Hypercom has named William Keiper as CEO and President, effective immediately. Keiper, a member of the Board since April 2000, had been serving as Chairman, interim CEO and President since March 30th. Christopher Alexander, the former Chairman and CEO of the Company, retired at the end of March. Hypercom also announced the election of Daniel Diethelm as Chairman of the Board of Directors. Diethelm has served as a director of the Company since January 2004 and currently serves as Chairman of the Audit Committee of the Board. He also previously served as a Hypercom director from August 2001 to May 2003.Details
Chase has inked an agreement to acquire Sears Canada’s US$2.1 billion credit card portfolio for an undisclosed amount. The deal includes both its private-label Sears credit card accounts (US$1.9 billion) and its co-branded “Sears MasterCard” (US$200 million) Totally, the Sears Canada portfolio has about 10 million gross accounts and four million active accounts. It is the third largest credit card portfolio in Canada. When the transaction closes, Chase will manage operating centers in four Canadian locations with approximately 1,000 employees. Sears Canada announced in June it was looking to unload its Credit and Financial Services unit. Goldman, Sachs advised Sears Canada on the sale. (CFI Library 6/14/05)Details
EFMARK Premium Armored has joined NCR’s “Authorized Sales & Service Provider” program which gives EFMARK access to NCR’s authorized parts, diagnostic software tools and documentation, training programs and other NCR intellectual property required to service NCR machines. A particular area of focus for EFMARK is the move to Windows-based ATM software. EFMARK Premium Armored is the nation’s largest “ATM only” service company, providing financial institutions with a single-source solution for ATM equipment and overall ATM program management.Details
Hypercom announced that its “IN-tact 1101” converter device for Internet-enabling legacy Hypercom POS terminals has been certified for use on the Merchant Link “siteNET” Internet Gateway. The IN-tact 1101 is a compact hardware device that allows the retailer to connect up to 16 Hypercom T- or ICE-series terminals to the Internet quickly and easily over a DSL, cable modem or VPN connection. Merchant Link provides solutions and support to the integrated point-of-sale industry, including high-end technical support and data transport services to more than 20,000 clients. Hypercom provides card payment terminal, network access device, server and transaction networking solutions.Details
GENERAL ELECTRIC COMPANY
APPLICATION TO ESTABLISH A BANK
Notice is hereby given, pursuant to subsection 25(2) of the Bank Act (Canada), that General Electric Company intends to apply to the Minister of Finance for letters patent incorporating a bank to carry on the business of banking in Canada.
The bank will carry on business in Canada under the name GE Money Bank Canada in English and Banque GE Money du Canada in French, and its principal office will be located in Mississauga, Ontario.
Any person who objects to the proposed order may submit an objection in writing to the Office of the Superintendent of Financial Institutions, 255 Albert Street, Ottawa, Ontario K1A 0H2, on or before October 10, 2005.Details
Credit card outstandings slowly rebounded to a record GBP 55.9 billion
during July, but remain flat compared to one year ago. In April,
seasonally adjusted credit card loans actually dipped for the first time
since May 1994. The increase in total net lending to individuals in July
(GBP 7.7 billion) was lower than in June and lower than the previous six
month average. The increase in consumer credit (GBP 1.2 billion) was
weaker than June’s figures. Within this, both net credit card lending
and net other loans were weaker than in June and their respective
previous six month averages. The Bank of England’s Monetary Policy
Committee met August 4th to reduce the Bank’s repo rate by 0.25
percentage points to 4.5%.
Houston-based US Dataworks has completed the execution of integrated license, maintenance and services agreements worth $7 million with an existing customer that is one of the nation’s largest financial services companies. US Dataworks’ integrated electronic transaction processing platform, will process all payments received by the financial services company, including mailed remittances, Internet payments, telephone payments and transactions captured at worldwide remote offices. US Dataworks is a developer of payment processing solutions, focused on the financial services market, federal, state and local governments, billers and retailers.Details
Comdata has signed a marketing agreement with Fiscal Systems, a provider of integrated back-office and point-of-sale systems for travel centers, to market Fiscal’s “Trav Star 1” system. Trav Star 1 is an integrated, real-time point-of-sale system that ties all of a merchant’s revenue centers–fuel, restaurant, general merchandise into a POS-to-back office solution, including touch-screen and POS scanning technology, inventory control, employee scheduling, a loyalty program and more. Fiscal Systems, Inc. assists retailers to capture, manage and act upon transaction information. Comdata Corporation is a business-to-business issuer and processor of payment cards, primarily in the retail and transportation industries.Details
Cold Stone Creamery is equipping franchisees with the VeriFone “Omni 3750” payment solution to implement a nationwide electronic gift card program. The Omni 3750 accommodates dial, broadband and wireless transmission technologies that are quickly upgraded as merchant needs dictate. It features an ATM-style interface, clam-shell printer and large backlit display. Cold Stone Creamery has more than 1,100 stores with $285 million in sales. VeriFone Holdings, Inc. provides secure electronic payment technologiesDetails
The most profitable bank credit card issuers in the USA racked up nearly $15.0 billion in global net income during the twelve months ending June 30th, a 4% increase over the year-ago period. After leading the pack one year ago with a 33% gain, MBNA has fallen into negative territory with a 15% contraction since 2Q/04. MBNA posted a very weak first quarter with only $31.7 million in net income. This year, the combination of Chase and Bank One has emerged as the leader with a 40% gain in profits. Citi, which posted a 26% gain one-year ago, has fallen to a 14% year-on-year gain. American Express TRS profits rose to 17% compared to 13% at mid-year 2004. Capital One’s growth was the same as mid-year 2004. For complete details on mid-year results, visit CardData ([www.carddata.com]).
(12 month period ending 6/30/04)
1. Citi Global: $4.70 billion +14%
2. Chase: $3.30 billion +40%
3. AmEx TRS: $3.06 billion +17%
4. MBNA Global: $2.16 billion -15%
5. Cap One Global: $1.72 billion +23%
TOTAL: $14.94 billion + 4%
SOURCE: CardData (www.carddata.com)
American Express launched a new “Membership Rewards” option enabling cardholders to use their points to book travel directly on the AmEx travel Web site. Cardholders can also use “Membership Rewards” points to cover all or part of the costs of any hotel room and cruise. The Membership Rewards program offers access to 23 airline partners, 15 of which offer cardholders the ability to transfer points directly into their airline frequent flier program. The program also offers access to more than 250 hotel partners, and almost 40 luxury cruise liners.Details