Fiserv has acquired Pharmacy Fulfillment. According to Leslie M. Muma, president and CEO of Fiserv, the acquisition will give Fiserv an opportunity to expand it Fiserv Heath group. It will also contribute roughly $10 million in annualized revenues. Fiserv, Inc. serves over 15,000 clients worldwide, providing information management systems and services. The company reported $2.7 billion in processing and services revenues for 2003.Details
Chrysler Financial and its “Jeep Rewards VISA Card” sponsored the “Camp Jeep” event in Virginia and California, which attracted 12,000 attendees. Chrysler Financial and Jeep Rewards Visa(R) sponsored the Camp Financial tent, which offered a trivia game that tested the knowledge of benefits of financing and leasing, credit health questions, the history of the Jeep brand, and questions about Jeep products. Jeep owners were able to apply for a Jeep Rewards Visa Card. Jeep Rewards Points can be exchanged for Dealer Dollars certificates, which can be used for services or products offered at participating Chrysler, Jeep, or Dodge dealerships.Details
CIBC has submitted a settlement for a class action lawsuit over its foreign exchange transaction fees. CIBC has agreed to a settlement of C$16.5 million, plus C$3 million to plaintiffs’ counsel, and to pay the costs of notification, administration and distribution of the settlement funds. Up to C$13.85 million will be paid directly to cardholders in December as credits ranging from C$.72 to C$14.32. The plaintiffs, represented by Paul Pape and Harvey Strosberg, had alleged that the conversion of transactions from a foreign currency resulted in an undisclosed or inadequately disclosed mark up. This mark up was added to the VISA International wholesale conversion rate to obtain the Canadian dollar equivalent for foreign transactions. Similar lawsuits are pending in the USA.Details
Bank One’s “AKC Rewards Visa” sponsored the first “Presidential Dog Poll” which found that Americans prefer a German Shepherd dog to serve as the “First Dog” for the next four years, the same dog that Senator Kerry owns. Bank One’s AKC Rewards Visa card enables cardmembers to earn 1% back on each purchase they make for themselves as well as their dog. Cardmembers can get a check for $25 or a $25 gift certificate at selected merchants when they earn 2,500 points. They can also get 1,000 bonus points after their first purchase. The American Kennel Club is a not-for-profit organization committed to the advancement of purebred dogs. It manages the largest registry of purebred dogs in the world.Details
The N9NE Group, co-owners and operators of the N9NE Steakhouse, Rain Nightclub, ghostbar, and Skin Pool Lounge at The Palms Casino in Las Vegas, have installed Shift4’s “$$$ ON THE NET” solution to process all of their credit and debit transactions. The N9NE group was looking for a solution to help them quickly, accurately and securely process and manage over 35,000 transactions monthly from four different locations.Details
GZS Gesellschaft Zahlungssysteme mbH has become Germany’s first card processor to offer pan-European credit card processing. The Viseca Card Services credit card portfolio with close to one million credit cards was migrated to GZS’s issuing-processing system after comprehensive planning and successful preliminary tests. Following
the porting of its German business to the new issuing-processing
platform at the end of 2003, GZS now manages around 8.3 million credit
cards at its processing centre in Bad Vilbel.
Dallas-based ACE Cash Express reported that total revenue increased 8.1% to $58.1 million for the second calendar quarter, due primarily to a 23.5% increase in loan fees and interest, and a 22.0% increase in bill payment services. The continued focus of ACE Cash during fiscal 2004 has been operational goals to drive efficiency gains and for strong financial performance.Details
CIBC reported that its credit card loans grew 6% in the quarter ending July 31st to C$9.878 billion. The nation’s largest bank credit card issuer posted a nearly 12% increase in card revenues for the quarter to C$347 million, tying the record set in the final quarter of last year. During the quarter, CIBC sold approximately 2.3 million shares of Global Payments resulting in an after-tax gain of C$74 million. CIBC expects to unload the remaining 6 million shares held, which have collars, for an after-tax gain of at least C$182 million. This month, CIBC announced the sale of Juniper Financial to Barclays Bank for C$383 million. Upon closing the deal by year end, CIBC expects to recognize an after-tax gain of approximately C$46 million. On October 1st, CIBC intends to end its “Entourage” co-branded venture with American Express which launched in January 2002. For complete details on CIBC’s latest results visit CardData (www.carddata.com).Details
Transaction processor Grupo Financiero Uno will offer advanced fraud detection capabilities to its clients through a recent implementation of Fair Isaac’s “Falcon Fraud Manager.” As part of a five-year agreement, Grupo Financiero Uno has integrated
Fair Isaac’s market-leading payment card fraud detection system with its
processing platform, providing credit card issuers in Guatemala, El
Salvador, Honduras, Nicaragua, Costa Rica and Panama with an improved
ability to minimize fraud losses through real-time detection of
fraudulent card transactions.
Rahaxi Processing OY, a subsidiary of FreeStar
Technology, has signed a licensing and distribution agreement
with Hypercom to deploy the “ICE” family of terminals. Rahaxi provides a variety of credit card processing and merchant services ranging from merchant accounts to Internet-based credit card processing. FreeStar currently processes approximately 1,000,000 card payments per month for an established client base that comprises companies such as Finnair, Ikea and Stockman.
The “Chip and PIN” roll-out in the U.K. has topped 50 million cards. Well over half of the U.K.’s 42 million cardholders now have the cards. Almost half of all retailer terminals in the U.K. have installed “Chip and PIN” with 396,000 terminals at shops, restaurants, and bars switched over. “Chip and PIN” launched the second phase of its advertising campaign last week 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.Details
NJ-based Intell-A-Check has changed its corporate name to ClearTran and will relocate to Parsippany, NJ next month. Over the past 11 years, the company has expanded dramatically and has outgrown both their old name and offices. The new office location will not only provide additional space, it will also allow greater access to some of the country’s best telecommunications and power infrastructure.Details