Atlanta-based Fintura has appointed Ravi Raghavan, previously with Equifax, as CIO. Raghavan is responsible for the strategic vision and operational direction of the technology infrastructure at Fintura. Prior to joining the company, he served in leadership and management roles at Equifax, Inc. including work on strategic corporate green-field technology initiatives that developed consumer/commercial credit-based products for the financial services industry as well as compliance products in support of the U.S. Patriot Act for the brokerage industry. Raghavan, a former research scientist with USRA/NASA, has co-authored more than 20 scientific papers in leading peer-reviewed scientific journals and international conferences. He holds MS and PhD degrees in Electrical Engineering from Colorado State University as well as a MS in Computer Science from the University of Alabama in Huntsville. Fintura is an account origination and portfolio management company.Details
Barclays has promoted Joe Purzycki to the position of Chief Operating Officer for its U.S. credit card business. Purzycki has served as the Managing Director for customer care and bank operations since August 2005. Previously, Purzycki held various senior management positions with leading banks and credit card issuers such as MBNA, First USA, and Chase. Most recently, he served four years as head of new business development and sales for Chase Card Services. In 2000 and 2001, he also served as Chief Administrative Officer for Juniper Bank, prior to its acquisition by Barclays.Details
CA-based Merchant e-Solutions has introduced the “MeS Global Acquiring Platform” which enables MeS merchants who have international customers to accept payments in the local currency of their customers. The Company also announced that support for card present transactions has been added to the “MeS Virtual Terminal.” Through the “MeS Global Acquiring Platform,” merchants can process transactions in Euros, Pounds, Canadian Dollars, and dozens of other currencies. “GAP” also provides local direct debit and bank transfers in addition to “Switch/Solo,” “Giropay,” and “Maestro,” increasing a merchant’s reach to millions of international consumers who might otherwise shop elsewhere. The “MeS Virtual Terminal” is a browser-based, e-commerce solution using broadband communications to process merchants’ card present and card-not-present transactions.Details
First Data and CA-based mobile platform provider mFoundry have teamed up to work together to deliver mobile banking and payment services to mobile subscribers. mFoundry’s “Spotlight Financial Platform” is intended to provide the technology necessary to bring a wide array of financial services to U.S. and international markets. In the relationship, First Data plans to offer the full “Spotlight mBanking” solution to the financial institution community. As a component of this relationship, First Data’s STAR Network and mFoundry expect to offer mobile banking opportunities to more than 5,400 financial institutions, giving STAR member organizations the ability to offer those capabilities to their customers in an easy, cost-effective way.Details
AK-based First Bank has selected Pemco Technologies for MasterCard Signature Debit processing. The institution will also use Pemco’s fraud management services. First Bank has assets of $386 million and more than 10,000 account holders throughout southeast Alaska. Pemco Technologies provides innovative payment solutions to the financial industry including credit signature processing; debit signature processing; PIN-based processing; ATM services; cardholder award programs; fraud management, detection, and prevention; and gift card programs.Details
BB&T is hosting a free educational webinar to help businesses understand and explore new developments in the payments industry. “Electronifying the HR Process: Payroll, FSA and HSA cards” will be presented by retail and card payment expert Scott Qualls, a senior vice president and manager in BB&T’s Payment Solutions division. Participants will learn why businesses are migrating from expensive paper-based payroll and benefit processes to electronic services; what are payroll, flexible spending account (FSA) or health savings account (HSA) cards and how these products and processes can benefit businesses of all sizes. The webinar is approved for up to one CTP/CCM recertification credit(s) by the Association for Financial Professionals. BB&T operates 1,507 financial centers and 2,068 ATMs with $127.6 billion in assets.Details
Las Vegas-based casino cash specialist, Global Cash Access, posted record second quarter revenues of $151.5 million, a 13.4% jump on 2Q/06. The Company’s new “Arriva Card” hit $8.4 million in transaction volume during the second quarter and topped 7,300 accounts. GCA noted that same store surcharge revenue was up 9.8%, cash advance dollars disbursed were up 16.9% and ATM transaction volume climbed 8.9%. Cash advance revenues were up 15.3% to $79.7 million. ATM revenues increased 11.9% to $61.1 million. Check services revenues were $7.5 million, an increase of 0.4%. Central Credit and other revenues increased 35.8% to $3.2 million. Revenues from the “Arriva Card” in the second quarter were $0.7 million. Cost of revenues (exclusive of depreciation and amortization) in the second quarter were $1.2 million and operating expenses for “Arriva” in the quarter were $0.6 million. Operating loss from “Arriva” operations was $1.2 million. For the third quarter, the Company currently expects revenues in a range of $160 to $165 million. For more details on GCA’s second quarter performance visit CardData ([www.carddata.com]).
GCA REVENUE HISTORICAL
2Q/06: $133.6 million
3Q/06: $142.9 million
4Q/06: $141.9 million
1Q/07: $148.7 million
2Q/07: $151.5 million
Source: CardData (www.carddata.com)
San Diego-based debt buyer, Encore Capital Group, posted a net second quarter loss of $0.8 million, compared to net income of $7.5 million in the same period of the prior year. The loss was related to an agreement reached with the Company’s previous lender to pay off all future contingent interest. However, revenues from receivable portfolios were $64.0 million, a 7% increase from 2Q/06. Gross collections were up 18% to $93.6 million. Revenues from bankruptcy servicing were $3.2 million, compared to $6.2 million in the same period of the prior year. ECG says investments in receivable portfolios were $41.1 million to purchase $1.3 billion in face value of debt, compared to $21.3 million to purchase $594 million in face value of debt in the same period of the prior year. For more details on Encore Capital Group’s second quarter performance visit CardData ([www.carddata.com]).
Amdocs & Bankinter have jointly introduced a mobile banking service.
Under the agreement, Amdoc Mobile Banking will be installed at
Bankinter giving banks a customer communication channel with alerts
of sales offers and access to manage accounts through mobile phones.
An Amdocs survey of more than 600 U.S. consumers reflected that over
50% of respondents between the ages of 18 and 34 showed approval of
the mobile banking solution. The solution uses the SMS channel for two-
way conversations with customers, development alerts, and allows banking
transactions through a mobile Internet interface. The solution also allows
consumers to conduct stock market transactions, allows banks to automate
the authentication and execution process,and provides a Campaign
Management component for bank products. Bankinter is a multichannel
bank that provides customers with institution relation solutions. Amdocs had
a 2006 revenue of $2.48 billion, over 16,000 employees and serves
customers in more than 50 countries.
Alliance Data Systems announced that its stockholders voted to adopt the merger with Blackstone Capital Partners in a transaction valued at approximately $7.8 billion. Approximately 59.98 million shares of the Company’s common stock were voted at the special meeting, representing approximately 76.21 percent of Alliance Data’s total outstanding shares. Of those shares voting, approximately 59.77 million, or approximately 99.67 percent, voted in favor of the adoption of the merger agreement. The affirmative vote of a majority of the votes entitled to be cast by holders of the outstanding shares of the Company’s common stock was required to adopt the merger agreement. The Blackstone Group is a global alternative asset manager and provider of financial advisory services. Alliance Data is a provider of marketing, loyalty and transaction services.Details
ACE Software has partnered with BankServ for anti-money laundering
(AML) and anti-terrorist financing solutions. Under the agreement,
BankServ will be reselling Ace’s products that comply with AML and
terrorist financing legislation by providing automated solutions using
natural language processing. This processing scans financial messages
and identifies blacklisted entities in payment transactions before they can
be processed. This product ensures that financial institutions maintain
compliance, avoid regulatory penalties, reduce processing time and
minimize reputational risk. ACE Software Solutions is a provider of
intelligent payment and STP solutions and offers fully integrated real-time
payments, liquidity management, cash management, Anti-Money
Laundering and OFAC compliance.
Gift card provider SVM has announced that two of its customers, Meineke Car Care Centers and Choice Hotels International, have special promotions underway that are providing compelling ways to attract new customers and generate repeat business with existing customers. Meineke Car Care Centers throughout NY, NJ and CT are using SVM’s gasoline gift cards as a way of attracting consumer attention, and as a reward for customers performing needed repairs before they take to the highway for their vacations. Choice Hotels International is utilizing the SVM gasoline gift cards by offering their guests $50 in free gas this summer each time a guest stays three separate times at the chain’s more than 3,000 hotels in the U.S., Canada, Mexico or the Caribbean between June 1st and August 16th. There is also no limit to the number of times a consumer can earn this reward during the promotion period. SVM offers gasoline gift cards from every major oil company in America.Details