Certegy has landed Sherri Nadeau, formerly with Equant, as SVP and Chief Human Resources officer. Nadeau brings over 20 years of experience in human resource management and tax expertise to Certegy. She previously held senior human resource positions at Equant, Inc. (formerly Global One), Universal Studios and Holiday Inn Worldwide and served as senior tax manager for KPMG Peat Marwick. Certegy provides credit and debit processing, check risk management and cash access services, merchant processing and e-banking services to over 6,500 financial institutions, 100,000 retailers and 100 million consumers worldwide.Details
Oregon-based TRM announced a new contract with AMF Bowling Centers to deploy more than 325 ATMs at bowling centers throughout the USA. TRM will service the full-placement relationship with its nationwide employee service network. TRM Corporation provides ATMs in high-traffic consumer environments with over 22,000 multi-national ATM networks worldwide.Details
Scottsdale, AZ-based LifeLock got a big shot in the arm as two top industry guns join its executive and advisory boards. The Company, which provides preventative identity theft protection services, announced that Luke Helms, former vice chairman of Bank of America and Inder Singh, former EVP and chief global technology officer for VISA International, have become senior advisors to the LifeLock management team. Helms will serve as Chairman of the Board. Singh will serve as an advisory board member. LifeLock places alerts on credit bureaus, stops pre-approved credit card applications and monitors credit files for consumers. (CF Library 6/17/05)Details
As many as 500,000 credit card accounts in the Asia-Pacific region may have been exposed to potential fraud as a result of the security gap at CardSystems Solutions that took place between November 2004 and May 2005. Published reports claim 67,000 Japanese accounts and 50,000 Australian accounts were compromised. The U.S. breach reportedly took place following the installation of new data mining software which enabled a rogue computer program to extract files.Details
Minnesota-based National Bankcard Services has certified Systech’s “IPG/7000” dial-to-IP converters for retail petroleum POS applications. The solution gives merchants the flexibility to convert to broadband IP without new expenditures for POS hardware or software and in-store payment devices such as POS controllers, ATMs, POS terminals, and check readers can be connected to the Systech solution. National Bankcard Services is a leading provider of electronic payment and loyalty services. Systech Corporation designs and manufactures Internet Payment Gateways for electronic transaction markets.Details
CardinalCommerce has partnered with Cart32 and Scan Alert to actively fight e-commerce fraud and chargebacks. CardinalCommerce’s authentication platform is now integrated into Cart32 Version 6.0, a shopping cart system for Windows, allowing merchants the ability to participate in the 3-D Secure authentication initiatives. Cardinal Commerce’s proprietary technology provides the ability to conduct fully authenticated Internet-based e-commerce. ScanAlert is a web site security certification company, protecting over 65,000 web sites in 30 countries through the HACKER SAFE certification program.Details
Hypercom said yesterday it has completed its overhaul of the company and will cut 100 jobs today including 21 senior management positions. The plan also calls for the elimination of more than 25 employee annual pay packages in excess of $100,000 each. Top jobs included EVP, SVP, VP and Regional President positions. The move is expected to create annualized savings in excess of $15 million. However, the changes will result in one-time employee termination costs estimated at $1.6 million. Hypercom says more cost reduction action will be taken in the third quarter. The Company previously reported a 10% increase in net revenue for the first quarter, however, Q1 gross profit declined more than 9% due to $3.7 million in special charges. First quarter revenue was $54.5 million, compared to $49.6 million for 1Q/04. Gross profit declined from $20.5 million for 1Q/04 to $18.6 million. For complete details on Hypercom’s latest performance, visit CardData ([www.carddata.com]).
Fujitsu has launched its contactless palm vein authentication
device. Palm vein authentication is highly secure in that the veins are internal to the body and carry a wealth of information, thereby being extremely difficult to forge. Fujitsu’s palm vein authentication features a high rate of applicability across users in that impact from external factors during the authentication process is minimal. Such features of Fujitsu’s palm vein authentication overcome these technical issues and hygiene issues which are often of concern when using alternative biometric authentication methods, such as fingerprint
biometric authentication. Since its market introduction in Japan in July 2004, Fujitsu has sold approximately 5,000 units of its palm vein authentication device in Japan.
Transaction Systems Architects has signed a definitive agreement to acquire substantially all of the assets of Dallas-based S2 Systems for $35 million. S2 is a global provider of electronic payments and network connectivity software. The firm has more than 120 active customers and generates nearly half of its revenue from international markets. Lynn Holland, S2 System’s CTO, is expected to serve as VP with ACI Worldwide. S2 facilities in England and Australia will be integrated into ACI Worldwide offices, while other acquired locations will increase the Company’s presence in the Middle East and U.S. The transaction is expected to close by the end of July.Details
Bank of America, the second largest U.S. bank, has inked a deal to acquire MBNA for $35 billion, in a deal that creates the nation’s largest bank credit card issuer with nearly $135 billion in U.S. outstandings. The merger, expected to close in the fourth quarter, will further consolidate the market power of the top ten issuers producing a market share of about 87%. About 6,000 jobs will be cut as a result of the combination producing an estimated $850 million in cost reductions. Bruce Hammonds, CEO and president of MBNA, will become CEO and president of BofA Card Services and report to Liam McGee, president, BofA’s Global Consumer and Small Business Banking unit. Hammonds will also be part of BofA’s Risk & Capital Committee. Frank Bramble, vice chairman of MBNA, will be appointed to the BofA Board of Directors. MBNA posted net income of $514.1 million in 1Q/05, excluding charges for staff reductions, facilities closings, and contract terminations. The issuer has been struggling with declining credit card balances and a weak diversification effort in the USA.Details
Semtek’s “Mobile Swipe” magnetic card reader line of Nextel cellular phones has been certified on the Synapse Payment Gateway operated by Transaction Network Services. The combination provides mobile merchants with the ability to wirelessly authorize credit card payments. TNS’ Synapse Payment Gateway provides transaction connectivity to the major banks and third party payment processors in the US and has over 42,000 payment terminals currently in service. Semtek Innovative Solutions Corporation is a developer and manufacturer of magnetic stripe card readers and software applications for mobile commerce transactions. Transaction Network Services provides data communications services for transaction-oriented applications.Details
Credit card outstandings finally rebounded to GBP 55.7 billion during May, but remain up a mere 3% over one year ago. In April, seasonally adjusted credit card loans actually dipped for the first time since May 1994. Total net lending to consumers for May was GBP 188.5 billion. The Bank of England says the increase in total net lending to individuals in May (GBP 9.8 billion) was stronger than in April and the previous six month average. Within the total, the increase in net lending secured on
dwellings (GBP 8.0 billion) was stronger than the increase in April and
the previous six month average, but the twelve-month growth rate fell to
11.1% from 11.4% in April. The increase in consumer credit (GBP 1.8
billion) was stronger than AprilÃÂ¢ÃÂs weak turn out. Within this, net credit card lending was stronger than in April and the previous six month average, while net other loans were stronger than in April but weaker than the previous six month average. The Monetary Policy Committee of the Bank of England decided June 22nd to maintain its benchmark interest
rate at 4.75%.