Ireland-based Macalla Software is supplying its “Mobile Top-Up” software and related services to enable mobile phone re-charge and payment services in the Middle East. Branded “Mpay,” the initial service allows prepaid subscribers on the MTC Kuwait network to directly re-charge their mobile phones without having to travel to a retail outlet or hand over cash and to pay for these top-up transactions via their nominated bank facility. Top-up call credit is applied automatically within seconds. The service leverages commercial agreements between Al Bahar United, MTC, Axalto and the shared electronic banking services company (Knet) through which all Kuwaiti banks participate. Supported channels are SMS, JavaCard and web with services available in Arabic and English. Mpay is a subsidiary of Al Bahar Telecom, a leading telecommunication company that is a significant stakeholder in IT and Telecommunications products and services companies in Kuwait and Middle East.Details
Washington-based Harborstone Credit Union, with 17,200 accounts and $24 million in outstandings, has chosen Elan to be its credit card partner. Harborstone Credit Union has total assets over $600 million and membership near 50,000. Elan offers a full range of ATM services to financial institutions and independent sales organizations including authorization processing, terminal driving and switching services.Details
Virginia-based Everest Software has teamed with Payment Processing to offer a fully integrated payment processing solution to small and medium-sized businesses. Under the terms of the agreement, Everest will leverage PPI’s payment processing services with its new PayBridge product, a fast, efficient, and affordable integrated payment processing solution, specifically built for SMBs. PayBridge will allow Everest customers to implement integrated and secure credit card processing systems into their existing operations. For the first time, SMBs can now leverage a single resource to significantly simplify the process and reduce the costs associated with accepting credit card payments.Details
Camarillo, CA-based card processor Electronic Clearing House posted fourth quarter of $16.9 million, a 33% increase over the prior year. Bankcard and transaction processing revenue grew 37% to $12.6 million and bankcard processing volume increased 48% to $388 million during 4Q/05. ECHO also reports that ACH transactions processed in Q4 increased 11.3% to 9.8 million transactions. For 2006, the Company is targeting total revenue growth in the 17% to 24% range, driven by 18% to 25% growth in its bankcard business and 15% to 22% growth in its check processing business. Net income for 2006 is expected to range from $1.5 million to $2.5 million. For complete details on ECHO’s fourth quarter performance, visit CardData ([www.carddata.com]).
San Jose-based Altiris announced audit-ready support for PCI data security standards through its “SecurityExpressions” solution. The PCI Data Security Standards are system and network security and business practice guidelines developed by the leading credit card companies to establish a minimum security standard for cardholders’ account and transaction information. The standards require compliance via on-site reviews, security self-assessments and security scans. Altiris provides IT lifecycle management software that allows IT organizations to easily manage, secure and service desktops, notebooks, thin clients, handhelds, industry-standard servers, and heterogeneous software including Windows, Linux and UNIX.Details
Mid-Atlantic based financial institutions Provident Bank and WSFS Bank have become members of Metavante’s NYCE Network, adding a combined 350,000 cardholders and more than 240 ATMs to the network. The Provident Bank agreement adds 260,000 cardholders and over 240 ATMs to the NYCE Network. In addition, Provident Bank signed a long-term financial account processing contract with Metavante, which will continue as its financial technology service provider. Provident Bank is the second largest independent commercial bank headquartered in Maryland WSFS Bank is the $2.7 billion asset subsidiary of WSFS Financial Corporation. The NYCE Network provides 2,200 financial institutions, retailers and independent ATM deployers with shared network services for ATMs, point-of-sale (POS), account-to-account transfers and direct bill payment services.Details
Ibaragi-based Joyo Bank is deploying Hitachi’s finger vein authentication system on March 22nd. The new “Joyo IC Ace Card” will be issued to all Joyo customers. Joyo will replace all of its automated teller machines with finger vein authentication system terminals
provided by Hitachi. This is the first system to use finger vein authentication service for banking in the Kanto area.
Discover has decided to enter the signature debit card market and compete head-to-head with VISA and MasterCard. The new “Discover Debit” product is the result of its acquisition of the PULSE ATM/debit network in January 2005 and the ruling in the Department of Justice anti-trust case in October 2004 which permits financial institutions that already issue credit or debit cards from the bankcard associations to issue additional cards from other brands. The “Discover Network” will support two forms of signature debit card programs: the “Discover Debit Card” for individuals and the “Discover Debit Business Card.” “Discover Debit” says it offers issuers increased profitability from lower network expenses; clear, fully disclosed pricing, less complicated billing and straight-forward operating regulations and dispute rules; and a 100% online transaction authorization standard with no floor limits. NetSpend Corp., Elan Financial Services, Central National Bank & Trust Company of Enid (Oklahoma) and Jack Henry & Associates have agreed to support “Discover Debit.”Details
The IRS has issued an advisory that taxpayers should be careful with credit counseling organizations that claim they can fix credit ratings, push debt payment plans or impose high set-up fees or monthly service charges that may add to existing debt. The IRS Tax Exempt and Government Entities Division is in the process of revoking the tax-exempt status of numerous credit counseling organizations that operated under the guise of educating financially distressed consumers with debt problems while charging debtors large fees and providing little or no counseling. The IRS recently announced it was revoking the tax-exempt status of more than 30 credit-counseling firms. Also high on the IRS list in 2006 is “phishing.” The IRS says it has observed criminals working through the Internet, posing as representatives, with the goal of tricking unsuspecting taxpayers into revealing private information that can be used to steal from their financial accounts.Details
CT-based Scott+Scott will file a motion today to become “Lead Plaintiff” and “Lead Counsel” in the shareholder class action lawsuit of ATM manufacturer Diebold. The complaint alleges that defendants violated provisions of the United States securities laws, issued false and misleading statements that served to conceal the dimensions and scope of internal problems, impacting product quality, strategic planning, forecasting and guidance and culminating in false representations of astonishingly low and incredibly inaccurate restructuring charges for the 2005 fiscal year, which grossly understated the true costs and problems defendants faced to restructure the Company and that when investors learned the truth about the adverse impact on Diebold’s financial performance, the price of Diebold shares plunged 15.5% on unusually high volume, falling from $44.37 per share on September 20, 2005, to $37.47 per share on September 21, 2005.Details
Stefan Auerbach has been named executive vice president of worldwide banking business for Wincor Nixdorf. Auerbach has been a member of the Wincor Nixdorf Executive Board since 1999 and was appointed to the Board of Directors of Wincor Nixdorf AG on October 1, 2005.Details
Vesta Corporation, a provider of virtual top-up prepaid telecom products
is to establish its European Operations
Center at the IDA Ireland Finnabair Business Park, Dundalk, Co. Louth.
The center will support Vesta’s European mobile telecoms clients, as
well as provide a duplicate service operation for the company’s existing
international business. Supported by IDA Ireland – Ireland’s investment
and development agency – the center will create 350 high quality jobs
over three years. The new Dundalk center will also house an engineering
team; revenue assurance department;
business analysis department; European finance and treasury management;
and an in-house data center providing disaster recovery capability for
Vesta’s international locations.