Convenience store king, 7-Eleven, has launched its new check authorization system featuring LML’s ‘REPS’ proprietary retail electronic processing system transaction software. The ‘REPS’ software is being deployed on approximately 5,000 newly activated NCR integrated cash registers located in approximately 2,400 7-Eleven stores. Each NCR integrated cash register will communicate with LML’s processing center in Scottsdale, Arizona via a private wide area network, reducing current transaction time to 3 seconds. Utilizing a national negative database and a newly designed 7-Eleven-specific positive database, the fully functional ‘REPS’ authorization option will allow 7-Eleven management to view and adjust authorization parameters and risk criteria on a chain basis, division basis, store basis or individual cash register basis, in real-time. The ‘REPS’ authorization system was piloted in 7-Eleven stores located in Texas, California and Florida over the last three months.Details
Tidel Technologies, Inc. announced that it will unveil the is800, its newest ATM model in its popular Ignition Series, and it will demonstrate PayPort, the new automated check-cashing system from CashWorks, at the ATM Industry Association’s ATMIA 2002 Conference starting today, February 19, 2002, in Hollywood, Florida and running through Thursday, February 21, 2002.
The Ignition Series model is800, which debuts today, is the company’s lowest-priced ATM product to date and is designed specifically for low transaction volume retail locations. The model has many of the same versatile features and available upgrades as its more robust companion model, the is2000, but in a smaller 800-note, single-dispenser configuration.
Michael F. Hudson, Executive Vice President of Tidel, stated, “Tidel continues to set the standard of affordability in the ATM industry without compromising quality and performance. The is800 model answers the market need for an ATM that can be supported with very low-transaction volumes, while still delivering traditional Tidel value and reliability.”
The PayPort check-cashing system from CashWorks, Tidel’s newest strategic partner, will also be on display at the Conference, with CashWorks representatives in attendance to provide live demonstrations. The partnership, announced last month, has delivered an automated check-cashing system that is unique, cost-effective and simple to own and operate.
Ken Rees, President of CashWorks, said “We have successfully cashed more than $500,000 of checks at six Tidel beta sites during the first month of the pilot without any technical problems whatsoever. We are now conducting the pilot test on both Tidel Chameleon and Ignition Series ATM models, and expect to expand the number of Ignition Series sites this week. With such success to date, we are confident of our ability to begin a large-scale production roll-out starting next quarter.”
Tidel will also be showcasing its new online store for electronic parts ordering and tracking. This secure e-commerce module is available for all Tidel customers to streamline and speed parts ordering and delivery. In addition, customers will have real-time access to account balance and payment information.
Mark K. Levenick, Interim CEO of Tidel, said, “Tidel is continuing to change to meet the demands of the marketplace. We have come through a difficult year and believe that we are making the changes necessary to build a great future for the company. In addition to our new partnership with CashWorks, we are currently working on a new product line that is expected to debut later this year. This new line is designed for mass retailers and combines elements of our market-leading cash controller technology with our ATM technology.”
Tidel, a sponsor of the 2002 ATMIA Conference, will be showcasing its products and services at Booth 310.
Tidel Technologies, Inc. is a manufacturer of automated teller machines and cash security equipment designed for specialty retail marketers. To date, Tidel has sold more than 35,000 retail ATMs and 115,000 retail cash controllers in the U.S. and 36 other countries. More information about the company and its products may be found on the Internet at [www.tidel.com].
SafeNet, a leading provider of Internet security technology that is the de facto standard in the VPN industry, announced the availability of the SafeXcel-810 chip for secure smart card readers. The SafeXcel-810 chip is an integrated circuit, which was originally developed by Securealink BV, designed for stand-alone smart card readers and keyboards with built-in readers. With solid and proven security technology within the chip, the SafeXcel-810 is already poised for success with its first major customer. NMB Technologies, the world’s leading keyboard manufacturer, has selected SafeXcel for financial and e-commerce transactions.
The SafeXcel-810 chip performs all encryption functions necessary to make a secure smart card reader. Combining secure PIN entry, an LCD interface, and authenticated download of applets in a smart card reader, the SafeXcel-810 chip is suitable for a variety of applications including e-commerce transactions, home banking, and identity verification. NMB will be deploying the SafeXcel-810 chip in its secure keyboard readers and offering the combination to major OEM computer manufacturers for these types of applications.
The SafeXcel-810 chip also includes key features necessary to produce USB smart tokens. Designed to interface with USB ports found on laptops, keyboards, and monitors, USB tokens have the same functionality as smart cards in a smaller form factor. The SafeXcel-810 chip provides an 8051 processor, memory, cryptographic engines and on-chip Flash memory for tokens.
“The SafeXcel-810 chip combines unique technology and top-notch security expertise. We chose this chip to offer to major OEM customers because we believe it to be far superior to other offerings on the market,” said Myron Jones, Executive Vice President for NMB Technologies. “SafeNet’s reputation and name are synonymous with high quality and advanced technology. We have great confidence that our combined technologies will offer the e-commerce industry a solid solution for conducting secure keyboard transactions.”
The SafeXcel-810 is easily customizable for OEM customers who have particular requirements. With 48 Kbytes of Flash memory, devices can be configured with specific needs of the customer in mind. The Flash memory within the SafeXcel-810 also makes it easy for customers to upgrade through Internet downloads. The SafeXcel-810 chip allows for a secure area ROM where customers can permanently apply custom configurations to their reader at the time of manufacturing. And with SafeNet’s Keysmart(TM) technology, downloading applications can be done securely and easily.
“The SafeXcel-810 answers the growing need for securing critical applications like e-commerce transactions, secure logons or even medical records access. Organizations and consumers alike, will gain more confidence in secure communications over the Internet with products like the SafeXcel-810 chip,” said Henk Pruim, President for SafeNet BV in the Netherlands. “Our relationship with NMB is the first step for assuring these markets that the Internet can be a safe place with the right encryption technology. The SafeXcel-810 chip is another vehicle to further distribute our SecureIP Technology(TM).”
About SafeXcel-810 Chip
Part of the Transaction Device Series in SafeXcel silicon chips, the SafeXcel-810 is designed for stand alone smart card readers and keyboards with built-in smart card readers. The SafeXcel-810 contains interfaces on the chip, thereby alleviating external components. The SafeXcel-810 smart card reader IC contains a 24 MHz 8051 compatible processor and three cryptographic accelerators. The SafeXcel-810 can perform all encryption functions necessary to make a smart card reader secure. A variety of interfaces make the SafeXcel-810 suitable for many applications. Interfaces for USB1.1, RS232, a keyboard, an LCD, two smart cards and a serial EEPROM are provided.
– Secure PIN Entry: provides users with additional protection assuring that their PIN number is encrypted before passing through the PC, an inherently insecure place for PIN numbers in the clear.
– Secure Logon/Authorization: A simple yet critical feature that gives the user two-factor authentication for that added level of security–something the user has, and something the user knows. The SafeXcel-810 is attractively priced for these types of applications.
– Ability to run downloaded applications called Smartlets.
– Combined with unique SafeNet Keysmart(TM) Technology: supports the verification of Smartlets in order to guarantee secure access to smart card secured data. Applications:
– E-commerce transactions
– Secure PIN entry
– Home banking
– Secured access to medical records
– Secure logon
– Identity verification
– Secure PC applications
– Hash code verification
– Modular exponentiation accelerator
– 512, 1024, 2048 bits
– 100 ms for a 1024 bits verify
– 3DES Accelerator – 120 Kbps
– SHA-1 Accelerator – 100 Kbps
– True Random Number Generator – 75 Kbps
A developer toolkit is available to assist with the system integration process.
The SafeXcel-810 chip is available now for $10 per chip in quantities of 10,000.
About SafeNet, Inc.
SafeNet (Nasdaq: SFNT), a leading provider of Internet security utilizing its SecureIP Technology(TM), has set the industry standard for virtual private network (VPN) technology and secure business communications. The company brings more than 18 years of experience in developing, deploying, and managing network security systems for the most security-conscious financial institutions and government organizations around the world. SafeNet’s proven technology has emerged as the de facto industry standard for VPNs, establishing the company as the provider of choice for leading Internet infrastructure manufacturers, service providers, and security vendors. Customers include Texas Instruments, Samsung, Centillium Communications, Cisco Systems, Nortel Networks, Nokia, and 3Com. With SafeNet securing the infrastructure of today’s e-business communications, the company is opening new markets for interoperable, secure, and deployable VPN communications. For more information, visitDetails
PayPal produced the biggest first-day gain for a new offering this year as shares hit $22 on Friday. The payments-via-email provider, left more than $37 million on the table after pricing its shares at $13. Nevertheless the firm gathered $70 million in its IPO that may be needed to cover its legal issues with state banking regulators and competitors. PayPal’s stock opened at $15.41 a share and hit a high of $22.44 on volume of 9 million shares. PayPal’s IPO was delayed after DE-based CertCo filed a patent infringement lawsuit Feb. 4th. CertCo investors include Deutsche AG and Bank One. State banking regulators in New York and Louisiana claim the company is providing unlicensed banking services. PayPal launched its payments-via-email service three years ago and has lost nearly $300 million to-date. The company has 12.8 million clients. The PayPal service is widely used among buyers and sellers of online auction services such as eBay. PayPal members send more than $10 million per day in approximately 200,000 daily transactions. PayPal’s stock opened lower this morning at $19.29 per share. (CF Library 10/2/01; 11/16/01; 2/6/02; 2/8/02; 2/15/02)Details
NYCE Corporation, one of the leading electronic payments companies in the United States, announced that National Bank Equipment Corporation, a Buffalo, New York-based independent sales organization, has chosen NYCE as the processor for its ATM deployment program.
Under the agreement, NYCE will provide terminal driving and automated monitoring support for the company’s automated teller machines beginning February 27, 2002.
“With an aggressive deployment strategy ahead of us, we feel confident that NYCE has the expertise to support our growth,” Tom Kielich, president of National Business Equipment, said. “NYCE understands the unique needs of ISOs and is responsive to those needs, which will help us remain a strong player in today’s competitive ATM deployment environment.”
Once on the NYCE EFT Processing Platform, National Bank Equipment will rely on NYCE for terminal driving and gateway access to multiple networks. NYCE will provide fully-automated terminal monitoring and dispatch, around-the-clock support and unsurpassed processing reliability.
“National Bank Equipment’s decision is a vote of confidence for NYCE,” says Matt Garabedian, director of EFT processing sales at NYCE. “Over the past months, NYCE has been adding a substantial business base of ISOs to our EFT platform, which has given us the opportunity to demonstrate our specialized capabilities to this dynamic market segment.”
About National Bank Equipment
National Bank Equipment, based in Buffalo, New York, is a pioneer of the ATM industry. In addition to being a national distributor of ATMs for multiple manufacturers, the company also offers full service technical support provided by ATM technicians and programmers that have over 35 years in point of banking experience. National Bank Equipment’s collective experience includes an extensive background in data processing, transaction authorizations, point of banking, marketing, and ATM software implementation.
NYCE Corporation is one of the leading electronic payments companies in the United States, providing financial institutions and retailers with shared network services for automated teller machines (ATMs), on-line debit point-of-sale (POS) and emerging real-time payment solutions. In addition to innovative product development, the company also provides processing services that support ATM management and monitoring services, debit card issuance and authorization solutions. NYCE’s strategic alliance with First Data Corporation (FDC) is a unique model for the industry that combines the strengths of both organizations through product development, service delivery and complementary national/international reach. Comprising 2,200 financial institutions and retail ATM Participants, the NYCE Network processes approximately 100 million transactions per month. NYCE Corporation is headquartered in Woodcliff Lake, NJ, and can be found online at [www.nyce.net].
SchlumbergerSema has deployed solar-powered ‘Pay and Display’ multi-space parking meters in Chicago. The ‘DGLine’ solar-powered multi-space parking terminals were installed in the Taylor Street section of Chicago in late January. The terminals enable the motorist to pay for parking at a centralized parking terminal, receive a receipt, and display the receipt on their dashboard for the allotted amount of time. The City of Chicago says it selected the terminals because of the centralized management system. SchlumbergerSema’s parking solutions control more than two million parking spaces in more than 3,000 cities and 40 countries. The company currently has an installed base of 2,800 units controlling over 100,000 spaces in cities across the US and Canada.Details
A credit card catering to online movie watchers is being launched by CA-based Kanakaris Wireless. Applicants for the card will get 30 days of free membership in CinemaPop.com and AK.TV, the Kanakaris Wireless entertainment channels. The credit card will be marketed to the firm’s 250,000 registered users of CinemaPop.com, and will offer special pricing and immediate access to an online film library. Kanakaris Wireless says the card will produce application fees; user fees; and royalties on movies. The firm delivered the first online motion picture in 1995.Details
Fleet has taken its smart VISA card program to the ‘Platinum’ and ‘Titanium’ level. Both cards offer a 0% 6-month intro rate followed by a LIBOR-based rate subject to an 11.99% floor APR for Fleet relationship customers, or a 12.99% floor APR for non-relationship customers. Both cards carry no-annual- fee, according to CardWatch ([http://www.cardwatch.com/>www.cardwatch.com]). The new Platinum version offers free membership in the ‘Power Rewards’ program offering more than 150 options for airline travel, brandname merchandise and gift certificates. Fleet was among the first batch of issuers to offer the ‘smart VISA’ card. In September 2000, Fleet introduced the ‘Fusion smart VISA’. Providian and First USA also introduced ‘smart VISA’ programs in 2000. At year end 2001, there were approximately 7 million smart VISA cards in circulation in the USA. (See CF 9/12/00; 9/13/00)
eFunds Corporation, a leading provider of electronic payment, risk management and related professional services, announced that H&R Block, the country’s largest tax and financial services firm, is implementing eFunds’ Electronic Check service in more than 5,000 company-owned offices nationwide. eFunds’ Electronic Check service converts paper checks received from clients into electronic transactions at the point of sale, making checks more efficient and cost effective for retailers, financial services companies and financial institutions.
“eFunds’ Electronic Check service will simplify payments for our nearly 17 million clients and provide us with faster fund deposits,” said Frank Cotroneo, senior vice president and chief financial officer for H&R Block. “This service will also lower our operating costs, eliminate paper check processing and reduce the time needed to convert check payments into actual cash receipts. This service will also maximize our cash-on-hand availability.”
With more than 5,000 U.S. company-owned locations, H&R Block represents eFunds’ largest electronic check implementation to date. The tax and financial services firm began using eFunds’ Electronic Check services in December. In addition, H&R Block’s more than 4,000 franchise-owned locations will also have the opportunity to sign up for eFunds’ Electronic Check services.
“We are excited to partner with H&R Block, which is leading the tax services industry by embracing electronic check conversion on a national scale,” said Jerry Lester, senior vice president of Business Development for eFunds. “In addition to cutting check-processing costs, eFunds’ Electronic Check improves cash flow, reduces fraud and cuts down on paperwork.”
eFunds’ Electronic Check converts paper checks into electronic transactions at the point of sale by capturing data from the paper check and transmitting it to the merchant’s financial institution. The merchant receives its funds, and the authorized amount is debited from the consumer’s financial institution account electronically, using the Automated Clearing House (ACH) Network. The ACH Network is the national electronic funds transfer network connecting the nation’s financial institutions.
eFunds’ Electronic Check provides merchants with superior risk management through point-of-sale check authorization, more rapid clearing and faster collections. It also saves retailers the time and expense of back-office paper check processing. eFunds’ Electronic Check benefits financial services companies by reducing transaction processing costs, improving return notification timeframes and providing new opportunities to deliver retail payment services.
eFunds delivers innovative, reliable and cost-effective technology solutions to meet its customers’ payment and risk management, e-commerce and business process improvement needs. eFunds provides its services to financial institutions, financial services companies, electronic funds networks, retailers, government agencies, e-commerce providers and other companies around the world. For more information, visit [http://www.efunds.com].
About H&R Block
H&R Block Inc. is a diversified company with subsidiaries providing a wide range of financial products and services. In 2000, H&R Block served 19.2 million taxpayers — more than any tax or accounting firm — through its more than 10,400 offices located in the United States, Canada, Australia and the United Kingdom. H&R Block served another 2.3 million tax clients through its award-winning TaxCut(R), software program, and through its online tax preparation services. Investment services and securities products are offered through H&R Block Financial Advisors Inc., member NYSE, SIPC. H&R Block, Inc. is not a registered broker-dealer. H&R Block Mortgage Corporation and Option One Mortgage Corporation offer a wide range of home mortgage products. RSM McGladrey, Inc. is a national accounting, tax and consulting firm with more than 100 offices nationwide, as well as an affiliation with 550 offices in 75 countries as the U.S. member of RSM International. Quarterly results and other information are available on the company’s Web site at [http://www.hrblock.com] .
PayPal, Inc. announced that it priced its initial public offering of 5.4 million shares of its common stock at $13.00 per share. The company has granted the underwriters an option to purchase up to an additional 810,000 shares to cover any over-allotments, if any. Salomon Smith Barney served as bookrunning manager for the offering; Bear, Stearns & Co. Inc., William Blair & Company, SunTrust Robinson Humphrey and Friedman Billings Ramsey served as co-managers.
The offering of these securities is made only by means of a prospectus, copies of which may be obtained from Salomon Smith Barney, Brooklyn Army Terminal, 140 58th Street, 5th Floor, Brooklyn, NY 11220 (telephone: 718-765-6732).
PayPal enables any business or consumer with email to send and receive online payments securely, conveniently and cost-effectively. PayPal’s account-based network builds on the existing financial infrastructure of bank accounts and credit cards to create a global payment system.
PayPal noted that, based on statements recently made by a representative of CertCo, Inc., PayPal expects CertCo to file a motion seeking a preliminary injunction against the company, as early as today, in the patent infringement case that CertCo has brought against the company.Details
First Data Corp., a global payments leader, announced that its card issuing services subsidiary, First Data Resources, has selected leading industry executive FranÃ§ois Dutray as senior vice president of global smart cards. Dutray will lead First Dataâs efforts to build a worldwide, end-to-end chip enabled solution that supports multi-application card issuance and the authentication, authorization and processing of transactions.
âWe are confident that under FranÃ§oisâ leadership, First Data will continue to lead the way in providing advanced chip technology that enables issuers to successfully launch smart card programs,â said Eula L. Adams, senior executive vice president of First Data Corp. and the head of worldwide card operations. Prior to joining First Data, Dutray served as vice president and general manager of worldwide smart card solutions for Motorola and was also instrumental in developing a global smart card product and service strategy for Visa International. As a strong chip technology supporter, Dutray has served on the board of directors of several European companies all instrumental in the manufacturing, distribution and processing of smart cards.
âIâm pleased to be affiliated with a company as innovative as First Data and am looking forward to directing the smart card strategy,â Dutray said.
Since 1997, First Data has a built a strong infrastructure to achieve its goal of providing advanced smart card technology to issuers and acquirers worldwide. First Data was the first U.S. processor certified by both Visa and MasterCard to support the issuance of multi-application cards using the Java/Open Platform and MULTOSTM technologies. Worldwide, First Data plays an integral role in partnering with issuing and acquiring financial institutions for chip personalization, card issuance, card processing, and the maintenance and validation of digital certificates. At year end 2001, First Data had supported more than 10 million smart card accounts on file worldwide and approximately 40,000 smart card point-of-sale terminals throughout Europe and Australia.
About First Data
First Data Corp. (NYSE: FDC), with global headquarters in Denver, powers the global economy. As the leader in electronic commerce and payment services, First Data serves approximately 2.8 million merchant locations, 1,400 card issuers and millions of consumers, making it easier, faster and more secure for people and businesses to buy goods and services using virtually any form of payment. With 29,000 employees worldwide, the company provides credit, debit, smart card and stored-value card issuing and merchant transaction processing services; Internet commerce solutions; Western UnionÂ® money transfers and money orders; and check processing and verification services throughout the United States, United Kingdom, Australia, Canada, Mexico, Spain and Germany. Its money transfer agent network includes approximately 120,000 locations in more than 185 countries and territories. For more information, please visit the company’s Web site at [www.firstdata.com].
SureFire Commerce Inc. announced that it has signed an agreement with
YellowPages.Com, a leading U.S.
business directory providing information on 14 million local businesses to 6
million unique users every month. SureFire Commerce and YellowPages.Com will
be launching a revolutionary payment solution called Total TransActions to
YellowPages.Com’s members. SureFire Commerce’s Total TransActions solution
allows virtually all small businesses and SOHOs (Small Office/Home Office) to
accept VISA, MasterCard, and FirePay Personal Account brands via a virtual
This means that any part-time or full-time business with access to a Web
browser can start accepting payments in just days without having to build a
Web site with e-commerce functionality. Users of the Total TransActions
solution can accept over-the-counter credit card payments simply by entering a
customer’s credit card information into the Total TransAction’s interface on
the Internet. YellowPages.Com members will be able to accept credit card
payment directly, by phone, and by fax, as well as send and settle invoices by
YellowPages.Com members will benefit from SureFire Commerce’s extensive
online payment experience and their unique, state-of-the-art risk-management
expertise, which allows businesses and consumers to conduct e-commerce with
peace of mind.
“SureFire Commerce is pleased to enter into this agreement with
YellowPages.Com, allowing our company to further its goal of enabling a large
number of businesses to accept a high volume of payments online,” said Rory
Olson, President and CEO of SureFire Commerce Inc. “We believe strongly in the
online payments market for small businesses, service businesses, SOHOs, and
entrepreneurial individuals, and feel a leader like YellowPages.Com, one of
the most recognized Web brands in the world, will drive the right traffic to
our proven payment solutions.”
“Most merchant platforms give lip service to their claim to help local
businesses enable a ‘complete solution’ for adding an online sales channel,
usually failing at the point the local business needs a merchant account.
SureFire is the solution for our members. YellowPages.Com is committed to
providing its members with a merchant platform that actually helps them build
and leverage their offline business as well as their online storefront,” said
Dane H. Madsen, President and CEO of YellowPages.Com. “SureFire’s solid,
flexible, scalable payment technologies will allow our members a quick and
easy way to accept credit card payments, both online or on the phone, and
offer another level of protection to our members who fear online fraud.
Delivering this new capability extends further our commitment to deliver value
to our members and support all of their business efforts.”
Businesses will pay a percentage of each transaction as well as a small
annual fee for the Total TransActions capability. SureFire Commerce Inc. and
YellowPages.Com will share revenue on all fees generated.
As part of this agreement, SureFire Commerce will offer its partners and
merchants the various listing services of YellowPages.Com as an added value.
Privately held YellowPages.Com, Inc. is based in Las Vegas, Nevada, and
is a global leader in business directories and an online source for buyers and
sellers seeking information about U.S. businesses. The site provides more than
14 million detailed business listings and is a valued resource to over 6
million worldwide users each month. According to an ongoing independent study,
YellowPages.Com users have the highest buying power among all Internet
directories and represent the most attractive demographic categories to
retailers and merchants. The service is free to users.
ABOUT SUREFIRE COMMERCE INC.
SureFire Commerce Inc. is a global provider of secure online payment
solutions and e-commerce support, processing over $1.2 billion of online
transactions annually. The Company specializes in payment solutions in three
core areas: Internet payment processing for online merchants, bill presentment
and payment processing for physical businesses, and corporate billing
solutions. SureFire Commerce’s online payment solutions are marketed to
consumers and merchants through strategic partnership agreements with
companies that have significant brand recognition and distribution channels.
SureFire Commerce is headquartered in Montreal (Quebec) with offices in Hull
(Quebec) and London (England).