First Data Resources announced this morning that it has surpassed a record one billion off-line debit transactions processed to date this year. The one billion transaction mark represents a 59% growth in the number of debit transactions processed by First Data Resources for the same period in 1998. First Data currently provides off-line processing for more than 56 million debit cards issued by over 500 financial institutions. First Data serves more than two million merchant locations, 1,400 card issuers and millions of consumers.Details
VISA U.S.A. and Dun & Bradstreet announced two new predictive modeling tools to help VISA Business Issuers more effectively acquire creditworthy small business customers. Considering the tremendous and continual growth spurt small businesses are experiencing and the focus of banks to build their small business portfolios, VISA and D&B developed modeling tools to meet market demand for business card offerings. These new integrated marketing and risk management tools build on the successful foundation of the industry’s first pooled ‘VISA Business Response Model’, introduced by VISA and D&B in 1997 and embraced by banks attempting to identify those small business prospects most likely to respond to a ‘VISA Business’ card offer.Details
Trintech Group PLC (Nasdaq:TTPA)(Neuer Markt:TTP), a leading provider of end-to-end secure electronic payment infrastructure solutions, Tuesday announced record third quarter and nine month revenues for the period ended October 31, 1999.
Revenues for the third quarter ended October 31, 1999 were $8.03 million, compared to $4.15 million for the third quarter of 1998, an increase of 94%. Nine month revenues were $21.20 million, increasing by 42% from $14.92 million for the same period last year. The increase in revenue reflects strong growth in software license revenue, which increased by 248% to $2.36 million for the quarter over the third quarter last year. License revenue for the nine month period increased by 86% to $5.69 million from $3.06 million for the same period last year. Product revenue increased 58% to $4.89 million for the quarter and increased by 32% to $13.43 million for the nine month period over the same period last year. Service revenue rose 112% from $370,000 for the third quarter last year to $783,000 for the third quarter this fiscal year.
The growth in the company’s revenue can be attributed to increased demand and market penetration for Trintech’s eCommerce infrastructure solutions, an expansion of our global sales force, as well as successful cross-selling to existing customers. Trintech has successfully leveraged its strong physical world customer relationships, particularly in Europe, to generate sales of the PayWare and PayGate eCommerce software license solutions. Trintech continued to expand its position in the U.S., where the company successfully signed marquee U.S. customers, such as eVisa and MasterCard.
Gross margin for the quarter ended October 31, 1999 was 46.4% ($3.72 million), up from 21.3% ($883,000) for the same period last year. “Improvements in gross margin are a result of the significant growth in high margin software license revenue, as well as improving margins on electronic point-of-sale systems,” said Paul Byrne, Trintech chief financial officer.
Trintech accelerated research & development spending, which was up 189% to $2.39 million for the third quarter from $825,000 for the third quarter last year. Trintech intends to continue to invest in significant R&D expenditure so as to position itself at the forefront of ePayments infrastructure for eCommerce.
“The strength of our results in this quarter is a strong endorsement of our clearly-defined product strategy that focuses on the needs of our customers,” said John McGuire, co-founder and chief executive officer. “Trintech has a 13-year history of providing secure payment infrastructure solutions that address the two main objectives of our customers, namely increased revenue and reduced operating costs, including costs of fraud. The strengthening of our MasterCard relationship, combined with our strong existing Visa relationship, places Trintech as a premier worldwide provider of the ePayments infrastructure for these major card brands. Our product offerings in both the physical and Internet world clearly defines Trintech as a company with a long-term strategic vision that encompasses multiple aspects of ePayments in this new digital age of eCommerce.”
During the quarter, Trintech successfully completed a dual-listing Initial Public Offering, both on Nasdaq and the Neuer Markt. The offering raised nearly $60 million, net of expenses, in cash for the company and provides the funding to enable the company to execute its mission to become the leading worldwide provider of secure ePayment solutions for payment card transactions.
The net loss for the quarter decreased to $2.14 million from $2.85 million for the third quarter last year. Basic and diluted net loss per ordinary share and per ADS was $0.11 for the third quarter compared to $0.18 for the third quarter last year.
During the quarter, Trintech continued to develop new eCommerce payment solutions for ISPs, CSPs and on-line retailers, as well as the addition of a virtual credit card offering. These ePayment for eCommerce solutions continue to build out the company’s secure electronic payments product suite.
Trintech’s PayGate NetAcquirer technology now powers eVisa — an Internet payment service offering acquirers and merchants in the U.S. secure and rapid real-time processing of online payment card transactions. The eVisa unit, established as a wholly-owned subsidiary of Visa USA, is designed to position Visa as one of the premier acceptance brands of the emerging digital economy.
In September, Trintech announced the launch of PayWare(R) Net 2.0, the latest generation of Internet payment products for merchants and merchant hosting companies. Trintech then installed PayWare Net in Deutsche Bank, currently Germany’s largest merchant acquirer, allowing the bank to become one of Europe’s few bank-operated Commerce Service Providers (CSP).
A major focus for development in the quarter was PayGate NetIssuer. Trintech’s NetIssuer solution allows banks to issue virtual credit cards to consumers. NetIssuer has been specifically designed to meet the two major requirements of issuing banks: branding and risk management. The issuing bank’s brand is downloaded directly to the cardholder’s desktop, giving the issuer unique brand visibility and flexibility. Secondly, NetIssuer’s risk management features can significantly reduce the costs of card related Internet fraud every time the consumer uses their virtual card. NetIssuer’s bank-centric design clearly distinguishes Trintech’s solution from competitor ‘consumer’ payment instruments.
Trintech’s recent agreement with VeriSign positions NetIssuer as a competitive consumer-focused ePayment application for secure eCommerce. By addressing the fraud concerns of consumers and financial institutions, NetIssuer is positioned to enable card issuing financial institutions to offer secure on-line shopping to eCommerce shoppers.
Trintech’s marketing strategy is to target the card organizations for early adoption, validation and recommendation of the company’s infrastructure solutions, and to create compelling business solutions for the digital eCommerce companies, such as ISPs and on-line retailers. Alliances with the card organizations have given Trintech a strategic platform to target over 23,000 financial institutions worldwide that are members of MasterCard and Visa. In addition to Trintech’s existing equity and commercial partnership with Visa International, Trintech is proud to have added MasterCard as a customer and partner of Trintech.
In the quarter Trintech and MasterCard International entered into a technology and marketing alliance. Under the agreement, MasterCard has licensed PayGate NetIssuer. In addition, Trintech and MasterCard will engage in joint marketing and promotion of PayGate NetIssuer and other Trintech ePayment solutions to MasterCard members. MasterCard comprises 23,000 financial institutions globally. This alliance greatly adds to Trintech’s distribution reach in the banking industry.
Trintech also continued to expand its electronic PoS systems business in Europe. Product revenue increased 58% to $4.89 million for the third quarter from $3.10 million last year. Product revenue increased by 32% to $13.43 million for the nine month period from $10.20 million for the nine month period last year.
PayWare Partner Program Launched to Drive Global Development
Partners play a decisive role in Trintech’s strategy to expand both its channel and global market presence, and reinforce its position in the ePayments market space. In the quarter, Trintech launched the PayWare Partner Program and formed partnerships with five industry-leading technology organizations:
— Trintech’s partnership with Sun Microsystems (Nasdaq:SUNW) allows
Sun to offer its extensive customer base Trintech’s Internet
payment solutions utilizing Secure Electronic Transaction(TM)
(SET) and/or Secure Sockets Layer (SSL) protocols running on the
scalable Solaris(R) platform.
— Unisys (NYSE:UIS) and Trintech have partnered, combining
Trintech’s secure payment solutions with Unisys’ Systems
Integration experience and in-depth knowledge of financial
services, and will target both Unisys’ current customer base and
new customer groups running on its NT(TM) platform
— BrightStar Information Technology Group, Inc. (Nasdaq:BTSR),
utilizes Trintech’s PayWare ERP solution and delivers to Trintech
an implementation partner to better serve the SAP community.
— In addition to licensing Trintech’s NetIssuer solution,
MasterCard and Trintech will market and promote Trintech’s
ePayments infrastructure solutions to MasterCard members.
MasterCard comprises 23,000 financial institutions globally.
— VeriSign (Nasdaq:VRSN) has committed to working with Trintech on
integrating its digital certificates into Trintech’s NetIssuer.
Trintech’s corporate mission remains global leadership of the ePayments
industry. This quarter, Trintech took significant steps toward
achieving that mission by adding Deutsche Bank and MasterCard as customers
and partners; by launching the Payware Partner Program;
and by forging partnerships with some of the world’s leading technology
companies, such as Sun Microsystems, Unisys, Brightstar and
Founded in 1987, Trintech Group Plc. is a leading provider of secure
electronic payment infrastructure solutions for card-based
transactions in the physical world and over the Internet. The company
offers a complete range of payment software products for credit,
debit, commercial and procurement card applications, as well as being a
world leader in the deployment of payment solutions for Internet
commerce that are fully SSL and SET(TM) compliant. Trintech’s range of
scalable open systems architecture solutions for UNIX(R) and
Windows NT(TM) platforms covers consumer, merchant and financial
institution requirements for physical payments and the emerging
world of electronic commerce for both B2B and B2C applications.
Trintech can be contacted in the U.S. at 2755 Campus Drive, San Mateo,
CA 94003 (Tel: 650/227-7000) and in Ireland at Trintech
Building, South County Business Park, Leopardstown, Dublin 18 (Tel:
353-1-207-4000). Trintech can be reached on the Web at
http://www.trintech.com. Investor information can be
This press release may contain “forward looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Any “forward looking statements” in this press release
are subject to certain risks and uncertainties that could cause actual
results to differ materially from those stated. Factors that could cause
or contribute to such differences include Trintech’s ability to develop,
market and sell its e-commerce software, the market acceptance of
the SSL or SET standards for e-commerce payment transactions, its ability
to effectively respond to future changes in the e-payment
software market, the continued market demand for its electronic
point-of-sale systems and the performance of third parties, including
MasterCard and Visa, under technology and marketing alliances. Actual
performance may also be affected by other factors more fully
discussed in Trintech’s Form F-1 filed with the U.S. Securities and
TRINTECH GROUP PLC
CONSOLIDATED STATEMENT OF INCOME
(U.S. dollars in thousands, except share and per share data)
Three months Nine months
ended October 31, ended October 31,
1999 1998 1999 1998
Product $ 4,890 $ 3,101 $ 13,426 $ 10,200
License 2,357 678 5,693 3,062
Service 783 370 2,077 1,658
Total Revenue 8,030 4,149 21,196 14,920
Cost of revenue:
Product 3,045 2,365 8,737 7,703
License 574 210 1,946 412
Service 689 691 1,751 1,666
of Revenue 4,308 3,266 12,434 9,781
Gross margin 3,722 883 8,762 5,139
& development 2,387 825 5,975 2,485
Sales & marketing 2,184 1,522 6,102 4,205
administrative 1,763 1,232 5,006 2,992
expenses 6,335 3,579 17,083 9,682
from operations (2,613) (2,696) (8,321) (4,543)
(expense), net 252 153 391 202
(loss), net 222 (311) 484 (405)
for income taxes (2,139) (2,854) (7,446) (4,746)
income taxes — — (1) —
(loss) $ (2,139) $ (2,854) $ (7,447) $ (4,746)
per ADS $ (0.11) $ (0.18) $ (0.43) $ (0.29)
Shares used in
and diluted net
income (loss) per
and per ADS 16,218,270 19,630,635 16,135,498 17,380,894
TRINTECH GROUP PLC
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share data)
October 31, January 31,
Cash and cash equivalents $ 4,764 $ 1,691
Marketable securities 55,076 7,178
Accounts receivable, net of
allowance for doubtful accounts of
$239 and $241 respectively 9,140 4,073
Inventories 1,192 1,055
Value added taxes 100 407
Prepaid expenses and other assets 1,319 1,299
Total current assets 71,590 15,703
Property and equipment, net 2,373 2,058
Other assets — software development costs 1,563 2,500
Total assets $75,526 $20,261
LIABILITIES AND SHAREHOLDERS’ EQUITY
Bank overdraft $ — $ 411
Accounts payable 2,340 1,459
Accrued payroll and related expenses 731 583
Other accrued liabilities 3,066 1,571
Value added taxes 344 372
Warranty reserve 641 876
Deferred revenues 2,503 994
Total current liabilities 9,625 6,266
Capital lease due after
more than one year 89 142
Government grants repayable
and related loans 969 793
Series A redeemable convertible
preference shares, $0.0027 par value
3,000,0000 shares authorized;
2,960,000, nil shares issued and
outstanding at January 31, 1999
and 31 October 1999 respectively — 17,760
Series B preference shares, $0.0027 par
value nil and 10,000,000 authorized
at January 31, 1999 and October 31,
None issued and outstanding — —
Ordinary Shares, $0.0027 par value:
100,000,000 shares authorized
issued and outstanding: 16,227,445
shares at January 31, 1999 and
25,122,318 at October 31, 1999 71 47
TRINTECH GROUP PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
Three months Nine months
ended October 31, ended October 31,
1999 1998 1999 1998
CASH FLOWS FROM
Net income (loss) $ (2,139) $ (2,854) $ (7,447) $ (4,746)
reconcile net income
(loss) to net cash
used in operating
and amortization 580 127 1,671 325
relating to warrant 20 42 60 42
Marketable Securities (141) (105) (145) (117)
Marketable Securities (160,642) (19,957) (165,648) (61,964)
Marketable Securities 107,038 19,987 117,895 51,950
Effect of changes in
exchange rates (207) 204 (582) 293
Changes in operating
assets and liabilities:
Inventories (28) 293 (213) (342)
Accounts receivable (3,613) 119 (5,448) (276)
and other assets 890 (356) (170) (152)
tax receivable (63) (318) 284 (155)
Accounts payable (226) (79) 1,005 (1,226)
Accrued payroll and
related expenses (2) 221 189 227
Deferred revenues 1,035 224 1,597 495
Value added tax payable (2) (206) 5 (318)
Warranty reserve (157) (87) (167) (114)
related loans — 131 247 171
liabilities 1,319 122 1,610 1,338
Net cash (used in)
operating activities (56,339) (2,494) (55,257) (14,570)
CASH FLOWS FROM
Purchases of property
and equipment (644) (538) (1,132) (1,023)
Sale of property
and equipment — 27 — 27
development costs — — — (2,500)
Net cash used in
investing activities (644) (511) (1,132) (3,496)
CASH FLOWS FROM
on capital leases (29) (26) (87) (57)
ordinary shares 63,150 32 63,185 2,013
Issuance of convertible
preference shares — 1,500 — 18,000
Expense of share issue (3,256) (323) (3,256) (2,003)
under bank overdraft — — (388) —
Net cash provided by
financing activities 59,865 1,183 59,454 17,953
(decrease) in cash
and cash equivalents 2,882 (1,822) 3,066 (113)
Effect of exchange
rate changes on cash
and cash equivalents 8 (11) 8 (15)
Cash and cash
beginning of period 1,874 1,976 1,691 272
Cash and cash
end of period $ 4,764 $ 143 $ 4,764 $ 143
Trintech Group and VeriSign announced Tuesday the first of two announcements that an integrated solution that will give banks and other payment card issuers a quick and easy way to issue secure virtual credit cards to their customers for use over the Internet. The integration of Trintech’s NetIssuer virtual credit card solution with VeriSign’s ‘OnSite’ managed digital certificate service will provide card issuers with the ability to bind a customer’s identity to a digital representation of a physical payment card, thereby delivering secure, authenticated, online payments. Digital certificates are electronic credentials used to identify entities on the Internet and enable secure, verifiable online transactions and communications. As banks and other card issuers look toward implementing online credit cards for use by their customers, they have a specific need to provide a solution which is simple and seamless to the millions of individuals and merchants looking to conduct secure online transactions. The Trintech-VeriSign integrated solution is a major step in transforming unauthenticated Internet transactions to a “cardholder present” status without the need for any technological understanding on the part of bank customers or merchants. The integration of digital certificates issued by banks using VeriSign’s ‘OnSite’ managed service with Trintech’s NetIssuer technology creates one of the first virtual credit cards featuring the enhanced security and “unforgeability” of digital certificates.Details
Redecard, one of Brazil’s leading transaction processors, is deploying 20,000 Hypercom ‘ICE 5000’ touch screen-based card payment terminals to support more than 18,000 retail merchants throughout Brazil. The deployment represents one of the largest ever conducted in Brazil, according to both companies. It is expected to be completed by year end, following a phase one pilot program consisting of 200 terminals. At that time, Hypercom’s ‘ICE 5000’ card payment systems will process a significant portion of the credit, debit and EBT transactions conducted in the country, and also handle check guarantee inquiry and direct customer credit. Brazil is the world’s eighth largest market based on the total number of payment cards.Details
Stater Bros. Markets has signed an agreement with Travelers Express Company, Inc., a Viad Corp subsidiary, to offer Travelers Express money orders and MoneyGram money wire transfer services in 43 stores in California. Recently acquired by Stater Bros., those locations were formerly Albertson or Lucky stores where the MoneyGram wire transfer service was already available. Stater Bros. opted to retain the MoneyGram service and add the Travelers Express brand of money orders in those stores. Southern California-based Stater Bros. Markets expects to have Travelers Express and MoneyGram services available in all 43 locations by year-end.
“We’re very pleased that Stater Bros. Markets selected both our money orders and MoneyGram service,” said Michael Berry, vice president and general manager of Travelers Express/MoneyGram’s retail domestic business. “Customers appreciate having easy access to payment transaction services in the stores where they shop. Now, they will be able to wire money around the world or buy Travelers Express money orders to pay their bills any time they shop in one of those Stater Bros. Markets stores.”
Stater Bros. operates 155 supermarket locations with 46 in San Bernardino County, 40 in Riverside County, 30 in Orange County, 27 in Los Angeles County, 10 in Northern San Diego County, and two in Kern County. There are more than 13,000 members of the Stater Bros. “family” of employees. Headquartered in Colton, Calif., Stater Bros. is the largest locally owned supermarket chain in Southern California and has been serving customers since 1936.
Travelers Express/MoneyGram, which services 5,000 financial institutions and 65,000 retail locations, annually processes more than one billion payment transactions valued at more than $120 billion. In addition to money orders and MoneyGram wire transfers, the company processes official checks, electronic bill payments, rebate checks, WIC payments and gift certificates.
Viad Corp is a $1.6 billion company based in Phoenix.Details
Electronic Clearing House Inc. announced record revenues and earnings for its fiscal year ended Sept. 30, 1999.
Revenue for the fiscal year 1999 totaled a record $23,828,000, a 13.1% increase over revenues of $21,063,000 for fiscal year 1998. Net income before tax provisions (credits) for the fiscal year 1999 was $1,287,000, as compared with $1,190,000 in fiscal year 1998, an increase of 8.2%.
Net income after deferred tax credits for the fiscal year 1999 rose to $2,618,000, $0.144 per basic share and $0.113 per diluted share, resulting in a 126.9% increase over comparable net income of $1,154,000, $0.077 per basic share and $0.053 per diluted share, in fiscal year 1998. The company recognized deferred tax credits in the amount of $1,392,000 in this fiscal year primarily from net operating loss carryforward and business tax credits from prior years.
Revenue from bankcard processing and transaction processing increased from $18,835,000 in fiscal 1998 to a record $21,323,000 in fiscal 1999, a 13.2% increase. Terminal sales and lease revenue increased from $2,055,000 in fiscal 1998 to $2,106,000 in fiscal 1999, a 2.5% increase. Other revenue increased from $173,000 in fiscal 1998 to $399,000 in fiscal 1999, a 130.6% increase.
“We are pleased with the performance for the year but, more importantly, I believe we laid a solid foundation in 1999 for future growth,” stated Joel M. Barry, CEO of ECHO.
“During 1999, ECHO announced the acquisition of Magic Software, a check processing company that processes over 7 million transactions per month; a marketing agreement with U-Haul International to solicit over 11,000 U-Haul dealers to provide credit card processing for the dealers’ non-U-Haul activity; and a processing agreement with innoVentry, a Wells Fargo Bank and Cash America partnership that provides cash advance services to casinos,” stated Barry.
“We expect the financial benefits of these relationships, established in 1999, to be seen in fiscal 2000 and for many years to come.”
“We expect the first two quarters of fiscal 2000 to include certain development expenses to integrate and market these new relationships, but we feel the financial and operational structure is in place to maximize these new relationships throughout fiscal year 2000,” stated Alice Cheung, chief financial officer of ECHO.
ECHO is an electronic payments provider, providing gateways to all the major credit cards and check clearing services. ECHO is one of the few processors that accepts transactions from a Touch-Tone(TM) phone, through a fax machine, via point-of-sale terminals or over the Internet.
In addition, ECHO designs and implements hardware and software solutions that are in use by U-Haul to track the daily inventory of more than 11,000 dealers, by innoVentry to issue and track checks in several major casinos and, under a pilot program in Texas, by the United States Postal Service to issue and track money orders.
Electronic Clearing House Inc. provides credit card processing, check guarantee, check verification, check conversion, inventory tracking services and various Internet services to more than 19,000 retail merchants and U-Haul dealers across the nation. ECHO also designs, develops and manufactures software and point-of-sale hardware that is utilized at credit card processing terminals, automated money order dispensers, inventory tracking devices and casino cash advance systems.Details
TeleCheck says same-store sales for the three-day Thanksgiving shopping period rose 5.2% over the same days last year. The increase was the strongest since Thanksgiving weekend 1993. The data, which covers the Friday-through-Sunday shopping period, are based on a same-store comparison of the dollar volume of authorized checks written by consumers at more than 27,000 of TeleCheck’s 210,000 subscribing locations. By region, the Northeast led the nation, followed by the Mid-Atlantic, the West, the Midwest, the Southeast and the Southwest. The Northeast’s sales climbed 6.4%, with New York up 7.3% and Massachusetts up 5.7%. New York City jumped 7.7% and Boston increased 5.9%.Details
Effective immediately, through February 15, 2000 and available exclusively to American Express Cardmembers, The Hertz Corporation, the world’s largest car rental company, has announced its new weekly “Ski Freedom Rate” of $299 that includes a Ford Explorer or similar vehicle, a one-day ski lift ticket valid at 36 ski resorts across the country, a ski/snow board rack and unlimited mileage.
The promotion is available at participating US locations in Albany, NY; Albuquerque and Santa Fe, NM; Bangor, ME; Boston, MA; Aspen, Colorado Springs, Denver, Durango, Eagle, and Hayden, CO; Flagstaff, AZ; Hartford, CT; Manchester, NH; Portland, ME; Reno, NV; Sacramento, CA; and Salt Lake City, UT.
In Canada, the promotion is valid at participating locations in Calgary, Edmonton, and Vancouver. For rentals in Canada, the “Ski Freedom Rate” is CN$339.
Advance reservations are recommended and black-out periods may apply. When making reservations, customers must ask for AXSKI.
“We’re excited to offer Hertz customers and American Express Cardmembers the opportunity to enjoy our popular ‘Freedom Rate,’ which we’ve designed specifically for our avid ski customers,” commented Frank Camacho, Staff Vice President Marketing for Hertz.
“American Express has worked closely with Hertz to develop an exciting, valuable ski promotion exclusively for Cardmembers that can be accessed at a host of locations,” said Judith King-Murray, Vice President, Travel Industries for American Express.
Hertz’ “Ski Freedom Rate” requires a Saturday night keep with a minimum of a five-day rental. Current arriving airline ticket may be required. Ski/Snowboard racks are subject to availability and, rates are subject to change without notice.
Customers may obtain more information on this new promotion by calling Hertz’ toll-free number at 800-654-3131 or their travel agent or by visiting Hertz’ Web site at hertz.com.
Hertz operates a fleet of 550,000 vehicles from more than 6,300 locations in more than 140 countries.
American Express is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking. For more information, visit [http://www.americanexpress.com].
Stoneham Mountain Resort
Lake Tahoe, CA
Copper Mountain Resort
The Big Mountain
Big Sky Resort
Attitash Bear Peak
Angel Fire Resort
Park City Mountain Resort
Polaroid Smart Security Card Systems will now be available to high-volume customers and smart card vendors. The new smart card production system, announced this morning, is based on Polaroid systems used by more than 100 state and national governments around the world. These systems produce smart Polaroid Electronic ID cards — storing biometrics and digital signatures in the smart card while personalizing the card surface with text, photos and other variable data. These systems are designed to offer governments and large commercial customers the unique ability to produce high-volumes of secure, smart Electronic ID cards. Polaroid produces more than 300 million secure IDs annually. Polaroid currently produces driver’s licenses in 37 U.S. states, six Canadian provinces and territories, several Mexican states and eighteen international jurisdictions.Details
cavion.com, a leading credit union business-to-business communications and Internet services company, Monday announced it has signed an agreement with Credit Union Partnership Inc. to provide that organization with secure connectivity services and access to cavion.com’s private Credit Union interactive Network in support of its share draft processing services.
Credit Union Partnership Inc. is an affiliate of the Missouri Credit Union System. The Missouri Credit Union System is the service and support organization for Missouri’s 190 credit unions.
Under the terms of the transaction, Credit Union Partnership Inc. will also use cavion.com’s private, secure CUiNET network and cavion.com’s secure Internet services to transfer share draft processing information to and from member credit unions, alleviating the need for phone lines and modems. CUiNET is a private network developed and managed by cavion.com for the exclusive use of credit union business-to-business communications.
With the agreement, Credit Union Partnership Inc. will use cavion.com’s E-Draft System to deliver images of cleared share drafts to participating credit unions and to their members. Using secure login and password protection methodology, participating credit unions will be able to retrieve images either via the private CUiNET or by the public Internet. Credit union members will use a secure authentication methodology to access cleared share drafts via the Internet.
Credit Union Partnership Inc. will also obtain secure business-to-business communication links using the cavion.com network.
“We are excited about the opportunity to work with Credit Union Partnership Inc. and the Missouri Credit Union System in expanding its secure Internet capabilities,” said David J. Selina, president and CEO of cavion.com. “While each one of our partnerships is important, it is always exciting to sign a state league because of our emphasis on establishing a strong local presence. We have had tremendous success with this model in Colorado and are committed to the same type of success in Missouri.”
cavion.com currently services more than 70 credit union entities across the United States. It is supporting its national sales effort with 14 regional sales offices, each of which are staffed with sales and technical personnel. The company is presently building data centers at its Memphis, TN, and Livonia, MI, sales offices to augment its current data center at its Colorado headquarters.
About the Missouri Credit Union System
The Missouri Credit Union System provides check processing services for 109 credit unions, about 95 percent of the state’s credit unions that offer checking accounts. The organization’s item processing center recently completed a conversion to image processing.
cavion.com offers products and services for secure business-to-business communications, secure Internet financial products, such as online banking, bill paying and loan decision products, and secure Internet access and services for its credit union customers. The company is also building and managing a secure private communications network called CUiNET (Credit Union interactive Network) exclusively for the credit union industry. The network provides a secure communications platform for the delivery of services and information to and from credit unions and related organizations such as state leagues, corporate credit unions and credit union vendors.Details
Goldman Sachs and PC Data Online reported yesterday that home Internet shoppers spent $274 million online in the week prior to Thanksgiving, an increase of over $66 million from the prior week. Of all product categories, toys had the second largest number of buyers after computer software, which attracted more than 500,000 purchasers. The GS/PC survey specifically asked potential buyers why they would not buy on the web. One month ago (October 31), 15.7% stated that they would not buy online because prices were too high. A week later (November 7), only 11% said they thought prices were too high. In more recent data (November 14), only 6.3% thought prices were too high. PC Data Online surveyed 2,810 home-based Internet users.Details