HFC Bank PLC, one of the largest affinity marketers in the U.K. and the wholly owned subsidiary of Household International Inc. is set to offer GBP400 million in credit card-backed securities. The new series to be issued by Affinity 001 PLC, is HFC Bank’s second securitization of U.K.-originated credit card receivables (the first being the Opus Series 1 PLC transaction in 1997). Standard & Poor’s has assigned preliminary ratings of AAA to Class A, A to Class B, and BBB+ for Class C. Class A represents GBP 338 million.
Toronto-based Oasis Technology has named David Pasieka to the position of president and CEO. Pasieka replaces departing president, chief executive officer and co-founder Ashraf Dimitri, who has led Oasis since its inception in 1989. Pasieka brings more than 23 years of global operations, senior management and business development experience at several technology companies, including World Gaming PLC, AT&T Canada, MetroNet Communications Corporation, 724 Solutions Inc., and Bell Canada. Oasis also noted it expects to close a round of funding with an aggregate value of US$5.8 million this month.
BT Ignite has selected nCipher plc to provide its nForce Hardware Security Modules for BT’s Verified by Visa services in Europe. The HSMs, validated to the Federal Information Processing Standard, are a mandatory part of the Verified by Visa infrastructure. Visa chose BT Ignite to deliver the Verified by Visa Issuer Service service to European issuing banks, and the service went live on 8th May 2002. To-date the following companies have commited to VbV in Europe: Pago; Corner Banca; WorldPay; Oko Bank; Bibit; Luottokunta; Caisse d’Epargne; and Barclaycard Merchant Services.
Toronto-based Oasis Technology has named David Pasieka as president and CEO to replace CEO and co-founder Ashraf Dimitri, who has led Oasis since its inception in 1989. Pasieka brings more than 23 years of global operations, senior management and business development experience at several of Canada’s technology companies, including World Gaming PLC, AT&T Canada, MetroNet Communications Corporation, 724 Solutions Inc., and Bell Canada. Since January 2002, Pasieka has held the position of president for Cedarvue Partners, a consulting company focused on supporting early-stage technology companies.
Allied Irish Banks p.l.c. has selected Trintech’s PayWare Resolve AS 5.0 to further automate the handling of disputed card transactions. AIB is Ireland’s largest card issuer and merchant acquirer. PayWare Resolve AS is an exception management system for acquirers and processors, that radically improves the management of exceptions and payment disputes. Version 5.0 provides enhanced functionality for simplified processing of transaction disputes and builds on the functionality of previous releases with increased efficiency.
Nottingham-based Experian has signed TSYS to implement Experian’s Probe strategy management software. The software will enable TSYS credit card clients to improve process efficiency by being able to more quickly tailor their account management strategies to fulfill the needs of the customer, ultimately resulting in better offers and services throughout the customer life cycle. TSYS has more than 229 million accounts on file. Experian is a subsidiary of GUS plc.
TSYS inked a deal to implement Experian’s Probe strategy management software. The software will enable TSYS credit card clients to improve process efficiency by being able to more quickly tailor their account management strategies to fulfill the needs of the customer, ultimately resulting in better offers and services throughout the customer life cycle. TSYS has more than 229 million accounts on file.
Hampshire-based De La Rue has acquired a controlling interest in US-based Sequoia Voting Systems, a provider of touch screen voting systems. De La Rue will acquire an 85% interest while Dublin, Ireland-based Smurfit will retain a 15% interest. De La Rue will make an initial cash payment of $23 million and the potential of subsequent payments up to $12 million during the next three years, based on agreed sales growth targets. Sequoia has installed more than 35,000 Direct Record Electronic full face and touch screen voting machines in 16 states. One in five of the world’s ATMs have a De La Rue cash dispensing mechanism inside and more than 2,000 financial institutions in 60 countries rely on De La Rue to secure their transactions.
Trintech Group reported this morning that service revenue increased sequentially by 19% and that pro forma operating expenses fell by 38% for the quarter ending April 30th, with end-of-quarter cash equivalent balances of $53.0 million. However, the company’s quarterly revenue fell 41% to $10.1 million compared with $17.0 million for the same quarter one year ago. Trintech says the decline is mainly attributable to a difficult market environment coupled with slower than anticipated new product launches. While service revenue was up significantly, quarterly product revenue decreased by 70% to $1.8 million as compared with the corresponding quarter last year. The decline in product revenue is mainly due to a general weakness in the Company’s European POS business line, particularly in the German market. Software license revenue decreased 31% to $5.2 million this quarter as compared to the corresponding period last year due to continued softness in the global IT market. Service revenue was relatively flat at $3.1 million as compared with the corresponding quarter of the previous year. For complete details on Trintech’s latest quarterly performance visit CardData ([www.carddata.com]).
London-based ID Data plc announced plans this week to raise 4.1 million pounds through a new stock offering. Proceeds of the placing will be used to fund growth in new business sectors including the
development of the Systems Division and ChipPort, as well as the payment of existing obligations and to permit certain strategic capital expenditure. The company said that despite difficult market conditions it has made progress since the end of March, and in recent weeks the firm has signed new contracts. ID Data says it believes that the impact of new sales, the move to higher margin business and the reduction of the fixed cost base will assist its move to profitability.
Trintech Group Plc, a global provider of
secure payment infrastructure solutions, announced at Retail Solutions
2002 the launch of PayWare SmartPIN, a complete Chip and PIN solution that
cost-effectively manages the imminent migration to chip-based credit and debit
PayWare SmartPIN is aimed at merchants and retailers that have immediate
requirements for a secure and standards-compliant Chip and PIN solution that
can integrate seamlessly with new or existing electronic point-of-sale (EPoS)
infrastructure. The solution includes Trintech’s proven PINPad hardware, EMV
application and application programming interface (API) that enables chip
acceptance with PIN authentication in any EPoS system.
PayWare SmartPIN is designed to tackle the growing fraud problem in
markets such as the UK. Recent statistics suggest that card fraud costs the
industry 400 million pounds sterling annually and is rising at 55 percent each
year (1). With counterfeit and stolen cards accounting for the majority of
all fraud, magnetic stripe technology with signature authentication has been
identified as a primary weakness of the current system. PayWare SmartPIN
allows merchants and acquirers to benefit from increased security, since chip
cards are extremely difficult to counterfeit and PIN verification is
inherently more secure than a signature. The banking industry has mandated
that, by 1 January 2005, any retailer that does not accept chip cards
authenticated by PIN will be fully liable for all card fraud.
“Chip and PIN offers retailers and merchants, and the financial community
a solution to the escalating fraud problem,” said Eamon Keating, General
Manager of Trintech’s eMerchant Division. “PayWare SmartPIN addresses the
issue of fraud without requiring significant changes to a retailer’s EPoS
environment. In addition, we have harnessed market-proven technology, such as
PayWare PINPad, to deliver one of the most market-ready and cost-effective
solutions in the industry.”
About PayWare SmartPIN
PayWare SmartPIN is a secure, standards-compliant, end-to-end Chip and PIN
solution that delivers significant benefits to merchants and retailers of all
sizes. The solution includes PayWare PINPad hardware, an EMV application and
application programming interface (API).
Trintech Launches PayWare Merchant Retail Edition,
Trintech Group Plc, a global provider of
secure payment infrastructure solutions, announced at Retail Solutions
2002 the launch of PayWare Merchant Retail Edition, a complete card processing
solution for retailers and merchants that reduces costs and dramatically cuts
PayWare Merchant Retail Edition is targeted at retailers and other
merchants who require integrated online card payment processing instead of
using stand-alone card processing terminals. The solution provides seamless
card processing integrated with the merchant’s electronic point-of-sale (EPoS)
system. The system has been carefully designed to reduce implementation time
and costs by enabling merchants and third party installation teams to easily
deploy and configure the solution by using an easy-to-use configuration
Certified by all of the UK’s leading acquiring banks, the solution is
designed to speed up transactions at the point-of-sale by performing rapid
online authorizations. This enables retailers to operate lower floor limits
for card transactions, thereby reducing the risk of fraud and the possibility
of improved merchant service charges. The speed of transaction allows
retailers to reduce queues and serve more customers.
By replacing stand-alone card payment terminals with an integrated
solution, retailers can avoid errors associated with keying data into two
systems, a common source of both operator fraud and customer dissatisfaction
in a retail environment. PayWare Merchant is also fully compliant with EMV
chip card acceptance with PIN authentication as a means of reducing fraud and
“We are providing retailers with a solution that is both easy to implement
and also provides features critical for point-of-sale merchants,” said
Eamon Keating, General Manager of Trintech’s eMerchant Division. “High on
this list is our support for chip and PIN which will become critical for
retailers in the coming months. We believe PayWare Merchant Retail Edition
will be an important enabling technology for merchants that want to reduce
costs, speed their time to market, boost profitability and improve customer
About PayWare Merchant Retail Edition
PayWare Merchant Retail Edition is Trintech’s latest generation payment
server that enables merchants to accept card payments and perform rapid online
payment authorization from any electronic point-of-sale (EPoS) system. It
also handles delivery of transactions for end-of-day settlement. The product
employs TCP/IP and serial messaging to ease the integration with a wide
variety of EPoS systems. A unique easy-to-configure installation wizard makes
PayWare Merchant Retail Edition easy to install and deploy.
Founded in 1987, Trintech 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.
Experian released Channel Match which has the ability to accurately link Internet purchases to catalog circulation. Channel Match identifies the relationship among promotional channels and analyzes the activity so marketers can better understand the effectiveness of e-mail, catalog, and direct mail campaigns. To achieve the best match, mail files and Internet files are processed through Experian’s proprietary matching logic which includes a variety of strategies to link the Internet buyer to the correct mail file record, even if that Internet buyer was included in multiple mailings. This matching solution gives multi-channel marketers the information they need to understand the links between the customer, promotion, and channel.