NACHA- The Electronic Payments Association will present “The Payments Institute 2008 to offer attendees a better understanding of payments systems. The Payments Institute’s curriculum is designed to accommodate both the novice and the experienced payments professional. The Institute will cover Automated Clearing House (ACH), card systems, check electronification, international payments, risk management and fraud and emerging issues in the payments arena.Details
ATM provider TRM will have its stocks delisted from the NASDAQ Global Market and will focus on its recent acquisition of Access to Money and resolve its financial issues. TRM expects that the delisting of its shares will become effective on April 23, 2008. TRM’s common stock will then be eligible for quotation on the Pink Sheets. At least one registered broker-deal has indicated an intention to sponsor the Company’s shares on the Pink Sheets and to act as a market maker following delisting.Details
TSYS has signed processing agreements with Target stipulating the continued service to the department store’s VISA “REDcard” portfolio. Target has more than 21.4 million accounts on file and will continue its relationship with TSYS with the processing of its “Target VISA Credit Card”, “Target Credit Card”, “Target Check Card” and the “Target Business Card”. The two organizations first signed processing agreements in 2000 for the Target VISA and in 2005 for the Target Credit Card portfolio. Target has 1,613 stores in 47 states nationwide and gives more than $3 million a week to its local communities through grants and special programs while TSYS provides outsourced payment services for companies around the world.Details
For EUR2 million, including shares and restructuring costs, Keynote
Systems has acquired the Zandan software company, bringing with it
big-name customers such as Telefonica and Bouygues Telecom.
Zandan supplies customer simulation solutions across the mobile service
life cycle, including monitoring, alerting, troubleshooting and SLA
management, while Keynote MAP allows wireless operators to measure
mobile content from 22 geographic locations worldwide through more than
1,000 wireless device profiles. Keynote implements 2,400 measurement
computers and devices in over 240 locations serving 160,000 consumers
through its 2,700 corporate clients.
VA-based AirPlus International has partnered with Wright Express Financial Services to launch its “AirPlus” corporate MasterCard. The new card provides cardholders with insurance, customer service, an online portal, flexible billing and global acceptance at over 22 million outlets and 1 million ATMs. Wright Express provides payment processing and information management services to commercial and government organizations while AirPlus International employs over 770 associates, has more than 32,000 corporate customers worldwide and settles flight tickets from more than 260 airlines around the globe.Details
MasterCard and Altair Financial Services have launched the pay-as-you-go
“BaBee Prepaid Card” targeting British mothers with access to a discount
club and cash-back rewards. Originally introduced by Blueberry Card
Services, the “BaBee Card” has an annual fee of GBP14.95, provides
hundreds of discounts and can be managed through SMS mobile phone
technology 24 hours a day. Also, obtaining the card requires no credit
checks, is accepted everywhere MasterCard is accepted at 25.9 million
locations worldwide and, with every BaBeeCard sold, Blueberry Card
Services will donate GBP1 to BLISS charity for special care babies.
Altair Financial Services International is headquartered in London and
provides card processing to organizations around the world on behalf of
MasterCard, which provides card processing for over 18 billion
transactions annually in 210 countries through MasterCard Worldwide.
CA-based Experian Fraud Prevention has been contributing its products and services to support development for the compliance of Red Flag rules. These rules were effective as of January 2008 and require institutions to implement procedures to detect, prevent and mitigate identity theft as part of the recent provisions to the 2003 Fair and Accurate Transactions Act (FACTA), for which full compliance is required by November 2008. Moreover, these rules are requisite of identity theft prevention procedures in a manner best suited to business operations and affect a wide range of financial institutions providing credit or allowing payments/transactions by consumers.Details
Bank processor DCI has elected DCI client Ron Santarosa, executive vice current EVP and CFO at First California Bank to the company’s board of directors. Santarosa brings 17 years of banking experience to the board, joining fellow DCI customers and noted bankers Kim Capeloto (Bank of Clark County, Vancouver, Wash.), Lloyd Davidson (First Bank Kansas, Salina, Kan.), John Davis (Colorado Capital Bank, Castle Rock, Colo.), R.A. Edwards, (First National Bank, Hutchinson, Kan.), Kenneth Goering (Citizens State Bank, Moundridge, Kan.), Tim Kohart (Valley State Bank, Syracuse, Kan.), Reed Peters (First State Bank and Trust, Larned, Kan.) and Kathleen Steward (Chisolm Trail State Bank, Wichita, Kan.). iCore, DCI’s flagship product, is an integrated, relational core processing and bank management solution used by in-house and outsourced institutions nationwide.Details
WA-based WaMu has launched its “Instant Online Paperless Account” targeting small businesses as part of the organization’s mission to be a small business banking leader. The “Instant Online Paperless Account” allows businesses to open accounts online in less than 10 minutes in response to Barlow Research showing 40% of companies using Internet Banking indicated the ability to open a business checking/savings account(s) online is a top priority and very important. WaMu has assets of nearly $319.67 billion and operates approximately 2,500 consumer and small business banking stores through its subsidiaries across the country.Details
ATM provider TRM has secured financing with LC Capital Master Fund and Lampe Conway for $11,000,000 pursuant to a Securities Purchase Agreement. The loan was used to pay the cash portion of the purchase price for TRM’s acquisition of LJR Consulting Corp., d.b.a. Access To Money; to pay eFunds $2.5 million in satisfaction of the settlement reached last December; to satisfy all of the company’s remaining loan to GSO Capital Partners; to pay $1.0 million to “Notemachine Limited” in further reduction of the Company’s obligations under the Settlement Agreement dated as of November 20, 2007, to satisfy in full the Company’s loan from the Lender and the Administrative Agent dated February 4, 2008 and (f) to pay fees and expenses incurred in connection with the Purchase Agreement and the “Access To Money” acquisition. In connection with the Purchase Agreement, the Company issued warrants to the Lender to purchase 12,500,000 shares in aggregate of the Company’s common stock.Details
Debit network provider PULSE has promoted Judith McGuire to SVP of product management, James Cichy has been hired as VP, fraud management and Mike Urquizu has been promoted to VP of Sales. McGuire has been with PULSE since 2002 and now directs product management activities for all PULSE network products. She previously worked for First Data in multiple roles, including product development and marketing. Recognized fraud expert Cichy is responsible for PULSE fraud protection and prevention services, including “DebitProtect,” which provides risk scoring for all PIN, signature and PINless debit transactions on the PULSE network. Prior to joining PULSE, Cichy was employed at Fifth Third Bank, where he and his team were recognized for their outstanding efforts to minimize fraud losses. Urquizu oversees the national financial institution sales program and manages a team of sales executives. He is responsible for sales of PULSE network participation, as well as various processing solutions.Details
PA-based Fulton Financial has signed agreements to sell its credit card portfolio to U. S. Bank , d/b/a Elan Financial Services for the enhancement of the card offering. In doing so, Fulton will continue selling and providing support for the credit card products and services through its bank branches while the sales transaction is expected to result in a 2008 pre-tax gain of approximately $10 million. Fulton Financial Corporation employs over 3,900 associates and has more than 265 banking offices across the Mid-Atlantic States.Details