Encore Merchant Services has expanded its services to offer ATM and online debit cards acceptance nationwide for credit union member businesses. The customerÃs Personal Identification Number (PIN) is required for each transaction therefore minimizing fraudulent transactions. Check out time is reduced because there is no signature required on ATM and online debit transactions. EncoreÂ¨ Merchant Services is a division of Primax Payment Systems, which is headquartered in Wakefield, Massachusetts. Primax Payment Systems currently has over 5,000 merchants located in 48 states.
Gene Lockhart, former president at MasterCard, BankAmerica Global Bank and AT&T Consumer Services, has been named to the Board of Directors for Qsent, a provider of contact accuracy services. Mr. Lockhart has served as President and Chief Executive Officer of MasterCard International, President of BankAmerica Corporation’s Global Retail Bank, and President of AT&T Consumer Services. Lockhart currently serves on the Board of Directors for IMS Health, Inc. and Radio Shack. Qsent is the leading provider of contact accuracy services, supplying definitive contact information solutions for use in core business processes.
CAPXCEL, a privately held division of Virginia-based System Engineering Services, with offices in Virginia, Georgia, and Colorado, has launched an outsourcing service for credit card companies. In association with R.K. Hammer, the firm serves as an outsourcer for portfolio conversions, serving those financial institutions that need additional resources to complete the integration of purchased portfolios to their platforms.
CCCS San Diego has merged with Houston-based Money Management International. Consumer Credit Counseling Services of San Diego has been serving the residents of the San Diego community as a non-profit credit counseling agency for more than 37 years. MMI is the largest full-service non-profit credit counseling organization in the United States with more than 90 branch offices in ten states. The combined organization will operate locally under the CCCS name and nationally under the name MMI.
The Washington (DC) Metropolitan Area Transit Authority has inked a $12 million deal for Cubic Transportation Systems to upgrade its smart card-based fare collection regional central computing system to give regional commuters options for purchasing and reloading their smart cards. Under the new contract, Cubic’s upgrades will support new applications for the “SmarTrip” card, including the company’s “Autoload,” “Smart Benefits,” “Regional Transit Benefits” and its future “Fairest Fare” functionality. The interface with the regional fare collection system is expected to be operational next summer. In addition to the new contract, WMATA is giving Cubic an option to provide $2.4 million in rail system upgrades. With this latest order, Cubic, under a 10-year, multi-phased contract, which culminates next year, will deliver nearly $190 million in systems software and infrastructure for a regional smart card-based fare collection system linking rail, bus and parking services in the District of Columbia, the State of Maryland and parts of Virginia.
FL-based Global Axcess has launched “Branded Vault Cash”, and has signed Richmond, VA-based Conosolidated Bank & Trust as its first customer. Under this Agreement, NMS will manage up to $2,000,000 of Consolidated Bank & Trust vault cash in NMS- managed ATMs. Additionally, Consolidated Bank & Trust will receive branding rights and surcharge free transactions for its cardholders on a selected number of NMS-managed ATMs in Food Lion grocery stores.
AL-based SouthTrust Corporation has become part of Key’s ATM network for agent banks. Before the SouthTrust agreement, Key agent bank clients, including banks, savings and loans and credit unions, had fee-free or fee-reduced access to Key’s network of over 2,200 ATMs in 15 states, including Key-branded ATMs in ARCO am/pm retail locations in the Western USA. The addition of SouthTrust adds 876 ATMs and 9 states including Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia to the network. Last month, KeyCorp signed agent contracts with nine additional financial institutions in the state of Ohio to provide surcharge-free or surcharge-reduced access to Key’s ATM network. In June, Young Americans Bank of Denver signed an agreement with KeyCorp to provide its customers with surcharge-free access to Key’s network of more than 81 ATMs in Colorado. In May, OR-based Pinnacle Bank signed an agreement with KeyCorp to provide its customers with surcharge-free access to Key’s network of more than 112 ATMs in the state. (CF Library 5/30/03; 6/12/03; 7/16/03)
Giant Retail Stores Group has selected UT-based Q Comm’s “Qxpress 200” point of sale activation terminals and transaction processing services for the electronic distribution of prepaid and financial services throughout its convenience store chain in Arizona, New Mexico and Colorado. There are now 200 POSA terminals in 130 of Giant’s 132 stores located throughout Arizona, New Mexico and Colorado. The new POSA e-distribution technology deployed by Giant reduces or entirely eliminates product inventory costs, theft and stock outages of various prepaid and financial services.
Capital One confirmed yesterday that Nigel Morris is departing Capital One in April. Morris also announced Wednesday his intentions of dumping 3 million shares of Cap One common stock within the next year. The option exercises and sales are Morris’ first since May 2001. The options he is exercising will expire in July 2004, three months after Morris leaves the company. After completion of the stock sales, he will own approximately 3.3 million options to purchase shares of COF common stock. Four months ago Cap One announced that Morris was stepping down as President and COO to become Vice Chairman of the Board of Directors, effective May 1st. His role in executive management will conclude at the end of this year. Morris recently entered into an employment agreement with the company outlining his responsibilities prior to his planned departure in April 2004. Morris, who has four young children, says he wants to spend more time with his family and to pursue personal interests. Morris built Cap One with long-time business partner and CEO Richard Fairbank. (CF Library 4/22/03)
Capital One announced that Robert Crawford, currently VP/Controller of Capital One, will depart the company on August 31st. The issuer says that Aubrey Thacker, Director, Finance and Accounting, will serve as a replacement until a new executive is appointed. Cap One also announced that Gary Perlin, former CFO of the World Bank, has joined the company on July 29th, as previously announced. David Lawson, who is currently serving as interim CFO for the company, will now resume his responsibilities as President and CEO of Capital One Auto Finance.
OH-based Fifth Third Bank has signed a contract with TN-based National Commerce Financial Corporation for check card processing services. NCF will take advantage of Fifth Third’s gateway and debit card processing services for over 800,000 cards. National Commerce Financial Corporation is a sales and marketing organization that delivers select financial and consulting services through a national network of banking and non-banking affiliates. With $22 billion in assets, NCF operates almost 500 branches in 14 of the nation’s fastest growing metropolitan areas throughout the Southeast.
Since introducing the “Works Payment Manager” application with its purchasing cards last month, SunTrust Bank says it now has five state and local governments and government agencies using the application. The application allows them to minimize the number of checks they issue, reduce errors and time associated with account reconciliation, and settle more payment transactions electronically. Clients using the online solution in conjunction with their SunTrust card programs are able to securely move more of their spending onto credit cards, ultimately streamlining their payment processes and substantially reducing manual purchasing costs. SunTrust Banks, Inc. is one of the nation’s largest commercial banking organizations, and had total assets of $120.9 billion and total deposits of $77.3 billion as of June 30, 2003.