CA-based MetaBank has launched the “Trycera Financial Prepaid MasterCard” which also features “Click N Pay,” an integrated bill payment service. Featuring a broad range of product features and functionalities, the Trycera Financial Prepaid MasterCard is an innovative tool for consumers seeking to participate in the growing cashless economy. Trycera Financial is a publicly reporting financial services company specializing in customized and turnkey prepaid programs partnerships that serve the needs of self-banked consumers. Meta Payment Systems, a division of MetaBank, offers card issuing and program support to banks, processors, and third-party program managers seeking to develop programs for stored-value cards.Details
Atlanta-based Radiant Systems has been certified with the ConocoPhillips network for processing credit, debit and fleet card transactions at Conoco, Phillips and 76-branded sites throughout the USA. This certification enables marketers of ConocoPhillips, the third largest integrated energy company in the United States, to take advantage of Radiant’s more-than-10-years’ experience providing touch-screen POS for petroleum and convenience retailers. Radiant Systems, Inc. provides innovative store technology for the hospitality, petroleum and convenience store, and entertainment industries.Details
CompuCredit reported fourth quarter 2004 net income attributable to common shareholders of $27.0 million, or $0.54 per diluted share, as compared to its fourth quarter 2003 net income attributable to common shareholders of $10.8 million, or $0.23 per diluted share. These 2004 results are net of CompuCredit’s $9 million charitable contribution (which reduced net income by $0.11 per diluted share) during the fourth quarter under the 2004 CompuCredit Corporation Charitable Designation Program.
The net interest margin was 20.2 percent in the fourth quarter of 2004, as compared to 22.1 percent for the fourth quarter of 2003. The adjusted charge-off rate was 8.4 percent in the fourth quarter of 2004, as compared to 7.8 percent for the fourth quarter of 2003. Also, as of December 31, 2004, the 60-plus day delinquency rate was 10.4 percent, as compared to 12.0 percent as of December 31, 2003.
CompuCredit is a specialty finance company and marketer of branded credit cards and related financial services. CompuCredit provides these services to consumers who are underserved by traditional financial institutions. Through corporate and affinity contributions focused on the underserved and un-banked communities, CompuCredit also uses its financial resources and volunteer efforts to address the numerous challenges affecting its customers.
For more information about CompuCredit’s latest performance visit CardData ([www.carddata.com]).
The NJ-based Smart Card Alliance has released a white paper that contrasts RFID tags and contactless smart cards for payment applications. There are two distinct technologies in the market-radio frequency identification (RFID) and contactless smart card technology. As costs come down and size shrinks, the underlying radio frequency (RF) chip technology is finding its way into cards and tokens that are used for everything from tracking animals and tagging goods for inventory control to enabling fast payment and securely identifying people. The Smart Card Alliance is a not-for-profit, multi-industry association working to accelerate the acceptance of smart card technology.Details
Grocery chain, Kash n’ Karry/Sweetbay, is installing Linux-based Wincor Nixdorf “BEETLE” POS systems in its 103 supermarkets in Florida. Sealed-chassis BEETLE /S systems running Red Hat Linux are currently being rolled out at Sweetbay Supermarkets, a new brand and store concept that is part of the Florida-based Kash n’ Karry grocery chain. The systems have already been installed at Victory Super Markets’ 19 locations in Massachusetts and New Hampshire. Kash n’ Karry is the supermarket of choice for shoppers in Central Florida who want high quality and exceptional value. Wincor Nixdorf is one of the world’s leading suppliers of IT solutions to the retail and banking industries.Details
A new sub-prime VISA card has been introduced in the U.K. by Provident Financial PLC, offering an interest rate as high as 69.5%. Provident’s Vanquis Bank division will now offer the credit card to credit-challenged U.K. families with rates averaging 49.9% per annum with a maximum credit limit of GBP 150 (US$285). Applicants have to have annual incomes of at least GBP 5,000 (US$9,464) to qualify. The new “Vanquis Bank VISA” has outraged consumer advocates and led some British politicians to label the issuer as a “vulture” and “rogue.” The current Bank of England base rate is 4.75%.Details
VA-based Online Resources posted fourth quarter revenues of $11.4 million, a 17% increase over 4Q/03. Net income nearly tripled to $400,000. During the fourth quarter, Online Resources signed an agreement to acquire NJ-based Incurrent Solutions for $15 million in cash and stock. During 2004, ORCC crossed the one million end-user threshold for its banking services by increasing the adoption rate 45%, bolstered by over 8,000 consumer marketing programs. The Company also signed 128 new clients (offset by 45 departures), bringing total client base to 723 with no continuing client contributing more than 4% of revenue. ORCC also increased electronic remittance rate by 11%. For complete details on ORCC’s fourth quarter performance, visit CardData ([www.carddata.com]).
Gomez, Inc. launched a new financial services industry benchmark that compares the application performance of the eight largest U.S. credit card issuers from a consumer perspective. The new “Gomez Performance Index for Credit Cards” measures the speed and availability of card issuers’ highly critical “view transaction history” applications. Performance of the “view transaction history” application will be measured from 10 locations throughout the country using real consumer accounts managed by a third-party company. The 3 step performance test will log into the benchmarked website from either the home page or a bookmarked link, navigates to or accesses the account holder’s summary information page and log out of the application. The Gomez “GPI” will be published bi-weekly in American Banker.Details
Providian has inked a deal to unload a $477 million portfolio of non-core, higher risk credit card loans, with FICO scores below 600. The Company expects that the sale of these loans will improve the credit quality of its portfolio by significantly reducing reported loans having FICO scores below 600. The sale is expected to have a modestly beneficial impact to earnings in the first quarter. Providian Financial Corp. (www.providian.com) is a leading provider of credit cards to mainstream American consumers throughout the United States.Details
Transaction Systems Architects, Inc. said yesterday that the company is not for sale and will continue with its stock repurchase program. TSA is in the process of executing its strategy of building a premier electronic payments software company. In the course of executing that strategy, management has improved the TSA’s financial results from an operating loss of $56.1 million, or $(2.35) per diluted share for fiscal 2001, to operating income of $54.8 million, or earnings per diluted share of $1.23, which included a net one-time tax benefit of $.28 for fiscal 2004. TSA’s software facilitates electronic payments by providing consumers and companies access to their money and provides solutions used on more than 1,740 product systems in 78 countries on six continents.Details
Chicago-based Rewards Network posted operating revenues for the fourth quarter of $22.6 million, a decrease of 8.2% compared with the same period last year. Sales for the quarter amounted to $82.0 million, an 8.1% decrease from 4Q/03. Declines in the restaurant merchant count, the number of dining transactions and the average dining transaction amount contributed to the decline in sales for the fourth quarter of 2004. Net income for 4Q/04 was $2.5 million, compared $3.9 million for 4Q/03. As of year-end 2004, Rewards Network had 3.8 million active member accounts, 10,514 restaurants and 11,321 hotels participating in its rewards programs. For complete details on the Rewards Network fourth quarter performance, visit CardData ([www.carddata.com]).
First Data has extended its processing agreement with TIB – The Independent BankersBank through 2011 for its 678,000 credit cards and 320,000 signature debit cards. In addition, First Data has extended its agreement with TIB for merchant processing services. The combined TIB and BBCS merchant portfolio represents more than 30,000 active merchants on file. First Data Corp. (NYSE: FDC), with global headquarters in Denver, helps power the global economy. TIB is one of the nation’s largest bankers’ banks, providing correspondent banking services to over 1,100 independent community financial institutions in more than 40 states across the country.Details