TNS SMART NETWORK

Toronto-based TNS Smart Network said it now has 4,000 ATMs nationwide and has grown 56% since the start of this year. TNS is Canada’s largest privately-owned company specializing in shared cash and POS transaction processing. TNS offers both an in-house processing solution and sales of their proprietary “Smart Processing Suite” software. TNS says it has sustained profitability with no debt for 5 years.

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TransFort Deal

Paymentech and Arcot Systems have teamed to provide the full suite of Arcot “TransFort” merchant solutions to businesses selling goods and services online. Together the two companies have raised the bar in providing a global end-to-end service for secure e-commerce payment processing using Verified by Visa. E-commerce merchants can now get unprecedented fraud and chargeback protection, while increasing the confidence of online shoppers.

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Equitex 2Q/02

Equitex, Inc., the former marketer of the now-defunct “Net 1st MasterCard,” said last week it has received notification from the Nasdaq that it will be delisted from the Nasdaq SmallCap market. The company which runs Key Financial Systems, Nova Financial Systems, and Chex Services, reported 2Q/02 revenues of $5,766,861 as compared to $3,431,445 for Key and Nova for the three months ended June 30, 2001. Total expenses were $5,781,318 on a consolidated basis for the second quarter of 2002 versus $2,872,196 for Key and Nova for the second quarter of 2001. Net loss for the quarter ended June 30, 2002, was $32,457 as compared to net income of $441,749 for Key and Nova for the second quarter of 2001. The Equitex companies market and service credit card products and also provide cash access services to casinos and other gaming facilities. For complete details on Equitex’s 2Q/02 performance visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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Canadian Transactions

IPSPayment has begun to offer on-line payment and money transfer services to a total of more than 10 million banking customers from TD Canada Trust, Scotia Bank, Canadian Imperial Bank of Commerce, Royal Bank of Canada and several Canadian Trust companies through an established inter-bank settlement system. Each customer will be able to transfer funds using on-line banking services, ATMs, and telephone banking services, into an IPSPayment account from which the funds can be sent to anyone with an email address in Canada, the U.S. and the Caribbean.

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Bill Payments

San Francisco-based Financial DNA says the the bill payment industry will likely process over 700 million payment transactions during this year. In its latest report, the research firm says it estimates that bill payment processing revenues for the key participants, i.e. CheckFree, Metavante, Princeton eCom, and the ACH Direct Bill Payment Network, in 2002 will be $433 million. Financial DNA says without the presence of the low-cost alternative, the ACH network, consumers and consumer banks would pay nearly $1.00 per transaction at this early stage in the industry’s life. However, the ACH network has grown to represent almost 30% of total industry volume and charges $0.04 per transaction in contrast with the much higher cost alternatives.

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SAS Credit Scoring

U.S. Bancorp has signed a multi-year agreement with SAS to improve scoring of new credit applications and existing accounts. By bringing these credit services in-house with the SAS solution, U.S. Bancorp’s risk management group can understand the specific risk characteristics that lead to delinquency, default and, ultimately, bad debt. They can also leverage the SAS solution to both transform their various risk models into “points based” scorecards and to make appropriate approval criteria without relying on external scorecard development services.

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B2B Payments

The barriers to electronic payments across large, medium and small companies include the lack of information with payments and the perceived loss of check float, according to a new study. Currently, one seventh of all payments are accompanied by enough electronic remittance information for automated reconciliation. The survey, by The New York Clearing House, also found that across the revenue segments 65% of companies were “likely” to “certain” to adopt a service that integrated the remittance information with the payment. Results also show that while companies like using direct debits for collections, businesses do not like being debited by other companies as a form of payment. Instead, they prefer to control the timing and amount of payments. Many companies said they were reluctant to give out their account numbers, which is required to initiate electronic payments. The NYCH survey showed 38% of large revenue companies had experienced unauthorized debits to their accounts in the past six months.

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