set of technologies built on “InfoCard,” the code name for a technology designed to simplify and improve the safety of accessing resources and sharing personal information on the Internet. “InfoCard” reduces the reliance on username/password authentication with cryptographically strong claims-based authentication, helping to mitigate the risks of the most commonly deployed identity attacks and reducing the likelihood of personal information being lost via phishing schemes. “InfoCard” manifests as a sleek user interface, with individual cards represented graphically much like mini-ID cards. Microsoft recently announced it will add “InfoCard” support to “Internet Explorer 7.”