Hypercom has restructured its worldwide sales organization, dividing up the job among two executives. EVP Guilherme Blumenthal, who was responsible for Global Sales, is leaving the payment terminal maker. Instead, Emilian Elefteratos and O.B. Rawls will head sales. Elefteratos will serve as SVP, International Sales, and Rawls will serve as SVP, North American Sales. Elefteratos most recently served as President and CEO of SiVault Systems. Rawls has served five years as President of Hypercom North America. Both will report directly to William Keiper, CEO of Hypercom. Keiper was named CEO and President in August. Hypercom reported that net revenue for the second quarter was flat year-over-year at $64.0 million. (CF Library 8/9/05; 8/31/05)
GECF has inked a long-term card deal with North Carolina-based Stock Building Supply offering a private label commercial open account receivables program and a business revolving charge account with flexible payment options. Stock Building Supply Holdings, Inc, is a nationwide supplier of lumber, building materials and associated services with annual sales in excess of $4.1 billion. GE Business Credit Services will work with Stock to extend its market reach and increase sales – enhancing Stock’s ongoing efforts to serve more of the remodel and repair builder market. GE Consumer Finance, a unit of General Electric Company, is a leading provider of credit services with $150 billion in assets.
Experian has signed an agreement to acquire Expert
Credit Bureau (ExCB) from UCS Romania. ExCB serves clients from the
banking and non-banking industries in Romania. ExCB currently holds
mostly negative data but plans to move into both positive and negative
data processing shortly. Experian has implemented a global strategy
of acquiring complementary businesses that provide new products, new
data or entry into new vertical or regional markets, while leveraging
the core assets of the company. Experian provides information,
analytics, decision-making solutions and processing services. UCS Group
is a group of companies in Romania, providing services for
communications and the financial services industry.
Experian has launched “Commercial Fraud Insight,” a comprehensive fraud and authentication solution to prevent B2B fraud. Commercial Fraud Insight enables clients to verify that their risk analysts are treating suspect accounts properly using online management reports and draws on the depth and breadth of multiple Experian databases, including the National Business Database of more than 16 million U.S. businesses and Experian’s File One database of more than 215 million consumers. Experian provides information, analytics, decision-making solutions and processing services for organizations and consumers.
First Data announced that Peter Ellwood has been elected to the company’s Board of Directors and that Bernard Schwartz, a Director since 1992, has resigned. Ellwood is the former Group CEO at Lloyds TSB, a position he held from 1997 to 2003. Following the merger with Lloyds Bank in 1995, Mr. Ellwood became Deputy Group CEO of Lloyds TSB. Mr. Ellwood was CEO of Barclaycard from 1985 until 1989 and the Chairman of VISA International from 1994 until 1999. First Data is a provider of electronic commerce and payment solutions for businesses and consumers, serving 4.1 million merchant locations, 1,700 card issuers and millions of consumers.
Barclays’ Juniper U.S. card business is opening an operations center in Colorado Springs in October that will employ 450 by the spring of next year. Barclays will begin recruiting employees to work in the areas of bank operations, credit, collections, customer care, human resources and technology. Barclays PLC is a global financial services provider primarily offering banking, investment banking and investment management services.
Atlanta-based RBS Lynk has promoted Michael Frank to VP of its National Sales Grocery division. Frank brings 30 years experience in grocery, merchandising management and store operations. Frank will be responsible for developing RBS Lynk’s national sales strategy focused on grocery and related markets including chain drug and wholesale club chains. Frank assumes the role of Vice President after managing a national sales territory for RBS Lynk. RBS Lynk is a single-source provider of electronic payment processing services and is a non-bank subsidiary of Citizens Financial Group, Inc., a $148 billion commercial bank holding company headquartered in Providence, R.I.
Equifax, Experian and TransUnion announced an initiative to adopt coordinated encryption standards to assure the protection of sensitive consumer data when transmitted between data furnishers and credit reporting companies. The coordinated approach includes “Advanced Encryption Standard” and “Triple Data Encryption Standard” encrypted algorithms and a minimum of 128-bit key encryption. The three national credit reporting companies have also established an ongoing encryption task force to ensure the adopted standards reflect the continuing progress of technologies and methods.
Standard Chartered announced the launch of “Standard Chartered VISA Credit Card” in the Sultanate of Oman. Initially, the residents of Ruwi & Muscat will be able to apply for the Card, the minimum income required to apply for the card is RO 300 per month. The applicant is not required to hold an account with Standard Chartered Bank in Oman and no salary transfer is required to qualify for the card. Some of the
notable benefits include “Purchase Protection,” “Loss Card Cover,” “Travel Accident Insurance,” “Travel Inconvenience Benefits” and “Photosign” Card. The card also offers special discounts and privileges at selected shopping and dining outlets in Oman. Standard Chartered has 950 locations in more than 50 countries.
Egg has launched a new and unique product that combines a cash back credit card with an interest paying current account. The new “Egg Money
MasterCard” offers 1% cash back on purchases guaranteed until 2007, a 4%
annual interest rate on positive balances and a variable 6.9% annual
interest rate on negative balances. A special launch promotion increases
the cash back to 2% between November 16th and December 10th of this year.
Egg says the new card enables people to separate their spending money
from their regular monthly commitments. The “Egg Money Calculator” also
enables customers to define how much of their income they need to
reserve for recurring bills and how much is left over to spend. This
spending money can then be loaded each month via direct debit or debit
card into the customer’s “Egg Money Account.” To avoid debt problems, Egg limits credit lines to no higher than twice a
customer’s net monthly income.
BankWest and First Data have formed an alliance for
merchant acquiring services in the Australian market. BWA Merchant Services combines the benefits of BankWest’s local market
knowledge and existing merchant relationships with First Data’s
extensive merchant services experience and expertise. BankWest’s decision to form this alliance reflects the growth strategy
of its UK-based parent, HBOS. First Data has a long-standing
relationship with both BankWest and HBOS. It is anticipated that the business will move to First Data’s merchant processing platform over a period of eight months. The financial terms of the contract were not disclosed.
The latest “Experian-Gallup Personal Credit Index” has found that the “Index” is now at 77, down 21 points from last month and at the lowest level since its inception in March of this year. With gas prices reaching an all-time high and expected to continue their upward movement, consumers have apparently become more cautious about their credit situation. Gallup says the decline was driven mostly by consumers’ increased concern about making monthly payments, which is responsible for 10 points of the 21-point decline. Another major factor is consumer’s greater concern about being able to borrow money if needed, which is responsible for seven points of the decline.