IVI Checkmate, Scotiabank and Rogers Cantel Inc. announced that IVI Checkmate’s ‘Elite 780’ mobile point-of-sale terminals will be used at the upcoming Pan Am Games in Canada. This marks the first time that these mobile hand-held terminals have been used over the Cantel AT&T Mobitex network at a major Canadian sporting event. Spectators will be able to make purchases with their credit or debit cards at concession stands utilizing the mobile terminals deployed by Scotiabank under ‘Scotia’s 2020’ mobile solution platform during the games. IVI Checkmate’s ‘Elite 780′ terminals have been successfully piloted in Ontario with Pizza Pizza, Harvey’s and a Snap-on Tools franchise. Scotiabank will be introducing them later this summer at Park’ N Fly at Toronto’s Pearson International Airport. Scotiabank plans to be the first bank in Canada to make IVI Checkmate’s mobile terminals available to businesses across Canada this fall.Details
Credit Management Solutions, Inc. , a provider of credit automation systems for consumer, student lending and small business credit analysis, announced Friday that Charter One Financial, Inc. has selected CMSI’s CreditRevue application processing software.
Charter One Financial, Inc. is the parent company of Charter One Bank, one of the five largest thrift institutions in the nation with $24 billion in assets. Charter One plans to use the CreditRevue system to support both its direct consumer lending operation, and its non-prime home equity lending subsidiary, Charter One Credit Company.
John Koch, Charter One’s Executive Vice President said, “We were already familiar with CMSI’s solutions, based on the experience of our indirect automobile lending subsidiary, Charter One Auto Finance. Since our implementation of the CreditRevue system, we have seen benefits such as significant productivity gains, reduced costs and faster turnaround time. We look forward to realizing these same productivity gains in both our direct and home equity lending operations.”
Peter M. Leger, CMSI’s President and COO, said, “We’re pleased that Charter One Financial, Inc. has chosen CMSI’s solutions to help them achieve their business goals. We look forward to working with them to ensure that CreditRevue supports their mission with regard to customer service and business expansion.”
Since it was founded in 1987, CMSI’s credit automation and loan marketing technology services and software have been the choice of the world’s largest and most demanding lending institutions. Building on its leadership, the company is rapidly becoming a premier provider of Internet-based online lending and leasing technology. CMSI licenses credit decisioning and other automation systems and services for consumer and business credit. CMSI also offers a portfolio of products through service bureau alliances that are provided by its alliance partners on a per-transaction fee basis. The company’s e-commerce and Internet commerce products and services are built around its CreditOnline(R) Internet gateway and patented CreditConnection(R) technology [http://www.creditconnection.com], which links credit originators, such as automobile dealers, with an extensive network of leading prime and non-prime lenders.
Fiserv, Inc. announced Friday an agreement with American Express in which Fiserv is providing account processing and information management for American Express Membership B@nking. This new direct bank offering from American Express provides consumers with a range of high-value products; quality customer service; and the convenience of banking online, by telephone, ATM or mail.
As a leading technology resource, Fiserv is setting the standard for advanced financial information management solutions. Financial services providers and other organizations seeking to develop their electronic banking offerings to their customers can rely on ePrime@Fiserv(TM) for all the systems, products and expertise necessary for formation of a direct bank–all through a single relationship with Fiserv.
“We believe Membership B@nking is one of the most compelling direct banks in the marketplace today,” said Ruediger Adolph, Senior Vice President, Strategic Planning and Business Development at American Express. “By working with a service provider such as Fiserv, we are able to leverage outside expertise to bring products to market more quickly and cost-effectively.”
“This agreement highlights the scope and comprehensiveness of our ePrime@Fiserv direct/Internet bank offering,” said Leslie M. Muma, President and Chief Executive Officer of Fiserv, Inc. “We are proud to have been selected as the American Express technology partner for American Express Membership B@nking.
“With our line-up of ePrime@Fiserv direct bank solution sets, Fiserv is best positioned to meet the growing demand for direct/Internet banking, having spent years developing the resources and technological expertise necessary to create and support the demand for this new type of service,” Muma added. “Our strategy has been to create a supermarket of financial information technology services, allowing us to provide comprehensive scaleable solutions to meet each client’s requirements.”
The ePrime@Fiserv solution set initially supporting American Express Membership B@nking includes Internet access and a full-service, automated banking component. The Fiserv Comprehensive Banking System serves as the core account processing solution.
Membership B@nking ([http://www.americanexpress.com/bank ing]) provides high rates on deposits, low rate lines of credit, rebates on ATM surcharges and free unlimited electronic bill payment. Its range of products includes money market and checking accounts, CDs and lines of credit that offer among the best rates in the industry. “The Fiserv business strategy in the e-services arena is focused on meeting the requirements of an emerging and converging financial world, and we have the solid financial foundation to carry it out,” Muma added. “We will continue to build on our new product strengths in this area with focused research and development, strategic acquisitions and selected industry partnerships.”
Fiserv, Inc. (NASDAQ:FISV) is an independent, full-service provider of integrated data processing and information management systems to the financial industry. As a leading technology resource, Fiserv serves more than 7,000 financial service providers worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies, mortgage banks and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv also can be found on the Internet at [www.fiserv.com].
First Data Corporation Friday announced it has completed the sale of Donnelley Marketing to infoUSA for approximately $200 million in cash.
With annual revenues of approximately $90 million, Donnelley Marketing is a leading consumer database and database marketing company. infoUSA provides proprietary business and consumer databases and database processing services.
As previously announced, infoUSA will continue to provide certain First Data subsidiaries with consumer and business database content.
Atlanta-based First Data Corporation helps move the world’s money. As the leader in electronic commerce and payment services, First Data serves more than two 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. With more than 32,000 employees worldwide, the company provide credit, debit and stored-value card issuing and processing services; Internet commerce solutions; wire transfers and money orders; and check processing and verification services throughout the United States, United Kingdom, Australia, Mexico, Spain and Germany. First Data’s Western Union network includes approximately 74,000 locations with operations in 172 countries.Details
Depositions in the U.S. Department of Justice anti-trust litigation with VISA and MasterCard continues this week. This morning Charles Walsh will be deposed followed tomorrow by Capital One’s Richard Fairbanks. Also testifying this week: Shalish Mehta of Providian; Charlie Hagerty and Beverly Wells of Wachovia; and Charles Doyle of the Texas Independent Bankers Association. Depositions for executives of VISA and MasterCard will begin Sept. 13 and will continue through Nov. 9. Earlier this month, U.S. District Judge Barbara Jones, agreed to move the trial date from Feb. 8, 2000 to June 5, 2000. Both VISA and MasterCard requested an eight month extension but only got four months.Details
Trintech announced this morning a technical alliance with Intershop Communications to offer on-line retailers full-featured e-commerce solutions using SSL or SET security standards. Trintech’s ‘PayWare Net’ payment processing technology has been enhanced to provide a seamless complement to Intershop’s storefront software. As a result of the alliance, Intershop’s e-commerce customers can use the enhanced version of PayWare Net for securely accepting and processing card payments on Windows NT and UNIX platforms. A single plug-in developed by Trintech provides the interoperability between the two companies’ solutions. Trintech is responsible for all the sales and support associated with the plug-in.Details
U.S. Wireless Data, Inc. the leader in applying wireless technology to the payments industry, announced last week the company has signed a two-year transaction processing agreement with Westamerica Bank Inc.. Under the terms of the agreement, Westamerica Bank will offer high-speed credit card authorization services utilizing USWD’s Wireless Express Payment Service to new and existing merchants of Westamerica Bank. The new transaction processing service will be marketed through Westamerica Bank branch offices.
Westamerica Bank is one of the leading providers of banking services to businesses in the Northern California area. Westamerica Bank processes for over 1,000 merchants. In 1998 Westamerica Bank processed over $500 million in card sales.
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. One feature of the WEPS service is the ability for merchants and merchant acquirers to access terminal, account and transaction information via a secure Internet web site. This feature represents a major advance in the goal to provide merchant acquirers with a rich set of customer support tools. It also provides merchants with a user-friendly method for directly managing their card processing information.
WEPS provides faster transaction authorizations, averaging 3-5 seconds versus the typical 12-15 seconds in a dial-up environment. It also eliminates the need and cost of a separate telephone line for the payment terminal and affords terminal mobility since there is no need to be connected to a land- based line. WEPS is ideal for merchants who need to manage long lines at the point of sale or who need to authorize bank cards in a fixed or mobile environment, such as fast food restaurants or taxi and limousine services.
Ray Chow, Vice President of operations at Westamerica Bank, commented: “Westamerica Bank is excited to be able to offer Wireless Express Payment Service to our customers. Wireless credit card processing opens revenue opportunities for Westamerica with new types of businesses such as quick service restaurants. Also, WEPS strongly differentiates Westamerica Bank in this highly competitive marketplace.”
“We are beginning to see strong acceptance of wireless credit card processing with Wireless Express Payment Service(SM), said Dean Leavitt, Chairman and CEO of U.S. Wireless Data. “This partnership is very important to us as it bolsters our new business model which is for USWD to serve as an enabler to the acquiring industry for wireless transaction processing solutions.”
Westamerica Bancorporation (http://www.westamerica.com) operates as a multi-bank holding company for Westamerica Bank and Bank of Lake County. Westamerica Bank, with $3.7 billion in assets, has 85 Northern and Central California branches. Bank of Lake County, with $91 million in assets, has 4 offices in Lake County.
U.S. Wireless Data, Inc. ([http://www.uswirelessdata.com]) is the leader in applying wireless technology to the payments industry. Through the use of its proprietary technology, software, carrier relationships, and front-end authorization and capture capability, USWD enables merchant acquirers to provide their customers with the fastest and most cost-effective transaction processing solutions in the industry today.
Forward-Looking Statements: Certain information above contains forward-looking statements that involve risk and uncertainties. While the management of the Company believes that current expectations reflect reasonable assumptions, no assurances can be given that the Company will achieve its goals. Factors that could cause actual results to differ materially include, but are not limited to: the Company’s requirement for additional capital; failure of the Company to raise additional capital critical to continue ongoing operations, the failure to execute definitive agreements with potential strategic alliance partners; technological change; the ability of the Company to develop new distribution channels; or the intensification of competition. The reports filed by the Company pursuant to United States securities laws contain a detailed discussion of these factors and certain other risks to which the Company is subject. Management of the Company advises the reader to review these reports (which are available from the United States Securities and Exchange Commission’s EDGAR database at [http://www.sec.gov] and at various other Commission reference facilities in the United States) before making an investment decision regarding the Company or its securities.
National City Corp. confirmed this morning that it has no plans either to extend or to amend its tender offer for all the publicly traded outstanding common shares of National Processing that it does not currently own. National City currently owns approximately 88% of NP’s outstanding shares. The current offer of $9.50 per share is conditioned upon acceptance by a majority of the outstanding shares not currently owned by National City Corporation, and will expire at midnight tonight. Two weeks ago National Processing’s Special Committee of its Board of Directors said Natl City’s tender offer is inadequate and is out to squeeze NPC’s minority shareholders. The Special Committee urged NPC’s minority shareholders to reject the National City tender offer.Details
Home Account, the leading provider of Internet-based financial service solutions, announced Friday that it has established a Professional Services division focused on working with companies of all types to take full advantage of the new financial service business opportunities afforded by the Internet.
“This new division demonstrates Home Account’s commitment to enabling companies of all types and sizes to use the Internet as a highly effective way to build and enhance financial service customer relationships,” said Randy Kahn, chief operating officer of Home Account.
Preston C. Polk, formerly vice president of strategic planning for First Data Corporation, leads the new unit as Home Account’s senior vice president of Professional Services. Prior to joining First Data Corporation, Mr. Polk was with Booz-Allen & Hamilton in New York, where he consulted with financial institutions on the development of new markets, the use of technology, and retail delivery strategies.
Today, most financial service companies are simply using the Web as a method of distributing marketing information or delivering simplistic transactional capabilities such as bill payment. Home Account Professional Services is focused on helping companies develop more broadly based financial service Internet strategies and capabilities to effectively harness the full power of the Internet, enabling them to deliver more value for customers in a fully integrated fashion. Current consulting projects range from the development of Internet delivery strategies for major financial institutions to the design and development of Internet-only banks.
“Financial service companies should be asking themselves questions such as, ‘How are we using the Internet for strategic branding? What types of products and services should we deliver over the Internet and what types of customers should we target? What types of alliances should we form with other financial service providers?'” said Polk. “Instead of just helping our clients put up a Web storefront with links to other sites, we will guide clients through the innovative business models required to transform the Internet into a revenue-producing venture.”
Home Account Professional Services is staffed by an internal team of technology and financial experts and also draws on the expertise of seasoned industry consultants. Its charter includes strategic technology consulting, as well as developing specific software, services and applications for clients.
About Home Account
Home Account delivers home banking, financial management and electronic commerce solutions to banks, brokerages and other financial service organizations. Home Account’s products include: Canopy Server(tm), an OFX (Open Financial Exchange) financial services platform that allows distribution of services through multiple channels; Canopy Advisor(tm), a strategic financial planning system for use by individuals and financial professionals; Canopy First ™, a family of outsourced, scalable and brandable Internet products and services for financial institutions, card issuers and brokerages; Canopy Card(tm) innovative Internet account access programs for card issuers; Canopy Business(tm) Internet-based cash management services for business customers; and Canopy Clients(tm), a series of financial management user interfaces.
Home Account is headquartered in Emeryville, Calif., with offices in Charleston, S.C., Omaha, Neb., Los Angeles and Atlanta.Details
San Francisco-based NextCard announced this morning it will be featured on the ‘Kodak Picture CD’, enabling consumers to interactively design and apply for a ‘NextCard Internet VISA’ by choosing among their photos and various card styles. The ‘Kodak Picture CD’, developed and marketed with Intel, provides the benefits of digital pictures, without the need for a digital camera, so that pictures and easy-to-use software applications are integrated on one CD The ‘NextCard Internet VISA’ will be featured in the “Interactive Marketplace” and “Internet Adventures” sections on Volume 2, Issue 3, of the CD, which will be available at approximately 40,000 retail outlets next week. To get a ‘Picture CD’, consumers take pictures using a traditional film camera, then order the CD by simply checking the box on the film-processing envelope provided at any retailer offering Kodak photofinishing.Details
First Data reported last week that total card accounts on file for its Card Issuer Services unit were up 13%, led by debit card accounts that increased 57%. FDC’s second quarter earnings report also showed that the Merchant Processing Services unit continued to perform well with revenues up 14% in the quarter to $393 million and operating profits up 24%. MPS reflects strong volume growth, and the effect of pricing and cost management initiatives implemented during the second half of 1998. Total merchant card dollar volume for the quarter grew 20%. Payment Instruments revenues, including Western Union, grew 20% to $503 million, fueled by growth in international money transfer. During the quarter, Western Union launched money transfer service to Cuba where it has opened more than 30 locations. For more details on FDC’s 2Q/99 results visit CardData ([www.carddata.com]).
NJ-based Shoppers Charge Accounts has signed a long-term contract with Fiserv to use the ‘PLUS (Private Label Universal Services) System’ to automate the information-processing functions of its national retail credit business. In addition to the ‘PLUS System’, SCA also licensed the Fiserv ‘easyACCESS REPORTS’ system computerized system reports archival. SCA currently designs, finances, manages and markets private-label credit programs for nearly 100 retailers with more than 1,500 stores in 49 states.Details