Corillian announced this week that SunTrust Bank has upgraded to the “Voyager 3.0” platform and that PA-based Sterling Financial has added small business banking into its “Voyager” solution. Corillian Small Business, which is deployed on the industry-leading Corillian Voyager 3.0 platform, allows Sterling Financial the ability to leverage feature-rich capabilities key to small business customers. Corillian also announced that SunTrust Bank has successfully upgraded to the Corillian Voyager 3.0 platform to improve online banking performance and client satisfaction. Corillian is a premier provider of enterprise software and services for the financial services industry.
Lizzie McGuire, Kelly Collins, known in real life as Hilary Duff, has launched a line of “VISA Gift Cards.” The teenage actress and recording artist is targeting American teenagers for the one-time use prepaid card. The first card designed features Hilary afloat in the swimming pool. Other “Hilary” card images will be rolled out next year. The card will be marketed by Legend Credit and managed by Clarity Payment Solutions. The card is available in $25, $50, $75, and $100 denominations. It is being sold through a special “Hilary” Web site.
Pacific Coast Bankers’ Bancshares is pioneering a new program to allow smaller banks to provide cash to non-bank ATM networks. The “ATM Cash Advantage” program enables banks to earn 50 bps above the Fed Funds rate and helps banks reduce reserve levels at the Fed. The innovative program may also give banks credit under the “Service Test Provision” of the CRA. The program’s risk is similar to bank in-house ATM programs. PCBB said yesterday that ten banks are currently using the product. PCBB is the holding company for one of the nation’s largest bankers’ banks, serving more than 230 financial institutions in seven western states. Palm Desert National Bank, a PCBB partner, operates a major non-bank ATM network and provides ATM cash and management services to over 10,500 ATMs nationwide.
Bank One has expanded and extended its relationship with Yahoo! that will enable the issuer to market its products and services on the Yahoo! network. Under the new agreement, Bank One will also market its co-branded credit cards featuring other brands, as well as consumer and small business banking products on the Yahoo! network. Bank One currently issues the “Yahoo! Titanium VISA” card, a co-branded credit card with a built-in rewards program. The expansion of the alliance also allows Bank One to market Yahoo! premium services such as Yahoo! “Finance Market Tracker” to Bank One cardholders.
The ICBA has promoted Paul McGuire, who joined the group in 1997 and who formerly worked at the EFTA, as VP of State/Regional Operations & Membership Strategy. McGuire’s responsibilities include fostering stronger relations with ICBA’s state regional associations. McGuire received a bachelor’s of science degree in Political Science from Old Dominion University and has completed course work towards his Certified Association Executive program, as well as Sales Management training through the American Management Association.
Andrews Federal Credit Union, which serves 99,000 members including personnel at Andrews Air Force Base, McGuire Air Force Base and U.S. servicepersons in central Germany, Belgium and The Netherlands, has chosen eFunds to provide ATM driving services and network access to their members in the USA and Europe. AFCU previously controlled the driving of their ATMs, but will now outsource that function to eFunds because it is one of the few vendors worldwide that has the currency conversion technology to support ATMs that dispense both U.S. dollars and international currencies from a single machine. AFCU was introduced to eFunds through an existing EFT services partnership with ENCORE Electronic Services Cooperative. ENCORE’s member base currently includes more than 110 credit unions of which more than 68 use eFunds EFT services.
Trintech Group reported revenue for the quarter ending January 31st of
$10.5 million, compared with $15.5 million for the same period on year ago,
a decrease of 32%. Revenue for the fiscal year was $42.9 million, down 37%
from $68.3 million in the prior fiscal year. Fourth quarter software
license revenue remained flat at $5.7 million compared to the third quarter
of fiscal 2003, and decreased 5% from license revenue of $6 million for the
corresponding quarter last year. Fourth quarter product revenue was $2.7
million, a decrease of 61% from product revenues of $6.9 million for the
corresponding quarter last year. Fourth quarter service revenue decreased
by 19% from $2.6 million for the fourth quarter last year to $2.1 million
for the fourth quarter ended January 31, 2003. The company says it has
adjusted its cost base as pro forma operating expenses declined
sequentially by 10% this quarter. Trintech says it is on track for pro
forma profitability in the near term.
Trintech Group today reported revenue for the quarter ending January 31st of $10.5 million, compared with $15.5 million for the same period on year ago, a decrease of 32%. Revenue for the fiscal year was $42.9 million, down 37% from $68.3 million in the prior fiscal year. Fourth quarter software license revenue remained flat at $5.7 million compared to the third quarter of fiscal 2003, and decreased 5% from license revenue of $6 million for the corresponding quarter last year. Fourth quarter product revenue was $2.7 million, a decrease of 61% from product revenues of $6.9 million for the corresponding quarter last year. Fourth quarter service revenue decreased by 19% from $2.6 million for the fourth quarter last year to $2.1 million for the fourth quarter ended January 31, 2003. The company says it has adjusted its cost base as pro forma operating expenses declined sequentially by 10% this quarter. Trintech says it is on track for pro forma profitability in the near term. For complete details on Trintech’s latest results visit CardData ([www.carddata.com]).
Citibank Card Acceptance has deployed Trintech’s “PayWare Resolve” to
manage charge-backs from all its merchant accounts in Europe. Trintech’s
acquirer charge-back system automates the exception management process from
end-to-end. “PayWare Resolve” combines a powerful decision-support
environment with compliant dispute regulations to enable optimum management
of the entire charge-back process using an easily understood graphical user
interface. The essential difference between “PayWare Resolve” and other
exception management systems is its built-in knowledge of national and
charge-back regulations. The charge-back regulations for VISA and
MasterCard/Europay have been encoded into the application so that the
system can recommend the appropriate action and charge-back reason codes
for each case, replacing the need to navigate a series of intricate paper
trails and complex and changing regulations.
Trintech Group has secured the final approval of the Irish Takeover Panel
to commence its share buy-back program. The Irish Takeover Panel has ruled
that John and Cyril McGuire are not acting in concert and therefore would
not be required to make a mandatory bid for the Company if their relative
percentage ownership increased following the repurchase by the Company of
its own shares through the buy-back program. This ruling allows Trintech to
start the buy-back program, which is expected to commence in early December
following publication of the Company’s results for third quarter, the
period ended October 31, 2002.
Trintech Group announced it remains committed to implementing its
previously announced program to buy-back up to $5 million of its shares and
will do so following approval of the Irish Takeover Panel. The company says
it is in the process of securing approval from the Panel to engage in a
buy-back of shares on the open market without triggering the requirement
for the largest shareholders to make a mandatory bid for the Company. One
such rule is that if the percentage ownership of a group of investors
acting in concert owning more than 30% of the share capital increases, the
connected investors may be required to make a mandatory bid for the
Company. John and Cyril McGuire, being brothers, are considered technically
to be acting in concert under the Takeover Panel rules and their relative
percentage ownership would increase as the Company bought back its own shares.
Trintech Group this morning announced that John McGuire has resigned, effective immediately, as President and Director. Trintech is a leading provider of secure electronic payment infrastructure solutions for card-based transactions for physical world commerce, eCommerce and mobile commerce.