VeriFone and McAfee have inked an agreement to jointly develop the POS payment terminal industry’s first virus protection solution. The companies will create software for real-time monitoring and use McAfee(R) VirusScan(R) for VeriFone IP-enabled payment devices to attack pattern update services. VeriFone will work with credit card processors and independent sales organizations to activate and support the anti-virus protection solution for merchants hopefully starting at the beginning of the new year. McAfee, Inc. is a creator of intrusion prevention and risk management solutions. VeriFone’s solutions are designed to meet the needs of vertical markets such as financial, retail, petroleum, government, and healthcare.Details
CO-based TransFirst, the largest privately held credit and debit card transaction processor, has added 110 jobs and has moved into a new divisional headquarters in Boulder County. The company handles over $18.5 billion in annual processing volume for over 150,000 merchants and 760 financial institutions all over the nation. With the additional jobs, TransFirst now employs over 300 people in Boulder County. TransFirst offers merchant products and industry-specific services designed for the special business needs of financial institutions, ISO’s, health services, e-government, online and other direct marketing retailers, and brick and mortar retailers.Details
Wells Fargo has become the first major U.S. bank to offer
a remittance product from the USA to the Philippines. The International ATM Remittance Account to the Philippines is an account-to-ATM product that allows customers to send up to US$3,000 per day. Wells Fargo customers in the U.S. can deposit funds into a dedicated consumer
account, which are available the next business day for pick-up through a
network of more than 4,000 ATMs (MegaLink or ExpressNet) in the Philippines. Beneficiaries in the Philippines, using their pre-sent ATM cards, can access the account and withdraw up to US$400 per day in cash.
Wells estimates the remittance market in the Philippines to be worth US$6 billion. There are about two million U.S. residents of Filipino descent living in the U.S., almost half of them in California.
Americans are on track to charge more than $2.3 trillion on credit, debit, and business cards this year. During the third quarter, a record $620 billion was charged on general purpose payment cards in the USA, compared to $541 billion one-year ago, a 15% gain. VISA captured more than 55% of the U.S. market with $342.7 billion in gross dollar volume. MasterCard’s U.S. GDV grew nearly 8% in the third quarter to $176 billion, representing a 28% share. American Express posted $75.6 billion in third quarter volume for a 12% share. Discover’s $25.4 billion in volume for the quarter ending August 31st, was $25.4 billion, or about 4% of total 3Q/04 volume. For complete details on network third quarter results visit CardData ([www.carddata.com]).
The “Chip and PIN” roll-out in the U.K. has topped 65.5 million cards. At the end of October, 30.8 million cardholders had at least one new “Chip and PIN” debit or credit card in their wallets. The figure represents about 75% if the total cardholders in the country. Furthermore, more than 520,000 tills in the U.K. have switched over to “Chip and PIN.” The latest major firms to roll out “Chip and PIN” include HMV, Selfridges, Shell and Debenhams. “Chip and PIN” recently launched the second phase of its advertising campaign with TV, radio and press advertisements. The campaign, which runs for 13 weeks, aims to ensure cardholders are ready to use their PIN, with specific messages about how to unlock their PIN, remind them they can change their PIN to something they can remember easily, and to encourage them to keep their PIN a secret. The roll-out of “Chip and PIN” began in October 2003 and is backed by the U.K.’s banking and retail industries. The “Chip and PIN” goal is to migrate 42 million cardholders to the new platform by year’s end.Details
DBS Bank of Singapore has become the first to launch the new “VISA Light” card which incorporates a mini-flashlight. The new card is part of a broader VISA initiative utilizing technologies from U.S.-based Innovative Card Technologies (InCard) and U.K.-based Serverside Graphics. Other cards include the “VISA Sound” card and “VISA Display” card. When prompted by a button, the “Sound” card plays a 10-second pre-recorded song, branded jingle, personalized message or virtually any other sound desired by an issuer or cardholder. Designed to enhance single or multi-application smart card functionality, The “Display” card screen can be programmed to show and store a wide variety of information, such as transaction details, card balances (on pre-paid payment products), currency conversions, loyalty points, special messages and a range of other non-financial data. Additionally, using Serverside Graphics’ on-line technology, VISA cardholders can use their own photographic images from family and pets to children or personal artwork – to design and create their own tailor-made Visa credit, debit, pre-paid or gift cards. Taishin Bank in Taiwan is the first VISA member financial institution in Asia Pacific to offer customized graphics.Details
Cardiff-based MR Access has become Indala Limited. The company was formerly the U.K. distributor for San Jose-based Indala Corporation and will now serve as Indala’s EMEA headquarters. MR Access provides contactless 13.56 MHz smartcard and reader solutions and is a major manufacturer of premium-quality magnetic stripe card readers. Indala Corporation is a security technology company that develops and manufactures 125 kHz proximity; 13.56 MHz contactless and contact smart
cards; and associated readers for physical and network access-control
Denver-based Bantek West has merged with MI-based The Wilson Group to strengthen and expand its ATM nationwide second-line maintenance and client/server service solutions. The Wilson Group will operate as a separate wholly-owned subsidiary of Bantek. Wilson specializes in ATM installation, de-installation, and software and hardware upgrades. Wilson and Bantek have capabilities in the Microsoft Windows(TM) and LAN/WAN market, separating them from other ATM service providers. Bantek services more than 15,000 ATMs across the nation as a result of the merger with Wilson. Bantek is a provider of cash-management and maintenance services for ATMs and bank-system desktop computers.Details
HSBC has acquired Marks & Spencer Retail Financial Services Holdings Ltd for GBP762 million. This represents a premium of GBP224
million over net asset value. Under the terms of the sale, Marks & Spencer will receive fees equating to 50% of the profits of M&S Money.
As a result of this transaction, Laurel Powers-Freeling, Chief
Executive, M&S Money, will be stepping down from the Group Board immediately.
Fast-rising Dulles airport based Independence Air has expanded its card acceptance to Diners Club, the world’s first charge card and first corporate card system. Visa, MasterCard, and American Express were always accepted by Independence Air as forms of payment for all flights since its inception last summer. In terms of total departures, the Independence Air hub at Washington Dulles is the largest low-fare hub in America.Details
Despite the loss of one of its largest customers, responsible for approximately 24.5% of its total revenue, LML Payment Systems was able to replace some of this lost revenue from increases in revenue from the secondary check collection business. LML Payment reported third calendar quarter revenues of approximately $1.6 million, compared to approximately $1.8 million for the year ago quarter. There was a net loss from continuing operations of approximately $863,000 for the quarter, compared to a net loss of approximately $1.1 million for same period one-year ago. For complete details on LML’s third quarter performance visit CardData (www.carddata.com).Details
A total of nine consumer class action lawsuits brought against MasterCard in regard to alleged antitrust law violations have been dismissed. The courts found that the plaintiffs did not have a legally recognizable claim, lacked standing, and that the damages sought were abstract and speculative. To date, courts have dismissed class action lawsuits in New York, North Carolina, Michigan, Minnesota, Maine, North Dakota, South Dakota, Nebraska and Kansas. One judge noted that in the case of the settled merchant lawsuit, the merchants, not individual customers who brought this case, were the “consumers” of MasterCard’s debit card services.Details