Fifth Third Bancorp has deployed Financial Fusion’s “Consumer Banking Solution” for banking and bill payment, alerts and bill payment and transfer warehouse. Financial Fusion provides integrated financial solutions to more than 200 of the world’s leading financial institutions.Details
Capital One has lined-up a new CFO to take over July 1st. Gary Perlin, former SVP/CFO of World Bank, will join Cap One as EVP/CFO. Perlin spent 13 years at World Bank. He also spent four years on Wall Street and more than 11 years at Fannie Mae. Perlin will also serve as a member of Capital One’s Executive Committee. The Executive Committee, chaired by Fairbank, is comprised of the heads of key business lines and principal operating and functional groups. In March, Capital One confirmed that its former CFO, David Willey, received a “Wells” notice from the SEC and resigned. (CF Library 7/22/02; 3/4/03)Details
ACI Worldwide has entered into a distribution agreement with LogicaCMG for
LogicaCMG to market, sublicense, install, maintain and support ACI’s
“e-Courier” product worldwide. “e-Courier” employs digital signature and
encryption capabilities to ensure that documents are authentic and private.
E-mails may include PDF statements and statement data files for direct
download into a personal financial manager, as well as interactive links to
information on new products and links to services at an organization’s Web
site. E-Courier’s unique tracking and archival capabilities give
organizations the ability to accurately track the status of each message,
including details of when it was submitted, relayed, delivered and viewed.
Sub-prime specialist CompuCredit reported first quarter net income of $33.2 million compared to $16.7 million in the previous quarter, and $1.1 million one year ago. The adjusted net charge-off rate for 1Q/03 was 10.2%, compared to 9.2% in 4Q/02, and 14.7% for 1Q/02. At the end of the first quarter, the 60+ day managed delinquency rate was 13.3%, compared to 13.9% at year-end 2002, and 12.2% one year ago. CompuCredit reported total managed loans of $2.5 billion for 1Q/03 compared to $1.8 billion one year ago. The increase is attributable to CompuCredit’s acquisition of some Providian accounts. CompuCredit had 3.2 million accounts at the end of the first quarter, a decline of nearly 400,000 accounts from year-end 2002. The net interest margin was 15.5% in the first quarter compared to 17.1% for the previous quarter. For complete details on CompuCredit’s 1Q/03 performance visit CardData ([www.carddata.com]).
More than 1.7 million contactless smart cards have been shipped to
the public transport associations of Verkehrsverbund Rhein-Ruhr and
Verkehrsverbund Rhein-Sieg, located in the region of
North-Rhine-Westphalia. ASK provided the cards for card.etc AG who is the
general contractor and who is managing the project together with the
KompetenzCenter EFM located at VRR in Gelsenkirchen. This is GermanyÂs
first and EuropeÂs largest rollout of smart cards in public transport. VRR
and VRS, representing 54 different transport operators, cover an area with
a total population of 10.6 million inhabitants.
Dallas-based CashWorks has launched a payroll check-cashing solution that allows the proceeds from a cashed payroll or government check to be loaded directly onto a prepaid debit card. The “Check-to-Card” solution will be first deployed in several Town & Country stores. The prepaid debit card can be branded as the “CashWorks Platinum Cash Card” or can be co-branded with the merchant. The card is provided through a partnership with FSV Payment Systems. The CashWorks card is offered free to those who enroll in the CashWorks check-cashing program at a participating merchant location. This new solution uses the same patent-pending “PayPort” and check cashing technology created by CashWorks which is already operating at over 400 locations across the USA.Details
JCB has named a new top executive to oversee smart card migration,
secure e-commerce, contactless payment, as well as other emerging
technologies, both domestically and internationally. Masahiro Omoto, who
spent 16 years of his 18-year career with JCB in the International
Department, has been appointed EVP/GM of the Advanced Technologies
Department. Omoto is succeeded by Hitoshi Shioda, SVP, overseeing advanced
technology for JCB’s International Department. JCB’s payment card network
has 10.43 million merchants and over 45 million card members worldwide.
A new survey from Harris Interactive, conducted on behalf of lawyers.com, has found that 28% of consumers have transferred credit card balances to lower interest rate cards, and 13% have contacted creditors to negotiate reduced interest rates or payment plans, over the past eighteen months.Details
USA Interactive and LendingTree announced a merger yesterday in a transaction valued between $626 million and $734 million. It is a stock-for-stock transaction. LendingTree has more than 200 participant lenders and has facilitated nearly $48 billion in closed loans since 1996 including credit cards. The deal represents USA’s entry into financial services and real estate verticals. USA has an existing base of nearly 40 million unique monthly Internet users. Doug Lebda, Founder and CEO, and Tom Reddin, President and COO, will continue in their current positions, as will other key members of the senior management team. LendingTree says its senior management team will have a significant ongoing economic interest in the upside of LendingTree, after USA recovers its acquisition costs with a rate of return, which is designed to incent and retain LendingTree’s strong management team over the long term. USA Interactive’s brands include HSN, Home Shopping Europe, Ticketmaster, Match.com, Citysearch, Expedia, Hotels.com, and others.Details
NY-based CRS Retail Systems has inked a deal to resell Wincor Nixdorf’s “BEETLE” family of POS systems and Wincor Nixdorf services in North America. Under the terms of the agreement, CRS Retail Systems will resell Wincor Nixdorf’s BEETLE family of POS systems and Wincor Nixdorf services in North America.Details