PreCash Card Adds Green Dot MoneyPak Reload

TX-based PreCash, processing service Galileo and prepaid product
provider Green Dot have partnered to offer
PreCash’s prepaid debit card-holders the ability to add cash to
their cards at nearly 50,000 additional U.S. retail locations by using a
“Green Dot MoneyPak”. To promote this new reloading option, Green Dot
and PreCash will be offering
PreCash’s Vision Premier((R)) Prepaid Visa((R)) Card with Direct Deposit
cardholders a “First Load Free” reward through the holiday season. For
Vision Premier Prepaid Visa Card cardholders who load their cards with a
Green Dot
MoneyPak between August 5, 2009 and December 31, 2009, PreCash will
rebate the load fee within four weeks of the transaction with a
statement credit.
In addition to Direct Deposit, PreCash cardholders can now
load cash onto their cards at more locations nationwide, including
Walgreens,
CVS/pharmacy, Rite Aid, Kmart and Kroger. PreCash offers the Vision
Premier Prepaid Visa card and other prepaid Visa and MasterCard
products, prepaid
debit card program management services, real-time cash bill payments,
prepaid wireless refills and payroll card products.

Details

Umpqua Bank Deploys Fiserv’s Mobile Money

OR-based Umpqua Bank has selected Fiserv’s “Mobile Money” to enable
customers to manage their finances using their mobile device.
Mobile Money features “triple play” technology that will allow Umpqua
customers to access accounts using SMS, a mobile
browser or an application downloaded to a BlackBerry smartphone or
Apple iPhone. Additionally, the exclusive RenderRight technology
utilized by Mobile Money will automatically customize the user interface
for the consumer’s mobile device, allowing Umpqua to deliver a
personalized mobile banking experience to each customer regardless of
their mobile device or carrier. “Mobile Money” is tightly integrated
into the Fiserv online banking and
bill pay services already used by Umpqua, which will allow the bank to
easily extend these applications to the mobile channel. Functionalities
available to customers will include: balance inquiries, transaction
history, account transfers, bill payments, a variety of account alerts
and an ATM and branch locater. “Mobile Money” is a secure application that
utilizes security best practices such as data encryption, along with
additional risk management safeguards. Mobile Money from Fiserv
incorporates technology from Atlanta-based
M-Com. M-Com and Fiserv announced their technology partnership in
September 2008 under the label Mobile Money from Fiserv.

Details

AVIANCA PPC

Sound Cash Global Solutions has launched the “Avianca Cash” reloadable
Visa Prepaid Card program. Offering consumers a general spend stored
value card issued by Metabank, the “Avianca Cash” provides users mobile
account management, “Avianca Plus” miles, PIN-less international LD,
international remittances and other card benefits. FL-based Sound Cash
joint venture company, which will serve as program manager for the Visa,
was formed between Avianca and Denarii specifically to deliver stored
value card programs coupled to mobile banking platforms for the airline
industry. Denarii Systems offers payment and information services across
its electronic transaction platform while Colombia-based Aerovías del
Continente Americano aviation company provides service to 20
destinations in Colombia and 19 cities in America and Europe.

Details

APAX & BANKRATE

Advised by Apax, BEN Merger Sub and BEN Holdings has completed its cash
tender offer for all of the outstanding shares of common stock of
Bankrate at $28.50 per share in cash. Upon expiration of the offer,
5,397,131 Bankrate shares had been validly tendered and not validly
withdrawn, including 635,671 shares tendered by notices of guaranteed
delivery, representing approximately 28% of the outstanding shares of
the organization. An additional 4,571,476 shares, approximately 24% of
the outstanding shares of Bankrate, are owned by directors and senior
managers, giving BEN Merger Sub voting control of approximately 52% of
the outstanding shares of Bankrate. BEN Merger Sub has also exercised
its “top-up” option granted under the merger agreement pursuant to which
Bankrate has agreed to issue shares to BEN Merger Sub in an amount
sufficient to achieve at least 80% ownership plus one share and permit
the completion of a “short-form” merger under applicable Florida law.

Details

ABS RESEARCH

Nearly 10% of Australians (1.7 million) aged 15 years and over were
unemployed at some time during in the 12 months preceding February 2009.
People aged 55 years and over spent 21 out of 52 weeks while those aged
15-19 spent only 13 out of 52 weeks, the longest and shortest periods
respectively. The average time spent looking for work whilst not working
was around 16 weeks for both men and women, the former being 4% more
likely to be out of work and looking for a job throughout the period.
Additional findings, based on research from the Australian Board of
Statistics, show 75% of those seeking employment had one period of
looking for work while not working during the twelve months to February
2009; 74% spent less than 26 weeks looking for work; and 7% looked for
the whole 12 months without finding a job.

Details

On Track Innovation’s Revenue Off 17% in 2009

NJ-based On Track Innovations reported that revenues declined 17% to $16.9 million in the first half of this year. Gross profit slipped 6% to $7.7 million. The Company previously reported that revenues were flat for the first quarter at $9.3 million. The GAAP net loss for the first quarter was $3.8 million, a 44% decrease, compared to the year ago quarter. OTI says its main goal is to bring the company to operating break-even position as quickly as possible. Based on the higher than expected decline in revenues in the first half, which is mainly attributed to the revenue reduction in the OEM and payments business segments and the delays in customers’ projects timetables, OTI updated its target revenues for 2009 to $34 million. OTI designs, develops and markets secure contactless microprocessor-based smart card technology. For complete details on OTI’s latest performance visit CardData (www.carddata.com).

Details

FCAC TIPS

With pressing matters to potentially impact students’ long-term
financial health, the FCAC has made available its “Before You Sign Any
Contract: The 10 Things You Need to Know” tip sheet. To help college
students through their newfound financial independence, whom will be
asked to enter into contracts to obtain services such as gym memberships
and cell phone plans, “Before You Sign Any Contract: The 10 Things You
Need to Know” addresses the difference between short term and long term
periods. To help make informed decisions, the tip sheet also includes
useful advice to keep in mind before signing a binding contract with
companies selling products and services at special discounts or offering
additional services for “free” for an initial period. FCAC also provides
a range of tools and information to help people develop financial
literacy through its website (www.fcac.gc.ca), which includes an
interactive Credit Card Comparison tool and quizzes to help people
measure their own financial knowledge.

Details

MX ATM

VeriFone Holdings has has partnered with PROSA electronic switch and
processor to introduce its “MX ATM” family of secure payment retail
kiosks in Mexico. Designed for the Latin America market, the “MX ATM”
customized solution offers cash dispensing, deposit functionality and
will be deployed nationally throughout retail locations across the
country. The “MX ATM” is intended for deployment in hotels, department
stores and night clubs to offer telco top-up; bill payment; redemption;
prepaid card reloading; advanced monitoring security using 3DES, EMV,
and PCI-PED; an ink dye systems and a virus-free Linux environment.
Additionally, the “MX ATM” decreases cash management and security costs
for retailers by providing cash recycling.

Details

DOCOMO M-Payment Service Tops 10MM in Japan

CardFlash International reports that subscribers to “DCMX,” DOCOMO’s credit payment service, topped 10 million in Japan yesterday.
“DCMX” enables subscribers to make purchases using their mobile phones as credit cards via “iD,” DOCOMO’s branded mobile payment platform for handsets equipped with contactless IC cards (Osaifu-Keitai). Currently, over 30 million DOCOMO customers use Osaifu-Keitai-compatible handsets and about 60% of all DOCOMO customers are using Osaifu-Keitai services. As of July 31st there were approximately 420,000 “iD” readers/writers nationwide. Subscribers of the standard “DCMX” and “DCMX GOLD” plans can also earn DOCOMO’s loyalty points each time they make a purchase transaction. Launched in April 2006, DCMX reached 1 million subscribers in November 2006, 5 million in February 2008 and 10 million, just three years and four months since the original launch.

Details

GEMALTO 2Q/09

Smart card specialist Gemalto reported 433 million euros in revenue for the second quarter, up 7.4% from one-year ago. For the first six months of 2009, operating income (EBIT) was flat at 74 million euros. At constant exchange rates, Secure Transactions revenue was up 3% to 119 million euros driven by further deployment of contactless payment cards, mainly in the EMEA region, offset the effects of inventory optimization measures of many customers. The proportion of personalized card improved again year on year, resulting in a 4% constant-rate increase in the revenue from personalization services. During 2009, Gemalto announced that its personalization service was chosen to support the NFC pilot in Singapore by Citibank, M1 mobile and Visa. In addition to successes in EMV migration projects and growth in personalization services, Gemalto also continues to gain market traction with its innovative offers, such as the selection by Nigeria’s “InterSwitch” for its “Instant Issuance” offer, and France’s LCL for its web-based photo-customization solution. Gemalto also notes that market traction for more advanced DDA products and contactless payment cards continued to be strong. Year on year, gross margin was lower by 3 percentage points, mainly due to the unfavorable currency evolutions against the Euro. For more details on Gemalto’s second quarter performance visit CardData (www.carddata.com).

Details

Credit Card ABS MPR and Yield Soar in July

The overall performance metrics for credit card-backed securities is now showing all green “UP” arrows as, most notably, charge-offs and delinquency are settling down. More importantly, the monthly payment rate and the yield has been sharply improving. For July, the monthly payment rate posted its highest point since October and the third consecutive monthly improvement. According to Moody’s “Credit Card Index” for ABS, the MPR for July was 17.43%, compared to 16.53% in June and 16.01% in May. Moody’s found increases in the payment rates across all of the “Big 6” issuers. The MPR measures the average amount of principal that cardholders repay each month, measured as a percentage of total outstanding principal balance. The yield jumped to its highest level since December of 2007 and is the fourth consecutive monthly improvement. According to Moody’s “Credit Card Index” for ABS, the yield for July was 19.82%, compared to 18.52% in June, 18.11% in May and 17.54% in May. Yield is the annualized percentage of income, primarily finance changes and fees, collected during the month as a percent of total loans.

2009 CC ABS METRICS
MPR YIELD
Jan 16.39% 16.58%
Feb 15.16% 17.49%
Mar 16.46% 18.25%
Apr 16.18% 17.54%
May 16.01% 18.11%
Jun 16.53% 18.52%
Jul 17.43% 19.82%
Source: Moody’s

Details

CUP & OBERTHUR

Oberthur Technologies smart card vendor has completed CUP (China Union
Pay) certification for its Shenzhen manufacturing center. Established in
China, the Oberthur Technologies Shenzhen manufacturing site is already
providing SIM cards globally for the Telecom industry and magnetic
stripe/EMV cards to banking customers throughout the Asia-Pacific
region. The Oberthur Technologies Shenzhen
production unit is increasing its operations with this certification
payment scheme and is already certified by Visa, MasterCard and Amex.
Allowing the smart card vendor to operate closer to its customers, this
certification makes Oberthur the first major smart card vendor certified
for magnetic stripe, contact and dual interface cards on all four
schemes in China and allows it to strengthen its position regionally.

Details