The Texas Credit Union League has designated TNB Card Services as its endorsed debit card processing provider for TCUL’s 600 plus member credit unions. That designation is in addition to TCUL’s recognition of TNB as its preferred business affiliate for credit card processing, which has been in effect since TNB began its card program in 1976. The Texas Credit Union League is the official state trade association serving credit unions in Texas.Details
PayPal and Equifax have introduced a new credit alert program that provides PayPal account holders in the USA with free monitoring of their credit records. Through this relationship, PayPal users receive free early warnings alerting them to activity on their Equifax credit report. The Equifax products involved in the deal include: “Credit Alert Emails”; “Balance-Change Alerts” and “Identity Theft Hotline.”Details
Gemplus International will deliver 3.7 million smart healthcare
cards to Seguro Popular, the Mexican government’s social security
organization. The new social security cards will be distributed to
those covered by the “Seguro Popular” healthcare scheme. Each family in
the program will be given a card for use by the whole household. When
the cardholders visit their doctor, important patient information can be
securely accessed and additional medical information can be added in
real time. Seguro Popular benefits from fewer administration costs while
reducing the possibility of benefit fraud. The cards contain an
e-purse, patient information and prescriptions. The information can only
be read by authorized healthcare professionals when inserted into a
Gemplus supplied reader.
A new study predicts that electronic retail payments will rise from 179 billion this year to 260 billion in 2009. All forms of electronic payments are expected to grow at a compound annual growth rate of 12.9% between 2004 and 2009. The research by Global Insight for ACI Worldwide, says that volumes for electronic payments are expected to double across the world, with China and India doubling more quickly at a rate of every three and four years, respectively. Conversely, the use of checks as a form of payment is forecast to continue its decline; as measured in 2004, approximately 20% of non-cash transactions were check-based; in 2009, only 10% of total payments are predicted to be in check form. The Eastern Europe and Asia/Pacific regions are forecast to lead the world in electronic payment transaction growth, predicted at 21.6% and 19.2% respectively, for the period of 2004 to 2009.Details
The Smart Card Alliance has launched an online “Smart Card Career Center” to help companies recruit qualified professionals and to help individuals find jobs in the growing smart card industry. For job seekers, resources include advanced job searching options; increased exposure to smart card industry leaders; optional email alerts of new jobs; a saved jobs function; relocation services from Interactive Moves; and MyW2 services for contract professionals. Job seekers can post resumes for free and there is no membership requirement.Details
NJ-based Asta Funding reported that net income for the first increased 52% to $11.1 million. Revenues for the quarter were $24.8 million, an increase of 49% compared to one-year ago. Net collections from consumer receivables acquired for liquidation was $55.6 million, up 32% from $42.2 million in the prior year’s quarter. Asta’s purchases for the quarter amounted to $351.2 million of face value receivables for a purchase price of $18.8 million. For complete details on Asta Funding’s latest results, visit CardData ([www.carddata.com]).
First Data Healthcare Services and Medem have introduced a new personal health service and card that combines the “iHealth” personal health record with all payer health plan eligibility verification and a healthcare debit card. For employers, TPAs and health plans the new iHealthCard allows them to provide a single card to consumers that help them better manage their care. For physicians, hospitals, clinics and other providers the iHealthCard allows them to distribute a branded personal health card to patients that links to their iHealth Personal Health Record (PHR) and allows for automated eligibility when the patient is seen at their facilities or offices. First Data Healthcare Services offers a multipurpose card that provides access to HSA, HRA and FSA accounts and line of credit, along with eligibility, benefit and claims data.Details
MI-based Asset Acceptance Capital posted a 2% increase in first quarter revenue of $67.4 million, compared with the first quarter of 2005. Net income for the quarter was $12.6 million, compared with a net income of $15.1 million for 1Q/05. During the first quarter, the Company invested $26.9 million to purchase consumer debt portfolios with a face value of $738.7 million, representing a blended rate of 3.64% of face value. On April 28th, Asset announced a definitive agreement to acquire the capital stock of privately-held Premium Asset Recovery Corp. of Deerfield Beach, Florida and related agreements for approximately $16.5 million in cash. For more details on Asset Acceptance Capital’s first quarter performance, visit CardData ([www.carddata.com]).
Trintech Group says its “PayWare DisputeAdvisor” is dramatically cutting the costs of handling chargebacks. The dispute resolution tool is designed to resolve most disputes on the first call. Trintech says in one typical case it found that up to 60% of calls were being passed to dispute experts for evaluation but of those 60% only 20% resulted in genuine chargebacks. “PayWare DisputeAdvisor” is built to capture specialized card regulations and reflect a bank’s interpretation of the rules. Its advantage is that it deploys on multiple platforms and can be seamlessly integrated into existing front- and back-office systems without the bank having to restructure its technical architecture.Details
TNS has established a new point-of-presence in Hamilton, Bermuda, offering local companies access to TNS’ fully managed proprietary IP network, the “Secure Trading Extranet” to offer global companies connectivity to Bermuda’s extensive financial and insurance markets. TNS’ presence in Bermuda is part of the company’s plans for expansion internationally. In the past 12 months, it has established operations in northern, central and Eastern Europe, expanded its network from 70 to 96 points of presence, and increased its network coverage to 28 countries in North America, Europe and the Asia Pacific region.Details
Global Cash Access has launched a new private label credit card for the gaming environment that eliminates cash advance problems for patrons and reduces merchant fees for itself. The new “Arriva Card” offers credit limits up to $50,000 which can be fully accessed via GCA ATMs. GCA also offers a grace period on cash advances, something rare in the general purpose credit card market. Additionally, GCA says fees for cash advances are lower than those charged by major issuers. GCA estimates that 40% of cash advances on the casino floor are turned down, usually because many issuers limit cash advances to 20% or 25% of the available credit line. The card also offers loyalty points that can be redeemed for cash back on the gaming floor, VIP experiences and special travel, entertainment, products and services. Arriva Card, Inc., a wholly owned subsidiary of GCA, will market the card. CIT Bank will issue the cards and fund the receivables.Details
LUUP, the first payment system specifically for mobiles, has launched
in both the UK and Germany. “LUUP” (called LUUPAY in Germany) allows
consumers to use their mobile phone like a wallet to shop with retailers
or send and receive money on a person-to-person basis – with cash,
debit/credit card and bank account functions built-in. “LUUP” is
designed specifically for mobile phone use and is fully independent of
mobile phone operators. “LUUP” is fully integrated with the UK and
German banking systems, allowing funds to be accessed from credit cards,
debit cards and bank accounts. Mobile content merchant partners benefit
from low transaction fees for higher revenues and increased margins.
With “LUUP,” merchants typically pay under 10% transaction fees compared
to the premium SMS operator fees which are normally in excess of 25%.