Hypercom Corp. confirmed this morning the company has shipped its 5 millionth POS information and transaction terminal. The ‘ICE 5500’ terminal was shipped to the Europe’s alphyra Group. Hypercom’s ‘epic ICE’ terminals are compact, high-performance, touch screen information and transaction platforms. ‘ICE’ terminals integrate firewall-protected, multi-tasking, multi-applications functionality, along with EMV chip card capability, a secure PIN pad, secure software downloading, built-in HTML/HTTP Web browser, and integrated receipt printer. The ‘ICE’ platforms also support electronic signature and receipt capture, e-mail, on-screen advertising, interactive electronic coupons, and cash management reporting through a standard browser.
Ireland-based Trintech Group reported this morning that revenues for the quarter ending 1/31/02 remained flat at $15.5 million compared to the corresponding quarter last year, and that its quarterly net loss declined from $7.9 million one year ago to $3.1 million for the latest quarter. Trintech also announced that Cyril McGuire has been appointed CEO and John McGuire has been appointed President. Cyril McGuire will continue to serve as Executive Chairman. Trintech noted that it recorded an impairment write off of acquisition related goodwill and certain purchased intangible assets during the quarter amounting to $38.1 million. The impact of the market retreating for technology companies and the performance of the related acquisitions led the Company to write these assets down to their fair value. Trintech also announced today that it will incur a restructuring charge of $3.5 million in the current quarter. The Company expects that the restructuring will improve the performance of the organization by reducing costs, consolidating locations and combining operations and other activities. Trintech, founded in 1987, offers a wide range of payment software products for credit, debit, commercial and procurement card applications. For complete details on Trintech’s latest results visit CardData ([www.carddata.com]).
Barclays PLC announces that Barclays Bank has signed a conditional agreement to acquire the UK credit card operation of Providian Financial Corporation.
The deal, which is expected to be completed in the second quarter of this year, will be conditional upon clearance from the appropriate regulatory authorities.
The announcement comes just days after Barclays announced divisional operating profits for Barclaycard of ?555 million for 2001, up 20 per cent against the previous year, within the overall Barclays Group results. Barclaycard has previous experience of integrating credit card portfolios having recently incorporated the Woolwich credit card business.
The move underlines Barclaycard’s stated strategy to grow its core UK credit card business and gives Barclaycard ?395 million in receivables and ?10 million other net assets from the American-owned business’s approximately 500,000 customers in the UK*.
Providian is regarded as a leader in customer data management and customer acquisition which will complement Barclaycard’s own existing expertise in this area and its experience in assessing and managing customer value and risk.
Commenting on the deal, Barclaycard Chief Executive Gary Hoffman said: “This is a major development for our business and underlines our position as the UK’s leading credit card brand.
“The acquisition of Providian will extend our customer base and provide us with additional expertise in key areas including information based customer management.
“Providian’s expertise will help us move forward significantly in targeting products more specifically to customers’ needs.
“As a result of this deal, there will be the opportunity to provide Providian customers with access to a broader range of financial products which come with the Barclaycard brand.”
* Prepared under US GAAP; not audited
Barclays Bank announced this morning it has signed a conditional agreement to acquire the UK credit card operation of Providian Financial. The portfolio consists of $565 million in receivables and about 500,000 cardholders. Reportedly the portfolio premium is the range of 15% to 17%. The deal is expected to close during the second quarter after clearance from the appropriate regulatory authorities. Providian said earlier this month it was in negotiations for the sale of its credit card business in the United Kingdom, and that its planned disposition of its operations in Argentina is progressing on schedule. During the fourth quarter, Providian designated its foreign businesses as “discontinued” and as a result added $86 million to its fourth quarter loss. Providian is still seeking a buyer for $3 billion in high-risk, sub-prime U.S. accounts. Providian reported a net fourth quarter loss of $395 million from continuing operations, compared to an operating profit of $225 million for 4Q/00. For complete details on Providian’s 4Q/01 performance visit CardData ([www.carddata.com]). (CF Library 1/11/02; 1/18/02; 2/01/02; 2/8/02)
Experian, a leading provider of global information solutions, announced that First American Payment Processing Inc. has selected its eSeries Authentication Solutions to verify the identity of electronic check holders for their Automated Clearing House electronic payment processing. Experian’s powerful real-time authentication tool augments the security and integrity of electronic payment and debit transactions processed through First American’s Web site () on behalf of merchants worldwide.
“In the fast-paced world of today’s digital economy, the luxury of a face-to-face transaction may not always exist,” said Carl Towner, CEO of First American Payment Processing. “Consequently, providing a prompt and secure online customer experience is vital to a business’ success. In the absence of face-to-face interaction, Experian’s Authentication Solutions helps our merchants instantly verify customer identity and conduct secure transactions while safeguarding them from fraud.”
To give clients flexibility based on their business needs, eSeries Authentication Solutions offers three levels of real-time consumer authentication. Level one offers basic verification and standardization of name and address. Level two builds on level one with a customized interactive session with the customer that utilizes Experian’s extensive databases to verify customer identity. Level three provides complete authentication, drawing on levels one and two and adding customized, top of mind questions designed to be answerable by the consumer alone. Level three detects potential fraud and provides superior security to safeguard high-risk transactions and sensitive exchanges.
First American has integrated the most sophisticated level of Experian’s eSeries Authentication into their electronic payment processing combined with a scoring system customized by each of their merchants.
As a result, First American’s merchants receive the maximum protection from fraud and stay in the driver’s seat when it comes to approving transactions.
“Authentication is a vital step for safe and secure e-business of any kind,” said Scott Worthem, vice president and general manager of Experian’s e-commerce business unit. “Our relationship with First American Payment Processing illustrates how eSeries can be leveraged to fit the needs of merchant-transaction processors and their clients. We’re very pleased to be working with First American as their authentication provider.”
Experian enables organizations to find the best prospects and make fast, informed decisions to improve and personalize relationships with their customers. It does this by combining sophisticated and intelligent decision-making software and systems with some of the world’s most comprehensive databases of information on consumers, businesses, motor vehicles and property. Through multi-channel delivery of its Web-based products and services, Experian enables its clients to conduct secure and profitable e-business and develop state-of-the-art Customer Relationship Management (CRM) systems for communicating and building relationships with customers. Experian is a subsidiary of GUS PLC and has headquarters in Nottingham, UK, and Orange, Calif. Its 12,000 people support clients in more than 50 countries. Annual sales are approximately $1.5 billion.
For more information, visit the company’s Web site at .
About First American
First American is an ACH Processing company based in Phoenix, AZ. First American, through its Internet presence: , offers merchants a suite of services related to online transaction processing. These services include the most advanced tools available for account validation, online transaction reporting, and real-time online consumer authentication.
SchlumbergerSema, a business segment of
Schlumberger Limited, was commended in the IT category at the Management
Consultancies Association Best Management Practice annual award
ceremony on Wednesday, Feb. 6, for its IT consulting project at Diageo.
SchlumbergerSema was also runner-up in the e-business category for its work
with BT Group to develop BT’s e-presence.
“Winning these two awards is proof of the expertise and experience that
SchlumbergerSema Consulting has in delivering measurable benefits and
improvements in performance to its clients,” said Alan Russell, head of
Consulting at SchlumbergerSema.
MCA represents the leading United Kingdom-based consulting firms, which
currently employ over 20,000 consultants. This year the judging panel for
the MCA awards consisted of Tony Smith, MCA president and MD of Kurt Salmon
Associates; Lord Warner of Brockley, Chair of the Youth Justice Board; Lynne
Peacock, CEO of Woolwich plc; Leo Murray, Director of Cranfield School of
Management; and Simon Caulkin, Management Editor of The Observer.
Diageo, the world’s leading premium drinks company, appointed
SchlumbergerSema to provide consulting expertise to create an integrated
Information Systems (IS) capability following the merger of Guinness and
United Distillers and Vintners. Completed in a very tight timeframe, the
joint integration program was a clear success with one result being that
employees of Guinness UDV can now connect to local and global resources from
any Guinness UDV location, regardless of which company they worked for
previously. They can also utilize local technical support when away from
base location. Pilot phases for single messaging services are currently
being conducted in Holland and North America.
“Our integration program consisted of several large and challenging
projects,” said Geoff Thirlwall, director of IS global services at Diageo.
“SchlumbergerSema provided senior project management resources to head each
project and the overall program. The project management skills and focus
has contributed significantly to the seamless integration of the two Diageo
To ensure successful project delivery and overcome the integration
challenges, such as widely different working styles across the global
company, SchlumbergerSema and Diageo worked together to develop an IS
strategy. This included innovative use of change and program management and
the development of an integrated communication strategy in support of single
For BT Group’s Web site, SchlumbergerSema provided consulting services to
rapidly develop BT’s e-presence. The Web site has now been transformed into
a customer-led e-channel focused on sales, service and personalized customer
interaction, operating in an environment of accelerating delivery and
continuous improvement. Since the launch in September 1999, the site has
amassed in excess of two million registered users, receives over 10 million
hits per day and is the United Kingdom’s third largest ‘clicks-and-mortar’
site. (Nielsen Netratings).
“SchlumbergerSema has set the theme for continuous improvement and
innovation throughout the program, working with BT.com at all levels from
the management team to the project delivery groups,” said Kevin Clarke,
BT.com program director. “SchlumbergerSema proposed a number of initiatives
that were both innovative and forward thinking, and are currently being
evaluated as value-add propositions. The capability of SchlumbergerSema to
appreciate our business, share our goals and respond proactively has been a
major factor in our success to date.”
Leading and working in a wide range of key roles within the program,
SchlumbergerSema consultants shaped and influenced strategic thinking in a
number of areas, including use of new technologies, approaches and business
models, personalization and accessibility. Furthermore, through working with
the different businesses on requirements and suggesting new propositions,
SchlumbergerSema challenged existing business models and helped to add
commercial robustness to the overall approach.
SchlumbergerSema is a leading information technology services company
providing consulting, systems integration, managed services and products to
the telecommunications, energy and utilities, finance, transport and public
sector markets. With more than 30,000 employees serving customers in 65
countries, SchlumbergerSema is one of two business segments of Schlumberger
Limited, a global technology services company.
For more information about SchlumbergerSema, visit
Diageo is the worldÂ´s leading premium drinks business. Formed in December
1997 by the merger of GrandMet and Guinness, Diageo has an unrivalled
portfolio of brands including Smirnoff, Johnnie Walker, Tanqueray, Guinness,
J&B, Baileys, and Cuervo. The Diageo Foundation is the result of the
company’s commitment to contribute 1% of its worldwide trading profit less
interest, to the community. The Foundation’s purpose is to act as funding
and support vehicle for corporate social investment program and charitable
giving and matching.
For more information about Diageo and the work of its Foundation, please go
About BT Group
BT Group plc is one of the world’s leading providers of telecommunications
services and one of the largest private sector companies in Europe. Its
principal activities include local, long distance and international
telecommunications services, Internet services and IT solutions. In the UK,
BT serves more than 28 million exchange lines as well as providing network
services to other licensed operators. BT.com is BT Group’s main web presence
for its 21 million UK customers, helping them to make new connections in
their relationships, communities, businesses and lives.
“Student debt has increased by a quarter in 12 months, yet on average students spend Â£20 a week on drink and 86% own a mobile phone”, according to the Student Living Report 2002, published today.
The report represents one of the most comprehensive quantitative surveys of full time undergraduate and postgraduate students. The findings are part of an ongoing study to explore how students are meeting the challenges and opportunities of the higher education experience.
This year the report addresses new areas such as attitudes to politics, part-time work, living on a budget and stress, whilst uncovering fresh information on issues covered in the 2001 report such as academic studies, accommodation, financial preparations and crime.
The UNITE Group plc, the UK’s leading specialist provider of student accommodation services, commissioned MORI (Market & Opinion Research International), to conduct the survey among over 1,000 full time undergraduate and postgraduate students at universities across England, Scotland, Wales and Northern Ireland between October and November 2001. Interviews were conducted face to face across twenty universities.
Headline findings from the report show:
– 1 in 4 students are now admitting to financial trouble
– At the start of the academic year 2001 / 02 university students say they currently owe and must repay on average Â£4,203, an increase of Â£877 since last year (26%).
– 43% of students have a part-time job during term time (1-29 hours per week)
– Student debt and juggling university work with other commitments are the worst aspects of university life
– 46% of students would prefer the current system of student loans to the new system of maintenance grants and higher student taxation on graduation.
– 90% believe that the money they are spending on their education is a good investment in their future.
– If there was a general election tomorrow, our young professionals in training would vote as follows: 28% Labour, 20% Lib Dem and 11% Conservative.
– Students are more likely to support a Single European Currency than the General Public.
– Given the choice, students said they preferred the current system of student loans (46%) to any potential new system involving maintenance grants and graduate taxation.
– Going to the pub is the preferred social pursuit of 52% of students. On average, students spend Â£20 on alcoholic drink in a typical week.
– Two-thirds of students own a PC and/or laptop – an increase of 7% from last year-86% of students now own a mobile phone.
– Over half of students admit to being more stressed since starting at university
– 86% have an optimistic outlook for the future and 88% are happy with life.
– 96% consider going to university a worthwhile experience.
– 25% of students have been a victim of crime.
– 60% of students still believe in the institution of marriage.
– If there was a general election tomorrow, our young professionals in training would vote as follows: 28% Labour, 20% Lib Dem and 11% Conservative.
– Students are more likely to support a Single European Currency than the General Public.
Given the choice, students said they preferred the current system of student loans (46%) to any potential new system involving maintenance grants and graduate taxation.
Commenting on the Student Living Report, UNITE’s Chief Executive, Nicholas Porter, said:
“The Student Living Report 2002 is one of the most comprehensive studies of the views, concerns and aspirations of students. This year’s research has highlighted some interesting issues such as the fact that over 50% of students now admit to more stress since starting at university, and that three quarters are in debt. Through continuous research, UNITE can keep pace with changing student lifestyles. We will not only be better equipped to help our partners within the HE sector plan for their future accommodation needs, but will also be able to support students through care and welfare in our own student accommodation.”
Professor Bob Worcester, Chairman of MORI, added:
“The `Student Experience’ is constantly evolving. To ensure that their needs and wants are met, it is important for all involved in the provision of Higher Education services to gain an in-depth understanding of the issues facing today’s students. MORI is delighted to be working in partnership with UNITE for a second year to present the findings of this enlightening survey.”
Technical Note: MORI conducted 1,068 face-to-face interviews with full-time undergraduate and postgraduate students between 22nd October and 16th November 2001.
Additional press releases are available and Photographs can be accessed via password at the Company’s website at http://www.unite-group.co.uk.
NanoPierce Card Technologies
GmbH, a subsidiary of NanoPierce Technologies, Inc., announced
that Mr. Richard Lancaster joins the subsidiary, effective February 1,
2002, as Chief Financial Officer.
He will manage and further develop the company’s financial and management
reporting, costing and business planning and will be responsible for several
key internal projects. Mr. Lancaster will report directly to Dr. Michael E.
Wernle, CEO and President of NanoPierce Card Technologies GmbH.
Mr. Lancaster has very strong international experience in the management of
technology companies, focusing on financial management. He has a masters
from the University of Cambridge, U.K., in electrical and information
engineering and an MBA degree from the world-renowned INSEAD, Fontainebleau,
France. He started his career in 1988, defining and implementing financial and
sales processes and IT solutions, initially in the U.K. with the pan-European
ICI Chemicals and Polymers Plc and from 1991 with EDS Consulting in
1995 he joined Booz, Allen & Hamilton, a leading international management and
technology consulting firm. Based in Munich, he has been responsible for major
change programs and teams for technology clients throughout EMEA (Europe,
Middle East, Africa) and in the U.S., including implementation of controlling
instruments, financial and strategic business planning and liquidity
Commenting on his new position with NanoPierce Card Technologies, Mr.
said: “I am very impressed by the potential of the NanoPierce technologies,
quality of the team and the results already achieved and foreseeable for the
near future. I look forward to making a major contribution to the firm’s
“Mr. Lancaster’s experience in financial management, technology industries and
in managing key programs will make him an important addition to our team. I am
really glad to have him on board and consider this as another crucial step to
enrich our staff with qualified key personnel,” stated Dr. Michael E. Wernle,
CEO and President of NanoPierce Card Technologies GmbH.
NanoPierce Technologies, Inc., through its two subsidiaries, recently
the initiation of production for smart inlays and WaferPierce(TM) (January
15-16, 2002). Mr. Paul H. Metzinger, President and Chief Executive Officer of
NanoPierce Technologies, Inc., said, “In light of our recent announcements
about production and our stated intention to aggressively capture significant
market share in our strategic markets, Mr. Lancaster’s credentials, expertise
and experience, especially in corporate finance and technology management,
evidence to the semiconductor and financial industries that we intend to
a participant not easily ignored.”
About NanoPierce Technologies, Inc.
NanoPierce Card Technologies GmbH is a 100% subsidiary of NanoPierce
Technologies, Inc., of Denver, Colorado, U.S.A., which is traded on the Nasdaq
stock market (OTCBB:NPCT) as well as on the Frankfurt and Hamburg exchanges
(OTC:NPI). In addition to the 12 patents it owns, NanoPierce has numerous
applications pending, others in preparation, and various other intellectual
properties related to NanoPierce’s proprietary NCS(TM) (NanoPierce Connection
System). This advanced system is designed to provide significant improvement
over conventional electrical and mechanical interconnection methods for
high-density circuit boards, components, sockets, connectors, semiconductor
packaging and electronic systems.
For more information about NanoPierce Technologies, Inc., log on to the
Company’s website at
Trintech Group Plc, a global provider of secure payment infrastructure solutions, announced that PRE Solutions, Inc. has selected Trintech as the infrastructure provider of software and hardware for their next generation multinational prepaid transaction processing system.
As part of the agreement, PRE Solutions will use Trintech’s PayWare 9300i terminals and PayWare PrePay Host software to manage the distribution of prepaid cellular services, prepaid long-distance products, prepaid Internet access and other prepay applications in a wide range of retail outlets, known as replenishment points. The Trintech platform will enable PRE Solutions to more efficiently manage the routing and balancing of the rapidly increasing volume of prepay transactions the company processes each day.
In the initial phase, PRE Solutions will deploy Trintech electronic payment terminals in outlets that range from grocery and convenience stores to check cashing locations and gas stations. PRE Solutions expects its replenishment network to grow substantially in the next few years.
Trintech’s highly scalable prepay solution is designed to support a wide range of prepay products including disposable and reloadable schemes. Going forward, Trintech will work closely with PRE Solutions to deploy other prepay applications as the rapidly expanding market for prepay services continues to evolve. These services may include loyalty programs, stored value cards, cable service, utilities, and more.
“Trintech has proven to be an ideal partner for PRE Solutions and we are looking forward to a fruitful on-going relationship,” said Richard Hebert, Chief Technology Officer at PRE Solutions. “Our aim is to provide consumers with an easy-to-use, one-stop environment that meets all of their prepaid replenishment needs. With Trintech’s PayWare technology we can now offer our customers the enhanced services they are requesting.”
“We are delighted to have been chosen by PRE Solutions for the roll-out of this exciting project,” said John Harte, Group EVP at Trintech. “Our end-to-end PayWare infrastructure is ideally suited to the exacting demands of the prepay environment. With multiple applications supported across a variety of retail outlets, we believe PRE Solutions will harness the true potential of the growing prepay market in the US.”
About PayWare PrePay
PayWare PrePay is a comprehensive and proven solution that provides electronic purchase, top-up or replenishment of cellular prepay, long distance calling cards and many other prepaid accounts and services. Currently many prepaid services rely on the distribution of vouchers or scratchcards. PayWare PrePay replaces this costly and inefficient paper-based distribution with an online point of sale solution that improves profitability, reduces theft, requires no stock and improves cash flow throughout the distribution chain. PayWare PrePay enables retailers and merchants to deliver multiple transactions through a single point-of-sale device or terminal. The solution also supports integrated point-of-sale, call center, IVR and Internet prepay transactions.
About PRE Solutions
Based in Norcross, GA, PRE Solutions, Inc. is a leading provider of prepaid transaction processing solutions to retailers and providers of goods and services. To retailers PRE Solutions offers highly profitable, convenient, secure and easy-to-use point-of-sale systems for processing the sales of numerous prepaid products by multiple providers. To providers of prepaid products, PRE Solutions offers cost-efficient access to an international distribution network of replenishment partners and a robust transaction processing system.
The PRE Solutions system features real-time product delivery, transaction accounting and reporting, and accelerated payment transfer-all within the most secure and reliable processing environment in the industry. PRE Solutions’ current prepaid wireless providers include Cingular Wireless, VoiceStream Wireless, AT&T Wireless, ALLTEL and CallPlus. The company also offers prepaid Internet service through Slingshot, Inc., prepaid home telephone service via 1-800-RECONEX and prepaid long-distance from several national providers. PRE Solutions’ lead investor is ITC Holding Company, the primary investment sponsor of a number of successful companies, including Telecom*USA, Powertel, MindSpring, ITC^DeltaCom, Headhunter.net, and Knology. PRE Solutions can be contacted at 520 Guthridge Court, Suite 100, Norcross, GA 30092 (Tel: 770-349-2300). PRE Solutions can be reached on the Web at [http://www.presolutions.com]
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 SETï¿½ compliant. Trintech’s range of scalable open systems architecture solutions for UNIXÂ® and Windows NTï¿½ 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 94403 (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].
Schlumberger Limited reported 2001 operating revenue of $13.7 billion, an
increase of 43%
2000 including the second quarter acquisition of Sema plc.
Income of $819 million, excluding exceptional items, was 11% higher than last
year with diluted earnings per share of $1.41 representing an 11% improvement
on 2000 results.
Diluted earnings per share, excluding acquisition related costs and
items, were $1.98 compared with $1.44 in 2000.
FOURTH QUARTER 2001 RESULTS
Fourth quarter operating revenue of $3.6 billion was 33% above fourth quarter
2000. Excluding exceptional items of $5 million, net income was $179 million.
Diluted earnings per share, excluding acquisition-related costs and
items, were $0.49 compared with $0.46 for the same period last year and $0.51
for the third quarter 2001.
Oilfield Services revenue increased 21% versus the fourth quarter of 2000. In
contrast to the worldwide M-I rig count, which decreased 8% over the same
period, revenue excluding WesternGeco, increased 14%, and was down 2% compared
to the third quarter of 2001. This compares favorably to the sequential
quarterly average rig count drop of 13%.
SchlumbergerSema posted sequential revenue improvement of 10% to $953 million
for the quarter with pretax operating income growing 12% to $21 million.
During the quarter, Schlumberger completed the replacement of its main bank
facilities, including the Sema bridge facility. The program consisted of
issuing bonds in Europe for a total of $1.9 billion, with maturities ranging
from 7 to 31 years as well as securing long-term commercial paper backstop
facilities totaling $4.6 billion in the USA and Europe.
Chairman and CEO Euan Baird commented:
“2001 proved to be a milestone year for Schlumberger with Oilfield Services
revenue and net income achieving all-time record levels. Schlumberger Network
Solutions grew by 91% due mostly to E&P sector contracts, a clear sign that
industry is recognizing the importance of IT global connectivity and
information security solutions to enhance business processes and
decision-making capabilities. Today, Schlumberger is the only company able to
provide a complete range of technology services from the reservoir to the
desktop or mobile device anywhere in the world.
“The integration of Sema into Schlumberger progressed well largely due to the
cultural similarities of the two companies. As a result, we expect to surpass
the cost synergies that we set out to achieve and foresee the continued
improvement in SchlumbergerSema profitability during the coming year.
“The focus provided by the Sema acquisition allowed us to accelerate our
divestiture program. The $900 million of cash generated by the sale of
businesses put us on track to attain our objective of reducing our
debt/capitalization ratio to 30% by 2003.
“Our business in 2002 depends heavily on the timing and strength of the
economic recovery in North America. We are still expecting the recovery to
happen mid-year but the current world political situation is sufficiently
unstable to make any predictions risky.”
SchlumbergerSema reported 4Q/01 operating revenues of $953 million. Cards revenue of $173 million were up 18% compared to the prior quarter and flat year-on-year. Demand in Europe for banking smart card solutions, and major banking contracts for consulting and systems integration for the deployment of EMV standard smart card transaction systems in Brazil and UK, contributed to revenue growth in the finance market. Revenue gains were partially offset by strong SIM price competition in Asia. eTransactions revenue growth was up 31% year-on-year. Driven by the introduction of the euro, off-street parking and financial system revenues reached a record high level. SchlumbergerSema also completed the second successful technical rehearsals in Salt Lake City for the complex systems and integrated technologies that will be used during the ‘2002 Olympic Winter Games’. For complete details on Schlumberger’s 4Q/01 results visit CardData ([www.carddata.com]).
In an effort to turn the tide on escalating application fraud losses that now top $35 billion annually in the U.S., major American financial institutions are following the example of companies in the U.K. by implementing Detect, an application fraud prevention system from Experian, a leading provider of global information solutions.
Detect is an online, real-time fraud detection resource that is ideal for large retailers and insurance, telecommunications and financial services companies processing 100,000 or more credit reports annually because it can be easily integrated into the organizations’ processing systems to help them predict fraud more quickly and accurately. Detect uses a variety of customizable policy rules that are applied to credit applications, fraud records and credit data to highlight potentially fraudulent or high-risk applications. A numerical fraud index feature helps users prioritize workload and account review.
Detect is unique in that it includes a review of previously submitted applications, seeks inconsistencies between information on credit applications and credit history available in Experian’s comprehensive credit file, and inconsistencies in multiple credit applications. It operates on the basis of data reciprocity, incorporating shared data from the National Fraud Database, the first national repository of verified fraudulent credit activity, which is maintained by Experian.
As a result of client requests, Detect has already been integrated into Transact, the Experian-Scorex Application Processing System and is now available to all Transact clients.
“During a worldwide economic downturn like the one we are experiencing, credit grantors are apt to see an increase in application fraud, in part as more people become adversely affected and may resort to fraudulent behavior,” said Lyn Porter, vice president of Experian’s decision solutions marketing group. “Experian is leading the way with its global fraud prevention initiative.”
Porter said that as a consequence of making Detect an essential part of their application review process, Experian customers abroad have significantly decreased the amount of write-offs associated with fraud and increased their overall application approval rate.
“With application fraud estimated to cost UK industry about 1 billion British pounds (almost $2 billion dollars) per annum, it is essential that all lenders have a comprehensive anti-fraud strategy,” said Chris Green, director of risk at Ford Credit Europe. “Our experience over the last five years has shown that Detect should be a key element of this strategy.”
Ford Credit is one of over 60 major UK lenders that have jointly saved the equivalent of hundreds of millions of dollars in fraud losses by utilizing Detect.
Geoff Clarke, a senior manager within Lloyds TSB Personal Banking, the third largest UK bank, concurs. “The Detect system offers an unique informed analysis of an individual applying for a product allowing Lloyds TSB to sell to non LTSB customers with more confidence due to the likelihood of fraud being assessed.”
“Tools like Detect will help credit grantors to eventually gain the upper hand against would-be fraudsters,” said Porter. “We encourage companies that want to improve profitability and performance in today’s increasingly challenging environment to implement this proven application fraud detection resource.”
Experian enables organizations to find the best prospects and make fast, informed decisions to improve and personalize relationships with their customers. It does this by combining sophisticated and intelligent decision- making software and systems with some of the world’s most comprehensive databases of information on consumers, businesses, motor vehicles and property. Through multi-channel delivery of its Web-based products and services, Experian enables its clients to conduct secure and profitable e-business and develop state-of-the-art customer relationship management (CRM) systems for communicating and building relationships with customers. Experian is a subsidiary of GUS plc and has headquarters in Nottingham, UK, and Orange, California. Its 12,000 people support clients in more than 50 countries. Annual sales are approximately $1.5 billion.
For more information, visit the company’s web site at [http://www.experian.com] .