stv Archives • CardFlash® - Payment Card Industry News

Text-2-Transact Launched for STV Cards

5, Country, Priority, UNITED STATESBy Robert McKinley 01/22/2009

Prepaid and loyalty card program provider Smart Transaction Systems has
released “Text-2-Transact” to process gift and loyalty card transactions
from any cell phone like a standard POS or payment
terminal by using the phone’s text messaging capabilities.
“Text-2-Transact” works by allowing a mobile merchant, such as a pizza
delivery driver, a farmer’s market vendor, or a mall kiosk, to use a
cell phone to âtextâ the particulars of a gift or loyalty card
transaction to Smart Transaction Systems. Smart Transaction Systems
immediately sends back an approval or decline message confirming the
status of the transaction. Text-2-Transact uses numeric values to
represent every aspect of the
transaction, making the process much faster and simpler than traditional
text messaging. Unlike standard POS terminals, there are no downloads,
no extensive set-up processes, no rental fees, or special requirements.

RBS WorldPay Confirms Breach of STV Cards

5, Country, Priority, UNITED STATESBy Robert McKinley 01/05/2009

RBS WorldPay (formerly RBS Lynk), the U.S. payment processing arm of
The Royal Bank of Scotland Group, confirm over the holiday period that
its computer system had been improperly accessed by an unauthorized
party. The breach affected U.S. pre-paid cards include payroll cards and
open-loop gift cards. Personal information associated with certain
payroll cards may have been improperly accessed. PINs for all
PIN-enabled cards have been or are being reset. Affected individuals are
being notified and information has been posted on the RBS WorldPay Web
site. Actual fraud has been committed on approximately 100 cards.
Certain personal information of approximately 1.5 million cardholders
and other individuals may have been affected and, of this group, Social
Security numbers of 1.1 million people may have been accessed. RBS says
the breach was identified on November 10th and law enforcement agencies
and federal regulators were notified by RBS WorldPay shortly thereafter.

STV Card Specialist ProfitPoint Hires a New CFO

5, Country, Priority, UNITED STATESBy Robert McKinley 06/19/2008

Stored value card provider ProfitPoint has hire Robert Moore, previously with Foster Medical, as its new CFO. Moore will focus primarily on raising the capital required to execute ProfitPoint’s growth strategy through strategic acquisitions, as the demand for stored value services continues to increase within the mass market where ProfitPoint has established itself as a market leader through mostly organic growth by way of its ever expanding direct sales force. Moore was responsible for overseeing the negotiations and integration of 106 acquisitions over a period of four years during his tenure as CFO of Foster Medical. Moore has a B.S. in Accounting from LaSalle University, and is a Certified Public Accountant.

Regulation Hampers Branded Prepaid Growth

5, Country, Priority, UNITED STATESBy Robert McKinley 01/14/2008

A new report has found that regulatory pressures represent the most significant challenge to branded prepaid card issuers. A majority of respondents also view finding an effective way to market prepaid cards a serious impediment to their success. Nevertheless, Boston-based Aite Group found that only a quarter of respondents were dissatisfied by their current performance in the prepaid card market. More than three-quarters of issuers focus on selling prepaid cards directly to consumers through their own channels and marketing efforts. About 44% focuses on issuing prepaid cards to employers and government agencies. While another sizeable group utilizes retailers’ stores as a distribution channel, 56% currently stay away from selling through that channel. AITE concluded that most branded prepaid card issuers lack an integrated distribution platform.

Wireless Zone to Use ProfitPoint STV System

5, Country, Priority, UNITED STATESBy Robert McKinley 10/11/2007

TN-based Loyalty card provider ProfitPoint has inked an agreement with CT-based Wireless Zone, a carrier and retailer of Verizon Wireless products and services. Wireless Zone will employ ProfitPoint’s stored value technology, which processes transactions quickly and efficiently, and permits clients to track, monitor and report on customer and cardholder activity. These functions are available by way of ProfitPoint’s Customer Relationship Management tool called “Web Allegiance,” which allows the end user to load, activate or redeem a gift card using the internet instead of making significant investments in other external point-of-sale hardware and/or software. ProfitPoint is a provider of gift and loyalty card services to the small to medium sized merchant community, serving approximately 20,000 merchant locations nationwide.

Underbanked/Unbanked to Embrace STV Cards

5, Country, Priority, UNITED STATESBy Robert McKinley 08/15/2007

A new research report reveals that non-traditional financial services will reach $389 billion in fees and loans by 2011. The study by Packaged Facts projects that prepaid debit cards, the breakout product of the prepaid card segment, will lead the charge as the use of prepaid debit cards soars from $29.3 billion in 2007 to $200 billion in 2011. The research firm says non-traditional financial services market serves 28 million unbanked consumers, 44.7 million underbanked individuals, and 11 million unbanked illegal immigrants. Collectively, they earn $1.1 trillion in annual income and spend $12.6 billion on alternative financial transactions annually.

FDC Acquires STV Specialist and Teams with RBG

5, Country, Priority, UNITED STATESBy Robert McKinley 01/26/2007

First Data has acquired Size Technologies, a provider of loyalty, value and transaction marketing solutions. This acquisition will enable First Data to offer to its participating clients access to loyalty features and functionality including couponing, consumer messaging, product-based rewards, customer relationship management and campaign management tools which can be offered at the point of sale, through printed messaging, mobile phone messaging, via the Internet and automated voice response tools. The new program has first been implemented through a relationship with Royal Buying Group, a national organization that implements vendor programs for its member base of over 5,500 convenience store and petroleum locations.

Cubis Rolls-Out an Express STV Card Program

5, Country, Priority, UNITED STATESBy Robert McKinley 12/15/2006

Las Vegas-based Cubis Financial has rolled-out an “Express Card Program” for the delivery of stored-value cards. The Cubis Express Card Program is a proprietary platform designed to provide cost-effective and fast-to-market stored-value card campaigns. The program is tailored for private-label use by organizations and businesses alike. The Cubis Express Card Program is a complete turnkey stored-value card solution. Cubis Financial, Ltd. (www.CubisFinancial.com), a SellingSource.com company, is a technology-driven financial services marketing company that provides full-service credit, stored-value, and private-label card solutions.

MetaBank to Issue Young America STV Cards

5, Country, Priority, UNITED STATESBy Robert McKinley 12/08/2006

SD-based MetaBank has signed a deal to issue select rebate and promotional prepaid cards offered through Young America Corporation’s Fortune 500 client-base. Under the partnership, MetaBank will be the issuing bank for select rebate and promotional prepaid cards offered through Young America’s Fortune 500 client-base. Meta Payment Systems, a division of MetaBank, offers card issuing and program support to banks, processors, and third-party distributors seeking to develop, market, and manage stored-value cards. Young America provides marketing and fulfillment services to Fortune 500 companies seeking to increase profitability through optimized promotions across their customer lifecycle.

Centive’s Compel to Offer AmEx STV Cards

5, Country, Priority, UNITED STATESBy Robert McKinley 10/10/2006

St. Louis-based American Express Incentive Services has teamed with Centive to offer prepaid AEIS cards in its “Compel” on-demand sales compensation solution. Unlike cash, cards may be customized and personalized, and can direct recipients’ spending options to ensure that the reward is memorable. AEIS, a joint venture between American Express Travel Related Services Company Inc. and Maritz Inc., provides business-to-business reward solutions including prepaid cards, American Express Gift Cheques and a Web-based reward management tool. Centive, headquartered in Burlington, Mass., is the recognized leader in on-demand strategic sales compensation management.

First PREMIER to Issue Cubis STV Cards

5, Country, Priority, UNITED STATESBy Robert McKinley 09/07/2006

Las Vegas-based Cubis Financial has secured First PREMIER Bank as an issuer of its stored-value, prepaid card offers. Cubis Financial has developed a new Express Card(TM) — a general use stored-value card — to serve the needs of the card-in-a-box industry. Cubis Financial, Ltd. (www.CubisFinancial.com) is a technology-driven financial services marketing company. First PREMIER Bank (www.FirstPremier.com) believes that the combination of local ownership and its commitment to technology for the delivery of services provides a unique ability to offer personalized, flexible banking services to customers on a local or national basis.

Morgan Beaumont STV Card Revenue Falls

5, Country, Priority, UNITED STATESBy Robert McKinley 08/23/2006

FL-based Morgan Beaumont says it will discontinue quarterly conference calls and will distribute financial news releases instead. The prepaid card specialist and owner of the “SIRE Network” reported second calendar quarter revenue of $876,000 compared to $482,000 in the same quarter of 2005. The year-over-year revenue increase is primarily due to an $303,000 increase in telecommunications revenue, $255,000 increase in wholesale revenue and $240,000 decrease in stored value cards. The sequential decline compared to revenue of $1.9 million produced in the second quarter of 2006 resulted from the elimination of unprofitable business lines and the transition of the Company’s telecommunications card business from paper to plastic card. For complete details on Morgan Beaumont’s latest results visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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