Intuit Inc today announced that it will expand its “My Accounts” by Quicken service; giving consumers even more power to create a truly consolidated view of their personal finances from one single location on the Web. The ability to access data from more than 40 leading bank, brokerage and credit card providers to the “My Accounts” service is designed to provide consumers with anytime, anywhere access to their own personalized financial portfolio. The expanded “My Accounts” by Quicken service is expected to be available on Intuit’s leading e-finance site, Quicken.com, as well as on Excite and WebCrawler by Spring 2000.Details
Schlumberger today announced that it has successfully transitioned the Indiana University of Pennsylvania’s (IUP) campus-wide ID card from a magnetic stripe card into a smart card-based infrastructure. The new ID system enables secure offline, stored-value purchases; integrated banking features for stored value/debit/credit for off-campus merchants; and card loading from student bank accounts. As part of the solution, PNC Bank provided financial and merchant-related services, which allow acceptance of the upgraded card for debit and chip payment options.Details
PULSE EFT Association has become an equity participant in the SafeCheck Payment Service which will create an online debit switching system for check transactions at point-of-sale locations.
The system will standardize a way for merchants to accept checks that are read electronically and authorized and settled, revolutionizing check processing. The payment system is being developed by Small Value Payments Company (SVPCo), an industry leader in developing solutions for streamlining payments and providing consumers with the best choice of payment options. PULSE, along with other electronic funds transfer networks, a number of leading banks and check processing and authorization services, is a partner in the development of the SafeCheck service. Here’s how the process will work:
— The customer will write a check at the point of purchase.
— The cashier will swipe the check through an existing terminal to read the MICR, or information encoded along the bottom of the check, and will input the amount of purchase.
— This data will be transmitted via PULSE to the financial institution where the checking account is held, and the transaction would be either verified or guaranteed.
— The merchant will stamp the check “void” and return it to the customer.
PULSE intends to participate in a SafeCheck prototype planned for this summer. “The PULSE Board unanimously endorsed participation in the SafeCheck effort,” said Stan Paur, president and CEO of PULSE. “The application of the proven technology and settlement capabilities of the PULSE network are a natural fit with the SafeCheck program.”
“Every party involved will benefit from electronic check truncation, the shortcutting of tedious paper check processing by converting and transmitting data electronically,” said Hank Farrar, COO of SVPCo. “This is not just a win-win proposition where two parties benefit, but a new way of doing business in which everyone involved in the process comes out ahead, including the merchant and the consumer,” he said.
Farrar explained that merchants lose approximately $11.5 billion annually from bad checks. Verification service companies have significant losses on checks they guarantee for their merchant customers and banks have tremendous costs associated with processing the estimated 18 billion paper checks written at retail locations alone this year.
“All these cost-cutting measures for businesses could mean reduced prices and fees for consumers, complementing the bonus of having a convenient new way of making payments,” Farrar said.
“SafeCheck represents an exciting concept that leverages existing delivery channels to enhance the acceptance and processing of checks,” Paur said. “Our association believes this application will serve to benefit the financial industry, merchants and consumers.”
PULSE is a not-for-profit cooperative serving more than 2,100 banks, credit unions and savings and loans in a nine-state primary service area including Alabama, Arkansas, Colorado, Louisiana, Mississippi, New Mexico, Oklahoma, Tennessee and Texas. The network processes in excess of 40 million transactions monthly and features more than 52,000 ATMs and 229,700 PULSE PAY point-of-sale terminals in all 50 states. For more information, visit the PULSE Web site at [www.pulse-eft.com].
SVPCo was created as a limited liability company in 1998 by 12 of the largest banks in the United States; ownership has since expanded to 21 banks. As a bank-owned, private sector payment system, SVPCo works to institute innovations in technology and to react quickly to payment system opportunities. A goal of SVPCo is to advance Electronic Check Presentment (ECP) by creating the first standardized nationwide multilateral electronic exchange of checks in accordance with standards developed by the American National Standards Institute (ANSI) and rules adopted by the Electronic Check Clearing House Organization (ECCHO).
College students nationwide will now be able to use the Memolink Discount Card as a Sprint long-distance calling card by signing up for the card online. A newly announced agreement between Sprint and Memolink allows college students who visit the Memolink Web site to use the Memolink Card as a long-distance calling card and earn additional Memolink points.
Memolink, a leading college Web site with more than 175,000 members, currently sells the discount card to college students across the country. Students receive discounts at select retailers on everything from school supplies to food, music and much more.
Students sign up for the card by visiting the Memolink Web site, http://www.memolink.com, where members can earn points for surfing the Web, filling out surveys, and purchasing certain products. Memolink points can be redeemed for gift certificates with a wide array of companies.
Through its agreement with Memolink, Sprint will provide domestic calling card functionality on the Memolink Card. To use the card, students call 800-2SPRINT and follow the voice prompts. There is also a collect calling option.
Best of all, as a special limited-time promotion, students can go to Memolink.com and get the Memolink Card for free. The card normally costs $12.50. Students who activate the Sprint calling card portion of the Memolink Card online will get up to 60 free minutes of domestic long-distance calling. As a special bonus, for every full dollar spent using the calling card, students will receive Memolink points. Students receive this special offer only by visiting the Memolink.com Web site and signing up for a Memolink Card.
“College students looking for an innovative way to make the most of a points-based reward program will find great value with the promotion we’ve created between Sprint and Memolink,” said Keith Gallagher, director of Sprint College Marketing. “Students can take their long-distance with them wherever they go — they’ll get great rates and there are no monthly fees to pay.”
The Sprint calling card portion of the Memolink card can be used to make calls from almost anywhere. It’s perfect when you’re on the go, when you need to make a call in an emergency, or when you are short of change for a pay phone. There is a 26-cent charge for calls originating from a pay phone. The card also provides a convenient way to keep track of long-distance calls. There’s no need to split the phone bill with roommates because you get your own bill.
“The Sprint calling card element provides students the perfect way to stay in touch with family and friends during the school year and all year long,” added Gallagher. “Memolink provides a great opportunity for Sprint to reach college consumers with a unique promotion in an online environment.”
Memolink.com offers advertisers a unique and cost effective mechanism to target and reward college students for their actions. Memolink has also introduced several unique marketing vehicles such as a premium dry-erase message board with imprinted advertisements, customized collegiate market research available via Memolink.com, a Memolink Discount Card Program and collegiate tours featuring on-campus promotional events. For more information, please contact Memolink at 800-563-6654 or visit .
Sprint is a global United States-based communications company — at the forefront of integrating long-distance, local and wireless communications services and one of the largest carriers of Internet traffic. Sprint built and operates the United States’ first nationwide all-digital, fiber-optic network and is a leader in advanced data communications services. Sprint has $20 billion in annual revenues and serves more than 20 million businesses and residential customers.Details
Over one half of all on-line shoppers in the U.S. have a favorite credit card for Internet purchases. Among these consumers, 12% favor their American Express card, according to an independent study completed in 1999 by Brittain Associates. With the introduction of its Blue card, American Express’ share could increase dramatically. According to Bruce Brittain, president of Brittain Associates, his company is currently designing an independent Blue card evaluation to measure the success of this new product. Card industry subscribers are being signed-on to this 12-month tracking study which will include three phases involving over 9,000 consumer interviews collected on-line and by telephone. With American Express reportedly spending over $20 million to promote the Blue card in a nationwide roll-out, the focus of the study will be on key strategic issues such as ownership incidence and growth rate, card sales volume on and off-line, competitive card cannibalization, balance payment behavior, and perceived benefits of the Internet-friendly smart card.Details
Intuit Inc., the leader in e-finance, and TransPoint, a leader in the online bill payment and presentment industry, today announced that the two companies have signed a non-binding letter of intent to bring more electronic bills to a greater number of consumers.
The teaming of these two industry leaders will offer consumers one of the most comprehensive and intuitive services through which consumers can view and pay their bills online. TransPoint’s online billing and payment service will be available through Intuit’s broad distribution channels including Quicken, Quicken.com (www.quicken.com/bills), AOL and Excite (www.excite.com). TransPoint is working with more than 50 major billers for electronic bill presentment and payment (EBPP), including major telecommunications, utility, credit card and other financial services and cable television companies. By the end of 2000, TransPoint expects to have more than 100 companies issuing electronic bills through its service. As a result of the relationship, Intuit will be able to offer consumers easy, convenient and secure access to TransPoint’s ever-increasing number of online billers. In return, TransPoint will gain distribution through several additional Web channels, enhancing its efforts to make e-bills available at multiple popular Internet locations.
“Enabling consumers to use the Web to pay many of their bills makes it even easier for these users to manage their day-to-day finances,” said Mark Goines, senior vice president for Intuit’s consumer division. “Through our proposed relationship with TransPoint, we will be able to offer consumers a single location where they can easily manage their bills in the context of their larger financial lives.”
“Our strategy is to provide consumers with the richest, most intuitive electronic bills and make them available at convenient, frequently traveled Internet destinations,” said Lewis Levin, president and CEO of TransPoint. “Our relationship with Intuit will give consumers an extremely convenient e-bill service at several popular, multi-service Web sites. With this significant distribution boost, TransPoint continues to stimulate industry growth.”
About Intuit’s EBPP Service
Intuit’s electronic bill payment and presentment (EBPP) service is the first Web-based online billing service to provide a central point of access for consumers to view, track and pay all their bills from the same site they use to manage the rest of their financial lives. For consumers, this means not having to access multiple billers’ sites to manage bills. Through its relationships with TransPoint and other electronic-bill processing providers, Intuit will be able to offer consumers more electronic bills than any other EBPP service.
Intuit offers electronic bill presentment and bill payment services through Quicken and Quicken.com and will offer this service through other portals and financial institution sites pursuant to a license agreement between Intuit and a joint venture company in which Intuit is a participant. About TransPoint’s EBPP Service
The TransPoint online payment service is available at multiple locations on the Internet, including TransPoint’s Web site (www.transpoint.com). Through its service, consumers can view and pay bills that arrive electronically through TransPoint, pay bills that arrive through the U.S. Postal Service, and pay nearly anyone else. With one fully integrated and convenient service, consumers can pay all of their bills with a few clicks of a mouse.
Commitment to Open Standards
Intuit and TransPoint have agreed to use OFX to interface their systems. As part of both companies’ long-term commitment to open standards, Intuit and Microsoft Corp., one of TransPoint’s parent companies, are actively engaged with the Interactive Financial Exchange (IFX) Working Group to support the creation and rollout of the IFX standard.
Intuit Inc. is the leader in e-finance, including financial software and Web-based financial services for consumers and small businesses. Intuit develops and markets QuickBooks, the most popular small business accounting software; Quicken, the leading personal finance software; and TurboTax, the best-selling tax preparation software. An innovator in delivering Web-based financial tools, Intuit is the leading provider of online tax preparation and filing and online mortgages. Intuit is also breaking new ground as a leader in online bill presentment and payment, and in the delivery of its QuickBooks Internet Gateway platform of connected e-services for small businesses.
Intuit’s Quicken.com Web site (www.quicken.com) is a leading financial site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit’s products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses. About TransPoint
TransPoint, established in June 1997, is a joint venture of Microsoft Corp. and First Data Corp., with Citibank Corp. as a minority equity investor. TransPoint is a leader in the emerging electronic bill presentment and payment industry with a completely new, seamless e-bills service built from the ground up. The TransPoint system uses innovative technology and integrates easily with billers’ and banks’ existing payment systems. Launched commercially in April 1999, the TransPoint service is designed to be the fast, easy way for consumers with Internet access to make all of their payments online from a single, secure Web site. Consumers can pay their bills at multiple Internet locations, including the MSN MoneyCentral personal finance online service and directly through the TransPoint Web site. TransPoint e-bills are also scheduled to be available at the Web sites of many leading financial institutions in the coming months. TransPoint is based in Englewood, Colo. More information about e-bills is available at [www.transpoint.com].
Wachovia Bank Card Services on Jan. 31 completed the acquisition of the credit card portfolio of Partners First Holdings LLC, the credit card subsidiary of Bankmont Financial, U.S. holding company of Bank of Montreal.
In conjunction with the acquisition of the Partners First portfolio, Wachovia has assumed the duties and obligations of transferor and servicer for the securitization of a portion of the portfolio under the Partners First Credit Card Master Trust.
Wachovia paid an 8.3 percent premium for the $1.985 billion portfolio. The acquisition was accounted for as a purchase. The purchase agreement also includes an exclusive 5-year arrangement for Wachovia to act as credit card provider for Harris Bank, a $27 billion asset subsidiary of Bankmont Financial.
Wachovia Bank Card Services is a wholly owned subsidiary of Wachovia Corporation, which had assets of $67.4 billion at Dec. 31, 1999.Details
Concord EFS announced today that it has completed the acquisition of Card Payment Systems. CPS essentially acts as a “wholesaler” of payment services, selling to “distributors” who in turn sell the payment services to retailers. Concord executives say that CPS will form the foundation for an important new unbranded distribution channel for Concord’s payment processing services. CPS currently services approximately 25,000 merchant accounts, adding over 2,000 new accounts per month and processing in excess of $1.8 billion in acquiring volume annually.Details
U.S. Wireless Data, Inc. announced that Certified Merchant Services has executed an agreement with USWD enabling CMS to offer payment terminals powered by USWD’s Wireless Express Payment Service to their merchants. Under the terms of the agreement CMS can offer WEPS-enabled devices such as the Intellect 9770 handheld terminals to address new merchant opportunities in segments such as stadium/arena sales, taxi/limousine and goods/service delivery. U.S. Wireless Data’s WEPS is a comprehensive suite of wireless transport services and server technology designed to deliver payment transactions securely and efficiently from merchants to payment processors. The high-speed WEPS service supports encryption, real-time diagnostic capability, and online, real-time reporting capabilities. At 3-5 seconds to process a card transaction, WEPS-enabled handheld and countertop terminals can be faster than cash, making them ideal for quick service restaurants. Merchants wishing to eliminate the cost of a dedicated phone line can realize substantial savings on monthly phone charges.Details
CyberMark announced that Pfizer Pharmaceuticals has selected CyberMark to provide smart card solution for the Pfizer’s Groton campus. First phase card features will include advanced combination single card technology. The cards will have a microprocessor chip, a Proximity feature for door access capability, and ABA magnetic stripe functions to integrate with existing physical security as well as optional future banking programs. The cards will also have “e-purse” stored value functions for use in cafeterias and many on site vending machines. In addition, Pfizer’s card is merchant-program-transaction-ready for possible future pursuit.Details
Household International announced today that Margaret Sprude, has joined the company as Managing Director, Chief Financial Officer of Household Credit Services, the company’s U.S. bankcard operation. Ms. Sprude joins Household from Bank of America N.A.,an $11 billion issuer of credit cards, where she was Senior Vice President and Chief Financial Officer.Details
Capital One Financial Corporation appointed Susanna Tisa as Vice President of Capital Markets and Treasurer. In this capacity, Ms. Tisa will manage and develop innovative funding, treasury, and banking strategies that will facilitate Capital One’s global expansion into the 21st century.
“Susanna’s expertise in the treasury function completes our finance team,” said David Willey, Capital One’s Senior Vice President for Corporate Financial Management. “We have put together a top caliber team to meet Capital One’s needs as we expand into new markets and explore new businesses.”
Ms. Tisa joined Capital One in mid-1996 to manage Capital Markets activities, including debt and securitization funding, investment portfolio management and Treasury operations. Ms. Tisa actively pursued the acquisition and development of Capital One’s retail deposits business, and has been instrumental in enhancing Capital One’s relationships with fixed income investors and credit rating agencies.
Her leadership helped Capital One win this year’s Treasury & Risk Management magazine’s Alexander Hamilton Award, which recognized Capital One for Overall Treasury Excellence.
Headquartered in Falls Church, Virginia, Capital One Financial Corporation is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending and deposit products. Capital One’s subsidiaries collectively had 23.7 million customers and $20.2 billion in managed loans outstanding as of December 31, 1999, and are among the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 500 Index.Details