FL-based FIS is expanding financial inclusion by supporting microfinance institutions across India. FIS Banking on Demand, is an innovative, hosted solution that enables small banks, payment banks and microfinance institutions to deliver banking capabilities to their customers without the expense and time associated with building out traditional banking infrastructure.
MoneyGram announced several operational and organizational changes to better support the Company’s corporate objectives, including its goal of reaching $2 billion in annual revenue in 2017. These actions include realigning the organizational structure and commencing a global transformation program designed to help MoneyGram lead the industry in compliance, fuel multi-channel growth and improve its cost structure. MoneyGram has made several changes to its executive committee to position the Company for continued growth. W. Alexander Holmes has been named chief operating officer, effective immediately. He will also maintain his current titles and responsibilities as executive vice president and chief financial officer. In his expanded role, Holmes will be responsible for oversight of all finance, technology and operations functions. The following executives have been named executive vice president of their respective positions and will continue to report to MoneyGram’s chairman and chief executive officer, Pamela H. Patsley: W. Alexander Hoffmann, Global Product Management and Emerging Channels; Grant Lines, Asia Pacific, South Asia and Middle East; and Peter Ohser, U.S. and Canada. The three-year global transformation program designed to strengthen MoneyGram’s competitive position consist of Enhancing compliance, Investing for growth, Reorganization and restructuring.
MoneyGram signed an agreement to acquire Nexxo Financial’s full-service money transfer kiosk business and to become the preferred money transfer and bill payment partner for Nexxo Financial. MoneyGram will acquire approximately 200 kiosks primarily located in California, Illinois and Texas. These kiosks will offer automated, self-service money transfers to MoneyGram agents worldwide allowing consumers to pay bills utilizing MoneyGram’s bill payment network. The move to expand MoneyGram’s use of self-service channels is a strategy in line with recent statistics. The FDIC has estimated that 60 million U.S. residents do not use formal banking channels as the primary method for their day-to-day financial services. This points to a growing need for convenient and affordable means to transfer funds.
Houston-based Cardtronics reported second quarter revenues of $77.2 million, a 5.3% increase over 2Q/06. However, the Company posted a net loss for the second quarter of $5.6 million, compared to net income of $0.8 million for the same period last year. Cardtronics says the revenue increase was primarily attributable to the Company’s focus on growth in its United Kingdom ATM operations. The loss was related to selling, general, and administrative costs and vault cash costs, as well as higher depreciation expense amounts associated with additional ATM deployments in the United Kingdom and Mexico and incremental development costs associated with the Company’s in-house processing conversion efforts. Average transacting ATMs for the second quarter totaled 25,484, which represents a decrease of 1.1% from 2Q/06. Average cash withdrawal transactions per ATM per month during the second quarter increased 5.9% to 432, and average revenues per ATM per month in the second quarter increased 6.4% to $967. In July, the Company acquired the ATM portfolio of 7-Eleven, adding 5,500 high-volume ATMs and Vcom units to its portfolio, making Cardtronics the largest ATM network in the world. For complete details on Cardtronics’ second quarter performance visit CardData ([www.carddata.com]).
Infonox and Elan Financial Services have partnered to develop the “PASS+” self-service financial services kiosk that will be provided to financial institutions, ISOs and retail partners, utilizing the Infonox “Active Payment Platform” in conjunction with transaction processing from Elan Financial Services.
Coinstar announced the expansion of its gift card mall
program into the United Kingdom. The program represents the company’s
latest move in developing a comprehensive offering that helps retailers
increase consumer traffic and drive profit at the front of the store. The
program includes targeted card selection, inventory control, management of
card sourcing, display design and merchandising and multiple point-of-sale
technology integration. The gift card mall consists of a display rack of
leading dining, clothing, entertainment, book, home and service gift cards
strategically placed for shopper convenience. Gift vouchers are a $1.5 billion market in the U.K.
7-Eleven has switched vendors for check-cashing services at its stores equipped with the Company’s self-service “Vcom” kiosk. Dallas-based CashWorks will now handle the cashing of government and payroll checks at approximately 1,000 7-Eleven stores in 13 states where “Vcom” is installed. Effective July 1st, Certegy will no longer provide risk-decisioning services to Vcom for payroll checks. However, Certegy will continue to provide point-of-sale check warranty services for personal checks via more than 2,000 company-operated 7-Eleven store locations in the USA. 7-Eleven proprietary kiosk offers ATM capabilities and touch-screen convenience to provide customers with financial and other services 24X7. Customers can use “Vcom” kiosks to conduct ATM transactions, cash checks, purchase money orders and money transfers, access Verizon residential telephone services, pay bills and purchase phone and stored-value cards.
Nearly 1,000 of 7-Eleven’s “Vcom” financial kiosks now offer 24×7 online shopping. The expanded service is the result of its partnership with MA-based Cyphermint which recruits the online merchants. Cyphermint also uses its “Pay Cash” system to enable “Vcom” users to pay for their purchases with cash. There is a $1 service fee for each transaction. The kiosk’s bunch-note acceptor can handle up to 30 bills inserted at one time and dispense exact change. 7-Eleven’s “Vcom” financial kiosks also offer ATM transactions via American Express and check cashing through Certegy Check Services. Users can also purchase Western Union money orders and conduct money transfers. Bill payment services are also provided by e-Money Systems. 7-Eleven says it also plans to offer auto insurance services through the kiosks through Public Access Insurance.
Certegy revised its revenue and earnings guidance downward for the next several quarters. The company said the planned fourth quarter nationwide roll-out of a check cashing program for a major discount retail customer has been delayed until mid 2003. Also, the number of machines to be deployed by the end of this year in conjunction with the company’s kiosk-based check cashing program will be less than previously anticipated. Certegy also noted that Banco Real, in Brazil, will de-convert its card portfolio in late February. This decision coincides with its parent’s agreement to outsource $1.5 billion of global wholesale banking data processing services. In addition, ongoing political and economic uncertainty has weakened the Brazilian currency, and has begun to unfavorably impact new card issuance rates. Certegy says the revised guidance was also due to the loss of a large merchant processing customer in August, which moved its account to its new owner’s processor. However a portion of this volume has subsequently been replaced by new merchant signings. For complete details on Certegy’s latest performance visit CardData ([www.carddata.com]).
Coinamatic Canada Inc. in conjunction with its ParkSmart division and technology supplier EdgeWare Technologies Corporation, announced that it is presenting its ‘One Solution – One Card -Multiple Benefits’ program, SmartCity, to municipal executives from across Canada at the FCM show in Banff, Alberta.
“The centerpiece of the comprehensive program being demonstrated is the kiosk-based cardholder solution named SelectSmart(TM) from Edgeware”, said Greg Peterson, Executive Vice President of Coinamatic. “Progressive communities are searching for ways to streamline and enhance services for their constituents. Residents benefit by eliminating the need to carry exact change for parking and transit. They also earn loyalty rewards and discounts for shopping at local stores. Merchants benefit from loyal customers and a cost effective marketing program, which leads to increased revenues and profits. The municipality reduces the cost of service delivery at the same time. SmartCity(R) provides tangible benefits to all municipal stakeholders. This level of technology allows us to deliver services that can truly unite and vitalize a community.
Claude G. Beaudoin, EdgeTech’s Vice President Engineering commented, “SelectSmart(TM) is an example of truly putting the consumer in charge of the incentive, services and benefits programs they wish to participate in. Consumers simply insert their smart card into the kiosk to view the status and value of the programs currently on the card, load special discounts or promotional coupons, add funds to the e-purse or add new programs to their card”.
Coinamatic’s user-friendly solution includes parking, transit, library, recreation, special events, e-purse, loyalty, ID, access control and community messaging. The high reliability and robust character of the EdgeWare applications are a good fit for the demanding usage levels of municipal programs.
About EdgeWare Technologies
EdgeWare Technologies is a Canadian software and services firm that designs, develops, markets and supports multi-application, scalable, platform independent smart card software solutions for business, institutions and governments worldwide.
Coinamatic Canada Inc. was founded in 1946 and is one of Canada’s oldest and most respected service companies. Coinamatic has over 54 years’ experience in multi-housing laundry operations, including many public housing facilities, which it serves from fifteen branches across Canada. Coinamatic equipment can be found in more that 15,000 apartment buildings, condominiums, colleges, universities, and public housing facilities. Coinamatic’s 300+ employees truly cater to customers’ needs for convenient, easy-to-use and reliable services. Understanding the specific needs of consumers and the unique needs of municipalities, Coinamatic has implemented over 150 smart card systems across Canada.
ParkSmart Inc. was incorporated in 1997 as a wholly-owned operating division of Coinamatic Canada Inc. ParkSmart is a premier Canadian service company devoted solely to providing cost-effective parking management solutions to municipalities. ParkSmart offers comprehensive, integrated parking management solutions for both on-and off-street parking operations. Its services include strategic consultation, meter and equipment maintenance, coin collection and counting, revenue auditing, and the implementation of state-of-the-art technologies such as smart cards. Through its Canadian-based service bureau, ParkSmart offers client management support, enforcement services, customer service support, on-line cashiering and automated parking ticket processing.
Las Vegas-based Shift4 Corp and Borrego Springs Bank, an Indian-owned, nationally chartered, commercial bank based in San Diego have teamed up to market Shift4’s credit card cash-advance technology, called ‘CashHere’, under the trade name ‘Touch ‘N’ Go Cash’. The partnership is a first for the ‘CashHere’ product line and grants Borrego Springs Bank exclusive rights to sell the solution to Native American gaming establishments in the states of Arizona, California and New Mexico. Equipped with intuitive touch-screen displays and advanced electronic signature capture technology, ‘CashHere’ enables management to use a guest’s digitized signature for immediate identity verification, as well as for future charge-back defense.
NCR Corp. unveiled its new ‘InteractionPlus’ channel integration and personalization software yesterday. ‘InteractionPlus’ enables businesses to capture customer transaction data from various touch points so that they can analyze this data. The touch points can include kiosks, call centers and the Internet. InteractionPlus feeds data gathered via the various customer touch points to a customer-centric Teradata data warehouse for analysis of customer behavior and predictive modeling of future buying habits.