FL-based WildCard Systems is providing the technology and services platform for the new “AOL Cash/VISA Buxx Card” program announced Tuesday. The AOL Cash Card program provides a parent-controlled, re-loadable payment card for teens and young adults that gives them a way to make purchases, learn how to budget and manage their money responsibly. WildCard Systems is providing a complete technology solution for the AOL Visa Buxx Cash Card.Details
Infineon Technologies reported a quarterly net loss of Euro 116 million compared to a net loss of Euro 328 million in the previous quarter and a net loss of Euro 76 million in the same quarter of last year. Revenues from continuing operations for the quarter were Euro 1.47 billion, remaining almost flat sequentially and increasing 11% year-on-year. Secure Mobile Solutions’ quarterly revenues were Euro 387 million, an increase of 18% compared to the same quarter of last year. The Memory Products group’s quarterly revenues were Euro 569 million, a decrease of 7% sequentially but an increase of 4% year-on-year. During the quarter, Infineon strengthened its market position for national ID-projects and entered into a security cooperation with the German Federal Ministry of the Interior to establish a sound technology basis for an enhanced security level in IT systems that are used in the Civil Service, in private companies and households. In June, Infineon and Ericsson signed an amendment to the acquisition agreement for the Ericsson Microelectronics business to strengthen their strategic cooperation in various areas of mobile phone and wireless infrastructure technology. The companies also agreed to a reduced purchase price and to eliminate the historic and future purchase thresholds of Ericsson and related penalties.Details
The FTC has reached a settlement with a minor in a phishing scam whereby the defendant posed as an AOL Web page to steal consumers’ identities. According to the FTC, the defendant used the information to charge online purchases and open accounts with PayPal. The settlement would bar the defendant from future violations of the FTC Act and the Gramm-Leach- Bliley Act. It also would bar the defendant from sending spam in the future. In addition, the order would require the defendant to give up $3,500 in ill-gotten gains.Details
Ontario-based Paymentech Canada and British Columbia-based Paradata Systems have teamed to offer “PayGateway Commerce” to the Canadian market. Paradata Systems offers merchant infrastructure management solutions for credit card, batch and recurring payments. Paymentech Canada provides a single source for processing VISA, MasterCard and Interac. Through Paradata’s network of Internet Service Provider partners, merchants have a broad choice of hosting solutions, as well as a pre-integrated storefront application such as “Miva Merchant” and “Kurant Storesense.” The program is also available through the following channels: Intuit’s “Quickbooks Canada,” Kurant, NetNation and Rackforce.Details
Tranax Technologies has added CashWorks’ automated cashing of government and payroll checks on all its ATMs this month. CashWorks check cashing capabilities will be introduced in July on selected Tranax models and expanded to include all models in the coming months. The CashWorks system is able to utilize an ATM already on-site in a retail location to accomplish the disbursement of funds. Since 1988, Tranax Technologies, Inc. has installed over 35,000 ATMs.Details
Versatile Card Technology has promoted Merrill Martin to EVP/COO; Karen Sodano to VP/Customer and Administrative Services; Scott Magnacca, EVP/Sales and Marketing; and, Jeff Corcoran, Director of Card Operations. Merrill has worked in the card business for 14 years and brings financial aspects of strategic planning, marketing and capital expansion experience into this position. Karen Sodano has been appointed as Vice President of Customer and Administrative Services. Versatile Card Technology produces cards for every application and offers complete fulfillment services and turnkey solutions.Details
Detroit and Australia-based Catuity has secured a $4 million private placement from clients of Linwar Securities. The issued capital of Catuity will be 11,644,612 common shares, following the placement. Catuity will seek shareholder approval of the placement at a special meeting of shareholders to be held on September 16, 2003.Details
Fiserv reported that second quarter processing and services revenues were $659.1 million, a 17% increase over 2Q/02. Pre-tax income for the second quarter was $128.6 million, an 18% gain over the year-ago period. During the second quarter, Fiserv closed two acquisitions including VA-based ReliaQuote and WI-based Wausau Benefits. Since the close of the quarter, Fiserv closed the acquisition of the EDS Credit Union Industry Group and also completed the acquisition of Chase Credit Research and Chase Credit Systems. For complete details on Fiserv’s second quarter results visit CardData ([www.carddata.com]).
Experian Consumer Direct has inked a deal to provide credit reporting information and tools for Microsoft “Money 2004 Deluxe,” “Premium” and “Small Business” versions. Money 2004 is a complete personal finance solution that helps consumers manage day-to-day finances, track investments, maximize tax savings, and plan for retirement. Experian Consumer Direct’s services include daily credit alerts to notify consumers if new information has been added to their credit report, a key tool for fighting identity theft. Experian Consumer Direct offers consumers quick, easy and inexpensive access to their credit histories, to help them manage their financial lives.Details
Diebold reported second quarter net income of $41.3 million, a gain over 2Q/02 of 3.8%. However, revenues declined 5.4% to $480.9 million for 2Q/03, compared to last year. Diebold’s ATM or self-service business posted revenues of $350.1 million, a slight gain over last year. The company says financial self-service orders in the Americas and Asia-Pacific both increased in the double-digit range, while EMEA orders decreased in the low double-digits. During the quarter in the USA, Diebold signed orders totaling $11 million for self-service and branch equipment from a large bank in California and self-service orders totaling $4.5 million from another large bank in California. Other domestic orders include orders totaling $5.2 million for self-service and branch equipment from two regional banks in the Midwest; orders for branch equipment from a bank in the Southeast valued at $3.5 million; and, an order from a large bank in New York for self-service equipment totaling $3.2 million. For complete details on the Diebold’s second quarter results visit CardData ([www.carddata.com]).
NJ-based Heartland Payment Systems reported yesterday that it processed more than $1 billion in card volume through VISA during June. The company says it believes it is the first independent to process $1 billion of VISA volume in a single month on one BIN from a 100% organically grown portfolio. Total volume processed was $1.6 billion during June. The privately-held company has 57,800 active merchant locations and 837 employees. In 1998, Heartland reached its first $1 billion processing year and grew to $5 billion in 2000 and is on track to reach a $20+ billion portfolio by the end of 2003.Details
U.S. Bank reported that its Payment Services business contributed $181.1 million, or 19% of its total operating earnings for the second quarter, a 14.3% increase over 2Q/02. Non-interest income for its credit and debit card business in the second quarter grew 8.5% to $142.3 million, compared to one year ago. The nation’s largest issuer of corporate VISA cards, U.S. Bank also reported a 10.2% gain in corporate payments products income during 2Q/03 to $90.9 million. Income from ATM processing services was up 7.5% to $36.0 million, but income for merchant processing services declined 1.8% to $141.8 million. U.S. Bank says the decline in merchant processing revenues were primarily due to lower processing spreads resulting from changes in the mix of merchants. The issuer also reported last week that credit card charge-offs declined to 4.80% in 2Q/03, compared to 5.17% in the first quarter, and 5.23% one year ago. U.S. Bank also reported a 3.9% decline in average retail credit card loans to $5.5 billion. For complete details on U.S. Bancorp’s second quarter performance visit CardData ([www.carddata.com]).