UT-based Q Comm International, a specialist in prepaid transaction processing and electronic POS distribution solutions, says it will restate financial information in its 2004 annual report and first quarter earnings report. The Company is changing its revenue recognition policy on sales of consigned PINs. Q Comm expects the impact of this change to reduce 2004 revenue to between $18 and $20 million from $41 million and reduce first quarter 2005 revenue to between $9 and $10 million from $15 million. The Company also announced this week that its former CFO, who left Q Comm three weeks ago, acted without authorization in advancing $1.5 million to a supplier and it may have to take a $925,000 charge if no recovery is made.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. (CF Library 6/20/05)
ASIA-PACIFIC BREACH IMPACT
Hong Kong: 19,000
New Zealand: 13,000
Source: Published Reports
San Francisco-based nCircle has teamed with Montebello Partners and Digital Resources Group to offer a compliance solution for the PCI Data Security Standard. The PCI Data Security Standard outlines best practices for securing credit card data that is stored, processed or transmitted and sets technology requirements such as the use of data encryption, end-user access control, and activating monitoring and logging. Montebello Partners provides security assessment, regulatory compliance and security architecture services. Digital Resources Group is a full services provider of information security technology consulting. nCircle is the leading provider of enterprise-class vulnerability and risk management solutions. Global enterprises in financial services.Details
NY-based National Identity Security is unveiling a biometric solution next week that is capable of eliminating personal identity theft and credit card/check fraud for any type of transactions. The NIS solution will support Ingenico and HPP’s signature and debit capture terminals for banks and retailers. The technology not only captures the signature, it also validates the person at the register by signature and/or personal profile in real time with the use of NIS’ “Biometrics Authentication Technology.” The Company is guaranteeing individuals and companies up to $25,000 per transaction. NIS is charging two cents per transaction to validate the person’s identityDetails
FMCG Hindustan Lever has teamed with ICICI Bank to launch a
co-branded credit card. The card is targeted at consultants of the Hindustan Lever Network. The “ICICI Bank-Hindustan Lever Network Card” offers a customized rewards program. Hindustan Lever Limited is a subsidiary of Unilever. The company’s business sprawls from personal and household care products to foods, beverages and specialty chemicals. The company has a dominating market share in most categories that it operates in such as toilet soaps, detergents, skincare, hair care, color cosmetics, etc. It is also the leading player in food products such as packaged tea, coffee, ice cream and other culinary products.
Sydney-based Catuity has landed a contract with Ohio-based
CertifiChecks for the first deployment of the new Catuity “Advanced Loyalty System.” The system is a turnkey, hosted solution that will be sold to the merchants and chain stores who now use CertifiChecks’ paper-based solutions. The system is expected to be deployed in October and will be offered to CertifiChecks’ 70,000 merchants nationwide. The company also provides gift certificate programs to a top 10 grocery store chain, the U.S. military’s Defense Commissary Agency and Army and Air Force Exchange Service. The Catuity “CALS” is a modularized hosted system that enables unique customer profiles as well as the delivery of points-based, discount and frequency programs, plus offering a flexible gift card solution.
Pennsylvania-based USA Technologies’ payment card-enabled “e-Port” has been chosen as the cashless transaction solution by Seattle-based CineVend, a company that has recently launched a business to vend CDs and DVDs. The e-Port is already being used to vend non-traditional items such as cellular phones and calling cards, office equipment, sunscreen products, automotive components and gourmet foods. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries.Details
American Express has added a new feature to its “IN:NYC” card that offers cardholders and up to three guests immediate access to skip to the front of the line at some of New York’s most popular clubs and lounges. The new “GET:IN for IN:NYC Cardmembers” is the result of a partnership with Clubplanet, an online nightlife resource. Each week, cardholders will have five different lounges/clubs to choose from. Cardholders also have weekly access to one VIP room with one additional guest and are also eligible for free or reduced admission at the participating venues. The “IN:NYC Card” was launched in October and is targeted at younger New Yorkers. The card offers “INSIDE Rewards” points redeemable for certificates at more than 70 New York City establishments or for one-of-a-kind experiential rewards. (CF Library 9/30/04)Details
VISA USA has launched the “Hispanic Financial Education Campaign” which includes financial wellness columns, a Spanish-language magazine and a partnership with local chapters of the League of United Latin American Citizens. The U.S. Census Bureau recently announced the Hispanic population has reached 41.3 million and a recent study indicates the Hispanic consumer will represent 9% of the total US buying power by 2009. Visa cardholders in over 150 countries carry more than 1 billion cards, accepted at nearly 22 million locations, accounting for $3 trillion in annual transaction volume.Details
ForeningsSparbanken has chosen ActivCard to deploy secure Internet access for approximately 600,000 more Internet banking customers, bringing the total deployment to over 2 million
online retail banking customers in the near future. This represents one
of the largest such retail banking deployments in the world. ActivCard
technology will therefore be used by more than 80% of Swedbank’s
online customers. Swedbank has 4.2 million household customers and 225,000 corporate customers in its home market.
Nashville-based Fleet One has renewed contracts with Thorntons, Love’s Travel Stops & Country Stores, and MAPCO Express. Fleet One agreed to 3-year contract extensions with Louisville, Kentucky- based Thorntons Inc. and Oklahoma City based-Love’s Travel Stops & Country Stores and an 18-month extension with Tennessee-based MAPCO Express. Fleet One, an affiliate of SunTrust Banks, Inc., provides private label fuel card programs, electronic payment authorizations and billing.Details
United Bank Card is now offering its ISO/Agent partners a weekly $30 to $40 bonus for Discover activations and a weekly conversion bonus of $150 for switching existing merchants to UBC from a competitor. United Bank Card, Inc. is a payment and transaction processor serving merchant accounts for over 30,000 locations and processes in excess of 2 billion dollars annually.Details