A new survey confirms consumer behavior continues to be driven by age and habit. Overall, Internet banking was the most popular method of banking for those under 45 years old (73.1%), with no significant difference between the under 21 year olds or the 30-45 year old age groups, averaging out at 57%.
PayAnywhere announced they have teamed with Discover Financial Services, a direct banking and payment services company with one of the most recognized brands in U.S. financial services, to offer PayAnywhere merchants the ability to accept PayPal at the point of sale. This means that PayAnywhere merchants will be able to accept PayPal and will be able to tap into PayPal’s rapidly growing customer base that has swelled to more than 55 million active customers in the U.S., more and more of whom are using the PayPal payment card.
FIS banking and payments technology announced Centennial Bank will deploy its “Merchant Services” solutions to support continued growth in merchant relationships. By deploying the comprehensive suite of products and services with customized credit, debit, check and gift card processing, Centennial Bank will adopt a true end-to-end merchant services solution for managing merchant portfolios while gaining a competitive advantage in the marketplace. FIS’ Merchant Services helps financial institutions strengthen merchant relationships through merchant processing options while Centennial Bank provides commercial and retail banking plus related financial services.
Merchant Data Systems payment processing company and Internet Marketing Company Karma Snack are announcing a joint venture designed to help merchant and re-seller clients of Merchant Data Systems increase their sales. This will provide both traditional and e-commerce businesses with products and services including business-enhancing search engine optimization (SEO) to complement wholesale merchant processing. Included in the JV is the ability to generate qualified leads for Sales Agents, which will offer merchants a suite of Financial Services products including working capital, merchant cash advances, equipment financing as well as Gift & Loyalty programs, Payroll Services and merchant-friendly PCI-DSS solutions. MDSSEO will deploy a consultative approach with business owners in order to assure their business is equipped with the financial products and services they need while keeping costs very low.
Merchant Data Systems payment processing company and Internet Marketing Company Karma Snack forged a joint venture to help merchant and re-seller clients of Merchant Data Systems increase their sales. The partnership will provide both traditional and e-commerce businesses with products and services including business-enhancing search engine optimization (SEO) to complement wholesale merchant processing. This will offer merchants a diverse suite of Financial Services products including working capital, merchant cash advances, equipment financing as well as Gift & Loyalty programs, Payroll Services and merchant-friendly PCI-DSS solutions.
UAE Exchange global remittance and foreign exchange brand, is celebrating its 31st Anniversary which falls on 23rd October, marked by a three-day long celebration across its global operations. UAE Exchange, which was established on 23rd October, 1980 in Abu Dhabi, UAE, today has its direct operations spreading across five continents, offering the widest range of popular products and services in the sector. UAE Exchange also has a strong correspondent banking network which includes more than 150 leading banks across the globe.
With optimism on the economic future on an overall decline, womenâs outlook has held almost steady while men are much more skeptical. With current assessments of local economic conditions having ticked up 3 points since March for men (24%) and 4 points for women (23%), only 50% of men believe that the business conditions where they live will get somewhat (46%) or much (4%) better in the next 12 months, compared with 56% of women who believe that business conditions will get somewhat (51%) or much (5%) better. For men this represents an eight-point decline from three months ago when 58% of men thought conditions would improve, but just a three-point decline for women from 59% in March. This, according to a recent Citi survey conducted by Hart Research, shows 62% of men are somewhat (47%) or very (15%) optimistic that their own financial situation will get better over the next twelve months, a four point decline since March. This may have to do with the fact 16% of women believe they are personally better off than a year ago, up three points since March.
Heartland Payment Systems payments processors has been named a leader
among the nationâs most innovative companies for the third year in a row
through InformationWeek 500, which identifies and honors creative users
of information technology. The recognition is thanks to the company’s
its plans to implement end-to-end encryption (E3TM) technology for
payments processing, which is being designed to safeguard cardholder
data at rest and in motion throughout the lifecycle of payments
transactions. The solution is being designed to protect data from card
swipe, through the payment processorâs network and to the card brands.
InformationWeek identifies and honors the nationâs most innovative users
of information technology with its annual 500 listing, now in its 21st
year, while Heartland Payment Systems is the 5th largest payments
processor in the United States providing card processing, payroll, check
management and payments solutions to more than 250,000 business
TSYS reported that second quarter profits rose 13% year-on-year to $57.4 million. Revenues for the quarter increased 5% to $429.2 million, compared to 2Q/05. Accounts on file increased to 366.5 million as of June 30th, down 5% from one-year ago. TSYS also reports that stored value accounts rose 31% to 29.3 million. Total consumer accounts on file at the end of the second quarter rose 5% to 241.2 million. TSYS recently reached a long-term agreement with Wachovia to provide core-processing and other related services in support of their re-entry into the consumer credit-card line of business. The processor also reached agreements through TSYS Acquiring Solutions with Delta Payment Solutions and New England Bankcard Association to provide merchant processing services. Additionally, TSYS renewed a long term relationship through TSYS Acquiring Solutions with Heartland Payment Systems. TSYS says it expects total revenues for 2006 to increase between 6% and 8%. Also, that accounts on file at the end of the year will be approximately 395 million to 405 million. For complete details on TSYS second quarter performance, visit CardData ([www.carddata.com]).
TSYS REVENUE HISTORICAL
2Q/05: $410.2 million
3Q/05: $422.0 million
4Q/05: $420.7 million
1Q/06: $412.3 million
2Q/06: $429.2 million
Source: CardData (www.carddata.com
Trintech Group announced it remains committed to implementing its
previously announced program to buy-back up to $5 million of its shares and
will do so following approval of the Irish Takeover Panel. The company says
it is in the process of securing approval from the Panel to engage in a
buy-back of shares on the open market without triggering the requirement
for the largest shareholders to make a mandatory bid for the Company. One
such rule is that if the percentage ownership of a group of investors
acting in concert owning more than 30% of the share capital increases, the
connected investors may be required to make a mandatory bid for the
Company. John and Cyril McGuire, being brothers, are considered technically
to be acting in concert under the Takeover Panel rules and their relative
percentage ownership would increase as the Company bought back its own shares.
Integrion Financial Network, a consortium established by the country’s largest banks and IBM in 1996, announced that its founding mission to develop and provide member financial institutions with a bank-centric operating platform for Internet-based financial services is complete. The organization will begin to transition the responsibility of managing the processing services related to the Interactive Financial Services platform to each member bank.
The IFS platform serves one of the largest online banking user bases in the world — six major financial institutions representing more than 1.7 million subscribers. This subscriber base continues to grow at more than 140,000 new users per month. Integrion, along with its technology partners IBM and CheckFree, was responsible for developing and implementing the first fully integrated Internet banking, bill payment and bill delivery system in the country. Additionally, Integrion took the lead to ensure early on that the banking industry was involved intimately in setting the message standards for electronic financial services through the creation of the GOLD standard and ultimately its participation in the development of Interactive Financial Exchange (IFX).
As a result of having achieved a critical mass of customers, Integrion’s banks are now well positioned to independently address their Internet banking needs. As the landscape of the Internet and electronic financial services continues to change, each of the Integrion banks will be able to pursue strategies that fit with its overall strategic plans, and they will have a more direct role in their relationships with their Internet service partners.
Kenneth T. Stevens, Chairman of the Bank One Retail Group, said, “In the early stages of Internet banking, no one bank was in a position to buy or build the operating platform necessary for a robust, scaleable online presence. Integrion made it possible. Now, at Bank One, we have a leading Internet capability and the ability to manage our platform distinctly and independently.”
“Integrion served the interests of the Bank of America and the interests of the financial institution industry very well at a time when shared resources were greatly needed,” said James D. Dixon, Group Executive for Bank of America.com at Bank of America. “Today, there are different challenges that require different approaches. We, the owners of Integrion, remain steadfastly committed to maintaining a leadership role for the banking industry in electronic financial services and intend to remain a strong presence in the world of Internet commerce.”
While there will be some near-term staff reductions at Integrion, the majority of the Integrion team, including its managing director and chief operating officer, will remain in place.
“This consortium took on an initial task of building an online banking system for financial institutions at a time when Internet financial services was in its infancy. Integrion overcame many obstacles to develop a platform that would scale to today’s overwhelming metrics,” said Maurice St. Jean, Managing Director of Integrion. “We fully expect the individual financial institutions to continue to build upon the work that Integrion has completed.”
In addition to the Integrion Board of Managers (consisting of Bank of America, Bank One, Washington Mutual and Visa USA), PNC Bank, ABN AMRO and Michigan National also use the IFS platform to accommodate their interactive banking customers. All customer banks will be working closely with Integrion and IBM to determine their optimal transition plans that range from an internally run model to an alternative outsourcing scenario.
“We are focusing on ensuring a seamless transition of platform oversight to our member banks and anticipate zero disruption to customers,” said Christopher F. Schellhorn, Integrion Chief Operating Officer. “The IFS platform will continue to perform as it has in the past — handling a critical base of users that is growing exponentially.”
“In the four years since Integrion was formed, we have seen tremendous innovation and creative work by the member banks on behalf of their customers,” said Paul Loftus, General Manager, Solutions and Integration, IBM Software Group. “IBM is proud to have been involved in the creation of an Internet banking platform, IFS, which now supports nearly 2 million consumers. Going forward, IBM will work directly with each of the member banks to determine how to best support their ongoing needs in the ever changing consumer market.”
Additionally, financial institutions using the IFS/CheckFree banking, bill payment and presentment platform will establish and maintain direct relationships with CheckFree for their services.
“Over the last three years, Integrion clearly has accelerated the adoption of on-line financial services for the US banking industry,” said Pete Sinisgalli, President and Chief Operating Officer. “CheckFree applauds the accomplishments of Integrion and will be fully committed to serving our mutual customers through the transition of the IFS platform to the individual financial institutions.”
The Visa Interactive banking and bill payment platform, which was acquired by Integrion in August 1997 and currently serves approximately a half-million subscribers, was scheduled to “sunset” in mid-2000 as users move to other platforms. That schedule remains in place and on target.
Integrion Financial Network is a leading provider of interactive banking and electronic commerce services to US financial institutions. Through the Interactive Financial Services (IFS) platform, Integrion offers financial institutions a network through which electronic transactions flow from multiple consumer access points to a bank’s host system and/or processor. Technology partnerships with IBM and CheckFree Corporation allow for the delivery of flexible, high-utility applications that can be employed at a financial institution for the benefit of end customers.
Integrion’s operating philosophy allows banks to determine the manner and format in which home banking and electronic commerce services are offered, ensuring consistency with the bank’s full range of services, effective branding by the bank and maximum customer benefit. For more information, visit the Integrion web site at [http://www.integrion.net].
Consumer smart cards hit the nation’s capital for the first time yesterday as the Washington Metropolitan Area Transit Authority introduced ‘SmarTrip’. Tuesday’s event also marked the first use of contactless smart card technology on a major transit system in the USA. Metrorail riders will be able to store up to $198 in fare and parking value on the reloadable smart card. The WMATA is charging a $5 fee for each new ‘SmartTrip’ smart card or each replacement card. As an incentive Metro is offering a 10% bonus for riders who load $20 or more onto their card. VISA, MasterCard and Discover cards are being accepted for purchasing fare media and adding value at selected major stops such as the Metro Center. Earlier this year WMATA added internet sales to its web site, inaugurating ‘SmartLink’ for purchasing passes and Metrorail fare cards.The public transit service also launched a three month credit card pilot in April called: ‘SmartCharge’.