Jack Henry & Associates announced that Kathy Hooker-Burress has been named president of its Symitar subsidiary, a provider of software systems and related services for credit unions. Hooker-Burress has served as Symitar’s manager of national sales for more than five years, and has been instrumental in establishing Symitar’s Episys processing platform used by credit unions with assets exceeding $25 million. Jack Henry & Associates, Inc. is a provider of integrated computer systems and processor of ATM/debit card/ACH transactions for banks and credit unions.Details
Delinquency, among U.K. credit card-backed securities, rose significantly in the second quarter to 3.3%. However, the charge-off rate in the second quarter slipped by 20 basis points over the prior quarter to 4.5%. According to FitchRatings’ “Credit Card Moves & Shakers UK,” the rise in delinquency was largely attributed to a sharp rise by Pillar Trust. With the exception of Pillar, all the trusts reported an increase in charge-offs from March to June. FitchRatings said that while the increased charge-off figures appear to give an adverse indication of overall market performance, the movement in delinquencies, excluding the impact of Pillar, can be taken as a positive sign that some of the measures introduced to combat rising charge-offs may be starting to take effect. The MPR index slipped slightly in June to 16.9% from March’s
17.2%. Fitch’s yield index fell by 20 bps to 19.4% at the end of June.
Minnesota-based TCF Financial has signed a deal with 7-Eleven to offer free ATM services for TCF customers at more than 580 7-Eleven stores in Colorado, Illinois, Indiana and the greater Detroit metropolitan area. ATMs will be labeled with TCF Bank signage inside 7-Eleven stores. Vcom, short for “virtual commerce,” is 7-Eleven’s proprietary, self-service machine, which will allow TCF customers to cash payroll, tax refund and government checks, pay certain bills, conduct ATM transactions, money transfers, and purchase money orders and stored-value cards. 7-Eleven, Inc. operates, franchises and licenses stores worldwide, generating total sales of approximately $41 billion. TCF is a national financial holding company with $12.6 billion in assets.Details
Electronic Clearing House has named Charles Harris, former President of Paymentech’s Merchant Link, as President and Chief Operating Officer. Prior to joining the company, he served in executive, operational and sales leadership positions at prominent organizations including Paymentech and Electronic Data Systems. Electronic Clearing House, Inc. provides payment processing services to merchants, banks and collection agencies.Details
New Jersey-based The Smart Card Alliance announced the formation of the new Contactless Payments Council. The Council’s projects will include web briefings, workshops at trade shows and the development of white papers and case studies. The Smart Card Alliance is a not-for-profit, multi-industry association working to stimulate the understanding, adoption, use and widespread application of smart card technology.Details
Global Axcess has signed an agreement with The BidVest Group to transfer 51% of GAXC’s South African subsidiary, Cash Axcess, to International Payment Systems, a 100% BidVest-owned company. The terms of the transaction includes a cash investment into CAC by BidVest, which will provide working capital for the more rapid expansion of the ATM program throughout the South African marketplace. International Payment Systems is 100% owned by the BidVest group of companies and forms part of the BidServ Security Division. IPS currently offers the full range of De La Rue Cash Systems and Scan Coin cash counting equipment as well as Ingenico POS terminals to financial institutions.Details
Prague-based MUZO recently opened a new office in Moscow. The Company is a majority-owned subsidiary of Global Payments. Global Payments currently provides credit card issuing services to one of the largest providers of consumer credit in the Russian Federation, Home Credit and Finance Bank. Stanislav Coufal will head up the new Russian operations. Coufal joined MUZO in 2004 as an Area Manager for Russia and the Commonwealth of Independent States. MUZO’s proprietary platform is among the first in the European market to be compliant with the international EMV standards for chip-based payment cards.Details
Bank credit card issuers and networks have pledged more than $10 million so far for relief expenses related to Hurricane Katrina. In addition, issuers are waiving fees, relaxing payment requirements and raising credit lines for victims of the USA’s worst natural disaster. First Data’s Western Union Financial Services is reducing its current service fees by 50% on Western Union “Money In Minutes” transactions sent from within the U.S. to Mississippi, Louisiana and Alabama between September 2nd and September 30th. Western Union also has established a special, no-transfer fee service for U.S. consumers who wish to help by sending donations directly to the American Red Cross. VISA USA is donating $1 million directly to the American Red Cross and matching contributions from its employees dollar-for-dollar, up to $500 per donation. Bank of America announced a $1 million donation including $500,000 to the American Red Cross “Disaster Relief Fund”, $100,000 to the Houston Food Bank and $400,000 to the areas of greatest need. BofA is also matching associate pledges through the bank’s “Matching Gifts” program and will not limit its overall relief donation. JPMorgan Chase is donating $1 million to the American Red Cross and will match employee donations dollar-for-dollar up to $1 million. Citigroup is donating $1 million directly to the Red Cross and will match any eligible donation made by a Citigroup employee dollar-for-dollar to the Red Cross up to $1 million. Capital One has pledged $1 million to the American Red Cross to aid its disaster relief efforts. Wells Fargo is contributing $500,000 to the American Red Cross “Hurricane Katrina Relief Fund” and will match contributions from its 151,000 team members dollar-for-dollar, up to $250,000 total. AmSouth Bank has given its customers in the affected areas flexibility on loan repayments, discounted loan rates, and fee waivers. CardWeb.com made several $1,000+ contributions earlier this week to selected “Hurricane Relief” charities and is matching employee donations up to $500 each. Additionally, CardWeb.com posted a direct link to the Red Cross “Hurricane Relief Fund” on its homepage encouraging consumers to use their credit cards to expedite contributions.Details
Ontario-based RDM Corporation has earned Class B Certification from NOVA Information Systems. NOVA has Class B certified the “all in one” credit, debit, EBT, and e-check application on the “RDM SYNERGY” payment terminal. Utilizing RDM’s patented “single pass” Progressive MICR Method and imaging technology, “RDM SYNERGY” is ideal for
Electronic Check Conversion, Check 21 transactions, as well as credit,
debit, EBT and loyalty cards. Standard on “RDM SYNERGY” is a magnetic stripe reader, graphic display, 20-key pad, multiple application support and a powerful processor making RDM SYNERGY a perfect payment platform for POP, ARC, Check 21, and bill payment applications.
Portland, OR-based TRM has agreed to purchase the UK-based ATM business of Travelex UK Limited. The business includes the ATM division of Travelex as well as Travelex ATMs Limited, a joint venture company with Snax 24 Corporation. TRM will purchase the business, comprised of over 1,100 primarily full placement ATM units, for approximately $78 million. The ATMs are deployed around fuel stations and convenience stores such as TotalFinaElf, Snax 24, Texaco and National Car Parks, as well as other sites including McDonalds and United Cinemas International. TRM says most of the ATMs average 1,000 transactions per month. The acquisition would increase TRM’s presence in the UK to over 7,500 ATM and photocopier locations. The deal is expected to close by year’s end. TRM recently reported that gross sales more than doubled to $61.4 million during the second quarter, compared to 2Q/04. (CF Library 8/12/05)Details
Ireland’s Permanent-TSB is launching on September 26th the first pre-paid credit card voucher. The new “3V Voucher” is a disposable 16-digit prepaid VISA debit number which is printed onto a paper receipt from a retailer terminal. It can be used to make transactions up to the monetary value of the “3V Voucher” purchased and when the funds are all spent, it is discarded. Cardholders can also check their balance and previous transactions online, anytime. The maximum credit that can be purchased on any one “3V Voucher” is about $438 and the minimum $25, according to this week’s issue of CardFlash International. The “3V Voucher” is issued by permanent TSB in association with VISA, 3V Transaction Services and Alphyra. The group plans to launch the product in the UK, Germany, France, Holland, Belgium, Spain, Sweden, Italy, Greece, Romania, Poland, Austria and the Czech Republic over the next 12-18 months.Details