AmEx and Qantas Launch Corporate Card

Qantas Airways and American Express have launched the first corporate card in Australia offering cash rebates on air travel charges. Under the new Qantas/AmEx corporate card program, companies receive an annual cash payment of between 2% and 5% of qualifying air spend on Qantas domestic tickets charged to the card, provided the company spends more than AUD$20,000 annually with Qantas. The new “AmEx Qantas Corporate Card” is targeted at Australian-based small and mid-sized companies with 25 to 1000 employees that spend a minimum of AUD$50,000 on annual travel, entertainment and business-related expenses, according to CardFlash International. Qantas has also introduced a new “Qantas Club Business” membership rate. When four or more employees become members, they will receive substantial discounts on annual fees. Annual fees are based on a sliding scale.

Details

Moody’s Says Delinquency and Charge-Offs Rise in June

Moody’s Investors Service reported yesterday that June’s credit card delinquency rate, among credit card-backed securities, increase to 5.12% compared to 4.93% one year ago. The charge-off rate for June also increased to 6.87% compared to 6.46% one year ago. On a quarterly basis Moody’s reports that the delinquency rate for the second quarter increased was 5.20% and the charge-off rate was 6.97%. However, payment rates rose in June to 15.20%, compared to 14.31% for June 2002. For 2Q/03, the payment rate increased to 15.02%, up from 14.86% percent for 2Q/02.

Details

VISA’s Movie-Related Volume Climbs 49% in July

VISA reported that nationwide sales at movie theatres reached $114 million in June, up 36% over the same period last year. In July, VISA movie-related volume was up 49% to $128 million. The huge increases come at a time when movie sales have been soft. According to box office tracker Exhibitor Relations, 2003 summer movie ticket sales have fallen by 3.3% over last summer. VISA says the volume is being driven by a number of factors including services such as Fandango and Movietickets.com that enable consumers to purchase movie tickets in advance.

Details

Oasis Powers Sears Canada Card Processing

Toronto-based Oasis Technology has successfully implemented its “IST/Switch” software for Sears Canada’s gift card and credit card payment processing services. Sears Canada has implemented Oasis IST/Switch software to provide switching and transaction authorization capabilities for Sears gift cards and Sears branded credit cards. IST/Switch is an open platform transaction processing solution that allows Sears Canada to route in-store, telephone and online card payments to third party payment processors for transaction authorization. Sears Canada operates 122 department stores and a wide range of specialty stores across the country, including 43 Sears Home stores, 143 locally owned dealer stores and 15 outlet stores.

Details

Paymentech Expands VbV and Secure Code Access

Paymentech, which processed more than half of all transactions for online retailers last year, has expanded access to its “Verified by Visa” and “MasterCard Secure Code” authentication services. Paymentech has been supporting both services via its proprietary processing center in Salem, NH, but the services are now available to online retailers that use the “Paymentech Orbital Gateway” for their transaction processing. The company says that the additional options also support recent regulation changes in the credit card industry that exempt online merchants from fraud-related chargebacks, when they attempt to get verification using “Verified by Visa.” Also effective as of this month, merchants that use “VbV” will benefit from reduced VISA interchange rates. Paymentech processes payment transactions for nine of the nation’s 13 top Internet retailers, including Amazon.com and 1-800-Flowers.

Details

Visanet Extends EDS Master Contract for Five Years

EDS announced a five-year master contract renewal with Visanet that now includes customer care contact center services for merchants affiliated with VISA. IDC estimates the worldwide market for outsourced Customer Care services to be $38 billion in 2002, growing at a compound annual growth rate of 12.3 percent through 2007. EDS’ global presence and broad portfolio of business process outsourcing and other solutions helps clients worldwide leverage its scalable and agile infrastructure to streamline operations, improve customer service and manage costs related to these non-core business processes.

Details

Largest Pennsylvania Credit Union Scores with RPPS

Pennsylvania State Employees Credit Union says it is converting five to eight payees a week for MasterCard’s “Remote Payment & Presentment Service”. Using the MasterCard Remote Payment & Presentment Service, PSECU offers electronic bill payment for many of its high volume payees. A member of MasterCard RPPS, PSECU can electronically originate member payment transactions to over 2,400 billers. As the credit union continues to convert five to eight payees a week, savings are expected to surpass development costs within seven months of rollout. Additionally, on the average, member payments will be credited to billers’ accounts five days faster than paper payments.

Details

First Triple-DES Credit Union ATM Network

Anheuser-Busch Employees’ Credit Union has become the first Diebold customer to achieve end-to-end, “Triple-DES” compliance in an ATM network using Mosaic Software and Thales e-Security solutions. ABECU’s new Triple-DES capability enhances data security for its members and brings the credit union into compliance with upcoming requirements that all ATMs tied into the Visa or MasterCard networks be Triple-DES compliant by April, 2005. The Triple Data Encryption Standard, or Triple-DES, is a higher level of encryption used to better protect electronically transmitted data like personal identification numbers. ABECU’s primary goal in their recent network upgrade was to take advantage of Postilion’s advanced transaction processing system that is based on the Microsoft(R) Windows(R) operating system. By implementing Mosaic’s Postilion and Thales’ HSMs, they also achieved Triple-DES compliance while greatly expanding their ATM network functionality.

Details

Chex Services to Deploy VISA POS Check Service

Equitex and its Chex Services subsidiary says it will introduce Wells Fargo’s “VISA POS Check Service” at each of its check cashing locations beginning in October. Chex will utilize the system provided by Wells Fargo & Co., which announced introduction of this service on July 14, 2003. Visa’s POS Check service will enhance the check cashing experience for Chex’s customers by expediting service, and help Chex reduce check-processing costs. The Visa POS Check service allows any establishment that accepts checks to authorize them instantly with real-time verification of the check writer’s account information. The checks are then instantly converted into an electronic transaction and sent through VisaNet.

Details

eFunds Names Risk Management Solutions Head

AZ-based eFunds has hired Robert Evans, formerly of Regulus Group, as managing director of Risk Management Solutions. Evans will head up the development and expansion of eFunds’ risk management products and strategies. Evans joins eFunds from Regulus Group, a privately-held remittance processing and content management company serving the financial services markets, where he served as director of product management, Development and Marketing. Evans’ previous experience includes 18 years at First Union Corporation, now known as Wachovia, where his positions included senior vice president, manager of International Market and Product Management; senior vice president, manager of Wholesale Product Management and Development; vice president, director of QuestPoint Product Management and Development; and vice president, manager of Wholesale Information Services Product Management and Development.

Details

AmEx Brings U.S. Open Experience to Mid-Town

American Express has teamed with the owners of Rockefeller Center and the USTA re-create the Flushing Meadows “US Open” in the middle of Manhattan. The area between 50th and 51st street will be transformed into center court complete with stadium seating, a Jumbotron screen, and concessions. The event will run between Saturday, August 30th and Sunday, September 7th. AmEx cardholders will have access to a number of benefits during the tournament including a reserved-seating section, “Pose with the Pros” Photo Booth: “Green Screen” photo opportunity for tennis fans to obtain a souvenir photo, and access to a silent auction of Andre Agassi memorabilia.

Details

Capital One Bank Licenses CTL’s Card Management Solution

Capital One Bank (Europe) has licensed Card Tech Limited’s comprehensive “PRIME Web” card management solution, including the rule-based “FRAUDGUARD” system for detecting and managing potential fraud. The CTL solution went live at Capital One’s UK center in July. CTL is a UK-based software provider with offices in London, Nicosia, Moscow and Kuala Lumpur. CTL has been providing innovative payment systems to the bankcard industry since 1989. More than 150 clients license its systems in more than 60 countries.

Details