FIS migrated Suncorp Bank onto the CONNEX switching platform for POS transactions, effective 1H/13. CONNEX manages both POS and ATM networks, supports new payment technologies and sustains the bank’s continued roll out of Europay, MasterCard® and Visa® (EMV®), a global standard for inter-operation of integrated circuit cards. CONNEX is a comprehensive solution for ATM and POS terminal driving, transaction acquiring, switching and authorization and leverages a fault tolerant, redundant architecture to provide a robust, high volume, high availability and highly scalable switch processing environment.
Suncorp and Hypercom have signed EFTPOS Agreements, stipulating the
latter’s takeover of the former’s terminals in an effort to upgrade
service to its merchant clients. With this, Suncorp merchants will have
installed new terminals within six months of the final agreements,
providing an expanded range of payment solutions.
Valued at nearly A$230 million, Suncorp has sold its credit card
division to Citibank for undisclosed terms. Representatives from
Suncorp say this development will strengthen partnerships
with Citibank while adding nearly 100,000 cards to the latter’s
portfolio. Although the cards issued will maintain the Suncorp
brand, Citibank is now responsible for operational risk, credit risk,
technology platforms, issuance, back office processing, and
BankWest has reportedly agreed to issue a MasterCard prepaid debit card. Dow Jones also reports that MasterCard expects to issue prepaid debit cards through three other banks next year in Australia. VISA prepaid debit cards are offered by St. George Bank, Suncorp-Metway, HSBC, and 11 other regional banks and building societies. VISA debit cards are also issued through Westpac in Victoria state only. MasterCard has 16 million debit cards and six million credit cards in the country. BankWest is a unit of HBOS.
Certegy reported Friday net income of $29 million on revenues of $263 million for the fourth quarter. During the fourth quarter, domestic card issuing transaction volumes increased by 6.8%, driven primarily by growth in debit card transactions. Certegy added approximately 500,000 cards, increasing its international card base to 24.2 million and its global card base to 46.7 million. For the full year 2002, the number of cards processed globally increased by approximately 5.0 million, or 11.9% over 2001. Card Services produced revenue of $163.6 million in the fourth quarter, an increase of $1.0 million, or 0.6% over the prior-year quarter, driven by a 7.2% increase in North American card revenue and strong international card revenue growth outside of Latin America. However, merchant processing revenue declined by 4.7%, due to the previously announced deconversion of a large customer and the company’s focus on improving the overall quality and profitability of the portfolio. For complete details on Certegy’s 4Q/02 performance visit CardData ([www.carddata.com]).
Suncorp-Metway, Australia’s sixth largest bank and second largest general
insurance group, has signed a long-term processing agreement with US-based
Certegy. Suncorp is launching a new VISA card in 2003. Suncorp will process
the cards on its ‘BASE2000″ payment processing platform from its Melbourne
service center. Certegy currently processes 3.5 million cards at its
Australian center. Suncorp-Metway was created in late 1996 when the
Queensland Government owned Suncorp and QIDC groups were merged into the
publicly listed Metway Bank Ltd Group. Suncorp has total assets of more
than $34 billion.