Precidia Technologies has appointed Ed Davis and Ted Sarosdy as vice-presidents of U.S. sales, targeting the retail payments industry. As Vice-President, Eastern U.S., Davis is a payments industry veteran, with over 24 years in progressively senior sales roles. He recently served as Director, National Sales for RBS Lynk, Davis was responsible for cultivating relationships with many of the convenience/petroleum industry’s major players. Vice-President, Western U.S. Ted Sarosdy takes on several of Precidia’s key accounts. He comes from Hypercom Inc., where he was Vice President of Sales for the transaction communications division. Previous to this, Sarosdy was Western Regional Director at Transaction Network Services. Precidia Technologies is a leader in the design and manufacture of IP access devices for a wide range of industries including retail payments and building automation.Details
First Data Corp has rehired Michael Geppert as president of First Data Solutions. Geppert was previously SVP of First Data Solutions from 1991 to 1998 and had responsibility for setting market and product development strategies, negotiation of major contracts, and all marketing and advertising. He left First Data to become president of VideoYellowPagesUSA.com, a wholly owned subsidiary of InfoUSA. In 2000, Geppert joined the Omaha World-Herald Company, where he served as president, World Media Company, and most recently as director, Marketing, Internet Publishing and Product Management. First Data Solutions, part of First Data Financial Institution Services, serves leading financial institutions, debt, and collections agencies by helping them locate, verify and identify individuals and businesses.Details
Multi-Media Productions has introduced the “Revel Card” from Fishback Financial targeted to the underbanked in the military. The Revel program features “The Revel Prepaid MasterCard”, “Revel Advance”, an affordable small dollar loan alternative; “Revel Save”, a linked savings account; and coming soon, the “Revel SpendTrend”, a free online budget and spend tracking feature. Fishback Financial Corporation is the largest South Dakota-based bank holding company, with assets of over $1.3 billion.Details
Charge-offs for U.S. retail credit cards are set to rise this year as losses for bankcards head higher. In December charge-offs for retail cards bit 6.11% compared to 4.21% for prime and 9.23% for sub-prime bank credit cards. According to Fitch Ratings’ new “Retail Index,” charge-offs are continuing to normalize from the bankruptcy reform implementation in October 2005. However, retail delinquencies are currently at 3.88%, above the current 2.59% level for prime and below the 5.68% level for sub-prime. The retail segment exhibited a yield of 26.37% comparable to the 25.82% yield in sub-prime but significantly higher than the prime yield at 17.78%. As a result, the retail and sub-prime sectors show higher three-month average excess spread levels of 12.33% and 9.93%, respectively, despite higher charge-off levels. The retail card ABS sector includes both store cards owned by individual retailers and private label programs administered on behalf of retailers.Details
Trintech Group announced the availability of “AssureNET Express”, which utilizes the capabilities of AssureNET GL to provide mid-market organizations with a process management and internal control system for GL reconciliation, review and certification. The web-based accounting compliance application leverages a best practices configuration to deliver many of the same benefits of Trintech’s enterprise software, but with reduced implementation effort and with minimal assistance required from IT and will help clients realize the benefits of this solution quickly and at a low monthly cost. Trintech’s infrastructure is SAS 70 Type II compliant. Trintech Group Plc is a global provider of financial software services specializing in reconciliation workflow, revenue enhancement, transaction risk management and compliance for commercial, financial, and healthcare markets.Details
CO-based CPI Card Group is rolling out a contactless payment card that can be used by multiple payment brands and includes support for both the “VISA MSD” payment specification version 1.4.2 and the “MasterCard PayPass” magnetic stripe version 3.1 applications. Based upon the “MicroPass L4-2G chip” developed by France-based INSIDE Contactless, the new solution meets all specifications in terms of functional and security requirements. The payment application will be selected and activated during the pre-personalization process within the CPI Card Group facility. CPI Card Group is a manufacturer of plastic cards. MicroPass provides hardware platforms designed to power open standard contactless and dual interface bank card payments. INSIDE is a fabless semiconductor company with a strategic emphasis in Contactless Payments and Near Field Communications.Details
This year consumers and business owners have far more payment options than ever to pay their taxes. Using credit cards to pay taxes can be especially rewarding even though there is a convenience fee involved, according to CardTrak (www.cardtrak.com). Most credit card rewards programs offer between 1% and 5% back in the form of points, miles, rebates or cash. Plus, the IRS says businesses can deduct the fees as a business expense. The IRS reports that in 2006 it received approximately 2.1 million card payments, an increase of 35% from 2005. Starting this year, individuals can pay “Trust Fund Recovery Penalties” from prior years via credit cards. Also, businesses can pay prior years federal unemployment and Form 941 taxes with plastic. Additionally, taxpayers can use electronic payment options in most states and the District of Columbia for payment of taxes.Details
Atlanta-based CheckFree reported quarterly revenue of $237.2 million, representing 11% growth over the same period last year. Net income for the quarter ending December 31st was $35.3 million, compared to net income of $33.8 million for the same quarter last year. During the quarter, the Company reported that the Electronic Commerce Division processed 322.0 million transactions. Consumer Service Provider transactions at banks, credit unions and other financial institutions increased 7% sequentially and non-CSP transactions declined 7%, reflecting an overall sequential transaction growth rate of 3%. During the quarter, the Company delivered 54.9 million electronic bills, a 6% sequential quarterly increase. For complete details on CheckFree’s latest performance, visit CardData ([www.carddata.com]).
CA-based TriCipher announced that “SHAZAM”, a provider of EFT products and services, has selected TriCipher’s “TACS” multifactor-authentication platform as the standard for authentication services for its 1,600 financial institution participants. The agreement equips “SHAZAM” with a solution to help protect against online security threats and phishing attacks. “SHAZAM” requires access and authorization capabilities that ensure that no single institution can access another institution’s data. Additionally, all users must have the appropriate level of authentication needed to access the applications and services to which they are entitled. TriCipher provides a unified authentication infrastructure to protect the B2B and B2C online channel against fraud and identity theft.Details
Mexico City metro operator, Sistema de Transporte Colectivo,
has decided to make contactless ticketing a standard feature.
Between now and November 2007, ACS will extend this technology across
the entire network, equip the 2,000 platform access gates with
contactless card readers and deploy manual and automatic ticket sales
points. ACS will also equip each metro station with a supervision system
and data concentrator, as well as an optical fiber intelligent
communication network linking all the equipment. This follows on from a
pilot experiment conducted from late 2005 to early 2006. ACS is the
first and only operator to use this dual technology on a single system.