Cap One Rejiggers its Intersections Contract

VA-based Intersections, a provider of cardholder services, and Capital One have amended their relationship to cut pricing terms on existing services, and add the marketing of new products. The amended pricing terms are expected to reduce earnings per share in the fourth quarter of 2004 by approximately one cent. Such pricing terms also are expected to have a negative impact on earnings per share during 2005.


FCAC Updates its Consumer Card Publication

The Financial Consumer Agency of Canada released an updated version of its popular publication “Credit Cards and You.” The publication compares the interest rates, fees, rewards and
coverage of more than 200 credit cards in Canada. The guide also has tips on saving money, protecting against credit card fraud, and
how to get the most from a credit card. The FCAC ensures compliance with the consumer protection laws that apply to banks and federally incorporated trust, loan and insurance companies.


VeriFone to Go Public Again; Seeks Deals

VeriFone Holdings, Inc. has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to a proposed initial public offering of its common stock. A portion of the shares will be issued and sold by VeriFone, and a portion will be sold by certain of its stockholders.

Credit Suisse First Boston and JP Morgan Securities Inc. will act as joint book-running managers for the proposed offering. A copy of the prospectus relating to these securities may be obtained, when available, from: Credit Suisse First Boston LLC, Prospectus Department, One Madison Avenue, New York, NY 10010 or JP Morgan Securities Inc. 277 Park Avenue, New York NY 10172.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.


Trintech Obtains MasterCard TQM Label

Trintech Group has been granted a “Terminal Quality Management” label from MasterCard for its range of “Chip and PIN” terminals for POS
and unattended environments. MasterCard audited Trintech’s hardware development facility in Ireland and manufacturing facility in the UK. The audit covered the two IFMs which are implemented in Trintech’s range of “Chip and PIN” terminals – “Compact 950 PIN Pad,” “Smart 5000 PIN Pad” and the “OpenPay” series. MasterCard’s TQM program was created in 2002 to help ensure the quality and reliability of EMV-compliant terminals worldwide.


Clarke to Keynote the CTST Conference

The former counterterrorism czar, Richard Clarke, has been tapped for the opening keynote address at the “15th Annual CardTech/SecurTech Conference” being held in April in Las Vegas. Drawing from his extraordinary experience involving America’s decades-long confrontation with terrorism, Mr. Clarke will provide a fascinating insider’s look at how the current administration is tackling the potential for terrorist attacks with initiatives such as Homeland Security Presidential Directive 12, a mandatory, Government-wide standard for secure and reliable forms of identification issued by the Federal Government to its employees and contractors. Thomson Media Conferences & Exhibitions, a division of Thomson Media, is the premier provider of mission-critical information for the financial services, advanced technologies, capital markets and benefit management industries.


Cash Systems’ New CEO Elected Chairman

MN-based Cash Systems has elected CEO Michael Rumbolz as Chairman, effective immediately. Michael D. Rumbolz became the Company’s CEO on January 1st. Mr. Rumbolz has over 20 years of experience in the gaming industry. Mr. Rumbolz is the former Vice Chairman and board member of Casino Data Systems, prior to its acquisition by Aristocrat. Cash Systems, Inc., located in Minneapolis and Las Vegas, is a provider of cash access and related services to the retail and gaming industries.


Western Union Invests in Finint Srl

Western Union Financial Services has completed the purchase of a 30% equity interest in Finint Srl. Finint has been Western Union’s money transfer agent since 1995 and offers Western Union services at more than 2,200 locations throughout Italy. In July, Western Union purchased a 30 percent equity interest in another Italian agent, Angelo Costa, S.p.A., with a network of nearly 3,000 locations throughout the country. Western Union has approximately 202,000 Agent locations in more than 195 countries and territories.


June Payout of the Debit Settlement Likely

It looks like merchants will have to wait until June before they receive any monetary relief from the “VISA Check/MasterMoney Antitrust Litigation.” In December 2003, the U.S. District Court in Brooklyn, New York gave final approval of the settlement and of a plan to allocate and return the more than $3 billion in monetary relief to merchants. Since then, there have been three appeals to the U.S. Court of Appeals for the Second Circuit. Last week, the U.S. Court of Appeals affirmed the District Court’s decision granting final approval of the settlements. Constantine & Partners, lead counsel for the merchant plaintiffs, says any appeals to the Supreme Court are likely to be resolved by June 2005 and distribution of the funds to merchants will start shortly afterward.


Navy FCU Posts Solid Portfolio Gains in Q4

The nation’s largest credit union bank credit card issuer posted an 11% gain in outstandings, and a 14% increase in volume during the fourth quarter, compared to one-year ago. VA-based Navy FCU reported 4Q/04 outstandings of $1.78 billion, ranking it as the 15th largest U.S. issuer according to CardData. Fourth quarter volume was $1.1 billion, compared to $0.98 billion for 4Q/03. For the full year, Navy FCU posted gross dollar volume of $3.98 billion, compared to $3.57 billion for 2003. The issuer’s account base increased 14%, from 863,546 accounts to 983,801 accounts. However, active accounts increased only 5%, from 513,351 accounts to 538,811 accounts. At the end of 2004, Navy FCU had 1,133,820 cardholders. The credit union issues “Classic,” “Gold,” and “Platinum” VISA and MasterCards, as well as the “nRewards” VISA and MasterCard, “TravelValue” VISA, “Student” VISA card, and, a “Secured” VISA and MasterCard. For complete details on Navy FCU’s fourth quarter performance visit CardData ([][1]).

Outstandings: $1,775,319,090
Volume: $1,109,555,661
Accounts: 983,801
Actives: 538,811
Cards: 1,133,820
Source: CardData (



Chase BP VISA Launches a Three-Month Promotion

Chase has launched the three-month “Above and Beyond Promotion” for its “BP VISA” card, offering up to $50 in “BP Gift Cards” for new cardholders. New BP Visa cardmembers will earn a $30 BP Gift Card after their first card purchase made within three months of account opening. Cardmembers can also earn an additional $20 BP Gift Card when they spend at least $1,000 in everyday card purchases such as gasoline, groceries or recurring payments during this three-month period. BP is of one of the world’s largest energy companies. PMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.1 trillion and operations in more than 50 countries.