Dallas-based TNB Card Services has signed four more card processing partnerships, representing a total of 7,000 accounts. The new processing clients are University & Community Federal Credit Union, Southwest Oklahoma Federal Credit Union, and Western Sun Federal Credit Union, all in Oklahoma, and Community First Credit Union in California. TNB Card Services, owned and directed by credit unions since 1976, provides full-service credit and debit card processing, as well as an agent issuing solution for credit unions nationwide. Serving more than 400 credit unions and managing more than one million cards, Dallas-based TNB enables credit unions to enhance member loyalty through credit union-branded card products.Details
TX-based Dresser Wayne has inked a five-year POS global dispenser sole supply agreement with BP. The relationship is intended to challenge both parties to develop innovative business solutions that will create significant improvement in overall performance and benefit both BP and Dresser Wayne. Dresser Wayne, a business unit of Dresser, Inc., is a technology leader in the manufacture, supply and service of retail and fleet petroleum fuel dispensers, dispenser control systems, credit/debit card processing terminals, and point-of-sale systems.Details
Raymond James cut its rating on MBNA from “strong buy” to “outperform.” RJ says it has concerns about weak asset growth in the overall credit card market. RJ says it anticipates that bottom-line results for MBNA over the next couple of quarters will be solid, but the company needs loan growth to grow its bottom line, as lower loss levels only make a modest contribution to the company’s earnings heading into 2005. MBNA’s credit card outstandings declined for four consecutive months after peaking at $104 billion in December. In May, the trend reversed as MBNA added $500 million. However, May’s outstandings were $100.3 billion, down nearly $4 billion since December. MBNA recently reported that domestic credit card loans for the first quarter were $82.9 billion. MBNA’s stock is trading down today, around $24.64 per share. (CF Library 6/15/04)Details
China’s Bank of Communications has awarded its first contract for managed ATM services to Diebold. According to the agreement, Diebold’s will provide comprehensive managed services, including content distribution, event monitoring, and transaction processing data collection based on Web technology. Diebold will manage BoCOM’s ATM network of more than 5,000 terminals across more than 2,000 business outlets. The project is the first nationwide large-scale managed services deal in the self-service industry within the China market, according to CardFlash International. In October 2003, BoCOM initiated its nationwide “ATMnet Managed Services” project.Details
Chicago-based Rewards Network has expanded its dining
rewards program into Canada. The company launched its Canadian presence
in the Southern Ontario marketplace, including the Greater Toronto area, adding new restaurants to its U.S. roster of more than 10,000 establishments. The firm plans to expand with additional restaurants in the Southern Ontario market as well as other Canadian cities in the near future. Rewards Network is also scheduled to launch Rewards Network Canada with two major Canadian corporate partners, with operations from coast to coast. Additionally, Rewards Network will expand its “Hotel Rewards” program into Canada by late summer.
Chicago-based Rewards Network has expanded its dining rewards program into Canada. Additionally, Rewards Network will expand its Hotel Rewards program into Canada by late summer. Rewards Network, headquartered in Chicago, provides loyalty and rewards programs for restaurants and hotels via its registered credit card platform. Incentives are offered through the Rewards Network branded program, airline frequent flyer dining programs, club memberships and other affinity organizations.Details
Canada Post’s epost has acquired BCE Emergis’ online bill delivery
service. The acquisition of webdoxs cost epost $14.5 million.
epost will combine the existing epost and webdoxs business-to-consumer
services to provide Canadians with a single, EBPP service. Once
combined, the enhanced epost service will represent a single and
comprehensive electronic document delivery network that connects
Canadian businesses and consumers online. Available through the online
banking Websites of Canada’s top financial institutions, and epost’s
additional access channels, the combined service will have more than one
million registered consumer users, and will be available to the almost
10 million Canadians now banking online. The new combined service is
scheduled to be available to Canadian consumers in approximately six months.
Cleveland-based KeyCorp has signed an agent bank ATM reselling agreement with Seattle-based PEMCO Technology Services. Through Key’s agent bank program, financial services companies provide their customers and members surcharge-free or surcharge-reduced access to Key’s automated teller machine (ATM) network without the significant financial and labor investment required to build, operate and maintain their own individual systems. PEMCO Technology Services specializes in Visa and MasterCard credit, debit and ATM processing services for financial institutions. KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $84 billion.Details
GE Consumer Finance has inked a deal with Linens’n Things to launch the first private-label credit card program for Linens’n Things Stores in Canada. Card benefits include 10% off the first purchase at any Linens’n Things store; special offers and discounts; no annual fee; and the chance to earn rewards for every $1 spent and a $10 reward certificate for every $250 spent. Under the agreement, GE Consumer Finance will provide marketing, risk management, customer service, collections and payment processing. GE will provide the services via offices in Edmonton and Toronto.Details
FL-based processor, Global Axcess, has landed $1.75 million in credit facilities with Wachovia Bank The agreement provides for a revolving $500,000 Senior Secured Working Capital Credit Facility and a revolving $1.25 Million Leasing Credit Facility. Global Axcess Corp. was founded in 2001 with a mission to emerge as one of the nation’s leading network-based electronic commerce and transaction processing companies.Details
Dwayne Roloson of the Minnesota Wild has received the “2003-04 MBNA/MasterCard Roger Crozier Saving Grace Award.” The promotional award is given to the goaltender with the NHL’s best save percentage during the regular season. As part of the award, MBNA/MasterCard donated US$25,000 to the Norfolk Pros Foundation based in Simcoe, Ontario. Roloson compiled a .932728 save percentage (1,323 shots, 1,234
saves) in 48 games. The award is named for Roger Crozier, one of the League’s top goaltenders throughout his career. In 14 seasons, Crozier compiled a 206-197-70 record in 518 games, a 3.04 GAA, and 30 shutouts with the Detroit Red Wings, Buffalo Sabres, and Washington Capitals.