Jack Henry & Associates has purchased CU Solutions, a provider of in-house data processing solutions for smaller credit unions. Its flagship product, Cruise/SQL, is a powerful and flexible P/C based software solution that is scalable, open and user friendly. Cruise/SQL data storage and data access methods are built around the SQL Server database with the ease of use of the ‘point and click’ Windows interface. Founded in 1982, CU Solutions generated revenues of approximately $2 million, of which approximately 40% was recurring revenue, in its year ended December 31, 2001.Details
The Saudi Arabian Monetary Agency has selected Logica to provide a new
payments network solution to enable electronic funds transfers in the
Kingdom. The new initiative will be supplied, implemented, and supported by
Logica in partnership with Oasis Technology. Logica will provide
consultancy services in EBPP, e-Commerce, m-Commerce, and smart card
strategy. The new network is forecasted to handle up to 1000
banking transactions per second, and support thousands of ATM and
point-of-sale terminals throughout the Kingdom. The new SAMA payment
network will be implemented over four phases within the next 12-18 months,
and Logica is set to provide all implementation work, as well as project
management, consultancy, support, training, and maintenance of the new system.
Boucherville, Quebec-based Relizon Canada is powering the new Hudson’s Bay
Company’s gift card. The Hbc gift card is a reloadable stored value card
with no expiration date. It can be purchased at any of the Hbc family of
stores including the Bay, Zellers, Home Outfitters, and through Hbc’s Web
site. The card can be loaded with any amount from $5 to $1,500 on the card.
Card balances can be checked by inquiring at any point-of-sale terminal in
the Hbc family of stores or by calling a toll-free number. The new card is
also being used as a refund device for returned purchases.
American Express is offering triple “Membership Rewards” points for all airline tickets purchased through RezPort during the first 90 days of paid enrollment. Unlike some newer online travel services, there are no fees for fully automated transactions purchased through RezPort. To encourage small business owners to try out the site, American Express is also introducing an online self-enrollment feature and a 60-day free trial period.Details
Telstra and ANZ will be the sole shareholders of ECard Pty Ltd following
the exit of The ERG Group, which owned 39% of the smart card company. Under
terms of the deal announced last week, ECard, under a selective buy-back
agreement will purchase ERG’s shares for $5 million in cash. ERG says the
ECard business is not developing fast enough and it would rather direct
more funds to its core business. However, ERG and ECard will maintain a
strong relationship in supplying each other with, and working together on,
multi-application smart card systems that have strong commercial drivers
and rewards for both parties. ECard has retained its licence rights to the
Proton technology owned by ERG. Formed in June 2000, ECard provides smart
card multi-application and management services in addition to
infrastructure and support of multi-application card issuers. ECard is
currently providing services to customers such as ANZ Bank, TAFE NSW, La
Trobe University and Smart Visit Solutions.
Intelli-Check reported a third quarter net loss of $1,223,894, compared with a net loss of $968,119 one year ago. Intelli-Check is a developer and marketer of an advanced state-of-the-art document verification system for authenticating the validity of driver licenses and ID cards used as proof of identity. Intelli-Check’s multi-purpose ID-CHECK(R) units are fully capable of increasing security and as a tool that can be used to deter terrorism at military installations, high-profile buildings, airports and other sites and are also an effective tool against “identity theft,” which often is supported by fake IDs and is the fastest growing crime in the U.S.Details
Philips Electronics latest “MIFARE” technology is being used in the
contactless “Oyster” smart card program which provides a contactless
payment system for London’s public transportation system including
Transport for London and London Underground. The TranSys consortium, led by
EDS and Cubic, has begun the first phase of the rollout by issuing “Oyster”
cards to 80,000 staff. The “Oyster” smart card is being introduced in
phases to customers from spring next year, starting with annual and monthly
season ticket holders. An estimated seven million journeys are completed
every day on London’s public transport system.
TransUnion and Fair, Isaac have teamed to provide consumers online access to TransUnion credit reports accompanied by FICO credit risk score. The first product being offered is the “TransUnion Credit Profile Plus FICO Score.” product for $12.95. Also available is the “TransUnion Credit Profile Plus FICO Score Subscription.” Priced at $38.85, this product allows consumers to purchase three TransUnion Credit Profile Plus FICO Score Reports and receive a fourth report free of charge. The four reports may be viewed at any time within one year of purchase. In May 2000, TransUnion became the first credit information company to endorse access to credit scores for consumers. Fair, Isaac has provided consumer access to FICO scores since March 2001.Details
Edgar, Dunn & Company has hired Asia Pacific card payments industry expert Michael Walters in its Sydney office. Prior to joining EDC, Mr. Walters was a founder and CEO of Cards etc, which is the developer of Arterium, a smart card and application management system supporting many of the leading multi-application smart card implementations in Asia Pacific and North America.Details
Target reported Friday it has issued more than eight million “smart VISA” cards to-date and continues to deliver an annualized net portfolio yield of 11%. Third quarter credit card profits increased to $138 million compared to $125 million for 3Q/01. At the end of the quarter ending November 2, Target had gross credit card receivables of $5.242 billion, compared with $2.925 billion at the end of third quarter 2001. Target’s VISA portfolio grew $600 million during the third quarter to $3.171 billion. Target said it expects to add about $400 million in VISA receivables during the fourth quarter. Target has now become the 17th largest bank credit card issuer in the USA, according to CardData. Target’s private label card, the “Guest Card” continued to contract as the company migrates more customers to its VISA program. At the end of the third quarter, Target had $779 million in “Guest Card” receivables compared to $1.224 billion for 3Q/01. Target also noted it will issue e-coupons during the fourth quarter from its relationships with Proctor-Gamble, Unilever, Pepsi and others. Delinquencies (60+ days) were 5.9% for 3Q/02 compared to 6.7% one year ago. For complete details on Target’s 3Q/02 performance visit CardData ([www.carddata.com]).
PubliCARD reported a third quarter net loss of $3,265,000, compared to a net loss of $2,799,000 one year ago. The results for 2002 include a charge of $2,068,000 to write-down the Company’s minority investment in TecSec, Incorporated. PubliCARD, through its Infineer Ltd. subsidiary, designs smart card solutions for educational and corporate sites.Details