Dallas-based Paymentech has launched “Deci$ionable Data”, a Web-based reporting module, which enables merchants to monitor transaction qualification, chargebacks and retrievals and credits without offsetting debits. Deci$ionable Data can be accessed 24 hours a day and used in conjunction with Re$ource Online, Paymentech’s proprietary Web-based reconciliation reporting application, features simple navigation properties.Details
NY-based PubliCARD reported 2Q/02 revenues of $1.0 million, compared to $1.4 million a year ago. The 2001 figure includes $286,000 of revenues associated with the smart card reader and chip business, which the Company exited in July 2001. Sales related to smart card platform solutions for educational and corporate sites for the second quarter were comparable to the prior year period. The net loss from continuing operations for 2Q/02 was $1,083,000 compared with $9,510,000 one year ago. The results for 2001 reflect a repositioning charge of $6,085,000 principally reflecting the non-cash write-offs of goodwill, fixed assets and inventories relating to the July 2001 decision to exit the smart card reader and chip business. For complete details on PubliCard’s 2Q/02 performance visit CardData ([www.carddata.com]). (CF Library 6/27/02)
CompuCredit reported a second quarter net loss of $37.1 million due to proposed bank regulatory guidelines which change the carrying value of retained interests in securitized credit card receivables, and accrued interest and fees. The company says if it had not made the adjustments the second quarter loss would have been $8.6 million. CompuCredit’s 2Q/02 credit card loans were $2,260,442,000, a 35% increase over the second quarter of 2001. However, the 2Q/02 charge-off rate climbed to 15.0%, compared to 14.6% one year ago. The 60+ day managed delinquency rate was 9.0%, as compared to 10.6% for 2Q/01. The total number of accounts dropped slightly from 2,300,000 in 2Q/01 to 2,285,000 for the second quarter of this year. Last month, CompuCredit closed on the purchase of $1.2 billion in sub-prime Fingerhut credit card receivables from Federated Department Stores. CompuCredit also announced its board of directors has authorized a program for repurchases of up to 5 million shares of its common stock. For complete details on CompuCredit’s 2Q/02 performance visit CardData ([www.carddata.com]). (CF Library 6/27/02)
Providian has named Robert Higgins, a 30-year senior executive with FleetBoston, to its Board of Directors. Mr. Higgins’ previous roles with Fleet most recently include President, Consumer Banking and Investment Services, President, Commercial and Retail Banking, and President and Chief Operating Officer, Fleet Financial Group.Details
London-based Logica has been confirmed as a partner of VISA in the recently launched “Chip Migration Partner Program” for Asia Pacific. Under the program, Logica will supply its “EMV ENABLER” solution and related professional services. “EMV ENABLER” is a complete solution is suited to merchants, acquiring and issuing banks, and shared payments switches who are migrating towards EMV compliance. Under the
VISA program, member banks have special access to a host of smart card services from 16 of the region’s leading chip vendor companies.
Internetbank Skandia Bank Switzerland is now using VASCO’s “Digipass” to securely perform e-banking and phone banking transactions. A complementary phone banking application is available for customers choosing not to perform banking transactions via the Internet. The e-banking service went live on August 9th. Skandia Bank Switzerland is part of the Swedish Skandia Group. VASCO’s family of “Digipass” and “VACMAN” products offers end-to-end security through strong authentication, digital signature, network “Single Sign-On”, and Radius, LAN and Web security.Details
MasterCard’s “MasterIndex of Consumer Confidence” shows that nine markets within Asia/Pacific manifest positive sentiment for the next six months: Korea (76.5), New Zealand (75.2), Malaysia (74.0),
Thailand (73.9), China (73.6), Indonesia (67.7), Taiwan (58.9), Australia (58.6) and Singapore (56.1). A total of 5,406 consumers were surveyed in June for the latest “MasterIndex” report that tracks sentiment on five variables: employment, economy, regular income, stock market and quality of life. There is no doubt consumer confidence is back in Malaysia as the previous reading of 44.4 surged to an extremely strong score of 74.0. Particularly noteworthy are scores for employment, which shoots up from 33.4 to 69.9, as well as economy, which leaps from 42.9 to the current 77.4. China’s current index of 73.6 falls from its highest ever
score of 84.8 six months ago but consumer confidence in this market remains strong. The latest “MasterIndex” reveals lower scores for all five variables, compared to six months ago. Weaker consumer sentiment for employment (53.6) and the stock market (57.1) results in reducing the over all average. Consumers in Shanghai appear to be less upbeat about the future than their counterparts in Beijing and Guangzhou.
Munich-based Infineon Technologies has developed a technique to solder different types of integrated circuit chips together to form a sandwich chip system, packing more capability into the same area as a single chip and creating high-speed connections that allow an increase in complexity while reducing costs by up to 30%. The soldering technique, called “SOLID,” combines the multiple chips in a single package to create a single product. A “SOLID” product can achieve clock rates of up to 200 GHz and support more communications lines between the chips in the package. Compared to existing chip systems, it is possible to pack hundred times the number of connections into the same space. The first prototype being produced in the new technology is a smart card controller. Current smart card controller products combine both a logic chip and memory chip on a single planar surface. Therefore the controller has only a limited memory capacity, typically 32 Kbytes of memory. A first prototype of a smart card controller manufactured by Infineon using the SOLID process has 160 KBytes of non-volatile memory. This means that it is not only possible to store more data on the chip but also that the working smart card can use a more complex, operating system and execute more software applications.Details
BMO Bank of Montreal has signed a long-term agreement to continue its relationship with The Loyalty Group for the “AIR MILES Reward Program.”More than 60% of Canadian households actively collect “AIR MILES” reward miles at more than 100 sponsors representing over 12,000 retail and service locations across Canada. “AIR MILES” reward miles can be redeemed for more than 300 different rewards, such as travel, movie passes, entertainment attractions, and electronic merchandise. BMO has had a 10-year relationship with The Loyalty Group, an Alliance Data Systems subsidiary. BMO was an original sponsor in the program which began in 1992. Last year, BMO Bank of Montreal introduced a “Small Business Banking Program” featuring “AIR MILES” reward miles.Details
VA-based BioPay says it has verified one million financial transactions with its “Paycheck Secure” biometric identification system used in grocery, convenience and check cashing stores. The company says it reached the milestone on August 4th. “Paycheck Secure” uses biometric technology to electronically capture a customer’s fingerprint, store a template of the image, and then record check transactions associated with that person. Merchants can obtain real-time, negative check transaction information from BioPay’s “Indivio” database. A BioPay merchant at one location is immediately alerted to a fraudulent check from any other BioPay merchant in the country. And, merchants have access to a commercial electronic fingerprint database to help identify fraud artists and check-bouncers. BioPay systems have been rolled out in 22 states, at more than 200 merchants, with one or more lanes or locations.Details