@POS BID

San Jose-based @pos has received another acquisition proposal, this one from Symbol Technologies, whereby Symbol will acquire all of the outstanding equity interests in @pos for an aggregate purchase price of $5.5 million. Last month, @pos.com announced the signing of an agreement for the sale of substantially all of its assets and assumption of substantially all its liabilities with HHP, f/k/a Hand Held Products, Inc. @pos says it delivered a copy of the new offer from Symbol to HHP yesterday. The proposed Symbol transaction would be effected through a customary negotiated two-step merger agreement, whereby Symbol Technologies would make a tender offer for all of the outstanding common stock of @pos which trades on the OTCBB.

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SEAGULL BANKING

London-based Ghana International Bank has selected SEAGULL’s LegaSuite technology to deliver a complete online banking solution. Ghana International Bank specializes in servicing the multi-currency commercial and personal banking needs of Ghanaians worldwide. Using the Web-to-host component of LegaSuite, Ghana International Bank will create a secure, end-to-end online banking solution for both commercial and in due course personal lines of business based on the bank’s back-office legacy applications. Customers will be able to execute all primary banking functions securely including account initiation, international funds transfer, standing orders, fixed deposits, statement inquiries, stopped checks, direct debits, address changes, and letters of credit via any Web browser.

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VERUS & NETWORK 1

VA-based Network 1 Financial has been acquired in a stock deal by TN-based Verus Financial Management, a company founded this year by Richardson Roberts, the former chairman and CEO of PMT Services. FTVentures was the first venture capital firm in the U.S. to focus on technologies that benefit the global financial services industry. FTVentures now has more than $623 million in total capital under management and is a leading investor in information technologies.

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CREDIT SAISON VBV

Credit Saison, with more than ten million cardholders, has selected Cyota to provide its platform for the “Verified by VISA” Internet payment security technology. Cyota’s “SecureSuite” platform is a global solution offered to issuers worldwide and localized to meet the special requirements of every region. “SecureSuite” is either installed in-house at the issuer’s data center or offered as a hosted service from global facilities located in the US, UK and Japan. Credit Saison will be using the Japanese version of the software, offered and supported by Cyota’s partner in Japan, Intelligent Wave. Triangle Technologies, a leading business development advisory firm for non-Japanese firms in the Japanese market, played a key role in developing Cyota’s partnership agreement with IWI. Credit Saison’s “Verified by VISA” program is one of the first large scale commercial implementations of Visa’s new program in Japan.

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METAVANTE SIGNS BOH

Bank of Hawaii has signed a long-term agreement with Metavante to provide products and services that support deposit and loan transactions, financial account processing, consumer and corporate electronic banking services, electronic presentment and payment, and consulting services. Bank of Hawaii Corporation, ranked as the 68th largest bank holding company based on 2001 year-end data by the American Banker, operates over 80 branches throughout the state of Hawaii and in American Samoa, Guam and the West Pacific.

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SMART CARD CARS

A proposal by Britain’s new transport secretary to install smart cards into all of the nation’s 24 million registered motor vehicles has touched a raw nerve with civil liberties group. Under the proposal, the smart cards, tracked by satellite, would be used to charge motorists fees based on the routes and the time of day they drive. The transport secretary says the plan would ease congestion, especially during peak periods, and would motivate more Brits to use public transportation, according to The Sunday Times. However civil liberties groups say the plan smacks of big brother and essentially creates a spy in every car. Britain currently has a plan to monitor 450,000 foreign lorries beginning in 2006, according to The RAM Report ([www.ramreport.com][1]).

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

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JAPAN NET

Japan’s UC Card Co, Credit Saison, Orient Corp, and Aeon Credit Service announced this week they will merge their merchant settlement systems. According to the Nihon Keizai Shimbun, the four credit firms will reduce operating costs through the consolidation. The combined network, which will involve more than two million merchants, is projected to be running by 2004. The four credit companies also noted they intend to use the combined platform to develop and migrate to multi-application smart cards by 2005, according to The RAM Report ([www.ramreport.com][1])

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

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PATHMARK DEAL

Pathmark Stores has signed a deal to install 2,150 PSC “Magellan 8500” smart scanners at the POS in all of its 144 stores by November. The Magellan 8500 is the highest performing fixed point-of-sale scanner in the world and also has the most aggressive scan pattern in the industry. It quickly reads bar codes on all six sides of an item using PSC patented SurroundScan 3D Scanning technology.

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SMART CARD CARS

A proposal by Britain’s new transport secretary to install smart cards into all of the nation’s 24 million registered motor vehicles has touched a raw nerve with civil liberties group. Under the proposal, the smart cards, tracked by satellite, would be used to charge motorists fees based on the routes and the time of day they drive. The transport secretary says the plan would ease congestion, especially during peak periods, and would motivate more Brits to use public transportation, according to The Sunday Times. However civil liberties groups say the plan smacks of big brother and essentially creates a spy in every car. Britain currently has a plan to monitor 450,000 foreign lorries beginning in 2006.

Details