Dallas-based Hitachi Consulting has acquired Boston-based Dove Consulting Group for a undisclosed amount. Last year, Hitachi Consulting acquired Aspirity as the cornerstone for its national business intelligence practice. Dove Consulting has performed payment strategy work with seven of the Top 10 U.S. banks, major payment networks and government entities. “On Payments” is a periodic Financial Service e-newsletter publication distributed by Dove. President and Founder, David Dove, will become the Managing VP of Hitachi Consulting’s Strategy and Organizational Effectiveness national consulting practice.Details
AmSouth Bank has launched the “CheckCard Rewards” program in which bank customers can get up to 25% cash-back from specific retailers. AmSouth customers making purchases at participating locations on or after August 1, 2005, will have a cash refund amount automatically deposited to their accounts and reported on their monthly bank statements. AmSouth is a regional bank holding company with over $50 billion in assets, more than 685 branch banking offices and 1,240 ATMs.Details
JCB is partnering with Experian and will implement Experian-Scorex’s “Probe” solution into its credit card environment.
“Probe” will allow JCB to analyze and make changes to its credit
strategies in half the current time. This is due to flexibility and
the desk top user control of the solution. The solution also allows for
simulation of strategies and it is a major leap forward from current
systems for control, analysis and monitoring of credit risk strategies,
enabling greater speed-to-market implementation. JCB’s merchant network
includes 12.4 million merchants and spans 190 countries. JCB cards are
now issued in 18 countries with 55 million cardholders.
Fort Worth, Texas-based First American Payment Systems has launched the “FirstAdvantage” gift and loyalty card, the most recent addition to its in-house product line. FirstAdvantage is ideal for small- to medium-sized businesses that seek to sell gift cards without the high costs often involved, offering a small initial investment and low monthly rates and no minimum quantity when ordering standard gift cards. First American Payment Systems, L.P. provides full service credit card processing for approximately 75,000 merchants throughout the United States.Details
AZ-based eFunds reports second quarter net income of $14.1 million. Second quarter net revenue increased 10% to $116.3 million, excluding the former ATM business, compared to the second quarter of 2004. Overall, revenues declined 17% from the 2Q/04. eFunds sold its ATM deployment business in November 2004. During the second quarter, new customer wins included Societe Generale and eFunds acquired India Switch Company and National Check Protection Services and signed the agreement to purchase WildCard Systems. The Company has raised its 2005 net income estimate from a range of 15% to 19% over the net income of $40.8 million reported in 2004 to 25% to 35% over its 2004 net income due to its anticipated recognition of a $4 to $6 million tax benefit in the third quarter. For complete details on eFunds’ second quarter performance, visit CardData ([www.carddata.com]).
eFunds Revenues Historical
2Q/03: $133.0 million
3Q/03: $133.1 million
4Q/03: $135.4 million
1Q/04: $140.9 million
2Q/04: $140.7 million
3Q/04: $140.1 million
4Q/04: $130.5 million
1Q/05: $114.2 million
2Q/05: $116.3 million
Source: CardData (www.carddata.com)
Keynote Systems released a new version of its service for measuring the speed and reliability of Web-based transactions. “Transaction Perspective 6.0” enables companies to measure, benchmark, trend and analyze the performance of their most critical applications and multi-step business transactions from the end user. Other significant enhancements to “Transaction Perspective” include: component level alerting targeted to specific issues allows customers to set alerts on specific network related times, such as DNS lookup, first byte and connection time with a server; baseline threshold alerts for performance trending as part of the alerting strategy, provides more intelligent alerting based on a rolling average for each hour of the week instead of static values that results in fewer false alarms; and enhancements to the “MyKeynote UI” including customization for audience type, configurable schedules and content and search archives for historical reports up to two years. “Transaction Perspective 6.0” is available immediately with prices starting at $1,295 per month (5 pages/10 cities).Details
Houston-based US Dataworks posted revenues for the second calendar quarter of $1.1 million, compared to revenues of $903,132 for the same period a year ago. Net loss for the quarter was $968,800, compared to a net loss of $1.4 million, for the corresponding period in the prior year. The Company recently announced it exceeded the one billion transaction threshold using its “Clearingworks” payment platform. US Dataworks expects revenues for the next quarter to range from $1.5 million to $1.6 million. For complete details on US Dataworks’ latest results, visit CardData ([www.carddata.com]).
Utah-based ShopSite has released its new “ShopSite v8.0,” an e-commerce software option for Web hosting providers, which adds features such as “Rewards” and “Tell A Friend,” which merchants can use to increase customer retention and to obtain new customers. Besides allowing a faster and more secure checkout for shoppers using PayPal, it also provides an easy way for merchants to directly accept credit cards in their shopping cart. Merchants can now create gift certificates from within ShopSite. ShopSite, Inc.provides electronic commerce software for small to medium-sized businesses.Details
San Francisco-based Consumer advocacy group, Consumer Action, and Capital One announced that their joint “MoneyWi$e” financial literacy partnership will award stipends totaling $75,000 to community groups in 10 states. This year, the MoneyWi$e program is awarding stipends to 28 community-based organizations teaching financial education. The stipends will help the organizations reach a broad base of individuals in a variety of financial situations, including college students, farm workers, first-time homebuyers, senior citizens, and individuals facing unemployment or homelessness. By providing free brochures in multiple languages (English, Spanish, Chinese, Korean, and Vietnamese), the MoneyWi$e program is able to address financial literacy across both income and ethnic barriers. More than one million brochures have been distributed to date. Consumer Action provides financial education to its community-based organization partners. Capital One’s subsidiaries collectively had 48.9 million accounts and $83.0 billion in managed loans outstanding as of June 30, 2005.Details
NCR has opened “TransitionWorks,” an expanded radio frequency identification demonstration center located in Atlanta with plans to announce new centers in Europe and Asia in the near future. The TransitionWorks center will reflect the scope of NCR’s end-to-end portfolio of current or soon-to-be-announced RFID solutions and services, including comprehensive global consulting services, UHF reader solutions, hand-held RFID scanners, RFID labeling solution and data warehousing solutions. NCR Corporation is a provider of ATMs, retail systems, data warehouses and IT services.Details
VA-based Portfolio Recovery Associates has acquired substantially all of the assets of Alatax, a privately held company that specializes in government collections. The acquisition has a total price of $17.5 million, consisting of $16.1 million in cash and $1.4 million in Portfolio Recovery Associates common stock. Alatax’s two top executives, President Kennon Walthall and Executive Vice President Stephen Morris, have both signed long-term employment agreements and will continue to manage the company. Alatax is a provider of outsourced business revenue administration, audit and debt discovery/recovery services for local governments. Portfolio Recovery Associates is a full-service provider of outsourced receivables management and related services.Details