STV Card Specialist ProfitPoint Hires a New CFO

Stored value card provider ProfitPoint has hire Robert Moore, previously with Foster Medical, as its new CFO. Moore will focus primarily on raising the capital required to execute ProfitPoint’s growth strategy through strategic acquisitions, as the demand for stored value services continues to increase within the mass market where ProfitPoint has established itself as a market leader through mostly organic growth by way of its ever expanding direct sales force. Moore was responsible for overseeing the negotiations and integration of 106 acquisitions over a period of four years during his tenure as CFO of Foster Medical. Moore has a B.S. in Accounting from LaSalle University, and is a Certified Public Accountant.

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NRF Embraces MO Senator’s Support on Interchange

The National Retail Federation has welcomed the support offered by Missouri Senator Christopher “Kit” Bond as a co-sponsor of the “Credit Card Fair Fee Act of 2008” which focuses on interchange fees. Bond became the lead co-sponsor of S. 3086, which was introduced two weeks ago by Senate Majority Whip Richard J. Durbin, D-Ill. The legislation is a companion measure to H.R. 5546, also named the “Credit Card Fair Fee Act of 2008”, introduced by House Judiciary Committee Chairman John Conyers, D-Mich., and Representative Christopher Cannon, R-Utah. At issue is credit card “interchange,” a non-negotiable fee averaging close to 2% that Visa and MasterCard banks charge merchants every time a credit card or signature debit card is used to pay for a transaction. Visa and MasterCard effectively force merchants to pass the fees on to consumers by requiring them to be included in the advertised price of items and making cash discounts difficult. Interchange is largely unknown to most consumers because Visa and MasterCard keep merchants from disclosing it on receipts and don’t disclose the fee on monthly statements. According to NRF estimates, the average U.S. family will pay $427 in hidden credit card interchange fees in 2008, up from $378 in 2007.

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BofA Targets Texas Longhorns Students

As an official corporate sponsor of UT Athletics Longhorn Sports Network, Bank of America has introduced checking, check cards and credit card product options to appeal to Texas Longhorns students, alumni and fans. To mark the new product launch, Bank of America will be hosting an autograph signing session with UT Head Football Coach Mack Brown at its Austin banking center, to which the public is invited. Offering customized checks, Visa-branded Check Cards, MasterCard-branded credit cards and its “Keep the Change” savings program, Bank of America is encouraging consumers to sign up at any of the participating 5,700 banking centers, at select home UT Athletics events or online at http://www.bankofamerica.com/texasexes . Bank of America serves over 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,500 ATMs and online banking for 25 million active users.

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Smart Card Shipments Rise 24% in 2007

The Smart Payment Association has announced its “2007 Global Payment Cards Market Survey” results. These results show over 420 million payment smart cards were delivered by SPA members throughout the year, a 24% growth since 2006, dual interface and pure contactless demonstrated a 64% growth, the Americas had the fastest growth with 45% since 2006 while Dynamic Data Authentication is growing twice as fast as SDA technology. The Smart Payment Association members include Gemalto, Giesecke & Devrient, Oberthur Technologies and Sagem Orga with a primary objective to accelerate the transition from traditional, magnetic stripe cards to chip based cards by ensuring optimal interoperability between all system components, through representation on standardization committees and establishing joint industry specifications.

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MasterCard & Obopay Launch MasterCard MoneySend

MasterCard and Obopay have inked a partnership to offer a fully-integrated on-demand P2P mobile payment service in the USA. The new “MasterCard MoneySend” service will enable new and existing MasterCard issuing customers the ability to provide an innovative mobile payments service to their MasterCard cardholders on all credit, debit and prepaid MasterCard-branded products. Participants will use mobile numbers to send and receive funds, keeping their payment account numbers private. TowerGroup estimates that in the USA, adoption of consumer mobile banking has quintupled in the past 12 months from 1.1 million active users in 2007 to 5.7 million active users today.

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LifeLock’s CEO to Clarify its Company’s Mission

Identity protection provider LifeLock CEO Todd Davis will hold a town hall meeting to answer questions and clarify information about the company’s program and mission. The meeting will be held Friday, June 20. LifeLock requests on behalf of its clients that the national credit bureaus place fraud alerts on its members’ credit files, and requests that members’ names be removed from pre-approved credit card offers and junk mail lists. LifeLock is backed by a $1 million service guarantee. In addition to the proactive identity theft protection measures provided by LifeLock, members are also entitled to LifeLock’s “WalletLock”, “eRecon” and “TrueAddress” services. “WalletLock” works to cancel and replace all documents and personal identifying information inside a wallet if it is lost or stolen. “eRecon” is a regular patrol of the Internet in search of social security numbers, credit card numbers, driver’s license numbers and email addresses of LifeLock members to protect against the information being illegally traded or sold online. LifeLock’s “TrueAddress” service searches to see if members have had a change of address form filed and alert them if there are changes made that they may be unaware of.

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ACCOUNTIS & RBS

The Royal Bank of Scotland (RBS) and Fundtech’s Accountis have partnered
to provide electronic invoicing for corporate customers. With these
agreements, RBS will be allowed to provide a VAT compliant e-invoicing
service to their corporate customers through the reselling of Accountis’
secure financial document exchange/payment services. The Accountis
e-invoicing provides proof of delivery, acceptance, query and approval
status for all documents of business transactions. Additionally, the
Accountis solution provides improved operational efficiencies, quicker
payments, reduced ‘days sales outstanding’ and reduced working capital
requirements to replace slower, more costly, paper-based processes.
Fundtech was founded in 1993 and provides over 750 corporate clients
with operational efficiency, Accountis processes over 1 million
transactions daily and RBS has operations in over 50 countries across
the world, serving 40 million customers while employing more than
170,000 people.

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DolEx Signs ORCC for Bill Payment Services

Online Resources has established a multi-year agreement with Global Payment subsidiary DolEx to provide bill payment services. Online Resources enables DolEx to offer its customers electronic payment services that combine the convenience of walk-up cash remittance with timely payments to a wide distribution network of billers. The three tiers of electronic bill payment services that are currently available include expedited payments, with guaranteed same-day posting to billers in Online Resources’ extensive network; next day guaranteed payments to Online Resources’ biller network; and standard online bill pay to virtually any payee in the United States.

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NOW PREPAY

VendTek Systems automated transaction systems software has signed a
distribution agreement with MoreMagic Solutions International and
Roaming Recharge Solutions. With these developments, customers can
purchase mobile phone top ups from international wireless carriers to
add value to the mobile phones of relatives overseas in such regions as
the Caribbean, Latin America, Pakistan and India through the VendTek
“Now Prepay” network, available at VendTek retailers in Canada.
Regardless of where in the world the recipient is located, the top-up
transaction can be completed in seconds for immediate access to the
value added to their mobile phone. This new product was introduced to
appeal to the 3.9 million immigrants having arrived between 1980 and
2001, with an annual average of 180,000 arriving yearly.

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ROYAL SKIES

HSBC bank and Royal Brunei Airlines have announced a relaunch of the
partnership between the two organizations. Initially signed in 2004, the
recent agreements between HSBC and Royal Brunei Airlines’ frequent flyer
program, “Royal Skies,” are designed to ensure continuation of expanding
membership to include the clientele of the bank while adding value to
cardholders of both organizations. In doing so, HSBC credit cardholders
can redeem their credit card points for Royal Skies air miles at a rate
of 1 “Royal Skies mile” for every 2 credit card points accumulated,
which can then be used to acquire free flights and flight upgrades on
Royal Brunei Airlines.

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CB INDEX

The Conference Board of France has released business cycle indicators
for April 2008 with the leading index having decreased 0.1% and the
coincident index having increased 0.1% for the month. Additional
findings show the leading index fell 1.8% between October 2007 to April
2008, down from a growth of .9% for the same period the year prior, and
the coincident index rose .2% between October 2007 and April 2008, among
a period of relative balance of strengths and weaknesses. Meanwhile,
real GDP was up to a 2.6% annual rate for 1Q/08 from a 2.1% average
annual rate during 2H/07. Founded in 1916, The Conference Board is a
business membership and research network to help executives build
professional relationships, expand business knowledge and find solutions
to business challenges.

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Total Merchant Services Inks a Major Hypercom Deal

CO-based ISO Total Merchant Services has signed a deal to purchase a minimum of 25,000 Hypercom’s “Optimum T4100” multi-application card payment terminals and also beta test Hypercom’s new “Optimum T4220 Ethernet” and “Dial” back-up devices. Total Merchant Services also named Hypercom as its preferred provider of card payment terminals. Total Merchant Services’ “Sell, Lease or Place” free terminal program enables sales partners “to put their residual commissions on overdrive by placing Hypercom terminals at merchant locations for free. In addition, to off-set the loss of money from not selling or leasing the terminal, Total Merchant Services sales partners can earn $200 production bonuses or between $300-$500 in upfront conversion bonus payments on accounts currently processing over $10,000 per month.

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