Experian announced Thursday the availability of an online, real-time solution to the “no record found” credit file problem. The ‘Cross View Report’ helps determine the creditworthiness of consumers who have either limited or no credit history by providing a summary of the consumer’s debit history and displaying the ‘Cross View Score’, a debit-based model developed by Experian. The new report is a collaboration between Experian and eFunds Corp. Late last year, Experian introduced a suite of batch-related products using both credit and eFunds debit data, the ‘Cross View Prescreen Suppression’, ‘Prescreen Segmentation’, and ‘Account Review Overlay’. The ‘Cross View Report’ makes it easier for credit card issuers to more confidently evaluate prospects with either limited or no credit history by providing access to leading nationwide debit and credit databases.
ID Data plc, The AIM-quoted manufacturer of secure transaction systems and
smart card services, announces the appointment of Bob Thomson as Sales
Director. Bob Thomson, formerly the ICL clients director of Barclay Bank
plc for five years, was also the ICL Services Director for Retail &
Financial Services (UK) in his 21 year career with ICL. His experience is
ideally suited to head the newly created marketing team at ID Data.
Commenting of the appointment, Peter Cox , Chief Executive of ID Data,
said “Bob’s skills in managing resources and relationships, developing
people and business planning will build on out existing position and the
healthy progress we are making. His background in banking and retail
ideally fits out business.”
Upon his appointment, Bob Thomson said “ID Data’s products and services
officer real value to customers’ businesses. I look forward to being part
of this new team and to offering products to wider international markets.”
Other members of the marketing team include Neil Drake, whose background in
journalism, market research and PR stand him in good stead for his role as
Marketing Services Executive. Anna Grainger comes to the position of Sales
and Marketing Coordinator, with extensive training, telemarketing and Sales
experience. Michele Cottis, is joining Anna as Sales and Marketing
Co-ordinator with ten years’ experience as a team leader in sales and
customers relations. The whole team have extensive contacts in, and
knowledge of, the international markets that ID Data is expanding further into.
Citibank confirmed this morning it is buying CT-based People’s United Kingdom credit card portfolio. Citibank International PLC is acquiring People’s U.K credit card operations for approximately $526 million. The portfolio has about $426 million in receivables. According to CardData ([www.carddata.com]), People’s UK portfolio has been growing about 18% annually. People’s says it wants to focus its resources on building a dominant franchise in Connecticut, expand on national lending and concentrate on the core U.S. credit card business. Last month, Abbey National agreed to sell its credit card business to MBNA Europe for slightly more than $400 million. Reportedly MBNA paid an 18% premium for the Abbey card portfolio.(CF Library 1/19/01; 3/20/01)
Citigroup, Inc. and People’s Bank announced that Citigroup,
through its subsidiary Citibank International PLC, acquired People’s United
Kingdom (U.K.) credit card operations for 368 million pounds sterling
(approximately $526 million U.S.), including 298 million pounds sterling
(approximately $426 million U.S.) in receivables, together with other assets
and liabilities associated with the business. The acquisition expands
Citigroup’s presence in the U.K. and strengthens the company’s position as a
leading bank card issuer in Europe and around the globe.
“This transaction represents a further step in our efforts to expand our
consumer business globally, broadening our presence in the important U.K.
marketplace,” said Robert B. Willumstad, Chairman and CEO, Citigroup Global
Consumer. “The People’s U.K. credit card business represents a significant
increase to our own profitable and growing business in the U.K.”
“The U.K. credit card operation is a successful and growing business, but
it had reached a point where we would need to dedicate significant additional
financial and management resources to support and grow the business properly,”
said John A. Klein, president and chief executive officer of People’s. “After
careful consideration, we decided it was in the best interest of our
shareholders to focus our resources on continuing to build a dominant
franchise in Connecticut, expand on national lending and concentrate on the
core U.S. credit card business. We are grateful to our employees in the U.K.
and look forward to working with Citigroup to ensure a smooth transition.”
Citigroup (NYSE C), the preeminent global financial services company,
provides some 120 million consumers, corporations, governments and
institutions in more than 100 countries with a broad range of financial
products and services, including consumer banking and credit, corporate and
investment banking, insurance, securities brokerage and asset management.
Major brand names under Citigroup’s trademark umbrella are Citibank,
CitiFinancial, Primerica, Salomon Smith Barney, and Travelers. Additional
information may be found at http//www.citigroup.com.
People’s Bank, www.peoples.com, is a
diversified financial services
company providing consumer, commercial, insurance and investment services.
The bank is a leader in supermarket banking, with 53 of its 146 branches
located in Super Stop & Shop stores. Through its subsidiaries, People’s
provides brokerage services, money management, equipment leasing and
insurance. In the U.S., People’s is the 16th largest issuer of Master Card and
Visa credit cards.
Three leading wireless solution providers, Baltimore Technologies, AU-System,
and Gemplus, announced the world’s first and most advanced security and
authentication technologies featuring digital signatures over General Packet
Radio Services networks.
This ground-breaking development in secure mobile commerce has been
achieved in partnership with Ericsson, using the R520 handset, and will be demonstrated at
the CeBIT trade show in Hannover, Germany from 22-28 March.
Security and bandwidth have been two critical success factors in the uptake of
mobile commerce across the globe. GPRS provides at least four times greater
bandwidth than typical GSM based connections and introduces core network
changes in preparation for 3G networks. The new mobile commerce and business
services require even greater security which is now being addressed jointly by
Baltimore Technologies, AU-System and Gemplus.
E-security for mobile devices is provided by digital certificates, which are
issued using a Wireless Public Key Infrastructure (WPKI) by network operators
and content providers. These digital certificates are stored on the mobile
devices using S/WIM (Subscriber Wireless Identity Module), the latest
development in chip cards. The combination of WPKI and GPRS enables the
provision of secure mobile services in the next generation mobile market.
According to Bo Albertson, Marketing Director Communications, Ericsson Mobile
Communications, “Ericsson regards mobile e-commerce as one of the exiting new
applications enabled by the combination of sufficient security level in the
phone and the greatly enhanced data transmission rates offered by GPRS. This
project gives powerful proof of the phone becoming a personal trusted device
allowing for new exciting services and applications and we are very pleased to
participate with the R 520 handset.”
“GPRS allows customers to access more data-enriched services with the added
benefits of ‘always on, faster download’,” stated John Fallon, Director of
Wireless at Baltimore Technologies. “This combined offering from three leading
wireless solution providers makes available a comprehensive integrated
solution in tandem with the launch of 2.5G networks this year across the
“This is a major break-through in wireless security, which is becoming
increasingly important as GPRS and 3G networks are enabling new mobile
applications,” says Christer Bjork, Business Area Manager at AU-System. “The
solution is a great example of how AU-System, together with leading mobile
vendors, can create viable solutions based on emerging technologies and enable
a fast time-to-market.”
“The availability of secure and trusted solutions will be a major contribution
to the success of m-commerce. Gemplus has leading experience in S/WIM cards
thanks to this partnership, takes wireless networks to new levels of security
forging a Bond of Trust between consumers, financial institutions and mobile
operators,” said Patrick Imbert, Mobile Commerce Director, Gemplus.
The solution has been developed based on cutting-edge technologies from a
consortium of leading vendors within the mobile communications industry,
Baltimore Telepathy wireless e-security from Baltimore Technologies,
GemXploreTM Trust S/WIM cards from Gemplus and consultancy services from
AU-System, to achieve a complete end-to-end security solution based on the
latest WPKI and WIM standards
GPRS is a major step on the road towards 3G networks utilising an Internet
Protocol IP backbone and packet based communication and thus is often referred
to as 2.5G. Bandwidth is significantly greater than traditional GSM networks
opening up a far greater range of services for mobile users, all of which
require enhanced security. Such networks offer subscribers “always on”
connectivity, eliminating repetitive and time-consuming reconnections making
mobile intranet services possible, such access to corporate databases and
resources on the move.
About Baltimore Technologies
Baltimore Technologies develops and markets security products and services to
enable companies to develop trusted, secure systems for e-business, the
Internet and mobile commerce. Its products include a wide range of Public Key
Infrastructure (PKI) products and services, wireless e-security solutions,
cryptographic tool-kits, access control & authorization, content security
(MIMEsweeper products) security applications and hardware cryptographic
devices. Baltimore’s global professional services organization offers a wide
variety of consulting, training and deployment support to its customers
worldwide. Baltimore Technologies markets and sells its solutions worldwide
directly and through the TrustedWorld partner program. TrustedWorld includes
many of the world’s leading technology companies and a wide variety of global,
regional and local business alliance partners.
Baltimore Technologies employs over 1200 people worldwide and operates from
over 38 cities, with headquarters in Dublin, Ireland; London, UK; Boston, USA
and Sydney, Australia. Baltimore Technologies plc is a public company with
listings on NASDAQ (BALT) and the London Stock Exchange (BLM). For further
information and press releases on Baltimore Technologies, please visit
About AU-System and WAP
AU-System is an active member in the WAP Forum and has participated in the
development of the WAP browser used by Ericsson in its terminals. The company
also has a distributor’s agreement with Ericsson, giving AU-System the
licence the WAP browser to other suppliers of communication devices as the AUS
WAP Browser. The browser is compliant with the latest specifications from the
WAP Forum and the client list includes companies like Motorola, Samsung,
and LG Electronics. Apart from software licences, AU-System also offers
consultancy services such as service development for mobile operators,
solutions development, e.g. secure mobile banking and stock trading, and
adaptation of the AUS WAP browser to various environments.
AU-System is a leading Mobile Internet consultancy. Through the subsidiary
SandbergTrygg, the company also offers integrated services for marketing
communications. Major clients include Ericsson, Telia, Scania,
and Singapore Telecom. AU-System was established in 1974 and currently employs
more than 1000 staff in offices in Sweden, the U.K., Italy, the U.S., Thailand
and Singapore. AU-System is listed on Attract40 of the OM Stockholm Exchange,
under the symbol AUS. For more information, please visit
About GemXploreTM Trust
GemXploreTM Trust is an enhanced SIM card with full support of Public Key
Cryptography to enable end-to-end mobile transaction security. It brings the
mobile phone one step closer to being our most trusted personal device.
GemXploreTM Trust is a SIM/WIM card, enabling RSA-1024 bit digital signature,
fully compliant with the latest WAP standards.
GEMPLUS the world’s leading smart card solutions provider Since its creation
in 1988, Gemplus International S.A.(Euronext Sicovam 5768 and NASDAQGEMP)
driven the global marketing and deployment of smart card-based applications
telecommunications, financial services and e-business security.
Gemplus is instrumental throughout the value chain – chip design, card
management systems, software development, and consulting – delivering
integrated custom-made solutions for the security, personalization and privacy
management needs of clients and partners worldwide. Gemplus technology has
played a defining role in the development of wireless telephony since the
introduction of SIM cards into the GSM standard in 1990. For more than a
decade, Gemplus has pioneered applications that enable network operators
the world to answer the changing needs of their customers. Gemplus was
market with a 3G card and supplies a product range compliant with new and
emerging transmission standards – 2.5G, 3G. In 2000, revenue was 1.205 BE, up
57% from the previous year’s 767ME. Net income was 99 ME. Gemplus employs more
than 7800 people in 37 countries worldwide.
Since 11 December 2000, Gemplus shares have been trading on Euronext Paris
First Market and on Nasdaq in the form of ADSs. Visit our website
Oberthur Card Systems has
formed a partnership with Intercede,
a provider of Internet and intranet security solutions and products to
strategic working relationship with Oberthur and
Intercede’s edefice office suite.
Intercede’s partnership with Oberthur, its second since being floated on
the London Stock Exchange’s Alternative Investment
Market, aims at providing a complete end-to-end highly secure solution for
Marc Bertin, E-Business director for Oberthur, said “Our goal is to
provide globally secure online transactions for both
consumers and businesses in this new electronic age, and our collaboration
Intercede will allow us to build a secure
e-commerce environment and further strengthen our AuthentIC offering. The
partnership will allow us to deliver innovative
technology today upon which future innovations and developments can be built.”
Richard Parris, managing director of Intercede, added “We have chosen to
partner with Oberthur primarily because of its
renowned strength in this field. Our combined expertise — in Oberthur’s
Java-based solutions and our own experience in the
management and deployment of smart cards and Public Key Infrastructure — will
undoubtedly enable us to develop the most
comprehensive, secure e-commerce offering in a single software solution.”
Intercede’s edefice security management software suite is an open platform
that aims to make the deployment and management
of application and network security solutions easier, quicker, more accessible
and scalable for both end-user customers and
network security integrators.
Configurations available with the core Central Security Manager include
Remote & LAN Access Authentication, Single
Sign-On, Web site Security and Data Secure Laptop. edefice suite allows the
of tokens, smart cards and biometrics devices
in any combinations and can administer and manage multiple RAS, RRAS and
Providing the highest levels of security, Oberthur’s AuthentIC smart cards
meet the key requirement for secure access to
information. With security issues varying from country to country, cultures
markets, Oberthur has created a smart card that is
a secure electronic identification system by using electronic keys and
Based in an open environment on Java(TM) or Microsoft(TM) with an
to industry standards (PKCS No. 11,
Microsoft CSP), AuthentIC offers a level of flexibility which allows it to be
adapted to different devices and systems and form
part of a Public Key Infrastructure solution. AuthentIC incorporates all
digital signature protocols and standards and includes a
Designed to support different cryptographic technologies, such as RSA
algorithms, identification technologies and the latest in
high-secure technology — Elliptic Curves — the AuthentIC range of cards is
designed to meet current and future market
requirements with the capability to support future industry standards.
About Oberthur Card Systems
Oberthur Card Systems (Paris Stock Exchange – Code SICOVAM 12413), a
leader and the innovator in the smart
card industry, is shaping the future by offering the ultimate in SIM, WAP, 3G
(IMT-2000/UMTS), e-wallet technologies and
Internet-based card management services coupled with a firm commitment to open
Championing EMV migration, Oberthur is the world’s No. 1 supplier of
MasterCard and Visa cards; No. 1 in banking,
e-commerce, m-commerce and pay-TV; and Oberthur is also the No. 1 in Java(TM)
and GSM technologies.
Oberthur Card Systems has an international reach ensured by 30 sales
offices and 19 manufacturing sites across the five
continents. Oberthur Card Systems had sales of 451.1 million euros in 2000.
About Intercede Group plc
Intercede Group plc (LSEIGP)(IGP.L) is a leading developer and
security management solutions for computers,
networks and software applications. Intercede has successfully raised 2.2
million pounds (net of expenses) by way of a placing
on the Alternative Investment Market (“AIM”) which values the company at
approximately 10 million pounds.
Intercede plc is one of only three quoted security software companies in
the United Kingdom. Intercede’s customers cover a
range of industries and include Barclays Bank, Lloyds TSB, Abbey National, the
Department for Education and Employment, the
NHS, Compaq, ICL, Kingfisher and Pharmacia and Upjohn.
De La Rue PLC announced this week it will buy Ascom Business Unit Cash
Handling Belgium from telecommunications and service automation company
Ascom Autelca AG for EUR622,000. De La Rue is the world’s largest
commercial security printer and paper maker, involved in the production of
over 150 national currencies and a wide range of security documents such as
stamps and vouchers as well as brand protection.
USA Technologies and Marconi Online Systems have joined up to create a comprehensive end-to-end technology solution for the vending industry by bringing together Marconi Online’s ‘Intelligent Vending’ service with USA Technologies’ cashless payment and interactive multimedia capabilities delivered through its ‘e-Port’ technology. The combined product will enable vending machines to become intelligent, wireless networked machines, handling many forms of cashless payments, communicating with other pervasive computing devices, enabled to conduct e-commerce and m-commerce transactions and opening up new opportunities in advertising and promotions through interactive media services. The ‘e-Port’ technology provides consumers the ability to make vending purchases with the swipe of a major credit card or bank debit card. USA Technologies specializes in processing transactions under $10, to as low as $1. Last year, Marconi Online became the exclusive provider of intelligent vending technology to the Coca-Cola Company.
Dallas-based Carreker Corp. has signed a new fraud prevention contract in
excess of $1 million with one of the largest banks in Australia and has
completed its first licensing agreement in the UK to provide its
‘eiManager’ ATM monitoring software to Halifax plc. In Australia, Carreker
will provide its ‘FraudLink On-us’ and ‘FraudLink Deposit’ software to
monitor potential fraudulent activity across all check transactions within
the bank’s operations. In the UK, Carreker’s ‘eiManager’ will provide ATM
fault and device monitoring, as well as automated dispatch and escalation
of service requests, to the more than 2,500 ATMs operated by Halifax
throughout the U.K.
Dallas-based Carreker Corp. has signed a new fraud prevention contract in excess of $1 million with one of the largest banks in Australia and has completed its first licensing agreement in the UK to provide its ‘eiManager’ ATM monitoring software to Halifax plc. In Australia, Carreker will provide its ‘FraudLink On-us’ and ‘FraudLink Deposit’ software to monitor potential fraudulent activity across all check transactions within the bank’s operations. In the UK, Carreker’s ‘eiManager’ will provide ATM fault and device monitoring, as well as automated dispatch and escalation of service requests, to the more than 2,500 ATMs operated by Halifax throughout the U.K.
American Express, MasterCard International, and PacketVideo are the latest in a string of companies to sign on with the Personal Communications Industry Association to more fully understand the market potential in the estimated one billion people around the globe soon to be linked through mobile technologies.
! American Express, MasterCard International and PacketVideo recently became members of the PCIA Global Initiative, a combination of products and services designed to help members understand and navigate the fast-changing m-convergence global marketplace.
“The global market will help shape the future for these highly respected companies,” said Jay Kitchen, PCIA president and CEO. “They seek to understand the mobile consumer in key markets around the world, because no single industry sector, no single technology, and no single country or regulatory environment will determine their success,” he added.
The PCIA Global Initiative provides its members with tools and in-depth information about consumer attitudes and preferences, marketplace characteristics, technological issues, and regulatory topics in markets worldwide.
Membership has more than doubled since its launch in the fall of last year in response to the need for leadership in the increasingly cluttered and competitive m-convergence market.
“Worldwide mobile convergence–the collision of technology, commerce, and content in pursuit of the mobile customer–holds enormous opportunities,” said Kitchen. “But it’s confusing and fast-paced. The PCIA Global Initiative offers participating companies the tools and contacts to help them win in what amounts to a market revolution.”
“We will be best positioned to succeed if we understand how to meet the needs of the mobile consumer, and how those needs change from market to market and country to country,” said Elizabeth Hurvitz, Senior Vice President of Interactive Enterprise Development at American Express. “We believe the PCIA Global Initiative can help us increase our understanding of the global mobile market so we can deliver valuable products and services to our customers.”
“The single most important trend we see for the card market in 2001 is technology integration, which will give consumers ubiquitous access to their MasterCard payment accounts wherever they are. Utilizing new technologies such as digital wallets, smart cards, and wireless devices, MasterCard member financial institutions will ultimately deliver payment services at whatever point-of-interaction is closest and most convenient to their customer,” said Art Kranzley, senior vice president of Global e-Business at MasterCard International. “The PCIA Global Initiative will provide us additional insight into what consumers are looking for, and with it, a critical edge as we move forward with our e-Business strategy.”
PCIA has created additional products and services to help its members gain greater understanding of the m-convergence marketplace, notably the PCIA Global Market Monitor, which was unveiled to members last month. This online resource, exclusive for PCIA Global Initiative members, provides vital market and regulatory information, as well as an overview of the technical issues facing the industry.
“Membership in the PCIA Global Initiative will provide us with important consumer research to help us better understand which multimedia applications will be compelling in the different regions of the world,” said Fernando Corona, senior vice president of marketing for PacketVideo. “This information will provide direction for the ongoing development of our technology platform that will in turn enable our wireless carrier customers to create loyal subscribers.”
The PCIA Global Initiative membership is comprised of the interdependent mix of industries that comprise m-convergence: payment solution companies, content providers, carriers, network computing vendors, Internet service providers, software developers, device and semiconductor manufacturers and application service providers. Member companies to date are: ADC, Advertising.com, AeroComm, agentGO, Air2Web, American Express, Citibank, Clickservices, DMC Stratex Networks, Envoy Networks, fusionOne, Gwcom, Inc., Halfdome Systems, Idetic, Littlefeet, Inc., MasterCard International, MeshNetworks, MobileSys, Inc., OnMobile, Inc., PacketVideo Corporation, PCS Innovations, Psion, Sonera, Strategy.com(TM), TD Waterhouse Group, Inc., Ticketmaster, VISA International, and Weather.com.
PCIA is an association of companies seeking to compete in the global m-convergence marketplace. With roots in the wireless communications industry, the association is now dedicated to advancing seamless global communications through its strategic marketing, public policy expertise, events and educational programs. PCIA members include a broad base of interdependent mobile convergence players. PCIA is devoted to the rapid, cost effective deployment of mobile consumer-driven strategic products and services around the world.
About American Express
American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking. For more information, visit [www.americanexpress.com].
About MasterCard International
MasterCard International has the most comprehensive portfolio of payment brands in the world. More than 1 billion MasterCard, Cirrus and Maestro logos are present on credit, charge and debit cards in circulation today.
An association comprised of more than 20,000 member financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is the leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds.
With more than 19 million acceptance locations, no card is accepted in more places and by more merchants than the MasterCard Card. In 1999, gross dollar volume exceeded US$725 billion. MasterCard can be reached through its World Wide Web site at [http://www.mastercard.com].
PacketVideo, the global leader in wireless multimedia, develops MPEG-4 compliant software that enables the delivery, management and viewing of video and audio over current wireless networks to mobile information devices such as cellular telephones and personal digital assistants.
The company markets its software to wireless operators to ultimately enable mobile consumers to access a variety of applications, including news and financial stories, sports highlights, music videos, weather and traffic reports, and home or work security cameras, from any location.
PacketVideo’s investors include Credit Suisse First Boston, Intel Capital (NASDAQ:INTC), Motorola, Inc. (NYSE: MOT), Nexus Group LLC, Philips (NYSE: PHG), QUALCOMM Incorporated (NASDAQ:QCOM), Reuters Group PLC (NASDAQ:RTRSY), members of the Rockefeller family, Siemens Mustang Ventures, Sonera (HEX: SRA, NASDAQ:SNRA), Sony Corporation of America (NYSE: SNE), Sun Microsystems, Inc. (NASDAQ:SUNW), Texas Instruments (NYSE: TXN), Time Warner (NYSE: TWX), and others. To learn more, visit [www.pv.com].
Trintech Group plc, a leading provider of secure eCommerce payment
solutions, announced record fourth quarter and fiscal year revenues for the
period ended January 31, 2001.
Revenues for the fourth quarter ended January 31, 2001 were $15.5 million
compared with $9.0 million for the corresponding
quarter ended January 31, 2000, an increase of 72%. Revenues for the fiscal
year ended January 31, 2001 were $49.0 million
compared with $30.2 million for the corresponding fiscal year ended January 31,
2000, an increase of 62%.
The growth in revenue reflects demand for Trintech’s secure eCommerce
payment infrastructure solutions. This demand drove
fourth quarter software license revenue to $6.2 million, an increase of 80%
over fourth quarter license revenue last year of $3.5
million. License revenue for the fiscal year grew to $20.6 million, an increase
of 125% over the previous fiscal year’s license
revenue of $9.2 million. Services revenue for the fourth quarter grew 363% to
$2.6 million from $552,000 in the fourth quarter
last year while service revenue for the fiscal year grew 134% to $6.1 million
from $2.6 million in the prior fiscal year. Product
revenue in the fourth quarter grew 34% to $6.8 million compared with $5.0
million in the fourth quarter last year and grew 21%
to $22.3 million for the fiscal year over the corresponding period in the prior
Gross margin, including the cost of amortization of acquired technology of
$1.1 million, for the quarter was 39% ($6.1 million),
down from 47% ($4.2 million) in the corresponding quarter last year. Meanwhile,
gross margin, including the cost of amortization
of acquired technology, for the fiscal year ended January 31, 2001 was 46%
($22.4 million), up from 43% ($13.0 million) in the
corresponding fiscal year ended January 31, 2000.
On a proforma basis, excluding the cost of amortization of acquired
technology of $1.1 million, proforma gross margin for the
quarter was 47% ($7.3 million), compared with 47% ($4.2 million) in the
corresponding quarter last year. Meanwhile, proforma
gross margin, excluding the cost of amortization of acquired technology, for
the fiscal year ended January 31, 2001 was 48%
($23.6 million), up from 43% ($13.0 million) in the corresponding fiscal year
ended January 31, 2000.
“Our record fourth quarter and fiscal year revenues represent an important
milestone for Trintech and is encouraging to have
achieved such solid results,” says John McGuire, Chief Executive Officer. “We
are committed as a company to supplying our
customers with the most innovative and secure ePayment infrastructure solutions
to help them increase their revenues and reduce
their internal operating costs. Trintech has taken another leading step this
quarter and fiscal year as we strive towards our path to
In the fourth quarter ended January 31, 2001, Trintech continued to invest
in building a global organization and development of
innovative secure eCommerce payment infrastructure solutions. As a result,
sales and marketing expenditure grew 82% to $5.0
million, and research & development spending grew by 121% to $6.5 million over
the corresponding quarter last year.
Paul Byrne, Chief Financial Officer said “We continue to invest in research
and development, and sales and marketing to
strengthen the company’s leading position in the emerging mCommerce and
eCommerce marketplaces whilst focussing on the
path to profitability in this consolidating market.”
Basic and diluted net loss per equivalent American Depository Share (ADS)
for the quarter ended January 31, 2001 was
$(0.26) compared with the basic and diluted net loss per ADS of $(0.09) for the
corresponding quarter ended January 31,
In the quarter, the Company recorded a stock compensation charge of $1.2
million, equivalent to $0.02 per ADS, in relation
to stock options granted in 1999 at market value to the members of the
Company’s Advisory Board and to MasterCard as part
of a strategic alliance with the Company. The Company also recorded a charge of
$5.6 million for amortization of goodwill and
purchased intangible assets and a charge of $1.1 million in relation to the
amortization of technology, relating to the acquisitions of
Checkline plc, Sursoft, Exceptis Technologies and Globeset Inc. equivalent to
$0.11 per ADS.
Excluding the impact of the amortization of goodwill, purchased intangible
assets and technology and stock compensation
related charges, proforma basic and diluted net loss per ADS was ($0.12) for
the quarter ended January 31, 2001.
For the full year basic and diluted net loss per equivalent American
Depository Share (ADS) was $(0.59) compared with the
basic and diluted net loss per ADS of $(0.31) for the same period last year.
Excluding the impact of the amortization of goodwill,
purchased intangible assets and technology and stock compensation related
charges, proforma basic and diluted net loss per
ADS was ($0.35) for the full year period ended January 31, 2001.
Trintech announced that National Bank of Kuwait (NBK), Kuwait’s leading
banking organization, adopted Trintech’s
payment infrastructure technology to provide an Internet acquiring solution
for the Bank’s online retailers. National Bank of
Kuwait is utilizing Trintech’s PayWare eHost to host online retailers
enabling them to accept and process credit card
transactions. These transactions are routed to PayWare eAcquirer, an
Internet Payment Gateway, residing at National Bank
of Kuwait. The bank then processes the authorization and settlement
requests from the online merchant. Trintech’s security
partner, Entrust Technologies, provides the digital certificate technology
used to secure the transactions between the
merchant and National Bank of Kuwait.
State Bank of Mauritius (SBM) is licensing products from the Trintech
PayWare suite as it plans to develop global
eCommerce capabilities and will use Trintech’s PayWare eAcquirer as its
Internet payment gateway solution and PayWare
eHost as its server based merchant payment system. SBM is a leading
commercial bank in Mauritius and has a network of
50 branches in Mauritius, including mainland Africa and in India. SBM
recently unveiled plans to establish itself as an
offshore, international eCommerce hub by providing online merchants with
multi-currency acquiring services.
This quarter we announced a security alliance with RSA incorporating
PayWare(R) and RSA BSAFE(R) SSL-C
encryption software. The combined software solution enhances security for
financial institutions operating in real and virtual
card-based transactions. Trintech will incorporate this enhanced security
technology into its PayWare(R) eAcquirer(TM)
payment gateway infrastructure solution for financial institutions, payment
processors, e-commerce service providers, and
card organizations, allowing Trintech’s customers to securely authorize,
capture, route and settle all card-based transactions
originating from both the physical and virtual worlds of commerce. PayWare
eAcquirer provides the technology
infrastructure necessary to take advantage of global-based
business-to-consumer (B2C) and business-to-business (B2B)
Trintech announces the resignation of Jim Bidzos from its Board of
Directors. Bidzos served as a Non- Executive Board
member since February 1999 and is stepping down in pursuit of other
professional endeavours. Since its founding in April
1995, Jim has served as Chairman of VeriSign, Inc., a public key
infrastructure (PKI) company, as well as serving as a
Director and Vice Chairman of RSA Security, Inc. (formerly known as
Security Dynamics Technologies, Inc.) a data
security company. His resignation from the Trintech Board of Directors
removes any potential conflict of interest with his
current executive duties given Trintech’s security alliances with Baltimore
Technologies and Entrust Technologies.
— During this quarter we closed three of our acquisitions. The
acquisition of Sursoft, a privately held Latin American card
management software company was completed on November 15th.
Exceptis Technologies, a leading provider of B2B and B2C
Internet enabled payment infrastructure solutions for
automated payment card dispute resolution and fraud and risk
management for card issuers, financial transaction processors,
acquirers and merchants was completed on 20th November 2000.
We completed the acquisition of the primary assets of
Globeset, Inc., an Austin and Dallas, Texas based supplier of
secure ePayment infrastructure services and products for
buyers, sellers and financial service providers, on December
— This quarter we continued to execute our dual growth strategy
to plan. Our organic growth remains consistent and we are
currently focused on completing the integration of our four
acquisitions, Checkline, Sursoft, Exceptis, and Globeset. We
have already begun to experience many of the anticipated
synergies from the acquisitions such as increased cross
selling opportunities for new products to present and newly
acquired customers and demand for products in exciting new
— As Trintech continues to execute to plan to become the
dominant global provider of secure ePayment infrastructure for
the digital economy, we are investing and ensuring that we
educate our customers and partners while delivering on
shareholder value. With our substantial cash reserves and
comprehensive secure ePayment infrastructure solutions,
Trintech believes that it is well positioned to capture market
share in this consolidating market and lead our partners and
customers into the digital commerce economy.
Founded in 1987, Trintech Group PLC is a leading provider of secure
electronic payment infrastructure solutions for
card-based transactions for physical world commerce, eCommerce and mobile
commerce. The company offers a complete
range of payment software products for credit, debit, commercial and
procurement card applications, as well as being a world
leader in the deployment of payment solutions for Internet commerce that are
fully SSL and SET(TM) compliant. Trintech’s range
of scalable open systems architecture solutions for UNIX(R) and Windows NT(TM)
platforms covers consumer, merchant and
financial institution requirements for physical payments and the emerging world
of electronic commerce. Trintech can be
contacted in the U.S. at 2755 Campus Drive, San Mateo, CA 94003 (Tel
650/227-7000) and in Ireland at Trintech Building,
South County Business Park, Leopardstown, Dublin 18 (Tel 353-1-207-4000).
Trintech can be reached on the Web at http//www.trintech.com.