SVPCO, the electronic check and check image exchange business of The Clearing House Payments Company reported that the Image Payments Network produced $73 billion in total monthly dollar value and 11.7 million in total monthly items during December. In January 2005, when the Image Payments Network began operations, total monthly dollar value was $55 million and total monthly items were 18,000. Through December, institutions participating in the Image Payments Network were BofA, Comerica, EDS, Federal Reserve Bank, Fifth Third, JPMorgan Chase, KeyCorp, M&T Bank, National City, Union Bank of California, Wachovia and Wells Fargo.Details
Maharashtra-based Royal Sundaram Alliance Insurance Company and Citibank have launched a credit card that offers free medical insurance, special hospital benefits, pharmacy discounts, plus a rewards program. The rewards program for the new “Royal Sundaram Citibank VISA” offers (per Rs. 125) five points of insurance premiums billed to the card account, three points for hospital, pharmacy and utility bill payments made with the card and one point for all other spending. Each “Rewards Point” is worth Re 1 and is redeemable against either Royal
Sundaram insurance premium or Citibank’s reward program. Royal Sundaram has one million customers. VISA has more than 33 million cards in India.
MasterCard’s first deployment of an EMV chip-based contactless card is gaining more traction. This week, Axalto announced it is upgrading its “MagIC 6100” terminal to contactless. The “TaiwanMoney MasterCard” will be tested in Taiwan, according to today’s issue of CardFlash International. The Axalto terminals are being updated with an external reader and with software developed by Paysys Communications of Malaysia. The Axalto contactless solution was certified last October by Mondex Taiwan, a subsidiary of MasterCard. The “TaiwanMoney MasterCard” will be used for a transportation system serving millions of residents in seven cities in southern Taiwan and will be issued by a number of banks. In October, the Kaohsiung City Government Transportation Project launched a pilot of more than 2,000 cards. It is the first card to combine transportation, shopping and e-purse with a contactless option. (CFI Library 3/15/05; 10/21/05)Details
An annual survey has scored Bank of America as the best performer for consumer-facing online identity fraud prevention, detection and resolution (PDR) capabilities. Javelin Strategy & Research used a combination of online review and direct mystery-shopper research to score banks on a 100-point scale that included 28 consumer-facing capabilities that banks could implement. Citibank was ranked #2, E*Trade #3, Washington Mutual #4 and Wells Fargo Bank #5. Javelin says it found that 96% of the banks surveyed offer zero liability policies to account holders but none allow users to limit or prohibit international or online transactions. The research firm also noted that most banks have yet to implement stronger authentication as well as customer-driven alerts regarding changes to personal information, balance transfers and unusual account activity.Details
MA-based Viisage Technology and MN-based Identix Incorporated have agreed to merge to establish the most comprehensive single platform for multi-modal finger, face, skin and imaging identity solutions. The combined company is projected to produce $220 million in revenue this year and at least $40 million in EBITDA. The merger is an all stock transaction. The headquarters of the combined company will be in Stamford, Connecticut. Robert LaPenta, Viisage’s Chairman, will become Chairman and CEO of the combined company. The transaction is expected to close in the second quarter.Details
Sophia-Antipolis-based ASK has launched the “RDR 400” series of contactless USB readers for
logical/physical access control, identity, banking and PC-based
applications. The RF interface means that “RDR 400” readers support all
current ISO dual interface/contactless cards and contactless tickets.
RDR 400 has passed successfully e-passport Interfest interoperability
tests taking place in November in Singapore. These tests involved 124
different passports complying with ISO14443 type A or B standards from
28 countries to be tested on 40 readers. ASK is a supplier of
contactless cards, tickets, RFID tags and readers.
Philadelphia-based J&B Software, a provider of transaction and payment system solutions, has promoted Robert Bartlett to president and COO, succeeding Bala Balasubramanian who will remain as the company’s chairman and CEO. Bartlett served as executive vice president and chief financial officer of JB since 2004 and was appointed chief operating officer of JB’s subsidiary, Convergent Payment Processing Services, Inc., in 2005. He will continue to serve as interim CFO in addition to his duties as president and COO of JB and COO of Convergent. JB Software provides electronic transaction processing and management systems.Details
The Gift Association of America has joined the “OneLynk Alliance” program of Atlanta-based RBS Lynk. The OneLynk Alliance is a relationship program for associations to offer value-added payment processing services to their business members. Along with competitive rates, RBS Lynk provides OneLynk Alliance members a complete range of products to fulfill their members’ individual processing needs, including credit, debit, EBT and check processing, e-commerce solutions, gift card and loyalty programs. The Gift Association of America is the oldest and largest trade association comprised of retail stores and wholesalers in the gift industry.Details
Oklahoma-based EnXnet has inked a deal with Interactive Affinities to issue the oval shaped “SurfCard” payment card using EnXnet’s proprietary “ThinDisc” technology. Under the terms of the agreement, Interactive Affinities will be marketing a patented “Interactive Transaction Card”. Affinity will focus on the sale of the transaction card to a variety of commercial customers, including the “open loop” market, where they can be redeemed at most locations that accept major credit cards. The SurfCard combines the functionality of a standard credit card, with the convenience of a stored value card, by incorporating a magnetic stripe and advanced CD/DVD technology as a storage medium. EnXnet develops, licenses and acquires next generation technology products.Details
Lipman Electronic Engineering announced that its “NURIT 8000S, 8230 and
2085” POS terminals have received Class A certification and the
“NURIT 8100” Class B certification from NOVA Information Systems. The
8100 and 8230” terminals support the full range of NOVA payment processing
applications, including credit, debit, checks and gift cards, electronic
checks and dynamic currency conversion, while the “2085” can support credit,
debit and gift card transactions. Lipman is a provider of electronic
payment systems. NOVA offers integrated payment processing services to
more than 800,000 merchants in the United States and Europe and is a
wholly owned subsidiary of U.S.Bancorp.
The FTC has launched OnGuard Online, a new multimedia, interactive consumer education campaign that includes an identity theft quiz. The comprehensive Web site has tips, articles, videos, and interactive activities. There is no copyright on the quizzes or other information on OnGuardOnline.gov; the information can be downloaded by companies and other organizations to use in their own computer security programs.Details
Chicago-based CFC International, a holographic and specialty coated film manufacturer, is being acquired by Quad-C Management, a private equity firm, for $76 million in cash. Under the terms of the Merger Agreement dated January 9, 2006, Quad-C will acquire all of the outstanding common stock of CFC for $16.75 in cash per share, which represents an approximate 18% premium to the average trading price of CFC’s stock over the last five days. Quad-C Management, Inc. has over $2 billion of assets under management.Details