Wachovia has inked a partnership with GE Money’s Corporate Payment Services to provide commercial and purchasing cards to its wholesale and treasury services customers. Under the terms of the partnership, Wachovia will sell, underwrite, manage and own the asset portfolio, which will feature MasterCard as its preferred brand. CPS will provide all back-office functions and an information-reporting and analytical toolkit. The Wachovia wholesale card business will be managed by Laura Rother. The company expects to begin selling its new product line to customers in the fourth quarter. Wachovia announced in November that it had terminated its existing joint marketing agreement with MBNA and re-entered the credit card business.Details
The “Travelocity MasterCard” has been re-launched with a new and improved rewards program that has no blackout dates or travel restrictions and can be redeemed online for travel on any airline, hotel, car rental company, or flight + hotel package available on Travelocity at any time. The “Travelocity Rewards MasterCard,” issued by Barclays Bank Delaware, offers double or triple points for travel purchased on Travelocity with the MasterCard, in addition to points on everyday purchases. Cardholders can redeem as few as 5,000 points for $50 off their travel booking or 7,500 points for $100 off a travel booking. A free flight worth up to $400, or $400 off flight + hotel packages, hotel stays or car rentals is available for 20,000 points. New cardholders receive either 5,000 Travelocity points or $50 statement credit with their first purchase plus up to 5,000 bonus points for balance transfers.Details
First Data has signed a deal to process online foreign currency payments for Chase Paymentech Solutions. Under the five-year agreement First Data, utilizing its “OmniPay” processing solution, will provide payment processing services to Chase Paymentech’s portfolio of global e-Commerce merchants. The Dublin, Ireland-based “OmniPay” merchant processing platform will process transactions for Chase Paymentech’s merchant portfolio, in most major currencies on a single platform in all markets where Chase Paymentech’s merchants are based.Details
Diebold is consolidating its EMEA operations in a new
headquarters location in Switzerland and is consolidating its international business operations. James Chen and Joao Abud have been promoted to lead the international business operations for the company. In addition to leading the company’s Asia Pacific operations, Chen will lead all sales and service operations in the Europe, Middle East and Africa (EMEA) region as vice president, EMEA/AP Division. Abud, in addition to his current leadership responsibilities in Brazil, will oversee the sales and service operations throughout all of Latin America as vice president of the company’s expanded Latin America Division.
China UnionPay Data Services has agreed to let TSYS increased its equity interest to 44.5%. Separately, TSYS announced that David Duncan, has been appointed managing director of TSYS Asia-Pacific. Effective immediately, Duncan has relocated to Shanghai to oversee the company’s relationships with CUP Data and its clients, and to coordinate all TSYS activities in the continental Asia-Pacific. CUP Data is China’s largest bankcard processor, providing transaction processing, disaster recovery and other services for issuing banks in China. Since CUP Data was established in 2003, the company has been providing processing services to 16 of China’s 29 credit card-issuing banks, while 12 of the remaining banks continue these services in house.Details
San Francisco-based BankServ has acquired Magex Managed Payments Platform. The Magex Managed Payments Platform division is the producer of P2P systems that let consumers exchange money over the Internet or using their mobile phones. As a result of the deal, BankServ gained a new client in Zopa, an online lending exchange with more than 90,000 members in the United Kingdom. Zopa’s marketplace allows members to lend money to or borrow from each other directly in a secure online environment.Details
Welcome’s “XLS” payment software is now available for contactless cards. The software adds substantial new features to the
basic off-the-shelf card products currently being deployed by banks.
XLS-enabled contactless payment provides merchants with innovative
promotional marketing features, while offering cardholders an
intelligent contactless card that gives instant recognition and a
hassle-free shopping experience. This is achieved through a single
tap-and-pay process, with no loss of speed for the entire transaction.
Welcome plans to showcase XLS-enabled contactless payments during the
Cartes 2006 in Paris in early November.