Bradesco (BBDO) will begin piloting new technology from NCR Corporation to give customers immediate account credit for cash deposits made at the ATM. The global leader in consumer transaction technologies, will eliminate the use of envelopes for cash deposits, making Bradesco one of the first financial institutions in Brazil to incorporate intelligent deposit into its ATM channel. Both account holders and non-account holders of the bank will benefit from this new technology. Account holders will have the deposit amount instantly credited into their accounts, even on weekends. Non-account holders no longer need to go to a teller to deposit cash. Bradesco and NCR also are working to extend real-time deposits to checks, as well. This new model will help to reduce the waste of envelopes used in ATM deposits, give customers dramatically improved access to their funds, and decrease costs.
IPayments Forum (IPF) and the ATM Industry Association (ATMIA) jointly announced the formation of the Integrated Payments Alliance, formerly known as the ATM Acquirers Alliance. Cash advocacy will be a central focus of the Integrated Payments framework. ATMIA and the Integrated Payments Alliance will soon publish new best practices forCardless ATM Transactions. The organization is assembling a white paper for the new Alliance which builds a futurological model for the former’s concept of intermodal currency which is soon to dominate the future of payments and money.
StubHub ticket marketplace launched its comprehensive loyalty rewards program, StubHub “Fan Rewards,” offering rewards for eligible purchases plus the opportunity for unique fan experiences and complimentary seat upgrades. Fans across the country can sign up for StubHub Fan Rewards online and start earning rewards on their next purchase. Similar to rewards programs in the travel industry, StubHub Fan Rewards offers perks and benefits to frequent users of StubHub.com. The program is the result of customer feedback from the company’s most frequent users and StubHub’s continued commitment to rewarding brand loyalty. The rewards program offers the Star and Superstar levels, letting users earn 2% in rewards for each eligible purchase and- once they reach $10 in rewards, they become eligible for a $10 FanCode to use on any future StubHub.com purchase.
ScanSource through its wholly-owned subsidiary, ScanSource do Brasil Participações LTDA, has entered into a definitive purchase agreement with CDC Brasil AIDC and POS solutions distributor. Offering many of the same products as ScanSource, the CDC Brasil management team of CDC Brasil will remain in place, bringing with it more than 55 years’ combined industry experience while the current CDC Brasil president, Alexandre Conde, will be named president of ScanSource Brasil and will report to Elias Botbol, president of ScanSource Latin America. CDC Brasil has grown revenue to approximately R$246,186,000 (approx. $140,400,000). CDC Brasil has more than 30 vendor partners, including Bematech, Honeywell, HP, Motorola and Zebra. The company employs approximately 200 people. Like ScanSource, CDC Brasil is committed to providing value-added services to its reseller partners, including technical support, financing, training and sales support.
The NCR Corporation has opened its new manufacturing plant in Manaus,
Brazil, supporting the market demand for self-service ATMs in Brazil,
the Caribbean and Latin America with the production of the “SelfServe”
machine. The company celebrated the opening at its plant 90 days after
having announced plans to do so and will create about 250 new jobs in
the city. Testing and certification at the 2.5-acre plant was conducted
and completed by NCR’s global quality organization, as well as the
Canadian Standards Association (CSA International) and the Underwriters
Laboratories (UL). NCR’s decision to bring ATM manufacturing in-house
was driven by the belief as self-service ATM technology becomes more
innovative and strategic to financial institutions, the ability to
control manufacturing in key markets becomes a core and competitive
advantage to a growth strategy.
Customers of DIRECTV have gone to court to block the company from automatically
removing the fees from customers’ bank accounts or charging their credit
card accounts without consent. In a complaint filed last September in Los Angeles Superior Court by Kathy Greiner, a six-year
customer of the company, cancelled her service and returned the
equipment. DIRECTV subsequently levied a $240 “early cancellation” penalty on Greiner,
which the company took directly from her bank account (after deducting some
amounts she had previously paid) without her knowledge or permission.
Greiner’s complaint was later consolidated with another lawsuit The joint
lawsuit alleges that DIRECTV failed to disclose to
customers that it imposed an 18 or 24 month term of service and that cancellation
before the end of the term would result in enormous penalty fees. The company would also
automatically extend the “contractual obligation” by another 18 to 24
months if malfunctioning equipment needed to be replaced or the customer decided
to make a change to programming or other services. These policies were not
properly disclosed to purchasers beforehand, and consumers did not agree to them, the suit
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%.
A new survey has found that the majority of consumers do not understand what credit scores measure, what good and bad scores are, and how scores can be improved. The study by Opinion Research Corporation for the Consumer Federation of America and Providian, revealed that less than half of consumers know that electric utilities, home insurers, and landlords often use credit scores to decide whether to sell a service and at what price. Only about one-third correctly understand that credit scores indicate the risk of not repaying a loan, not factors like financial resources to pay back loans or knowledge of consumer credit. More than one-half incorrectly believe that a married couple has a combined credit score. Only 12% correctly identified the low 600s as the level below which they would be denied credit or have to pay a higher, subprime rate. And, only 13% correctly understand that scores above the low 700s usually qualify them for the lowest rates.
Providian Financial has reached a settlement in a 2001 shareholder class action lawsuit for $65 million. Providian Financial is a leading provider of credit cards to mainstream American customers throughout the U.S. By combining experience, analysis, technology and outstanding customer service, Providian seeks to build long-lasting relationships with its customers by providing products and services that meet their evolving financial needs.
Motorola, Nextel, and Creditel have partnered to launch a new solution to enable businesses to turn their Nextel phones into POS devices. The solution employs Creditel’s “PowerSwipe” device and “PowerPay J2ME” application running on Nextel’s national packet data network. Chase Merchant Services, provides merchant processing services for the “PowerPay” solution. “PowerSwipe” physically connects to the Nextel phone for unobstructed use, weighs 3.1 ounces, and incorporates a magnetic stripe reader, infrared printing port, and pass-through connector for charging the handset battery. The device will work on Motorola “i50sx,” “i55sr,” “i58sr,” “i85s” and “i88s” handsets for Nextel. Motorola will distribute the Creditel POS solution in the United States and Canada through its Motorola authorized two-way radio and reseller channels. Nextel will distribute it through its direct and indirect sales channels.
Providian Financial Corp. and lawyers for current and former participants of the company’s 401(K) Plan announced that they have reached an agreement to settle a class action lawsuit which contends that the Plan should not have purchased or held company stock during 2001 and challenges the accuracy and completeness of information provided to Plan participants about company stock.
Providian Financial Corporation announced the appointment of Richard Leweke as Vice Chairman and Chief Human Resources Officer. Mr. Leweke was previously with California Federal Bank, where he served as Executive Vice President of Human Resources and Administrative Services and was part of the management team that developed and executed the bank’s successful growth strategy.