American Express has kicked-off a five-week promotion of free activities in New York City for its cardholders. The “Membership Changes Everything” promotion is offering more than 50,000 free tickets to concerts, sports, theater, film and dining. Kanye West will kick-off the free cardholder program on August 29th for a private AmEx concert for more than 1,600 people. Over the following five weeks, AmEx will give away 1,000 tickets for the 2006 “US Open Tennis Championships,” 6,000 tickets across 16 Broadway shows, and 50,000 tickets for any feature film at select movie theaters. The final week, AmEx will pick up the check for more than 1,400 diners at some top NYC restaurants. To qualify cardholders have to register online for each giveaway.Details
TX-based Wincor Nixdorf has promoted Alan Walsh as VP of banking, overseeing all aspects of the company’s banking solutions business in the USA. As vice president of banking for the U.S, Walsh will work to strengthen existing relationships with both customers and strategic business partners. Prior to his new position at Wincor Nixdorf, Walsh served as managing director for Wincor Nixdorf Ireland. Wincor Nixdorf is one of the world’s leading suppliers of IT solutions to the retail and banking industries.Details
VISA USA announced that its reloadable prepaid travel card will now be available in more than 1,550 Safeway store locations nationwide. “VISA TravelMoney” is currently available through AAA and National City Bank, as well as 1,200 community banks that are members of the ICBA, the ABA and participating credit unions through CUNA Strategic Services. NetSpend will market the cards through Safeway and process transactions for Inter National Bank, the issuer. Later this year, “VISA TravelMoney” will be offered in thousands of additional locations nationwide, including BankFirst, MetaBank, U.S. Bank, and West Suburban Bank, as well as select Travelex foreign exchange locations. The card will also be offered on college campuses through Ecount’s “Trip Plus” program.Details
First Data’s REMITCO has been awarded additional business from EchoStar Communication Corporation. REMITCO will begin processing an additional one million payments per month received from EchoStar’s DISH Network users. First Data Corp. (NYSE: FDC) is a leading provider of electronic commerce and payment solutions for businesses and consumers worldwide. EchoStar Communications Corporation (NASDAQ: DISH) serves more than 12.2 million satellite TV customers through its DISH Network(TM), the fastest growing U.S. provider of advanced digital television services in the last five years.Details
NY-based Debt Resolve has landed former MasterCard executive Jeff Bernstein for its Board of Directors. Bernstein has 27 years of experience in the banking and financial services industry, most recently as Global Solutions Leader in the MasterCard Advisors Performance Management Practice, and prior to that as a Senior Consultant with Fair Isaacs Corporation in their Professional Services Practice. He was also Senior Vice President at Fleet Financial Group, overseeing risk management and collections for Fleet’s consumer and credit card portfolios. Debt Resolve, Inc. provides lenders, collection agencies, debt buyers and utilities a patented online bidding system for the resolution and settlement of consumer debt which can be used at all stages of collection and recovery.Details
LINK Interchange Network, the operator of the “UK Cash Machine Network,” has signed a reciprocal agreement with PULSE that will allow the 4,200 financial institution participants in the PULSE ATM/debit network to offer their cardholders access to all but a handful of the more than 58,000 cash machines across the U.K. The deal will also allow LINK to offer its 38 participating financial institution members access to an additional 250,000 PULSE cash machines in the USA. PULSE and LINK are working to enable the first live transactions early in 2007. The agreement allows PULSE and LINK issuers to opt into the program.Details
Discover and the largest card issuer and acquirer in Japan have inked a deal to expand card acceptance. The two parties have agreed to an arrangement that will facilitate acceptance of JCB cards on the Discover Network in the USA, and of Discover Network cards on the JCB network in Japan, and acceptance of “PULSE” cards at targeted ATMs in Japan at the option of the card issuer. In 2007, Discover Network will begin enabling its systems so JCB cardholders will be able to use their JCB cards at Discover Network merchant locations throughout the USA. Upon completion of a JCB system enhancement, Discover Network cardholders will be able to use their cards for purchases at JCB merchant locations and for cash advances at targeted ATMs throughout Japan beginning in 2008. Last year Discover inked a partnership with China UnionPay to facilitate the acceptance of Discover cards in China and CUP cards in the USA. Under terms of the deal, Discover cards will be accepted at China UnionPay ATMs and POS terminals in China while China UnionPay cards will be accepted on Discover’s “PULSE” network in the USA. Discover says both companies will also pursue ways to enable acceptance of CUP cards on Discover’s POS network in the USA. (CF Library 5/26/05)Details
The Saudi British Bank has implemented a “Global
FICO” score. The score applies Fair Isaac’s “FICO” credit risk scoring technology to rank-order consumers according to their credit risk.
Credit bureau data is now readily available in Saudi Arabia. PIC Solutions, the Fair Isaac alliance partner for the Middle East
Africa region, implemented the new scoring solution for The Saudi
British Bank. In addition to Saudi Arabia, “Global FICO” score is currently live or is being implemented in Turkey, Poland, Sweden, Ireland, Panama, Jamaica, Mexico, Singapore, South Korea, Taiwan and Thailand.
First Data confirmed it will restate its Form 10-K for 2005 and its Form 10Q’s for the first and second quarters of this year. The restatements involve SEC interpretations of “SFAS 133,” which governs the appropriate accounting treatment for hedging and derivative transactions. The cumulative effect of these changes is a non-cash earnings increase of approximately $30 million for the five and a half years from the adoption of “SFAS 133” in 2001 through the second quarter of 2006, or less than one half of one percent of First Data’s earnings during the period. The restatements will have no effect on the Company’s cash flows or total stockholders’ equity, nor is it expected to affect the timing of the upcoming spin-off of Western Union.Details
MO-based Jack Henry & Associates reported that revenue for the second calendar quarter hit $162.3 million, a 15% increase over 2Q/05. Net income totaled $25.4, compared to $21.7 million, in the same quarter a year ago. The Company says the growth was primarily organic, led by core system sales to mid-tier financial institutions, and by strong continued growth in its electronic processing services including ATM/Debit Card, bill payment and remote deposit. The bank systems and services segment revenue increased 18% to $133.6 million, with a gross margin of 45% from $113.3 million and a gross margin of 43% in the same quarter a year ago. The credit union systems and services segment revenue increased 2% to $28.7 million with a gross margin of 37% for the quarter from $28.1 million and a gross margin of 41% in the same period a year ago. For complete details on Jack Henry’s latest results visit CardData ([www.carddata.com]).
Sallie Mae has completed the purchase of Upromise and its family of companies, the nation’s leading saving-for-college company and administrator of 529 college savings plans. Together, Sallie Mae and Upromise will offer parents and students a comprehensive financial solution to access college — including a broad range of college savings vehicles, information, and student loans. SLM Corporation, commonly known as Sallie Mae, is the nation’s leading provider of education funding, managing more than $130 billion in student loans and serving 10 million borrowers. Upromise’s mission is to help families realize the dream of college. The Upromise Services division includes its popular rewards service, which allows families to automatically save money for college while making everyday purchases at more than 20,000 grocery and drug stores, 14,000 gas stations, 8,000 restaurants, thousands of retail stores and more than 400 online shopping sites.Details
Verified by VISA announced a partnership to offer its online shopping security tool to Travelocity customers. Verified by Visa enables online shoppers to select a personal password they can use to authenticate their identity every time they make a purchase at Travelocity or one of the more than 100,000 merchants worldwide that now offer the service. Visa USA is the nation’s leading payment brand and largest payment system, enabling banks to provide their consumers and business customers with a wide variety of payment alternatives tailored to meet their evolving needs. Travelocity is committed to being the traveler’s champion — before, during and after the trip and guarantees everything about a customer’s booking will be right. If it’s not, Travelocity will work with its partners to make it right, right away.Details