MA-based Saylent Technologies has deployed its “Y-Debit” solution suite at MS-based Cadence Bank. Cadence licensed the Y-Debit software suite to increase debit card usage and interchange income. Y-Debit connects data from core banking solutions and transaction processing systems to deliver information on cardholder usage and portfolio trends. Cadence Financial Corporation is a financial holding company providing full financial services, including banking, trust services, mortgage services, insurance, and investment products. Saylent Technologies helps drive card usage and increase non-interest income for financial institutions and other card issuers.Details
American Bank Note Holographics has introduced “HoloStripe” as a
security device hologram on MasterCard and VISA bank cards.
“HoloStripe” is laminated to cards by card manufacturers and is useful
in brand promotion. This product allows card issuers to apply new
design formats and enhance their card design, all while adding security
and preventing fraud. American Bank Note Holographics produces
and markets these holograms for use in security applications such as
counterfeiting protection of transaction cards, identity documents,
documents of value and pharmaceuticals.
Cash Technologies has entered into a Service and Joint Marketing Agreement with NY-based Mayanot Institute of Jewish Studies for distribution of CSI’s prepaid debit cards. Under the terms of the agreement, Mayanot will offer CSI’s prepaid debit cards to its students and their families. Mayanot is obligated to distribute at least 3,000 cards within the first 14 months of the agreement and CSI shall be the exclusive provider of prepaid debit cards to Mayanot for the term of the 3-year agreement. Mayanot provides adult Jewish education and is one of the largest sponsors of the Taglit-Birthright Israel program, which offers free trips to Israel for Jewish college students and young adults. To date, 120,000 youth from 51 countries have traveled to Israel for the first time on Taglit-Birthright Israel trips. Cash Technologies develops and markets data processing solutions in the healthcare and financial services industries.Details
NJ-based American Bank Note Holographics posted second quarter revenues of $7.9 million a 5.2% decline from 2Q/06 but a 9.3% increase sequentially. Second quarter sales included approximately $1.0 million of revenue associated with the previously reported discontinued “VISA HoloMag” program. ABNH says the sequential quarterly increase in sales was principally the result of the expansion of the Company’s secure government document programs. Net income in the second quarter totaled $1.2 million, an increase of 26.9% from net income in 2Q/06. The Company says it has resolved the prior issues regarding the first generation of “HoloMag,” and has deepened its relationship with VISA. “HoloMag Gen 2,” “HoloCard” and most recently, “HoloStripe” have been big contributors to the Company’s future. For more information on ABNH’s second quarter performance visit CardData ([www.carddata.com]).
More than half of Americans are uncomfortable making a major purchase such as a home, a car, major appliances or other significant items over the next three months. According to the latest “Experian-Gallup Personal Credit Index” 89% of consumers do not plan to apply for credit in the next three months; 30% of households with annual incomes of less than $40,000 are uncomfortable with their debt burden, while only 16% of those with annual incomes of $75,000 or more are uncomfortable and 17% of consumers know someone who has been turned down for credit during the past three months. Additionally, 58% believe the problems in the sub-prime mortgage market will affect the overall mortgage market, while 24% feel the problems will be contained.Details
NY-based Island Federal Credit Union has sold its credit card portfolio to TNB Card Services. TNB announced its purchase of the card program, with $8 million in outstanding balances and 5,300 card accounts. Island FCU is a 52-year-old credit union that for most of its existence served KeySpan Energy employees and their family members. In January of this year, the credit union received its community charter, and now serves all of Nassau and Suffolk counties on New York’s Long Island with more than 21,000 members and assets of more than $330 million. TNB Card Services, owned and directed by credit unions, provides electronic payments processing, as well as an agent issuing solution for credit unions nationwide.Details
The FTC requested and received an order from a federal judge to halt an operation marketing VISA-and MasterCard-branded stored-value cards from making unauthorized debits from consumers’ bank accounts. According to a complaint filed by the FTC, the defendants marketed prepaid cards under a variety of names through Web sites and pop-up and e-mail advertisements that direct consumers to Web sites for the individual cards. These include Acclaim Visa, Impact Visa, Sterling Visa, VIP Advantage Visa, Vue Visa, Elite Plus MasterCard, Impact MasterCard, Secure Deposit MasterCard, VIP MasterCard, and Vue MasterCard. The defendants also market unrelated short-term loans on Web sites such as www.SuperAutoSource.com, www.SuperCashSource.com, and www.FastCashUSA.com. The complaint alleges that through their prepaid card programs the defendants debited, without authorization, a $159.95 application and processing fee from consumers’ bank accounts, including from consumers who either had no contact with the defendants or had applied for an unrelated short-term loan.Details
Capital One has inked a deal to acquire prepaid card specialist NetSpend for $700 million in cash. NetSpend has more than 1.5 million active customers nationwide and a retail network that has 15,000 locations where cards can be purchased and 50,000 locations where funds can be loaded. NetSpend has distribution relationships with Safeway, Pathmark, HEB Grocery Stores, ACE America’s Cash and others. Under the terms of the agreement, NetSpend will become a subsidiary of Capital One. NetSpend’s CEO, Richard Savard, will continue to lead the prepaid business after the acquisition has been finalized and will assume a key executive role within Capital One’s Payments business. The deal is expected to close in the fourth quarter.Details
First Mutual Credit has signed contracts with MetaBank to issue First Mutual Credit MasterCard Debit Cards, pursuant to a license from MasterCard International Incorporated. First Mutual Credit have been approved by MasterCard International as an ISO and co-brand partner. First Mutual Credit Corporation is an investment banking and securities foreign exchange company.Details
DE-based Cash Connect, the ATM Division of WSFS Bank has completed the acquisition of the vault cash portfolio of 1,700 ATMs owned by Creative Strategic Solutions. Benjamin Franklin Bank will continue to supply the $35 to $40 million in vault cash required to fund these ATMs, while Cash Connect will be responsible for all of the day to day ATM cash funding and management. WSFS Financial Corporation is a $3.0 billion financial services company.Details
VA-based transaction communication specialist TNS reported second quarter revenue of $79.4 million, an 9.2% increase over 2Q/06. Second quarter GAAP net income was $0.5 million versus a second quarter 2006 GAAP net loss of $0.9 million. Revenue from the International Services Division increased 25.1% to $32.4 million. Revenue from the Financial Services Division increased 17.3% to $10.1 million. Revenue from the Telecommunication Services Division decreased 3.7% to $16.1 million. Revenue from the POS Division decreased 3.1% to $20.8 million on 1.51 billion transactions. For the third quarter, TNS anticipates total revenue growth of 11-15% to $81.0-$84.0 million. For more information on TNS’ second quarter performance visit CardData ([www.carddata.com]).
The State Bank of India, in partnership with VISA, has launched the
“SBI Gold International” Debit card providing cardholders with money
transfer service, VISA “Bill Pay” and “Verified by VISA”. In addition,
the card holders can collect loyalty points, security limits on
purchase protection, cash withdrawal without any service charges at
13 bank’s ATMs, and discounts at certain retailer locations. ATM cash
withdrawals are limited to $ 1,000 for international transactions and Rs
50,000 for domestic transactions. At the point-of-sale, transactions are
limited to $ 4,000 for international transactions and Rs 200,000 for