Transaction Network Services signed a multi-year contract with EDS to provide a dial-up network system for the EFT processor’s ATM operations. Yesterday’s deal will make dial-up ATM transport capabilities available to ATMs currently processing via leased lines on the EDS system. TNS will use its ‘TransXpress ATM Connect’ service and its ‘TransXpress 1000’ dial-up modem. The ‘TransXpress 1000’ modem allows legacy ATMs that lack built-in dial-up capabilities to accomplish dial-up transactions via standard phone lines without any modifications to the ATM itself. In addition, ‘TransXpress ATM Connect’ provides a platform to facilitate ISDN, CDPD, and other wireless access.
In January, SCORE and Visa U.S.A. released two financial management workbooks for entrepreneurs nationwide. In six months, more than 100,000 copies of each workbook have been distributed to entrepreneurs across the country. The guides How To Secure Financing and How To Choose The Best Bank For Your Business meet a critical need in helping entrepreneurs navigate a successful path to a loan, line of credit and banking relationship.
In salute to National Small Business Week May 31-June 7, 1998, SCORE and Visa sponsor a reception honoring the top two SCORE chapters nationwide as the SCORE Chapters of the Year. Orange County SCORE of Santa Ana, California and Central Virginia SCORE of Charlottesville, Virginia are recognized. The reception held during Small Business Week in Washington, D.C. commends these chapters for their volunteer service on behalf of small business.
Visa U.S.A. and SCORE celebrate the first year of their national alliance as “Small Business Financial Management Partners” on June 11, 1998. As partners, Visa and SCORE are working together to provide entrepreneurs with the financial management tools they need to start and grow a successful business. Visa and SCORE are working together on the following projects
— How To Secure Financing and How To Choose The Best Bank For Your Business workbook series serve as real-world guides to managing finances in business and working with banks to gain access to capital to grow that business. The guides are resources to help entrepreneurs successfully secure and manage the finances of their small businesses. The first workbook provides several key criteria that help small business owners calculate the financing they will need. The second workbook offers guidelines on choosing the right bank and developing a beneficial relationship. The workbooks are available to entrepreneurs at any of the 389 SCORE chapter offices nationwide free-of-charge during an initial counseling session.
— Web Sites and offer specialized content on financial management for small businesses. This cooperative effort to answer finance questions, identify financial trends and provide solid how-to guidance are hallmarks of the sites. The Visa small business survey identifies how entrepreneurs are managing finances and SCORE guest features about How To Assemble Your Loan Package and Finding The Right Bank answer real-world questions. The Visa and SCORE Web sites feature all new content for Small Business Week and the month of June. Visit the Visa Small Business Site for a look at their salute to the SCORE Chapters of the Year. And, check out the SCORE Web site for 31 financial management tips from Visa USA.
Janet S. McCabe joins Capital One Financial Corporation as Director of Investor Relations. In this capacity, Ms. McCabe will be responsible for communicating with the investor community on behalf of Capital One.
Formerly with Legg, Mason, Wood and Walker, Inc., Ms. McCabe was a sell- side analyst with primary responsibility for following the banking and credit card industries. Prior to joining Legg Mason, Ms. McCabe directed the investor relations program at Crestar Financial Corporation.
“Ja ‘ perience and knowledge of the credit card industry will enable her to effectively communicate Capital One’s earnings growth and the success of our Information-Based Strategy to create new products and enter new industries,” said Paul Paquin, Vice President for Investor Relations. “Julie Benson and I welcome Janet to the Investor Relations team, as we increase our ability to add value for Capital One investors.”
Ms. McCabe earned a Masters of Business Administration at Dartmouth College and a Bachelor’s of Arts from the University of Virginia.
Headquartered in Falls Church, Virginia, Capital One Financial Corporation ([http://www.capitalone.com]) is a financial services company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products. Capital One subsidiaries collectively had 12.7 million customers and $14 billion in managed loans outstanding as of March 31, 1998, and are among the largest providers of MasterCard and Visa credit cards in the world.
Following its merger, First Union announced Thursday it is waiving foreign ATM fees an all First Union or CoreStates branded ATMs for its customers in Pennsylvania, Delaware and New Jersey. First Union and CoreStates customers in that three-state area can now access a network of 1,300 ATMs. The bank has invested $10 million in upgrading its combined ATM network and indicated yesterday it will add, in November, ATM functions to provide immediate cash back for deposits and enable a customer to make one deposit split between two accounts; obtain their most recent monthly statements at the ATM; and change their PINs.
Reston, VA-based Paragren Technologies launched ‘CrediTrend’ yesterday. The new service is a consumer-based market monitoring service that provides a comprehensive view of customers’ actual credit card usage directly linked to influencing factors such as household demographics, competitive offers and attitudes. ‘CrediTrend’ gives credit card marketers, bankers and other financial services marketing professionals a better understanding of market share, customer behavior and market dynamics occurring within the industry. The service contains national card and bank market share tracking based on monthly statements collected from a nationwide panel. It also offers a unique on-line look at competitive promotional offers, called ‘PromoVu’. Through this software, it provides standard tracking reports as well as unlimited ad-hoc reporting and drill-down capabilities to support accurate, time-efficient decision-making.
Transaction Network Services, Inc. announced Wednesday that it has, through its Irish subsidiary TNS Ltd. (TNSL), acquired a 50% interest in Atos Ireland Ltd. for $1.8 million. Atos Ireland Ltd. is a wholly owned subsidiary of a UK company, Atos Ltd, which is a majority owned subsidiary of the Atos Group, a French computer services company with revenues of more than FF 6 billion from nine European country markets.
The joint venture will be known as Transwitch. Under the terms of the agreement, Patrick Kirby, managing director of TNSL, will also serve as managing director of the joint venture and oversee its day-to-day operations.
Transwitch is the only independent third party transaction processor in the Irish market. It provides ATM management, point-of-sale card processing and terminal polling services to banks and other customers. Its largest customer is a group of financial institutions known as Cashere. The company had revenues of IR (pound) 2.6 million and net income of IR (pound) 326,000 in the year ended December 31, 1997.
“This acquisition will open up many new opportunities for us in Ireland,” said TNS president and CEO John J. McDonnell, Jr. “First of all, we’ve invested in a profitable business with customer contracts extending to the year 2002. The efficiency of the existing operation will be enhanced by an investment in a new state-of-the-art processing platform based in Dublin. This new platform will also position the joint venture to attract new business from other potential customers in Ireland,” McDonnell explained.
“The Irish market presents an exciting opportunity for TNS to participate in the development of a modern electronic payments infrastructure,” added TNSL managing director Patrick Kirby. “There is still high usage of cash, and less than 30 percent of cash payout is through ATMs. There is considerable scope for the deployment of additional ATMs, including the new generation dial-up machines using the network technologies acquired by TNS through its recent purchase of Suntech Processing Systems. We’ll also be targeting other electronic transaction applications that are just emerging here, such as Electronic Benefits Transfer (EBT). There are about 50 million potential EBT transactions in Ireland,” Kirby continued. “We’re also anticipating a surge in the use of debit cards over the next few years. We plan to capitalize on all of these opportunities,” Kirby concluded.
Transaction Network Services, Ltd. (TNSL), headquartered in Dublin, Ireland, is the Marketing and Technology Centre for TNS in Europe. It is building a seamless trans-border card authorization network for the electronic payments industry in Europe, taking advantage of the European Union deregulation of telecommunications from January 1998.
Transaction Network Services, Inc. (TNS), headquartered in Reston, Virginia, provides data communications services for transaction-oriented applications. The company is listed on the NASDAQ Stock Market under the symbol TNSI.
Additional company information is available on the TNS website at [http://www.tnsi.com. ]
The statements and information contained in this news release that are not descriptions of historical fact may contain forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those currently anticipated due to a number of factors, including competition, technological change and changes in government regulation. Accordingly, there can be no assurance that European markets for electronic payment services will continue to expand and develop or that this joint venture will be successful in it efforts to penetrate these markets.
Crestar Investment Group has introduced a new Asset Management Account that combines a Crestar Securities Corporation Brokerage account, a Crestar Bank checking account and various credit alternatives in a single package. The Crestar Asset Management Account simplifies financial management for depositors and investors by meeting their primary financial needs with a single account that reports all account activity in one comprehensive monthly statement.
With a Crestar Securities Corporation brokerage account, customers can buy, sell or hold a wide variety of investments including stocks, bonds, mutual funds, unit investment trusts and options. Customers may also establish a margin account enabling them to borrow against the value of their securities. The Crestar Bank checking account automatically invests idle cash into the customer’s choice of one of three money market mutual funds offered through Crestar Securities Corp. — CrestFunds Cash Reserve Fund, CrestFunds U.S. Treasury Money Fund, CrestFunds Tax Free Money Fund — or into an FDIC- insured interest-bearing Crestar deposit account. The checking account allows unlimited check writing and provides a Crestar ATM card or Crestar CheckCard and a no-fee Crestar Platinum Visa credit card.
“The Crestar Asset Management Account extends to Crestar customers the investment expertise of Crestar Investment Group combined with the convenience and flexibility of Crestar’s branch network and electronic delivery channels,” said Thomas D. Hogan, Group Executive Vice President and head of Crestar Investment Group. “The introduction of this new account clearly underscores Crestar’s commitment to respond to our customers’ preferences and is a welcome addition to Crestar Investment Group’s comprehensive array of investment products and services,” Mr. Hogan said, noting that demand for this type of combined account has been growing steadily.
Initially, the Crestar Asset Management Account will be offered by Crestar Investment Group Financial Consultants. Financial Consultants are registered representatives who help investors determine their goals and assist in refining a long-term investment strategy. The Asset Management Account is priced competitively; it requires a balance of $15,000 in cash or investment securities and carries a $75 annual fee. The annual fee will be waived for customers opening Crestar Asset Management Accounts by July 31, 1998.
Crestar Bank is a unit of the $26.1 billion-asset Crestar Financial Corporation, based in Richmond, Virginia. Crestar Investment Group is a service mark of Crestar Financial Corporation and consists of units of Crestar Bank, Crestar Asset Management Company, a registered investment advisor, and Crestar Securities Corporation, a registered broker-dealer. Broker-dealer services are offered through Crestar Securities Corporation, a member of the NASD and SIPC. Deposit account services are offered through Crestar Bank, a member of the FDIC. Crestar Investment Group Financial Consultants are registered representatives of Crestar Securities Corporation. Investment products, including the CrestFunds, offered through Crestar Securities Corporation are not FDIC insured, not bank guaranteed and may lose value.
Crestar Bank offers a broad range of financial services to consumers, businesses, institutions and governmental customers in Virginia, Maryland and Washington, D.C. and in selected markets nationally. Crestar’s multi-channel distribution system includes 609 banking locations and a complete range of 24- hour electronic banking alternatives such as telephone, PC and Internet banking. Crestar’s main Web site address, [http://www.crestar.com], includes a direct link to the bank’s specialized student loan site. Other Crestar subsidiaries provide insurance, mortgage banking, and equipment leasing.
Encore Marketing International, Inc., a specialist in fee-based enhancement programs to the credit card industry formed a new wholly owned subsidiary, Encore Services, Inc yesterday. ESI has been formed to create and market new retail products unique to DDA, debit and smart card markets as well as adopt existing EMI products for the wholesale credit card market. Beginning next month, Encore Services will be marketing “Debit Protection Select” a comprehensive protection program for debit card issuers and their customers. Features of Debit Protection Select include Purchase Protection with Automatic Extended Warranty Up to 1 Full Year; Debit/Credit Card Registration with Fraud Protection; Emergency Cash; $10,000 24 Hour Accidental Death & Dismemberment Insurance; $5,000 Emergency Accident Medical/Dental Expense Coverage; and $500 Theft Reimbursement. Encore Marketing has marketed and operated its own fee-based enhancement programs for over 20 years including the Encore Preferred Traveller Club, Home & Garden Savings Club, Pet Care Savings Club, Protect-Your-Cards card registration program, CreditVue credit monitoring program, LawPhone prepaid legal plan, and their newest addition MedAdvantage discount health card program. The company services more than 3,500,000 cardholders.
Huntington National Bank confirmed this morning its ‘Web Bank’ has surpassed the 100,000 account mark. The number of online accounts represents an astonishing 5% of Huntington’s customer households. The ‘Huntington Web Bank’ enables customers to view account information, reconcile statements, pay bills, transfer funds and prepare reports anytime. The banking site was launched in June of last year. The bank introduced the ‘Business Web Bank’ in April. Huntington says it will announce brokerage and credit card services via the Web Bank this summer.
The Greater Richmond, Virginia Technology Council presented Capital One Financial Corporation the Impact Award in recognition of the local employer’s great impact on the Greater Richmond community.
“GRTC is proud to recognize local employers who share a vision of Central Virginia’s future as a growth center for technology and are making a difference in the community,” said Bob Stolle, the Executive Director of the Greater Richmond Technology Council. “Capital One is that company.”
While accepting the award on behalf of Capital One’s more than 6,000 associates, Capital One President Nigel Morris said, “Here in our home base of Richmond, we have built an infrastructure that aligns technology with our business strategy. Our talented associates, state-of-the-art facilities and tremendous growth are making a positive impact in the community. This award recognizes our success, and we vow to continue to innovate and forge alliances to make Richmond an even better place to live and work.”
Earlier this year, Capital One announced plans to hire 2,000 new associates worldwide in 1998. The majority of those associates will work in the Richmond facilities and the new Chesterfield facility scheduled to open in August of this year. The company is ranked as the fourth largest employer in the area with more than 4,000 associates in Richmond.
Capital One Financial Corporation
([http://www.capitalone.com]) is a financial services company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products and collectively had 12.7 million customers and $14 billion in managed loans outstanding at March 31, 1998, and are among the largest providers of MasterCard and Visa credit cards in the world. Capital One is a proud sponsor of the 1998 World Congress on Information Technology.
MasterCard International announced this week that MasterCard issuers participating in the GSA Master Contract for card services will now have access to Constructive Key Management, a data encryption application developed by TECSEC Inc., that will run on a MULTOS chip. TECSEC is the first applications developer to unveil plans to bring a MULTOS-based security application to market. TECSEC expects to have their MULTOS-based version of CKM available by year-end. In the future, government employees could be issued a MasterCard smart card that would provide a cardholder with secure access to government buildings and computers as well as provide the ability to encrypt data for transmission over the Internet. MasterCard projects the GSA card contracts will cover $100 billion of transactions over 10 years.
MasterCard International announced Monday that MasterCard issuers participating in the GSA Master Contract for card services will now have access to Constructive Key Management, a data encryption application developed by TECSEC Inc., that will run on a MULTOS chip. TECSEC is the first applications developer to unveil plans to bring a MULTOS-based security application to market. TECSEC expects to have their MULTOS-based version of CKM available by year-end. MasterCard entered into yesterday’s agreement with TECSEC in support of MasterCard GSA issuers including First Chicago NBD. The issuers will be granted exclusive rights to TECSEC’s CKM smart card application for their MasterCard-branded travel, purchasing, fleet, or integrated cards issued under the GSA Master Contract.