Equifax’s “Credit Watch” service has introduced “Identity Theft Insurance” from AIG eBusiness Risk Solutions offering a reimbursement to consumers of up to $2,500 for certain expenses associated with ID theft. AIG will provide you with a Personal Identity Theft Customer Guide to help you gain closure and resolution as smoothly as possible.Details
The Bureau of National Health Insurance of Taiwan has started to roll out 22 million “Java Card” technology-powered smart health cards, replacing its original paper-based system. The program is powered by Sun Microsystems’ network solutions. TECO Electric & Machinery Co. Ltd. implemented the US$115 million health smart card project mainly to reduce medical costs and to encourage usage of the card by
facilitating both card and reader production. In order to meet its business critical need to support 5,000 simultaneous users on a highly reliable and secure system, TECO selected the Sun Enterprise “10000,” “4500,” “3500” and “450” servers, and the “Solaris” operating environment.
One research firm went out on the limb yesterday predicting a significant jump in consumer spending during the upcoming holiday season. Deloitte Research says its index forecasts a rise in spending from 2.5% in the first half of 2002 to a more robust 5.5% to 6.0% by year end. The firm says consumers are coming into a great deal of cash, based on various economic factors, and historically when consumers find themselves with this much additional cash, they spend it. The index draws on four indicators, including initial unemployment claims, real wage gains, taxes (personal income burden) and real home prices.Details
NY-based Clarity Incentive Systems, Inc has changed its name to Clarity Payment Solutions, Inc. and has secured another round of funding. The second round of institutional funding of $6.4 million was led by two previous investors — Espirito Santo Tech Ventures, a subsidiary of Banco Espirito Santo, and Allfirst Financial Inc., a subsidiary of Allied Irish Banks. Clarity develops electronic payment solutions and processes payment transactions for emerging and specialty markets. The Company also provides solutions for companies in numerous vertical markets that include incentives, consumer promotions, healthcare, insurance, unbanked, teen payments and payroll, transforming their legacy, paper-based payment processes into efficient and cost-effective electronic systems.Details
Vancouver-based Fincentric Corporation announced that Rainier Pacific Bank has launched its “i-Wealthview Wealth Management” system. The bank will be implementing Fincentric’s full suite of core banking and wealth management products to accommodate its converged offering of banking, insurance, and investment services. Modules of “i-Wealthview” to be implemented by Rainier Pacific in early 2003 include “i-Wealthview Banking,” i-Wealthview Data Aggregation,” and i-Wealthview Personal Portal,” which will provide Rainier Pacific customers a single-point-of access to their entire financial services portfolio. Based in Tacoma, WA, Rainier Pacific Bank serves over 43,000 customers in the Pacific Northwest and manages US $490 million in assets.Details
The Educational Institute of the Smart Card Alliance will launch a new course, called “Advanced Business of Smart Cards” in conjunction with the “10th Annual Smart Card Alliance Conference” during October Arizona. In addition to business cases, EI 201 topics include implementation topics such as project management, card personalization and issuance, and standards as well as the latest developments in mobile e-commerce, transportation contactless technology, biometrics and PKI.Details
BMO Bank of Montreal yesterday raised the bar on customized bank credits with the introduction of the “Mosaik MasterCard.” The new card offers consumers 900 potential combinations of features and pricing. The “Mosaik MasterCard” not only enables Canadian consumers to build their own card, it also allows customers to re-build their cards by changing the features as their needs change without having to replace the card or apply for a new one. Some of the individual features offered include the “AIR MILES Reward Program,” “CashBack Reward Program,” “Travel Protection,” “Travel Medical,” “Concierge Service” and either a standard or low interest rate as well as the card’s design. Some of card’s modules have annual fees. Consumers select the card’s elements from the bank’s paper or online interactive “CardBuilder” tools. Once they become a cardholder, they will be able to make changes by telephone or online using the “CardManager” tool. Existing BMO Bank of Montreal MasterCard cardholders are currently being converted to the new “Mosaik MasterCard” program. BMO Bank of Montreal is offering a pricing choice between a no annual fee card with an 18.4% APR and a $15 annual fee card with a 12.9% interest rate on purchases and a 7.9% interest rate on cash advances.Details
Amsterdam-based Royal Philips Electronics and Japan’s Sony Corporation have teamed to jointly develop a new near field radio-frequency communication technology, which is fully compliant to both Philips’ existing “Mifare” and Sony’s “FeliCa” contactless smart card technologies. The “Near Field Communication” (NFC) technology will operate on 13.56 MHz and allow for the transfer of any kind of data between NFC enabled devices such as mobile phones, digital cameras and PDA’s as well as to PC’s, laptops, game consoles or PC Peripherals, across a distance of up to twenty centimeters and aiming at speeds fast enough to transfer high quality images. The aim is to build a ubiquitous open infrastructure of NFC-compliant devices which effectively incorporate smart-key and smart card reader functions, providing a convenient communication method for services such as payment (including credit card), ticketing, and accessing online entertainment content (e.g. gaming) through the devices. This can be done simply by holding devices or smart cards near each other.Details
Las Vegas-based Global Cash Access has become the first company to install debit and credit card cash access services in United Kingdom gambling establishments. Thirty-five Stanley Leisure properties are under contract and will take advantage of GCA’s “QuikCash” cash access terminals. “QuikCash” cash access terminals employ the latest technology to provide casino customers with every access option available for cash advances on major credit cards and local bank debit. The touch screen, smart card-ready transaction terminals feature multilingual capabilities and can be installed virtually anywhere in a casino property.
Global Cash Access is majority owned by First Data Corp.
FirstMerit has released “eMerchantView,” which enables transaction viewing, export and account maintenance of all credit card transactions. Through interactive Web pages, with secured digital certification technology, eMerchantView provides access to transaction, retrieval and adjustment information for the past six months, as well as a three-month history of merchant statements.Details