Capital One has moved to its new corporate headquarters to Capital One Drive in McLean, VA. Capital One’s subsidiaries collectively had 47.4 million accounts and $59.7 billion in managed loans outstanding as of December 31, 2002. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world.
Bankruptcy filings hit 395,129 for the fourth quarter. For all of 2002, total bankruptcies filed were 1,577,651, up 5.7% from 2001. Previously, the largest number of bankruptcies filed in a single 12-month period was in the period between October 1, 2001-September 30, 2002 when it hit 1,547,669 filings. According to the Administrative Office of the U.S. Courts, of the total number of bankruptcy filings for the 12-month period ending December 31, 2002, there were 1,109,923 Chapter 7 filings, up 5.2% from the 1,054,975 Chapter 7 filings in the same period in 2001. The next largest group of filings was Chapter 13 filings at 455,877, up 7.2% from the 425,292 filings in calendar year 2001.
ANNUAL FILINGS BY BANKRUPTCY CHAPTER
Year Chap. 7 Chap. 13
2002 1,109,923 455,877
2001 1,054,975 425,292
2000 859,220 383,894
1999 927,074 382,214
1998 1,035,696 397,619
1997 989,372 403,025
Source: Administrative Office of the U.S. Courts
Petah Tikva-based Gilat Satellite Networks announced that Diebold has contracted to offer always-on broadband connectivity with its ATMs. The deal was signed with Gilat’s U.S. subsidiary, Spacenet, and makes Diebold an authorized channel partner of Spacenet’s “Connexstar” business-grade satellite broadband service. In addition, Diebold’s adoption of Spacenet’s broadband VSAT technology enables it to incorporate a variety of advanced emerging applications into their ATM and other transaction platforms. Using “Connexstar’s” high-speed, multicast-enabled Internet connection, devices will be able to support ticket ordering, video and multimedia content delivery, and Internet access. Gilat Satellite Networks and its subsidiaries Spacenet and Gilat Latin America have deployed 400,000 VSATs globally.
Diebold has inked a deal to offer always-on broadband connectivity with its ATMs, thus becoming the first ATM manufacturer to provide this service to financial institutions. Under a contract with Spacenet, Diebold will become an authorized channel partner of Spacenet’s “Connexstar” business-grade satellite broadband service. In addition, Diebold’s adoption of Spacenet’s broadband VSAT technology enables it to incorporate a variety of advanced emerging applications into their ATM and other transaction platforms. Using “Connexstar’s” high-speed, multicast-enabled Internet connection, devices will be able to support ticket ordering, video and multimedia content delivery, and Internet access. Spacenet is the US subsidiary of the Israeli firm Gilat Satellite Networks. Gilat has deployed 400,000 VSATs globally.
Carlson Restaurants Worldwide/T.G.I. Fridays has selected Fifth Third Bank Processing Solutions as their endorsed credit card processor. Fifth Third Bank processes 8.2 billion ATM and POS transactions per year for more than 180,000 retail locations and financial institutions worldwide, including The Kroger Co., Abercrombie & Fitch, Nordstrom, Inc. and The Finish Line. Fifth Third processes $83 billion in credit card sales annually. Fifth Third Bank has recently moved from the eighth largest bank acquirer to the fifth largest bank acquirer according to The Nilson Report (February, 2002).
America Online and the American Express “OPEN” small business network have signed a multi-year contract which makes the “OPEN Network” the exclusive small business card advertiser on AOL for small business. AOL will also integrate “OPEN Network” content and articles designed to assist small business owners in managing their companies. “OPEN Network” cardholders will also be eligible to receive special subscription offers for “AOL for Small Business” and benefits, such as a 50% discount on a six-month enhanced online Yellow Pages listing on AOL, MapQuest, Netscape, and CompuServe. AOL for Small Business was launched in November. AmEx launched the “OPEN: The Small Business Network” in January 2002. (CF Library 1/18/02)
OH-based Huntington National Bank is introducing the “National Champion Buckeye Banking VISA Check Card” this morning. The new check card celebrates the Ohio State University football team’s recent Fiesta Bowl victory with an enhanced design featuring the National Champion logo. The card is available while supplies last.
Fifth Third Bank Processing Solutions has been selected by Masco Corporation, one of the world’s largest manufacturers of brand-name consumer products, to provide merchant services for its credit and debit card transactions and Fifth Third’s back-office management system. With Fifth Third Direct, Masco Corporation will be able to conveniently and seamlessly handle their back-office through automated access to transaction, deposit and chargeback data as well as the ability to scan receipts, handwritten notes, or other documents into their system for quick reference.
MI-based Fifth Third Bank has upgraded its on-line banking product to provide free Internet bill payment. Fifth Third’s new internet banking portal allows customers to create, customize and store a payee list by choosing from a roster of common payees, like the local phone, utility and water companies as well as personal payees, such as credit cards, loan accounts and more.
A new study shows that Hispanic consumers spend more time online than total U.S. online consumers, nearly 10 hours a week at home (9.5) vs. 8.4 hours for all U.S. online consumers and 13.8 hours a week at work vs. 9.6 hours for all U.S. online consumers. The research by America Online and RoperASW also found that Hispanic online who have made purchases online, report spending an average of $439 over the past three months, on the heels of the generally more mature total online U.S. shoppers with a reported average of $543. Additionally, more than one-third of online Hispanics surveyed reporting they expect to increase their number of online purchases. The study also found that Hispanic online consumers surveyed who have not yet made a purchase online agree that concerns about security of credit card information (58%), lack of a 100% satisfaction guarantee (56%) and lack of free shipping (44%) are acting as impediments to shopping online.
ERG Transit Systems and Northrop Grumman Information Technology has been
selected by the Washington, D.C. Metropolitan Area Transit Authority to
install and operate a new customer service center for the “SmarTrip” smart
card-based fare collection system. The project also involves card
management and the clearing/settling of smart card transactions across 17
transit agencies in Northern Virginia, Maryland and the Washington DC area.
The new ERG system will interface with existing installed hardware such as
gates and readers. The project calls for ERG to operate the system for a
period of five years, with two subsequent one-year options. The initial 5
year contract is worth approximately $20 million comprising the supply,
installation and operation of the system. Northrop Grumman IT will be
responsible for the distribution of smart cards and operation of the
customer service center in the Washington DC area as a subcontractor and
partner to ERG. Work is expected to begin within several weeks.
ERG Transit Systems, Inc., a global leader in smart card-based transit fare collection and management systems, along with Northrop Grumman Information Technology, has been selected by the Washington Metropolitan Area Transit Authority (WMATA) to install and operate a new Regional Customer Service Center for its smart card-based fare collection system, known as SmarTrip. The project involves the establishment and operation of a smart card customer service center, card management and the clearing and settling of smart card transactions across 17 transit agencies in Northern Virginia, Maryland and the Washington DC area. The new system will interface with existing installed hardware such as gates and readers. WMATA has managed the tender and evaluation process on behalf of the participating transit agencies.