After their original attorneys, Greenberg & Bass, were removed last week for ethics issues, Nashville-based iPayment has named White & Case to fight the lawsuit filed by a U.S. Bankruptcy Court Trustee, which alleges fraud by some of iPayment’s officers and directors. The Motion to Disqualify was successfully brought by Special Counsel to Trustee Ehrenberg, Pratter & Young, Attorneys, who alleged that the conduct of iPayments lawyers was a violation of the lawyer’s Canon of Ethics. Judge Zurzolo agreed and ordered their immediate removal. iPayment is now in search of new lawyers. iPayment, Inc. issued the following statement in response to a press release issued by the law firm of Pratter & Young regarding a suit against the Company and certain officers and directors in the United States Bankruptcy Court on behalf of a U.S. Bankruptcy Court Trustee.Details
CIBC reported that its credit card loans increased 3.2% in the latest quarter to C$11.547 billion. For the entire 2004 fiscal year, which ended October 31st, the nation’s largest bank credit card issuer posted an 8% increase in credit card revenues to C$1,384 million. Since 2001, CIBC credit card profits have increased nearly 23%. Recently, CIBC announced it completed an agreement to sell U.S.-based Juniper Financial Corp. to Barclays Bank. Barclays agreed to pay $293 million in cash for the $1.4 billion credit card portfolio from CIBC. The deal, which closed December 1st, represents a premium of 15.2%. CIBC acquired a 51% interest in Juniper Financial in 2001, and subsequently increased its ownership to 98%. The remaining 2% is owned by Juniper senior management. For complete details on CIBC’s latest results visit CardData (www.carddata.com).Details
Vancouver-based QI Systems has named Steven Crowell as CFO.
Mr. Crowell formerly was the CFO of Forum Communications International, Inc. QI Systems Inc. designs and sells card payment solutions for various industries. Products and core competencies include smart cards and stored value systems, security protocols, data communications, software design and hardware manufacture.
eBay has promoted Jeff Jordan from SVP of eBay North America to President of PayPal. Jeff Jordan, formerly Senior Vice President, eBay North America, has been named President of PayPal. Since joining eBay in 1999, Jordan has led eBay.com to achieve more than 400 percent growth in gross merchandise volume reaching $4.5 billion in the third quarter of 2004 eBay is The World’s Online Marketplace(R). Founded in 1995, eBay created a powerful platform for the sale of goods and services by a passionate community of individuals and businesses.Details
On Track Innovations'”Saturn 5000″ contactless reader has received certification from American Express to support its “ExpressPay” contactless payment program. This follows OTI’s recent announcement as the only company to date to obtain type approvals on both its MasterCard “PayPass” compatible card and reader solutions. “ExpressPay” is an alternative to cash for making purchases at merchants where speed and convenience are important — such as quick serve restaurants, supermarkets, drug stores, gas stations, and corporate cafeterias. The “Saturn 5000” is built to allow quick upgrades of existing POS terminals to accept contactless payments, with the reader facing the customer for easier payment experience. OTI designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets.Details
The number of global ATMs has tripled in the last decade to 1.3 million, and increasing 17% since 2001, and should hit 1.7 million by 2009. While the USA is the largest ATM market with 380,000 ATMs, Asia-Pacific will likely overtake North America as the largest ATM market next year. The research by London-based Retail Banking Research shows that Asia-Pacific is largely driven by a buoyant Chinese market. RBR says the top five emerging markets: China, Russia, South Korea, India and Brazil, only represent 20% of worldwide ATM installations, but account for 43% of global market growth between 2001 and 2003. The report also suggests that replacement machines will make up an increasing share of ATM shipments as markets reach maturity, and will increase from 51% in 2003 to 80% in 2009. Only two countries, the USA and Japan, currently have more than 100,000 ATMs. The USA regained its position as the largest ATM market from Japan in 1996, as a result of the installation of a large number of off-site machines by non-bank deployers. While the USA and Japan remain the largest ATM markets, their share of the global ATM market is falling, as emerging markets continue growing at a higher rate. Brazil is in third place with over 90,000 ATMs, while South Korea and China have around 80,000 and 70,000 respectively. Germany and Spain are the only European markets with more than 50,000 ATMs.Details
Alaska Airlines and Bank of America have rolled-out a new “VISA Platinum Card” in Canada. The new card gives cardholders the opportunity to earn miles for credit card charges and other benefits including one $50 (USD) round-trip Companion Certificate upon approval, and each year thereafter. Cardholders also receive 5,000 “Bonus Miles” upon approval, 2,000 “Anniversary Bonus Miles,” and one mile for every dollar in purchases. The Alaska Airlines Mileage Plan network includes 11 airlines serving more than 700 destinations on six continents. Alaska and its sister carrier, Horizon Air, together serve more than 80 cities in Alaska, the Lower 48, Canada and Mexico.Details
Phishing season has opened again with nearly 100 attacks during the first month of the holiday season. The sharp rise in November attacks is up more than 80% over the previous month. The data are from the Proofpoint “Anti-Spam Lab.” The data were culled from the more than 1.2 million email inboxes currently under protection by Proofpoint’s messaging security solutions. The Company expects to see similar exponential increases in both holiday spam and holiday-themed phishing attacks during December. A recent report from the Anti-Phishing Working Group found that hackers are apparently achieving new levels of automation, possibly commanding software tools, and BOT nets to vastly increase the potency of their phishing campaigns. (CF Library 11/24/04)Details
VASCO Data Security International announced that ING Luxemburg will offer “Digipass GO3” to its retail customers. ING Luxemburg ordered 10,000 units of VASCO’s one-button token and is the first bank in Luxemburg to offer Digipass to its retail customers. With the introduction of “Digipass GO 3,” ING will be the first bank in Luxemburg to offer its customers secure and phishing-free Internet banking. “Digipass GO3” is a lightweight, low cost strong user authentication
token, especially designed for the large volume banking market. “GO3” is
extremely easy to use – with a simple touch of a button, the customer
generates a unique one-time password. The password changes every 36
seconds and can be only used once, which means that it can’t be re-used
VISA Europe has introduced a new pan-European debit solution combining chip and PIN. The new “V PAY” accommodates domestic account numbering schemes, exploiting the existing infrastructure, capitalizing on investments in EMV chip migration, and maintaining local governance.
“V PAY” is compatible with local market account numbering structures
supporting 13-19 digit account numbers beginning with 4, 5 or 6. Issuers, acquirers and merchants can use their existing systems
and infrastructure at minimal cost. “V PAY” can also be co-badged with domestic debit brands during the transition to the type of single SEPA product that the ECB and the EPC are calling for. It will also carry the “PLUS” mark enabling global access to ATMs and is compatible with all EMV enabled terminals.
Edmonton-based Rentcash is now offering Western Union “Money Transfer” and “Money Order” services at its 130+ Cash Stores in nine provinces. Rentcash currently offer payday advance services as well as
its own private label debit card, the “Cash Store Cash Card.” Western Union and its subsidiary, Orlandi Valuta, have the largest money
transfer networks with approximately 202,000 agent locations in more than 195 countries and territories.