Another online currency company went down in flames this week as its customers now hold worthless beenz. Beenz.com pulled the plug on its Website on Sunday after it became clear it could no longer raise funding. The company has raised more than $80 million in four rounds of funding. The company is now looking to liquidate assets within the next two weeks. Three months ago the CEO and president resigned and the work force trimmed. The company has offices in New York and London. The message on the Beenz.com homepage says: “No beenz earning or spending transactions will be honored after that date and time. Any beenz remaining in a Member’s account after 12:01 am (EST) on August 26, 2001 will be invalidated by beenz.com, and the Member will not be entitled to any compensation of any kind for such invalidated beenz”.Details
SchlumbergerSema said Tuesday that CyberMark will market, sell and support its entire range of smart card-based solutions for the college and university campus market in North America. CyberMark will begin supporting existing SchlumbergerSema smart card installations on 20 US campuses. CyberMark will market smart cards, readers, terminals and software that integrate physical ID with advanced network security, campus auxiliary services, and on- and off- campus convenience applications. Together SchlumbergerSema and CyberMark have a track record implementing 60 campus installations utilizing two million cards worldwide.Details
First Union and Wachovia announced the next level of leadership for the combined company, effective after merger consummation. These 105 leaders will report to the new Wachovia Operating Committee members — the 13 direct reports to Ken Thompson and L.M. Baker Jr., who, respectively, will be chief executive officer and chairman of the new Wachovia. This team will help define and create all aspects of the new company, and will be drivers of future success for the proposed fourth largest bank holding company in the United States.
“Selecting these leaders is an important step in our merger integration efforts, and I am excited about the opportunity to begin combining our two teams,” said Baker. “We had a broad range of exceptional talent to choose from, and while the decisions were difficult, I believe we have selected the best group to move our new company forward.”
Leaders were chosen for their roles through a detailed and thorough selection process that included open self-nominations, interviews and final approval of each selection by Thompson and Baker.
“I am confident in the talent of this team and its ability to ensure the new Wachovia is a fierce competitor in financial services,” said Thompson. “This new leadership reflects the combination of two powerful teams and will make us stronger than we were before our plans to merge.”
The new leadership team is listed in order of reporting relationship to previously named Operating Committee members for the new Wachovia:
Capital Management Group – Don McMullen
Compliance – Vic Albrecht
Insurance: Annuities, Life (Mass Mkt.), Online – David deGorter
Strategic Relationship Director, Wealth Management – Anne Doss
Asset Management/Mutual Funds/ Business Management – Bill Ennis
Chief Investment Officer – Dennis Ferro
Corporate and Institutional Trust – Darryl Fluhme
Brokerage – Danny Ludeman
Women’s Financial Advisory – Debra Nichols
Chief Investment Officer, Wealth Management – Steve Reynolds
Chief Financial Officer – Emile Shahadi
Corporate and Investment Banking – Steve Cummings and Barnes Hauptfuhrer
Treasury Services – Ranjana Clark
Co-Head, Principal Investing – Ted Gardner
International – Michael Heavener
Fixed Income – Steve Kohlhagen
Equity Capital Markets – Mickey Misera
Co-Head, Principal Investing – Scott Perper
Group Operating Officer – Tom Pacer
Finance – Dave Pitelka
Client Development Administration – Amy Pitt
Leveraged Finance – Wayne Robinson
Investment Banking – Kevin Roche
Structured Products – Ben Williams
Global Corporate Banking – Doug Williams
Corporate and Community Affairs – Mac Everett
Public Policy – Greer Cawood
Community Development – Jane Henderson
Corporate Communications – Ginny Mackin
Corporate Contributions and Community Involvement – Shannon McFayden
Finance – Bob Kelly
Corporate Real Estate – Bob Bertges
Financial Regulatory Reporting – David Julian
Investor Relations – Alice Lehman
General Services and Operations – Dale Quigg
Audit – Peter Schild
Corporate Tax – Pat Shevlin
Treasury and Planning – Tom Wurtz
General Bank – Ben Jenkins
Contact Call Center – Steve Boehm
Mid-Atlantic Chief Executive Officer – Jim Cherry
Atlantic Chief Executive Officer – Reggie Davis
Florida Chief Executive Officer – Bob Helms
Community Banking – John (Bill) Holt
Customer Service Excellence – Beth McCague
Wholesale Segment – Walter McDowell
Chief Financial Officer – Bob McGee
Merger Integration – David Pope
Penn/Del Chief Executive Officer – Bob Reid
Real Estate Financial Services – Mike Slocum
Carolinas Chief Executive Officer – Will Spence
Retail Segment – Cece Sutton
Georgia Chief Executive Officer – Gary Thompson
General Bank Products – Beverly Wells
Human Resources – Paul George
Recruiting Solutions – Denny Clark
Capital Markets – Jim Esposito
Compensation and Benefits – Larry Gilmer
Wealth Management – Peggy Joines
Corporate Businesses – Hector McEachern
Information Technology, Operations and e-Commerce – Patti Royal
Capital Management – Doug Steele
Chief Financial Officer – Ben Stewart
Performance and Leadership Consulting – Jeanette Sims
HR Enterprise Services – Sharon Smart
General Bank (State Banking and Retail Financial Services) – Gwynne
Information Technology, e-Commerce and Operations – Jean Davis
e-Commerce – Lawrence Baxter
Chief Information Officer, Shared Services – Nancy Church
Chief Information Officer, Commercial – Martin Davis
Banking and Enterprise Support Services – Jerry Enos
Chief Information Officer, Capital Markets – Bridget-Anne Hampden
Chief Financial Officer – Ginny Hartsema
e-Ventures – Don MacLeod
e-Risk – Joel McPhee
Chief Information Officer, Wealth Management and Capital Management –
Chief Information Officer, Retail – Joe Monk
Operating Services – Richard Penland
Technology Services – Frank Robb
Wholesale Operations – Bob Sontag
Chief Information Officer, e-Commerce – Julian Wachs
Legal – Mark Treanor
Capital Management – Hal Clark
Litigation/Interim Risk Management – Douglas Edwards
Wealth Management – Joe Long
General Bank – Mark Metz
Capital Markets – James Powers
Corporate Services – Sterling Spainhour
Corporate and Securities – Michael Watkins
Risk Management – Don Truslow
Chief Risk Officer, Capital Markets – John Bresnan
Senior Risk Officer, Capital Markets – David Gaines
Risk Support Services – Ray Johnson
Chief Risk Officer, General Bank and Commercial – Spurgeon Mackie
Chief Risk Officer, Commercial Real Estate – Mark Midkiff
Chief Risk Officer, Consumer – David Nole
Market Risk – Fred Pennekamp
Portfolio Management Modeling/Risk Methodology – Russell Playford
Operational Risk – Yousef Valine
Chief Risk Officer, Capital and Wealth Management – TBD
Compliance Officer – TBD
Specialty Finance & Corporate Support Services – David Carroll
Specialty Finance – Bob Burton
Customer Analytics – Bob DeAngelis
Corporate Marketing – Jim Garrity
Data Management – Guenther Hartfeil
Merger Integration Project Office – Sid Tate
Wealth Management – Stan Kelly
Wealth Management Director, Florida – Anne Alexander
Wealth Management Director, Atlantic (NY/NJ/CT) – Linda Bowden
Wealth Management Director, Penn/Del – Curt Farmer
Chief Operating Officer – Bob Kniejski
Chief Financial Officer – Glenn McCoy
Wealth Management Director, Carolinas – Bob Newell
Ultra-High Net Worth – Dan Prickett
Wealth Management Director, Virginia – Michael Roberts
Wealth Management Director, Metro-Washington, D.C. – Deborah Shore
Wealth Management Director, Georgia – Isaiah Tidwell
First Union (NYSE: FTU), with $246 billion in assets and stockholders’ equity of $16 billion at June 30, 2001, is a leading provider of financial services to 15 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and full-service brokerage offices in 47 states. Online banking products and services can be accessed through.
Wachovia (NYSE: WB) is a major interstate financial holding company offering banking and financial services to individuals primarily in Florida, Georgia, North Carolina, South Carolina and Virginia and to corporations and institutions throughout the United States and globally. Wachovia Corporation is headquartered in Atlanta and Winston-Salem, N.C., and had assets of $74.8 billion at June 30, 2001. Wachovia’s Web site is located at .Details
VISA said this morning it has successfully deployed the ‘BankCard Clearing Consolidation’ initiative, the largest-ever change to VisaNet’s 25-year-old clearing and settlement system. The new ‘VisaNet’ clearing system replaces complex and intertwining Assembler code applications with a modular set of applications and tables that will allow ongoing enhancements to be designed, tested, and deployed much more quickly. Financial institutions also benefit from synchronization of clearing cutoff times and dates for the two different types of transaction messages used today, as well as extension of ‘VisaNet’s BASE II’ settlement processing to seven days from its previous six days a week. The deployment involved more than 750,000 lines of code, nearly 5,000 elements, 8,000 tables, and 2,800 person-months of work. The new clearing architecture came on line on July 15 at four data centers on three continents, and in its first two days processed 109 million transactions valued at US$3.5 billion.Details
Junum Inc.,, a Delaware corporation specializing in credit management, debt exchange and financial services announced it has signed a marketing agreement with Internet Transaction Services .
The agreement calls for ITS to market the Junum.com products through its marketing distribution channels, which include multiple telemarketing centers, direct mail, infomercials and retail distribution around the United States. Targeted markets include more than 200 million individuals and businesses that have been identified as candidates for the Junum services.
Specifics of the agreement were not released.
“We are very pleased that ITS is bringing their distribution and their experience in marketing credit-related products to the Junum family of services,” said Shawn Coughlin, Junum’s director of marketing.
About Internet Transaction Services
ITS specializes in direct to consumer sales and marketing of credit-related products and services. Sales and marketing includes direct mail, telemarketing, Infomercials and retail products. ITS is based in Longmont, Colo.
“ITS looks forward to marketing the Junum services to such a vast market where the Junum Credit Management service should be in great demand,” said Max Lucas, managing director of operations at ITS.
Junum is a publicly traded financial services holding company with subsidiaries that are using technology to capture the credit management, debt exchange and financial products markets. Its four subsidiaries include Junum.com, Voleran, Junum Financial, and Junum Intellectual Property Holding Co.
Junum.com provides complete credit management, which works to improve the credit rating and protect the credit identity of individuals and small business through online credit analysis, enhancement and protection.
Voleran’s Debt Exchange program reconstitutes non-performing debt portfolios into new performing receivables in the form of a Voleran credit card bundled with membership in the junum.com complete credit management program. Junum Financial enables lending partners to market to customers that meet predetermined criteria as identified by Junum.
Junum Intellectual Property Holding Co. retains financial technology products developed or acquired under the Junum family of companies. Junum is dedicated to developing technologies and acquired assets to create shareholder value.
More information is available through Junum and its Web site: .Details
NYCE Corporation, one of the leading electronic payments companies in the United States, announced that The Trust Company of New Jersey (also known as Trustcompany Bank), a $3.8 billion-asset financial institution, has signed a multi-year agreement for comprehensive ATM/debit card processing and ATM terminal management services. Under the agreement, NYCE will provide terminal driving/monitoring support for 150 Trustcompany automated teller machines and processing services for its ATM/debit cards.
The Trust Company of New Jersey, with nearly 100 branches located throughout northern and central New Jersey, has been a NYCE Network Participant since 1997. The bank’s decision to expand this relationship is based on the strength of NYCE’s processing support capabilities.
“As a NYCE Network Participant, we have experienced first-hand NYCE’s technology reliability and personalized commitment to service,” said Ellen Toborowsky, Vice President with Trustcompany Bank. “And we are confident that these qualities will bring more value and continued success to our entire EFT program.”
Trustcompany will rely on NYCE to operate 150 ATMs and provide processing support for related electronic payments services, including online debit card authorization (for ATM and POS transactions), signature-based card processing (for the Bank’s MasterCard(R) MasterMoney(TM) product) and gateway access to designated payments networks (namely, Cirrus and Plus). In addition, Trustcompany has designated NYCE as its premier “Network of Choice.”
“We are pleased that this leading New Jersey-based financial institution recognizes the benefits of NYCE for both Network participation and EFT Processing services,” said Michael A. Feliciano, Vice President & General Manager of NYCE’s EFT Processing Services Division. “Trustcompany’s selection of NYCE as an end-to-end EFT solution underscores our ability to effectively deliver reliability, service, and peace-of-mind to their entire EFT payments program.”
About Trust Company
The Trust Company of New Jersey (NASDAQ: TCNJ), known as Trustcompany Bank, is headquartered in Jersey City, New Jersey. It is New Jersey’s second largest state chartered full-service commercial bank and has provided banking services to the public for over 105 years. Trustcompany’s well-known slogan, “The Bank With Heart”, is demonstrated every day by it’s support of Northern and Central New Jersey’s various communities and it’s “family style” treatment of it’s employees and customers. Trustcompany Bank has reached $3.8 billion in assets without mergers or acquisitions. It is the only bank in New Jersey to have accomplished this strictly via internal growth. The Bank offers a full array of products and services for personal and business customers. Trustcompany also successfully operates 34 supermarket branches, which are all conveniently opened 7 days a week. For more information on the Bank, visit their website at [www.trustcompany.com].
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. The company also provides processing services that support ATM management and monitoring services, as well as debit card issuance and authorization solutions. Through a long-standing commitment to product innovation, NYCE has established itself as a front-runner in real-time person-to-person (P2P) payment services and PIN-secured Internet debit payment solutions. Comprising 2,400 financial institution and retail ATM deployer participants, the NYCE Network processes nearly 100 million transactions per month while servicing more than 48 million cardholders through 45,000 NYCE-branded ATMs and 275,000 POS locations. NYCE can be found online at [www.nyce.net].
During the second quarter, company technology received major
recognition. FMV, Sweden’s Defence Materiel Administration, decided to test
technology for a new defence organisation data security system, from Comex
Electronics, Fingerprint Cards and Oberthur Card Systems. Oberthur supplies
the smartcards on which the Fingerprint Cards algorithm has been
implemented. Comex, who are the system suppliers, are supplying card
readers, which incorporate Fingerprint Cards sensor- and processor
components. A first prototype system is to be completed and delivered
before the end of the year and FMV’s decision as to possible series
deliveries is expected next year. A licence agreement has been signed with
In May, the Company demonstrated its technology at the major
technology trade fair, CardTech/SecurTech, in Las Vegas, a world-leading
forum for the most advanced technologies in the fields of smartcards and
biometrics. Biometric Associates Inc. demonstrated a self-identifying
smartcard, where the entire Fingerprint Card system has been incorporated,
i.e., both hard- and software. Great interest was aroused by the new sensor
developed by the Company, the only capacitive swipe sensor on the market
that thanks to its small size (2.5 mm x 11 mm) will be both cheaper to
develop and easier to integrate into small applications such as mobile
telephones. When volume manufacturers have undertaken their evaluations of
the quality and performance of this biometric technology, price will be the
sole determining factor, in the judgement of the Company.
The reinforcement of the technical organisation continues to yield
positive results with regard to efforts to industrialise components, refine
algorithms and design a new ASIC process for the new swipe sensor.
Several sensor developers have had major problems in devising a
surface layer that makes the components resistant to electrostatic
discharges. For its sensors, Fingerprint Cards has developed a surface
coating that resists repeated 15 kV discharges and hence meets the
requirements of the highest EU standard, class 4. The surface developed is
production matched and also improves sensor performance for finger pattern
The potential of the new swipe sensor developed by the Company lies
in its compact size and very low production costs. For applications such as
mobile telephones and handheld computers (PDAs), which have their own
processor of adequate capacity, it can be used for the swipe sensor, for
which reason the algorithm can be supplied as an IP-module. This reduces
the number of components required by finger verification to one, i.e., the
sensor. For other applications, a specially adapted ASIC processor is
required for the swipe sensor. The design work on this process chip has
been in progress all this year and is now in its closing stages. Prototype
production is planned for the end of this year and efforts to adapt the
algorithm have been undertaken in parallel. In anticipation of the new
processor, the entire system with the swipe sensor is now been operated in
a PC environment, with an insert card developed by the Company that
simulates the function of an ASIC processor.
During the period the Company has further adapted a sensor and
algorithm as a standardised interface for biometric technology, BioAPI
(Biometric Application Programming Interface). The benefits of this
adaptation are that Company technology becomes more accessible to
application developers and that this facilitates large-scale tests and
Turnover and earnings
Consolidated turnover during the second quarter amounted to MSEK 0.2
(0.6) and for the period January-June, to MSEK 0.3 (1.0). The consolidated
loss for the second quarter amounted to MSEK -12.1 (-3.1) and for the
period January-June, the loss was MSEK -21.9 (-8.7). All development costs
including component purchases have been charged to the earnings. The
inventory build-up, relating to sensors and processors purchased during the
period for delivery to customers, has been written off in its entirety as
expenses item of MSEK 4.7. This deterioration in earnings in comparison
with the previous year is a result of the Company’s more offensive
commitment to technological development and marketing.
Operations are essentially financed by both a new issue of MSEK 55.5,
floated in the spring of 1998, and a preferential and a directed new issue,
respectively, of MSEK 149 net, floated in April 2000. The consolidated
equity/assets ratio as at June 30, was 94.9% (97.6%). Consolidated
available liquid assets including current investments as at June 30, 2001,
totalled MSEK 136.8 (165.0). Other current receivables amounted to MSEK 2.8
(3.0).. The consolidated working capital amounted as at June 30 to MSEK
132.1 (163.7). The two equally large Company option programs with
redemption rates of SEK 192 and SEK 67, respectively, for a total of
600,000 shares can result in a maximum dilution of 9.4%.
Fixed assets, investments and depreciation
During the second quarter, MSEK 0.1 (0.1) was invested in equipment.
During the first six months, the investment in equipment totalled MSEK 0.2
(0.2). Previous development costs of MSEK 9.2 set up us an asset and patent
rights for MSEK 5.9 were depreciated according to plan by 15% annually,
equivalent to the expected economic life. Equipment is depreciated by 20%
annually and PCs by 30% annually.
During the second quarter, one further employee was taken on. The
number of employees as at the last day of June thus totalled seventeen
This interim report has been prepared in accordance with
Recommendation RR 20 on interim reporting, issued by the Swedish Financial
Accounting Standards Council. The report has been prepared in accordance
with the same principles of accounting and calculation as applied to the
2000 Annual Report. Recording of deferred taxation attributable to a loss
carry forward totalling MSEK 17.8 has not been recorded as an asset on
grounds of principle. This is a reversion to the principles of accounting
that were applied during the establishment of the Annual Report for the
2000 fiscal year.
Significant events after the end of the accounting period
Fingerprint Cards licensee Biometric Associates Inc. has initiated a
transatlantic collaboration with the German smartcard manufacturer Novacard
GmbH. According to a press statement, both companies will this autumn
manufacture the world’s first smartcard with integrated finger verification
from Fingerprint Cards, which complies with the requirements for thinness
in accordance with ISO 7816.
SLMsoft.com Inc. announced a US$400,000
software contract to provide the National Bank of Oman (“NBO” or “the Bank”)
with a combination of network upgrades and new software solutions to enhance
the Bank’s transaction management network and to allow NBO to provide
convenient, cost-saving VISA debit card services to its customers.
“The NBO is an important customer to SLMsoft.com and has also provided us
with a strong foothold from which to pursue other business opportunities in
the Middle East,” said Govin Misir, Chairman and CEO of SLMsoft.com. “We are
very pleased to have maintained their confidence and earned this additional
business to help solidify SLMsoft.com as a core IT partner with the Bank. We
are delighted that our software continues to be of assistance to NBO as it
expands its network and the suite of services delivered to its customers.
Moreover, we trust this will fortify our already strong reputation in this
rapidly modernizing region.”
“SLMsoft.com and the National Bank of Oman have enjoyed a strong
relationship since 1992 when our initial efforts to build an electronic
transaction network throughout Oman, United Arab Emirates and Egypt began,”
said Taqi Ali Sultan, Deputy General Manger National Bank of Oman. “With
enhanced functionality and the addition of the VISA Electron Debit Cards to
our network, we can stay ahead of the competition by providing the highest
level of service available to our customers.”
Under terms of the contract, SLMsoft.com will provide upgrades to further
enhance the efficient and secure distribution of electronic transactions from
any end-user interface to NBO’s transaction processing centres. SLMsoft.com
will also supply the software to enable NBO’s network to provide its banking
customers with VISA Electron Debit Cards. VISA’s debit card programs offer
cardholders safety and ease of use, while merchants realize cost-savings
through secure and efficient transactions.
Founded in 1986, SLMsoft.com is a leading developer of electronic payment
systems and transaction processing solutions, including e-commerce
applications with a focus on the financial services industry. SLMsoft.com
provides real-time end-to-end e-banking solutions that include Internet
banking, interactive voice recognition (IVR), debit and credit card issuing,
automated teller machines and point-of-sale network management, retail branch
management, and e-CRM enabling technology. SLMsoft.com also provides
investment brokerage client and portfolio management applications for the
brokerage industry; e-health solutions which enable health insurance claims to
be evaluated at the point of service, processed and settled in real time; and
e-government solutions which enable consumers to pay fees for government
services in person, at kiosks, through IVR systems or the Internet. For more
information, please visit the Company’s website at www.slmsoft.com .
BroadVision, Inc., the leading provider enterprise self-service
applications, announced that Bank of Ayudhya, one of the leading banks in
Thailand, is using BroadVision One-To-One Enterprise and BroadVision
Finance solutions to power its e-banking services.
“Using BroadVision’s enterprise self-service applications, we plan to
attract at least 20,000 members, out of our 3 million accounts, to our web
site by the end of this year,” said Charlotte Donavanik, executive vice
president for Bank of Ayudhya. “As part of our marketing plans, we have
begun speaking to some leading universities to encourage their students to
pay tuition fees via our web site.”
Since its soft launch in June this year, Bank of Ayudhya’s online
banking offering has attracted more than 2,000 members. The online services
available include checking account balances, money transfers, and advance
“BroadVision’s finance solutions continue to be the preferred choice
for members of the banking and finance industry, such as Bank of Ayudhya,
who seek to significantly increase revenue and enhance services,” said Mr.
George Wong, managing director, BroadVision, ASEAN. “BroadVision’s success
is being driven by our deep understanding and industry expertise,
innovative, industry-specific solutions, and proven ability to deliver on
System integrator Stream I.T. Consulting worked with Bank of Ayudhya
to implement their BroadVision-based e-banking services.
About Bank of Ayudhya
Thailand based Bank of Ayudhya was established in 1945 and was
registered as a public limited company in 1993. As of the first half of
2001, the Bank had 415 local nationwide branches and three overseas
branches in Hong Kong, Laos and the Cayman Island, bringing the total
branches network to 418. The Bank had a total of 12 subsidiaries,
associated and related companies in the financial, services and other
business sectors. The Bank concentrates its lending in the “Middle Market”
with emphasis in the manufacturing and trading sectors.
BroadVision’s (Nasdaq: BVSN, Neuer Markt: BDN) enterprise
self-service applications create immediate business value by transforming
the way organizations do business — moving relationships to a
personalized, self-service model that enhances growth, reduces costs and
improves productivity. Leading global companies use BroadVision to power
their enterprise self-service initiatives — using the web and wireless
devices to unify and extend an enterprise’s applications, information and
business processes to serve its employees, partners and customers in a
personalized and collaborative way.
CyberSource Corporation, a leading provider of risk management and electronic payment solutions for enterprise businesses, and a pioneer in Internet fraud detection, announced that Scott Loftesness, a former executive at Visa International and First Data Merchant Services, has joined CyberSource’s Board of Directors.
In addition to filling the roles of group executive for First Data Merchant Services and senior vice president at Visa International, Mr. Loftesness has served as managing director at Fidelity Capital. Scott Loftesness’ career also includes senior line operating management positions in payments, payment-related technologies, electronic commerce, and IS/IT technologies.
“With his banking, payment industry, and card association experience, Scott Loftesness brings a wealth of knowledge and expertise to our board. I am confident his experience, knowledge and insight will help CyberSource continue to deliver on its commitment to provide leading payment and risk management solutions for enterprise businesses worldwide,” said Bill McKiernan, Chairman and CEO of CyberSource Corporation.
“CyberSource is very well positioned in the payment and risk management industry. They have great technology, a world-class customer list and excellent alliances, which allow them to play a critical role in this mission critical area,” commented Mr. Loftesness. “I am excited to have the opportunity to assist in the company’s strategic decision making, especially in its focus on providing outstanding payment and fraud solutions to enterprise customers.”
Loftesness joins board members Bill McKiernan of CyberSource, Stephen Novak of C.E. Unterberg, Towbin, Richard Scudellari of Morrison & Foerster LLP, Jack McDonnell, Jr., of Transaction Network Services, Inc., Kenneth Thornton, formerly of IBM, and Ken Harris of Gap Inc.
CyberSource Corporation is a leading provider of risk management and electronic payment solutions for enterprise businesses selling via multiple sales channels. CyberSource solutions manage transaction risk and enable electronic payment processing for Web, call center/IVR, and POS environments. CyberSource professional services designs, integrates and optimizes enterprise-wide commerce transaction systems. Over 3,000 businesses use CyberSource solutions, including over half of the Dow Jones Industrial companies. The company is headquartered in Mountain View, California, and has sales and service facilities in Japan, the United Kingdom, and other locations in the United States. For more information, please visit CyberSource’s web site at .Details
First Ecom.com, Inc., a company with interests in gas and oil
exploitation and electronic payment solutions announced that United
Overseas Bank (Malaysia) Bhd has signed a payment processing agreement with
its wholly owned subsidiary and payment processing division for Asia, First
Ecom Data Services Asia Limited (FEDS Asia).
UOBM contracted FEDS Asia to provide an Integrated On-line Payment
Solution. The FEDS Asia payment system has been integrated with the UOBM
Visa/MasterCard credit card payments system to provide UOBM’s merchants
with a seamless Internet credit card payment solution that will be
Under the terms of the agreement FEDS Asia will provide UOBM with
payment gateway and processing services, as well as First Ecom’s Merchant
Accounting and Reporting System (MARS) for an initial period of three years
with automatic renewal thereafter.
“We are delighted to have United Overseas Bank Malaysia as our first
partner bank in Malaysia,” said Steve Corbin, President of FEDS Asia. “UOB
Malaysia is an excellent partner for FEDS Asia. UOB Malaysia is part of the
UOB Group, which is one of the leading banks in South-East Asia. In
Malaysia the Bank counts both government departments and private companies
among its merchants that will be using the online payment services that
FEDS Asia will provide. Signing this agreement is a significant step in
achieving our goal of becoming the leading Internet payment processor in
the Asian market.”
“UOB always searches for the best solution for its customers,” said
Manohar K., Vice President, Head – Card Payment Services, Credit Card
Center, UOB Malaysia. “In terms of Internet payment processing capabilities
FEDS Asia offered the best solution available. By using the FEDS Asia
solution and combining it with MEPS and our own credit card systems we are
now able to offer our customers a secure, efficient and easy to use
Internet credit card payment solution that will establish UOB Malaysia as
the leading Internet merchant bank in the country.”
As part of the integration process with UOBM, FEDS Asia has
integrated its payment gateway technology with the Malaysian Electronic
Payment System (1997) Sdn Bhd (MEPS) system, the national electronic
payment-processing platform for banks in Malaysia.
About First Ecom.com
First Ecom.com Inc. has interests in both oil and gas exploitation as
well as being a global provider of electronic payment solutions through its
wholly owed subsidiaries First Ecommerce Data Services Limited and First
Ecom Data Services Asia Limited.
About First Ecom Data Services Asia
A wholly owned subsidiary of First Ecom.com Inc. (NASDAQ: FECC, BSX:
FECC, FECC BH), FEDS Asia provides banks and financial institutions with
universal, secure, cost efficient electronic payment solutions.
Established in March 2001, FEDS Asia is dedicated to delivering the
First Ecom payment processing solution to banks and financial institutions
within the Asia Pacific region. It is a provider of out-sourcing solutions
as well as licensing its technology to financial institutions wishing to
deploy in-house Internet payment processing solutions.
About United Overseas Bank Malaysia
United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is a member of the
United Overseas Bank Group, Singapore.
Incorporated in Malaysia in 1993, UOB Malaysia now operates 25
strategically located branches throughout Malaysia and offers a full range
of commercial banking and financial services.
As part of the United Overseas Bank Group in Singapore, UOB Malaysia
is backed by the vast resources of the United Overseas Bank Group,
including RM129.2 billion in Total Assets (excluding contra) and RM14.1
billion in Capital and Reserves, advanced technological support and
international network of offices.
About United Overseas Bank Group
United Overseas Bank is a leading bank in Singapore with an
international network that comprises 277 offices (65 branches in Singapore
and 212 offices overseas) in 17 countries in the Asia-Pacific region,
Europe and North America.
UOB provides a wide range of financial services through its global
network of branches, offices and subsidiaries: commercial and corporate
banking, personal financial services, private banking, trust services,
treasury services, asset management, corporate finance, capital market
activities, venture capital management, proprietary investments, general
insurance and life assurance. It also offers stock broking services through
UOB’s vision is to be a premier bank in the Asia-Pacific region,
committed to providing quality products and excellent customer service.
As at 31 December 2000, the UOB Group had total assets of S$66.3
billion and shareholders’ funds of S$6.8 billion. It also achieved a record
Net Profit After Tax of S$913 million for 2000, and ROE stood at 14.1%.
UOB is rated among the world’s top banks by Moody’s Investors
Service, receiving B+ for Bank Financial Strength, and Aa2 and Prime-1 for
long-term and short-term deposits respectively.
Asiamoney has ranked UOB as Asia’s 3rd Strongest Bank as well as the
Strongest Bank in Singapore. In addition, US-based Global Finance has
ranked UOB No. 62 out of 300 global banks in the publication’s annual
selection of the World’s 300 Safest Banks 2000, as well as named UOB the
Safest Bank In Singapore.
Toronto-based Bioscrypt has unveiled a ‘V-Smart’ physical access device which provides for a contactless smart card and fingerprint reader solution. Bioscrypt’s ‘V-Smart’ is a contactless MIFARE read/write device integrated with a biometric fingerprint reader. The user simply presents the smart card and places a finger on the reader. The ‘V-Smart’ then compares the presented fingerprint with the fingerprint template stored on the smart card to verify the user’s identity. As the ‘V-Smart’ stores the template on the smart card, it eliminates the redundant wire requirements necessary to distribute the templates across the network of readers.Details