In today’s CardFlash News Que: THREATMETRIX (award); DEBIT WAY (expansion); BLUEFIN (Paydunk); and COMPARECARDS (evolve24).
SecureNet has named Matt Odirakallumkal senior vice president of risk management. Here he will oversee the improvement of SecureNet’s merchant experience, including automated underwriting and boarding, and the simplifying of SecureNet’s online merchant application. He will also be responsible for increasing the speed at which new customers are onboarded. Matt will lead the underwriting and risk divisions at SecureNet.Matt has nearly 25 years of experience in the financial services and credit industries. In his previous role at Braintree, Matt led the development of the company’s underwriting and risk management strategy which included streamlined merchant boarding, establishment of underwriting/risk policies and procedures as well as the implementation their risk management system. He has served with Braintree and as director of US credit for Moneris Solutions.
According to a new White Paper released today by NACHA – The Electronic Payments Association and PayItGreen, nearly 30-40% of consumers receiving financial statements and bills online also receive paper versions, according to Javelin Strategy & Research. Known as “double dipping,” surprisingly exists primarily among Gen Y and Early Adopters. However, Gen Y and Early Adopters are more likely to respond positively to messages encouraging a complete transition to paperless while nearly 20 % of Gen Y consumers simply forgot to turn off paper statements, 41% of whom would be receptive to the automatic shut-off of paper statements when signing up for online billing and payments- to which 48% of early adopters would be receptive.
With only 19% of US employees implementing ‘split’ Direct Deposit, those whom do so save an average of 30% more than those who save manually. Moreover,
73% of those whom implement ‘split’ Direct Deposit use it to save. This, according to the National Payroll Week “PayItGreen Survey 2010” also found
employees are opting to split their Direct Deposit into more than two accounts, among which 74% put funds into two accounts; 21% divide them up into three
accounts; 5% deposit money into three or more accounts; and 69% find the ability to split their pay over multiple accounts somewhat motivating in choosing
Risk management provider MicroBilt has added Michael Nathans and Tom Smith to the Board of Directors.
Michael Nathans, PRBCâs founder and now Chief Development Officer of
MicroBiltâs PRBC Division, and Tom Smith, a founder of Total Technology
Ventures, have been added to the board and will have full voting roles.
Nathans founded PRBC in 2002, after 25 years in the residential real
estate and finance industries. Prior to founding the company, he was a
Senior Manager with PriceWaterhouseâs Asset Securitization, Mortgage
Banking, and Financial Risk Management practices. Mr. Nathans also
co-founded Just the Facts, Inc. one of the first services to use credit
histories and court records to screen tenants for apartment complex
owners and managers. Smith is one of the founders of Total Technology Ventures, an
Atlanta-based venture capital firm that provides capital primarily to
early and expansion-stage financial technology companies. Prior to
founding Total Technology Ventures, he was Vice President of Small and
Medium Business at IBM. Earlier, he was the Southern Area General
Manager for IBM’s sales, marketing and services business in a 13-state
VA-based Transaction Network Services has hired Edward Robles, a 20-year payment systems expert, as VP/GM for Latin America. Prior to joining TNS, Mr. Robles served for five years as an independent consultant in the financial services industry, where he worked with small-to-medium-sized organizations primarily in the areas of ATM, PoS, EFT and wire transfer solutions. He has a BS in business administration and a BA in management from the University of Phoenix and an MBA in international business from the American Intercontinental University. Transaction Network Services is one of the leading providers of business-critical, cost-effective data communications services for transaction-oriented applications.
Retail Decisions plc, an international supplier of payment card risk management services, announced that the company has signed a partnership agreement with First Ecommerce Data Services Limited (FEDS), a global, multi-currency e-payment processing solution company targeting small-to-medium-sized banks. FEDS is a wholly owned subsidiary of First Ecom.com Inc. (NASDAQ: FECC, BSX: FECC, FECC BH). The referral marketing agreement will enable FEDS to offer Retail Decisions’ risk management and fraud detection services as an extension of its product offerings to clients.
“FEDS is one of the first offshore credit card transaction processing companies to offer multi-currency processing and settlement,” said Carl Clump, CEO of Retail Decisions. “This relationship will enable us to introduce our services to the FEDS client base and help us strengthen our position within the offshore international banking community. This is a tremendous testimony to the value of our fraud prevention services and their increasing applicability on a global basis.”
Retail Decisions and FEDS are joining marketing efforts to provide customers with added-value solutions. The relationship will provide Retail Decisions with a new distribution channel for its fraud protection services and FEDS benefits by being able to offer its clients a leading fraud protection service. “After an extensive search of the marketplace, it became clear to us that Retail Decisions was a true leader in the credit card fraud protection arena,” said David Lema, Chief Executive Officer of FEDS. “In addition to its neural technology and expansive global lost and stolen cards databases, Retail Decisions provides a customized fraud protection solution which is based on our clients’ specific requirements.” We are confident that our relationship with Retail Decisions will prove beneficial to our client base.”
About Retail Decisions
Retail Decisions ([www.redplc.com]) is a card-based transactions services business that provides fraud prevention to the finance, telecommunications, retail and e-commerce industries. By leveraging both, rules-based and predictive neural risk management and analysis tools, Retail Decisions is able to identify and prevent payment card fraud. The company currently protects nearly 10,000 retail sites globally. In 2000, Retail Decisions processed more than 1.25 billion card transactions, stopping an estimated $113 million in fraudulent purchases.
Retail Decisions has more than 15 years’ experience in credit card risk management and payment settlement services to the telecommunications industry in the US, and currently supplies its services to over 45 telecoms companies. ReD is publicly traded on the official list of the London Stock Exchange under the trading symbol, “RTD”. More information about ReD is available by visiting the company Web site at [http://www.redplc.com].
About First Ecommerce Data Services Limited (FEDS)
A wholly owned subsidiary of First Ecom.com Inc. (NASDAQ: FECC, BSX: FECC, FECC BH), FEDS provides banks and financial institutions in the Asia Pacific, Americas and Caribbean region with universal, secure, cost efficient electronic payment solutions.
FEDS is an independent third-party processor. It works with existing processors and financial institutions to provide merchants with a multi-currency, advanced electronic payment processing solution. The FEDS Processing Solution supports both online and batch, processing for credit and debit cards as well as real time authorization, electronic merchant settlement and comprehensive risk management and financial reporting services.
U.S. Bancorp announced this morning the signing of a definitive agreement to acquire NOVA in a stock and cash transaction valued at approximately $2.1 billion. Following the acquisition, the combined companies will have more than $100 billion in payment processing volume in 2001. NOVA has a client base of 560,000 small-to-medium sized businesses and U.S. Bancorp’s base of 90,000 customers includes larger merchants and airlines. U.S. Bancorp provides services to 2,900 financial institutions and agent banks. NOVA provides payment servicing to over 1,800 banks, 30 trade associations and 150 Member Services Providers. Under terms of the agreement, NOVA will retain the NOVA Information Systems name and will become a wholly owned subsidiary of U.S. Bancorp, led by Edward Grzedzinski who currently serves as NOVA’s chairman, president and CEO. NOVA reported first quarter total revenue of $370.1 million and EBITDA of $51.5 million, according to CardData.
AltaVista, the Internet’s premier media and commerce network, in partnership with Intershop Communications and CyberSource Corporation, announced Thursday Homebase StoreFronts, a new e-commerce solution created for merchants who want to capitalize on the traffic-generating power of the AltaVista network.
Homebase StoreFronts significantly raises the level of service Homebase local media partners can offer to their advertisers by expanding beyond basic advertising to full-blown e-commerce transaction capability, all within the partner’s portal site. Developed by AltaVista’s Zip2 division, Homebase is the leading local portal service that enables media organizations to combine their highly relevant local content with the vast resources of a standard portal.
Intershop Communications, the leading provider of sell-side electronic commerce hosting solutions, will provide the critical underlying technology to power Homebase StoreFronts. AltaVista will offer Intershop ePages to provide merchants with the ability to rapidly launch e-commerce Web sites and to drive local traffic directly to their storefronts from sites throughout the AltaVista network.
AltaVista also announced that CyberSource, a developer and provider of real-time e-commerce transaction services, is providing its Credit Card Processing and Internet Fraud Screening services to power the buy buttons of Homebase StoreFronts. Used by many of the Internet’s most successful merchants, CyberSource Credit Card Processing enables rapid, real-time payments worldwide in over 150 currencies, including the EURO. The popular CyberSource Internet Fraud Screen enables AltaVista to offer Internet merchants highly effective customized fraud screen.
“Homebase StoreFronts offers a powerful answer to the two questions that most plague prospective e-merchants — ‘How do I quickly get my e-commerce site up and running, and how do I get shoppers there?'” said Bruce Murray, vice president of marketing at AltaVista Zip2.
“We selected Intershop as a technology provider based on their focused expertise in the e-commerce field. Our additional partner, CyberSource, provides the Internet’s most complete range of outsourced e-commerce transaction services. With AltaVista’s one-stop solution, merchants no longer have to pursue hosting, advertising and site maintenance solutions from an assortment of unrelated vendors.”
AltaVista’s new e-commerce package, Homebase StoreFronts, will enable small-to-medium-sized businesses to build and manage online stores quickly, easily and affordably. Using a step-through setup interface and wide range of template-based designs, merchants can build a basic site in minutes or work in their spare time over several sessions to create an advanced StoreFront.
With Homebase StoreFronts, merchants can create a secure Web store with shipping options, tax information, and real time credit card processing. A robust upgrade path for merchants in need of more advanced functionality, including hosting and professional services, is planned for the end of the year.
AltaVista’s innovative e-commerce package will deliver both worldwide and local traffic directly to the merchant’s storefront. A user searching for an item in a specified geographic area can now access the merchant’s information through AltaVista and, using Intershop’s e-commerce technology, can order the item and either have it delivered or pick it up immediately. This full-circle solution will allow merchants to follow consumers’ impulse-to-buy to completion.
“We are excited to be working together with AltaVista to provide e-commerce technology to local merchants,” said Stephan Schambach, CEO of Intershop. “AltaVista is known and respected as the pioneer of the most powerful search engine to date and is one of the top 10 most trafficked sites on the Web today. The Intershop-powered e-commerce offering will further cement AltaVista’s reputation in the online commerce world.”
“CyberSource e-commerce transaction services coupled with Intershop product offerings and AltaVista’s market-leading position and reach make Homebase StoreFronts a formidable turnkey solution,” said Erna Arnesen, VP of Channels and Partners for CyberSource. “CyberSource has a strong history of delivering reliable and scalable commerce transaction capabilities. We look forward to increasing the acceptance of Internet commerce among small to mid-sized businesses through this relationship.”
Homebase StoreFronts will be available to AltaVista Homebase partners and their advertisers during the 3rd quarter of 1999.
About AltaVista Company
AltaVista Company is the premier online media and commerce network. The company integrates unique Internet technology and services to deliver relevant results faster for both individuals and Web-based businesses. By combining distinctive AltaVista brand services with “best of the Web” partnerships, the AltaVista Network creates the most satisfying Internet experience.
AltaVista is building on its heritage of technology and innovation leadership, offering award-winning services including: AltaVista Search, AltaVista Local Portal Services (Zip2), and AltaVista’s Shopping.com. For more information, visit AltaVista at [http://www.altavista.com].
About Intershop Communications, Inc.
Intershop Communications, Inc. is the world’s leading provider of sell-side electronic commerce software for complete business-to-business and business-to-consumer solutions. Intershop customers include many of the world’s largest telecommunications companies and commerce service providers such as BCE Emergis, Bell South, Concentric, Deutsche Telekom, France Telecom, Mindspring, PSINet, Swisscom, Telecom New Zealand, and Ticketmaster Online-CitySearch.
Major corporations have chosen Intershop as their enterprise e-commerce application including Bosch, Canon USA, Celestial Seasonings, Electronic Arts, Hewlett-Packard, Mercedes Benz U.S. International, Nat West and Silicon Graphics. To date, Intershop is the global leader in Internet commerce licenses with more than 20,000 store licenses sold.
Founded in 1992, Intershop is headquartered in San Francisco with offices in the U.S., Germany, France, Australia, Canada, Brazil, Sweden and the United Kingdom. For more information, call Intershop at 800/736-5197 or send e-mail to [email protected] or visit http://www.intershop.com[www.intershop.com]
CyberSource Corporation is a leading developer and provider of Internet commerce services. More than 400 Internet merchants worldwide have chosen to use CyberSource services. CyberSource provides mission-critical reliability with the CyberSource Internet Commerce Suite(SM) offering merchant-controlled, real-time services including, Payment Services, Tax Services, Risk Management Services, Distribution Control Services, and Fulfillment Management Services. Customers of CyberSource include Beyond.com, BUY.COM, Compaq Computer, Egghead.com, Fawcette Technical Publications, MarketWatch.com, Remedy and Shopping.com.