Fiserv EFT and core data processor FedComp have formed a non-exclusive partnership that will provide credit unions with access to Fiserv EFT’s ATM and debit products and services. FedComp provides development and support of PC-based credit union data processing systems. Fiserv EFT provides ATM and debit services to more than 2,700 financial institutions across the United States. Fiserv owns the ACCEL/Exchange Network, operates 18,000 ATMs, and currently processes approximately 470 million ATM and debit transactions per month.Details
During the 10 years since the company’s conception, Ogone payment
service has established its presence in the industry, tripled turnover and,
subsequently, is expanding operations to triple turnover by 2010.
Moreover, Ogone plans to employ 100 by the same date and has recently
established subsidiaries in the Netherlands, France, Germany, Switzerland
and Austria with plans to open new branches across Europe. These
developments are the culmination of the company’s recent attention on the
consolidation of their middle management structure. The eventual growth in
the employee base from 52 will gradually increase to 78 by 2009, 86 by
2010 and 100 by 2011. Ogone provides its electronic payment solutions to
its more than 12,000 customers across 25 countries.
Dallas-based POS specialist, Retalix, reported third quarter revenues of $58.1 million, a 16% year-over-year increase. Net income was $3.1 million for the quarter, compared to a net loss of $1.1 million in the third quarter of last year. The Company says the higher product revenues were driven by a number of significant new contracts. In the U.S., Love’s Travel Centers contracted with Retalix to provide an integrated POS and headquarters system to serve more than 200 retail and fuel sites. Save Mart Supermarkets, a tier-1 grocery chain based in California, licensed multiple components of Retalix’s supply chain management application suite for implementation in their three distribution centers. Customer loyalty and promotions system was selected by several retailers, including Big Y, as it expanded the relationship to include the “Loyalty” system. In the distribution segment, Odom, a distributor of beverages in the Pacific Northwest, signed a deal to install the “Retalix Power Enterprise” suite. In Europe, Retalix’s POS solution has been selected by a major grocery retail chain in the Baltic states. Retalix’s international headquarters is based in Israel. For complete details on Retalix’s latest results visit CardData ([www.carddata.com]).
3Q/06: $50.4 million
4Q/06: $56.8 million
1Q/07: $52.7 million
2Q/07: $55.5 million
3Q/07: $58.1 million
Source: CardData (www.carddata.com)
Westpac is now offering its cardholders the ability to convert “hotpoints” to retirement savings contributions. Earlier this year, the “KiwiSaver” initiative was introduced offering a voluntary, long term retirement savings plan for all New Zealand residents aged up to 65. Under the Westpac program cardholders earn credit card rewards through “hotpoints” on every credit card purchase they make. Now cardholders can convert their “hotpoints” into contributions towards a Westpac “KiwiSaver” account of their choice, be it their own or someone
else’s. Customers must convert a minimum of 2,500 hotpoints (which equals $20) and above this in multiples of 125 hotpoints (which equals $1). The Westpac “KiwiSaver” program is governed by a trust deed and is issued by The New Zealand Guardian Trust Limited and managed by BT Funds Management Limited.
Denver-based Frontier Airlines has introduced a new gift card in any amount between $25 and $1,500. When customers buy the gift card, they will have the option of sending the gift virtually via e-mail or purchasing a plastic card. There is no expiration date on the gift cards. Frontier offers routes linking its Denver hub to 61 destinations.Details
AmBank has partnered with Telekom to launch the “NexG-iTalk” prepaid
Mastercard to provide a secure, chip-based credit card. Additionally, the
card offers functionality for prepaid calling with its “iTalk” feature.
With this launch, the partnership is targeting 200,000 new credit card users
with loyalty programs, low international calling rates, flexibility in
and wide acceptance. The card implements Voice-over-Internet Protocol
(VoIP) for use on a range of mobile and fixed telephone service.
Portland, ME-based PowerPay has teamed with ControlScan, an approved scanning vendor certified by the Payment Card Industry, to help its e-commerce merchants meet the mandatory requirements set forth by the PCI DSS Council. ControlScan will help the e-commerce merchants of PowerPay and its subsidiary, e-onlinedata, further secure their Web sites and strengthen their defense against online hacking and credit card fraud. Small businesses have typically been victimized by hackers more than large businesses. Despite this trend, the vast majority of small merchants are still not compliant with the PCI DSS. PowerPay and e-onlinedata e-commerce merchants will have access to ControlScan’s leading PCI scanning solution, which includes on-demand security scanning and the PCI Self Assessment Questionnaire. These merchants may also take advantage of ControlScan’s array of security certification seals and value-added services. Web sites displaying ControlScan’s security certification seals realize a significant increase in online sales and a decrease in shopping cart dropout.Details
Teletrack has launched its risk management solution to provide credit
reporting and risk management services on consumers. This new solution
combines credit performance data and information from credit reference
agencies to allow the enhancement of the company’s credit performance
data and fraud prevention. Teletrack UK provides products and services
across 11 countries and employs 4,700 to support over 90,000 clients
around the world.
The average credit card portfolio sold by a credit union declined to $5.8 million for the third quarter, compared to $6.7 million for the first half of this year. During the third quarter, 11 credit unions with portfolios of more than $1 million in outstanding balances sold their card business, compared to 18 in 2Q/07. The third quarterÃ¢Âs largest individual sale was slightly larger than $10 million in receivables. According to NH-based Brookwood Capital, total balances sold during the first nine months of this year were approximately $273 million and involved 47 portfolios. The brokerage firm says that since 2002, more than 14% of all credit union credit card issuers with credit card portfolios of over $1 million in receivables have outsourced their card programs to third party partners. Brookwood notes that the latest results indicate that credit unions of all sizes are continuing to take a strategic look at their credit card product lines. While these portfolios are nearly always profitable, many smaller issuers are trying to find ways to issue a stronger product set, lowering their institutional credit risk and fraud exposure and improve the bottom line. Brookwood Capital specializes in credit union credit card portfolio sales.
CU PORTFOLIO SALES
Year Total Outstandings Average
2002 41 $285 million $7.0 million
2003 59 $419 million $7.1 million
2004 67 $459 million $6.9 million
2005 65 $481 million $7.4 million
2006 69 $466 million $6.7 million
YTD2007 47 $273 million $5.8 million
Source: Brookwood Capital
NCR has hired Tony Massetti, formerly CFO at QLogic, as its new CFO. During his five years with QLogic, Massetti’s leadership contributed to an improved financial model and profitable growth. Massetti began his career at IBM and served for 17 years in positions that spanned accounting, financial planning, treasury and business controls. He spent five years at IBM’s European headquarters managing a P&L where revenue exceeded $20 billion and the balance sheet included more than $20 billion in assets, as well as two years in Hong Kong and China as the CFO of an IBM joint venture, then CFO of the Technology Group, which included five Asian manufacturing sites with several billion dollars in revenue. Previously, Massetti served as CEO of Aurum Solutions, Ltd., a consulting company in Hong Kong, and as senior director/vice president of Finance for Sandisk Corp.Details