INSIDE Contactless has named Christian Janin as its new Chief Financial Officer, and the appointment of Patrick Jones as non-executive Director of its Managing Board. Janin was most recently Group Chief Financial Officer for SMARTTRUST, a major Swedish independent “Mobile Device Management” software developer/system integrator. Patrick Jones is currently the Chairman of the Board of Lattice Semiconductor, a fabless semiconductor company.Details
Geneva-based Incard has been awarded the “DUET Award 2006” in the “Smart Partner” category by Austrian company “BGS Smartcard Systems.” The “DUET” payment application is a system that is used
to implement domestic payment schemes and has a number of advantages in
emerging markets, where traditional payment systems can sometimes be
unsuitable. Incard’s smart card application for the “DUET” system offers advanced features and a high degree of flexibility and allows direct payment transactions both in on- or offline mode without requiring a third-party authentication. The application is broadly used in Russia and the interest for this product is rapidly growing in other countries such as Ukraine, Uzbekistan, Kazakhstan, Oman, Iran, Nigeria, India and Vietnam. Incard is part of STMicroelectronics.
A new poll shows that 41% of Americans use their spare cash to pay off credit card debt and that 38% use spare cash to put in savings. The new AC Nielsen study of consumers in 40 markets worldwide also found the U.S. has lost its usual top spot among countries whose consumers have no cash to spare. The year Portugal led the list. About 22% of U.S. respondents said that once they have covered their basic living expenses, they have no money left over. The percentage of American consumers who say they have no spare cash remains the same from the last survey, conducted in November 2005, after dropping from 28% in the May 2005 survey.Details
FreeStar Technology announced that Jose Enrique Perez has been
named chief technology officer. He replaces Angel Pacheco, who was recently promoted to vice president of new business development. Perez joins FreeStar Technology from Hypercom. He was senior vice president, chief of global offshore development, and general manager of SIA Hypercom Latvia. FreeStar Technology is a payment processing company and owns Helsinki-based Rahaxi Processing.
The newly formed Gemalto, that combined Gemplus and Axalto, reported that revenues for the first half of this year declined slightly to $1.036 billion and that gross profit dropped more than 8% during the same period. Net profit fell sharply to $34.4 million, down 47% year-on-year due to extraordinary expenses associated with the merger.
On a geographic basis, revenue was up 3% in Asia, driven by Identity &
Security and Secure Transactions. In EMEA, revenue was almost stable,
while in the Americas revenue was down 6%. Microprocessor card shipments grew 39% to 561 million units. Point-of-Sale terminals revenue fell 22% to $38.6 million. For complete detail on Gemalto’s latest performance visit CardData (www.carddata.com).
AZ-based TranSend International this week introduced MasterCard’s internationally successful “OneSMART” program to the U.S. market. The program covers every aspect necessary to launch a smart card program with maximum flexibility. TranSend co-developed over seven years the “CAP” protocols and co-developed “MODS” for MasterCard based on its proprietary “PocketServer” software. One-year ago MasterCard purchased “PocketServer v3.2” for issuance on its European smart cards. “PocketServer” and “PocketServer Plus” have more than 5 million users, providing a convenient and secure online experience coupled with two-factor authentication. The firm also offers “CardTouch,” a stored value clearinghouse platform. (CFI Library 8/5/05)Details
A new report has determined that the top 100 European banks will likely spend more than 3 billion euros to comply with the “Single Euro Payments Area” project. The recent survey from Accenture also found that more than 60% of respondents say they will use temporary solutions to meet 2008 deadline. “SEPA,” along with related initiatives, is a regulatory effort to simplify and standardize the vast and fragmented payments market in Europe and reduce cross-border hindrances to payments processing. “SEPA” is affecting all aspects of electronic payments, including card payments, credit transfers and direct debits, thus impacting banks, processors, and their consumer and corporate customers.
Forty percent of bank respondents said they expect to invest between EUR
11 million and EUR 50 million for ACH-type capabilities over the next
five years, and 34% said they expect to spend in the same range
for card-processing systems.
XM Satellite Radio has joined Scotiabank’s credit card rewards program, the “ScotiaStar Network.” “ScotiaStar” members who sign up for XM Satellite Radio will receive a 5% cash rebate on the “No-Fee ScotiaGold VISA” card, “ScotiaLine VISA” account and “Scotiabank
Value VISA” card; or 5 times the “Scotia Rewards” points on the “ScotiaGold Passport VISA” card, or 5 times the “Scotia Moneyback” reward on the “Scotia Moneyback VISA” card. The rewards or savings apply to both the radio and service subscription.
UATP has added two new direct connections to the “International Air Transport Association” “Billing and Settlement Plan.” BSP Hong Kong and BSP China join over thirty BSPs worldwide, which process UATP transactions directly with ATCAN, UATP’s central, global transaction- processing system. Once a BSP is connected to ATCAN, it can send data directly to ATCAN on a merchant’s behalf. Merchants simply have to instruct the BSP to send the data to ATCAN and discontinue their current method for submitting BSP data to ATCAN.Details
Citibank has introduced a credit insurance program that, for the first time in the UAE, covers involuntary loss of employment. The “Credit Plus” program covers outstanding balances against permanent and
temporary total disability, and against death with an additional flat
benefit of US$5,000 payable to the assigned beneficiary. It also provides a fixed daily amount for hospitalization, and monthly payments for involuntary loss of full-time employment caused by business closure or company layoffs.