Global Cash Access Holdings gaming industry payment leader has reached a settlement with the plaintiffs of all issues raised in the federal securities class action lawsuit originally filed on April 11, 2008. The securities class action was commenced by a stockholder against certain of the Companyâs current and former directors, the Companyâs former chief executive officer, former chief financial officer and certain other defendants.The parties have executed a Stipulation of Settlement that provides for the establishment of a $5.85 million settlement fund in exchange for the dismissal with prejudice of all claims against all defendants in the litigation.Details
Catalyst Telecom, a sales unit of ScanSource and value-added distributor of voice, video and data convergence solutions, has expanded its relationship with Avaya by adding Avaya NES solutions to its offering for channel partners. Avaya NES solutions are the former Nortel voice and data solutions that recently joined the Avaya portfolio. Catalyst is Avayaâs largest value-added distributor in the U.S. Through this relationship, Catalyst Telecomâs reseller partners will have access to the comprehensive line of Avaya NES solutions, including: Small- to medium-enterprise solutions; Unified Communication solutions; Contact Center solutions; Data networking products, including solutions for Ethernet Switching, Routers, Wireless Networking, Access Control and Unified Management.Details
Discover Financial Services reported a net loss for 1Q/10 of $104 million, as compared to net income of $120 million for the first quarter of 2009. Results for the first quarter of 2010 included a pre-tax addition to loan loss reserves of $305 million ($185 million after tax). Net income for the first quarter of 2009 included approximately $297 million (after tax) related to the Visa/MasterCard antitrust litigation settlement. The results were also thanks in part to Discover card sales volume having increased 5% from the prior year to $22 billion; a net charge-off rate of 8.51%; the over 30 days delinquency rate was 5.05%; and expenses being down 15% from the prior year. Payment Services segment profit before tax was up 28% to $37 million, and transaction volume was $36 billion, a 2% increase from the prior year.
U.S. CARD PRE-TAX PROFITS
1Q/09: $167.0 million
2Q/09: $387.9 million
3Q/09: $912.8 million
4Q/09: $546.5 million
1Q/10: $207.6 million
Source: CardData (www.carddata.com)
Smart payment and m-commerce solution provider CASSIS International Alliance Bank and Malaysia Berhad’s You:nique has received a special mention for product innovation at the recent IDC 2010 Financial Insights Innovation Awards. Malaysia’s first and only personalized picture credit card, the You:nique Picture Card is made possible through the use of CASSIS International’s trusted service management platform, which enables Alliance Bank customers to easily and conveniently design their own card face and customize their card benefits from a range of low interest rate, cash rebate and reward options.Customers can personalize the face of their You:nique Picture Card using images from the bank’s picture library or they can upload their own favorites, and they can personalize their credit card features by selecting a monthly rebate, a low-rate finance charge or a reward program. When the personalized image is accepted, the customer receives an SMS notification with a unique reference ID for confirmation. In addition, cardholders can change their card face picture as many times as they like after the card has been issued.Details
South Carolina Federal Credit Union announced that it has selected Bluepoint Solutionsâ ImagePoint Capture and Hub modules to electronically capture and aggregate check images. South Carolina Federal will be able to capture checks in real-time and at the point of presentment (teller, home/business, ATM) improving operational efficiencies, cost savings, fraud prevention and the overall member experience. Receipt Manager integrates with the existing teller transaction flow, by storing the receipt data and check image together electronically, while all captured images, regardless of point of presentment, are aggregated in ImagePoint Hub. Storing every image electronically at the point of presentment makes them available to authorized users throughout the entire credit union, reducing the research time needed to answer member inquiries.Bluepoint Solutions is a Microsoft Gold Certified Partner and innovator in remote deposit capture (RDC), image-based item processing and enterprise content management software technology for financial institutions.Details
LadyLucks has launched its new look website www.ladylucks.co.uk.
To celebrate the launch, LadyLucks is giving every new player a free GBP2.50 bonus to get started and will match your first deposit on a credit or debit card 100% up too GBP100. With brand new features such as easy sign up from web to mobile and in depth content based around its mobile gambling service, the new website has been designed to provide its players with even more information on its trusted free mobile games, exclusive VIP club, LadyLucks Legends and exciting player promotions.
Diners Club International and Global Payments Direct have inked a merchant acquiring agreement seeing Global Payments to add Diners Club card acceptance to its portfolio of payment processing services in selected markets. This will allow Diners Club and Discover Cardmembers to use their cards in markets where Global Payments has a presence, which include the U.K. and certain other territories in Western Europe, Hong Kong, India, and Taiwan. Global Payments will provide consolidated pricing, underwriting, risk management, processing, settlement, support and reporting to merchants, ultimately simplifying payments processing. This will ultimately increase volume and broaden Diners Club and Discover card acceptance among small to mid-sized merchants.Details
MA-based payment intelligence software provider Saylent Technologies has introduced
âChecking 2.0. Saylentâs “Overdraft Forgiveness Checking” allows consumers to overdraw their
accounts one time per statement, for any reason, and the bank will waive
the fee. As an incentive not to overdraw their account, these consumers
can also earn interest and cash rewards for managing their money well
and banking electronically. Account360 is integrated with the financial institutionâs core platform
and provides real-time, automated adjustments to accounts based on their
banking activity. Customers of Jack Henry& Associatesâ Silverlake and
CIF 20/20 solutions have access to these solutions through the
pre-integrated, hosted BIG Rewards product. Saylentâs Account360 solution provides a
holistic perspective on customers across all payment types, enabling
financial institutions to understand and reward profitable behaviors.
Max Courington has been appointed National Sales Director with eCommLink value-added prepaid debit card processor. Bringing with him 15-years’ experience in both sales management and prepaid program management, Courington will develop the company’s domestic sales efforts with an immediate emphasis on engaging program managers in retail, payroll, and remittance prepaid offerings. Directly prior to joining eCommLink, he served as Director of Customer Retention for Stored Value Card, developing a distribution strategy that increased card sales over 1000 percent in a one-year period. eCommLink enables program managers and financial institutions to maximize revenue from their prepaid debit programs.Details
TNB Card Services, the electronic payments processor for credit unions, works with credit unions of all sizes to help develop and implement effective cross selling strategies. Moderate size credit unions that invest in employee training and cross-sell their card products within the branch can see rapid growth in the number of new card accounts acquired. For Harris County Federal Credit Union of Houston, an investment in employee training coupled with an in-branch promotion in mid-2009 paid off by boosting its new card accounts 383 percent over the same time period a year earlier. Working with TNB, the $100 million credit union created an internal campaign to encourage employees to proactively reach out to members, rewarding employees with $5 for every approved card application. For the $27 million Space City Credit Union of Houston, its MasterCard Madness internal campaign was designed to challenge its staff to double their monthly average of new card accounts.Details
PayPal has unveiled a new Send Money application for iPhone. Version 2.0
of the PayPal Send Money app gives PayPal and iPhone customers around
the world secure mobile access to their money and convenient features
for everyday life, including Bump money transfers, Split Check and
Collect Money. With âbumpâ users can put two iPhones together for quick
PayPal transfers; “Split Check” allows users to divide and quickly
reimburse each other for the cost of a meal, including tip and tax, for
up to 20 people; and “Collect Money” allows users to request money from
multiple people for a joint gift, team dues, concert tickets, and more.
The new Send Money app comes at a time when smartphone sales have
surpassed 172.4 million units in 2009, and consumers worldwide are
expected to spend $119 billion by 2015 through their mobile phones.
PayPal mobile transactions have increased nearly six-fold, from $25
million in 2008 to $141 million in 2009.
First Data electronic commerce and payment processing and Tyfone mobile contactless payment and secure mobility solutions have inked collaborative agreements to provide “SideTap” MicroSD memory cards. Equipped with Tyfoneâs m-contactless payment solution, “SideTap” works like an actual mobile âwallet,â complete with financial information and secure identification from multiple sources. Without losing core memory card, the m-wallet solution can function through such sources as specific retailers or financial institutions in both open-loop and closed-loop scenarios. The “SideTap” cardâs onboard controller that manages over-the-air (OTA) access, in conjunction with the u4ia, (pronounced euphoria) mobility platform is fully expandable. First Data will provide merchants and financial institutions with Tyfoneâs patented SideTap secure memory card and u4ia mobility platform for OTA life cycle management.Details