Fifth Third has renamed its processing subsidiary as Fifth Third Bank Processing Solutions and has promoted Robert Sullivan to EVP of the processing firm, replacing the retiring Barry Boerstler. Mr. Sullivan assumes direct responsibility for the day-to-day operations of the company, including new sales, relationship management, administration, product development and marketing for both the merchant and financial institutions processing businesses.Details
VeriFone is set to roll-out an EMV smart programmable PIN pad for a base price of approximately US$145 per device in most market deployments. The launch of new “SC 5000” is part of VeriFone’s participation in the “VISA Smart Breakthrough Acceptance Device Program.” The “SC 5000” enables existing VeriFone magnetic stripe terminals and electronic cash registers to read and process EMV-compliant smart cards. It is the only smart peripheral device in VISA’s new program. VeriFone has also agreed to offer each participating VISA member a license for “VeriCentre LE,” its terminal management system allowing software and parameter downloads to VeriFone terminals. The license cost will be US$5,000 or less depending on hardware purchase commitments. Earlier this month, VISA announced that terminal manufacturers Cybernet and Intellect were set to deliver $200 EMV terminals as part of the program. The Cybernet terminal is available now and the Intellect product will be available in early 2003. (CF Library 6/25/02; 10/28/02; 12/13/02)Details
TN-based Verus Financial Management, founded by the former chairman and CEO of PMT Services, has acquired GA-based Cornerstone Payment Systems. Richardson Roberts established Versus earlier this year and is funded in large part by FTVentures, a San Francisco-based venture capital firm. Verus says all Cornerstone management and staff will remain with the company. Cornerstone president Nick Logan, formerly with Card Service International, PMT Services, and Nova, will remain. Roberts led PMT to a public offering in 1994 and ultimately engineered the merger of PMT with NOVA Information Systems in 1998.Details
Bank One and the World Wildlife Fund have renewed their affinity credit card relationship which has raised over $7.5 million for WWF programs since its inception in 1995. One percent of net retail purchases made with every WWF Platinum MasterCard or Visa card goes back to WWF, which uses the funding to help protect endangered spaces, save endangered species, and address global environmental threats.Details
VISA has named Doug Michelman of Fleishman-Hillard as EVP/Corporate Relations effective January 2003. He will have ultimate oversight of all corporate communications and reputation management activities in the U.S. In addition he will serve on Visa U.S.A.’s executive management committee. He replaces Barie Carmichael.Details
Fitch Ratings has lowered the senior debt and bank credit facility ratings of Metris Companies to ‘B-‘ from ‘B+’. The short-term deposit rating of DMCCB is unchanged at ‘B’. Approximately $250 million of senior unsecured debt and $100 million of bank debt are affected by this action. The company’s earnings and profitability have been negatively impacted by higher levels of provisions coupled with reduced revenues from a smaller portfolio.Details
Royal Bank’s Streamline Merchant Services reports that holiday volume in
the U.K. on debit and credit cards is maintaining last year’s record
levels. Last weekend Streamline processed Â£630 million in more than 10
million transactions. Withdrawals from NatWest and The Royal Bank of
Scotland cash machines were also at high levels last weekend. Over 4.7
million withdrawals were made, with a total value of Â£302 million which
compares with a figure of Â£281 million for the same weekend last year. The
Royal Bank of Scotland Group has over 5,500 machines in the UK.
Pennsylvania-based Integrated Data Corp. has acquired 41% of DataWave
Systems, Inc., a Yukon Canada company. IDC paid $1.8 million to six selling
shareholders, consisting of various individuals and companies, who acquired
the shares in a distribution that same day from Cash Card Communications
Corp., Ltd, a privately held Bermuda company. IDC says it is considering
the acquisitions of further shares of DataWave in the near future. Shares
if IDC are currently trading at a mid-price of approximately $4.15 per
share on the OTCBB.
India’s United Insurance Company Ltd has developed a customized insurance
product that covers the risk of credit card misuse over the Internet.
Mumbai-based Rediff.com has become the first business to contract the
insurance coverage. The Rediff.com policy covers online Indian credit card
transactions undertaken by Indian nationals, up to Rs 10,000 per
transaction for any product shopped on its Web site.
Claims arising from fraudulent use of credit card on Rediff.com are
refunded within 15 days. For the third quarter, online shopping in India
grew by 238% over the same quarter last year.
NJ-based EBPP systems provider, Incurrent, has been selected New Jersey’s “Growth Company of the Year” by the New Jersey Technology Council. The growth company award program was established to pay tribute to the region’s most outstanding technology companies in recognition of growth, achievement and excellence within the diverse technology sectors of New Jersey. Companies are judged on the basis of market penetration, growth in sales, and employee expansion.Details
Seoul-based IC Korea Co., Ltd has become a Principal Member among card
manufacturers in the International Card Manufacturers Association. Also
joining IC Korea are Huangshi G & D Wanda Security Card Ltd. (Branch
Member) of Huangshi, Hubei and US-based Travel Tags / Xtreme Graphics. New
personalizer members includeÂ·Discover Financial Services of Riverwoods,
Illinois. Associate Members among suppliers include: API Foils: Lawrence,
KS, USA; Â·Hanwha L & C Corp. Seoul, Korea; Kora-Packmat Maschinenbau GmbH,
Villingendorf, Germany; and Unifoil Corp.of Passaic Park, NJ, USA. ICMA is
a non-profit association of plastic card manufacturers, personalizers and
related industry participants and has more than 230 members globally.
Global Payments reported that revenue for the quarter ending November 30th grew 12% to $129.5 million. Net income for the quarter grew 17% to $13.6 million compared to $11.6 million in the prior year. For the six months ended November 30th, revenue grew 14% to $257.2 million compared to $226.6 million in the prior year. Organic revenue grew approximately 8% to $245.7 million. GPN says it expects to achieve fiscal 2003 full year guidance of $495 million to $514 million in revenue. For complete details on Global Payments latest performance visit CardData ([www.carddata.com]).