Another regional player is tightening the reins as AmSouth announced Monday the sale of a $170 million portion of its credit card portfolio to Associates National Bank. Terms of the agreement were not disclosed. The receivables sold were acquired by AmSouth through direct mail solicitations or purchases. The bank says it will continue in the credit card business with an emphasis on core customers. At the end of the first quarter AmSouth held $421,303,292 in total receivables from 334,986 gross accounts, according to CardData.Details
In January, SCORE and Visa U.S.A. released two financial management workbooks for entrepreneurs nationwide. In six months, more than 100,000 copies of each workbook have been distributed to entrepreneurs across the country. The guides How To Secure Financing and How To Choose The Best Bank For Your Business meet a critical need in helping entrepreneurs navigate a successful path to a loan, line of credit and banking relationship.
In salute to National Small Business Week May 31-June 7, 1998, SCORE and Visa sponsor a reception honoring the top two SCORE chapters nationwide as the SCORE Chapters of the Year. Orange County SCORE of Santa Ana, California and Central Virginia SCORE of Charlottesville, Virginia are recognized. The reception held during Small Business Week in Washington, D.C. commends these chapters for their volunteer service on behalf of small business.
Visa U.S.A. and SCORE celebrate the first year of their national alliance as “Small Business Financial Management Partners” on June 11, 1998. As partners, Visa and SCORE are working together to provide entrepreneurs with the financial management tools they need to start and grow a successful business. Visa and SCORE are working together on the following projects
— How To Secure Financing and How To Choose The Best Bank For Your Business workbook series serve as real-world guides to managing finances in business and working with banks to gain access to capital to grow that business. The guides are resources to help entrepreneurs successfully secure and manage the finances of their small businesses. The first workbook provides several key criteria that help small business owners calculate the financing they will need. The second workbook offers guidelines on choosing the right bank and developing a beneficial relationship. The workbooks are available to entrepreneurs at any of the 389 SCORE chapter offices nationwide free-of-charge during an initial counseling session.
— Web Sites and offer specialized content on financial management for small businesses. This cooperative effort to answer finance questions, identify financial trends and provide solid how-to guidance are hallmarks of the sites. The Visa small business survey identifies how entrepreneurs are managing finances and SCORE guest features about How To Assemble Your Loan Package and Finding The Right Bank answer real-world questions. The Visa and SCORE Web sites feature all new content for Small Business Week and the month of June. Visit the Visa Small Business Site for a look at their salute to the SCORE Chapters of the Year. And, check out the SCORE Web site for 31 financial management tips from Visa USA.Details
William F. Zuendt, former President and Chief Operating Officer of Wells Fargo Bank, has joined DigiCash Incorporated as a member of its Board of Directors.
Zuendt’s banking and payment system expertise adds invaluable support for the strategic development of DigiCash’s eCash as a leading payment system for electronic commerce, according to Michael Nash, DigiCash President and CEO. Zuendt’s affiliation with DigiCash coincides with significant consolidation in support for the eCash payment system. With this move, Zuendt who has played significant roles in the development of several payment systems, including InterLink, MasterCard and Mondex, is now using his industry savvy to help the growth of eCash, DigiCash’s software-based Internet payment system which features high levels of efficiency, security and privacy for the user.
Zuendt joins a Board of Directors consisting of Michael Nash; David Chaum, DigiCash Founder and CTO; David Marquardt, General Partner of August Capital; Nicholas Negroponte, Director of MIT’s Media Lab; and observers Thomas Grant, General Partner of Applied Technology and Toon den Heijer, General Partner of Gilde Investment Funds.
Zuendt retired as President and Chief Operating Officer of Wells Fargo & Company, a bank holding company, and Wells Fargo Bank in 1997. He joined the bank in 1973 with responsibility for its computer systems and operations, and throughout the 1980’s he directed its retail banking business.
Zuendt is also a director of 3Com Corporation, a global data networking company; Advent Software, Inc., an investment management software and services provider; a member of the Stanford Graduate School of Business Advisory Council, and is past chairman of the boards of MasterCard International and Golden Gate University.
Zuendt earned a Bachelor of Science degree in mathematics from Rensselaer Polytechnic Institute in Troy, NY, and a Master of Business Administration degree from Stanford University’s Graduate School of Business.
DigiCash Incorporated is a private, venture capital-backed corporation with headquarters in Palo Alto, California. DigiCash invented electronic or digital money and continues to pioneer the development of Internet payments.Details
US Airways expanded its electronic ticketing option today to include travel to Amsterdam, Frankfurt, London, Madrid, and Munich.
With the addition of these five European destinations, US Airways’ electronic ticketing option now includes travel on all US Airways, US Airways Express, US Airways Shuttle and MetroJet flights in the continental United States, Canada, San Juan, St. Thomas and St. Croix. Electronic ticketing for Paris and Rome is planned for later this year.
“The success of US Airways’ electronic ticketing program in the U.S., Canada and parts of the Caribbean, coupled with our international growth, has led us to introduce this popular ticketing option for European travel,” said Steve Tracas, US Airways vice president of sales. “The introduction of electronic ticketing in our transatlantic markets further demonstrates our commitment to providing a wider range of quality services for our customers.”
US Airways’ electronic ticketing is available through reservations or at any US Airways ticketing facility, including airport and city ticket offices, as well as at any U.S. based travel agency.
For international travel, customers purchasing an electronic ticket will follow the same check-in requirements, security and customs and immigration procedures as those traveling using a paper ticket. An electronic ticket receipt and itinerary replaces the paper ticket requirement. If requested, a duplicate receipt and itinerary is available at a US Airways ticketing location.
Customers paying for an electronic ticket by telephone with US Airways reservations, and using a credit card, need to present the credit card upon check-in.
Since the introduction of US Airways’ electronic ticketing in April, 1996, more than 12 million US Airways customers have traveled using an electronic ticket and nearly 40 percent of all US Airways customers now choose the electronic ticketing option.
With today’s launch of MetroJet, US Airways, US Airways Express, US Airways Shuttle and MetroJet fly to more than 208 destinations worldwide, including 38 states in the U.S., Bermuda, Cancun, Grand Cayman, Montego Bay, Nassau, San Juan, St. Thomas, St. Maarten, St. Croix, and the Canadian destinations of Toronto, Montreal, Ottawa, Hamilton, and London, Ontario.
For information on US Airways, US Airways Express or US Airways Shuttle flights, contact your professional travel consultant or US Airways at 1-800-428-4322. MetroJet flight information is available by calling 1-888-MetroJet (1-888-638-7653).
Visit US Airways’ World Wide Web Site [http//www.usairways.com].
Vanguard Cellular Systems, which operates cellular telephone and retail stores under the CellularONE brand name, has successfully converted more than 70 of its 120-plus retail outlets to the GERS Sequel System.
The cellular service provider/retailer purchased the technologically advanced system to help them automate the selling, inventory control and cash management channels within their organization.
Vanguard purchased GERS’ Base Package, and the Customer Service, Point-of-Sale (POS), Batch Bar Coding, Sequel Flash and Credit Card Authorization Interface modules. The hardware they are using is a Data General AviiON 20000 NUMA which will currently support over 600 on-line users. Prior to choosing the GERS system, Vanguard operated on its own homegrown POS system. “We’ve already started to see dramatic changes because of the GERS system as speed and accuracy of our sales transactions are increasing while our inventory on-hand is pushing down,” said Art Whiting, vice president and controller of Vanguard Cellular. “We couldn’t be more pleased with GERS Retail Systems, especially their professional services and implementation support.” There were several interfaces involved in the project that integrated the GERS system with Vanguard’s in-house billing system and includes the following features
– Near real time Customer Master replication (new and existing customers) between the Sequel system and the billing system customer database.
– Real time bill balance information that is retrieved and displayed through the Payment on Account program.
– Near real time update of the billing system for payments taken from within the Sequel Payment and the Account program.
– The ability to put equipment charges onto a customer’s bill from transactions initiated from Point of Sale.
– The ability to credit a customer’s account for equipment returns from transactions initiated from Point of Sale (credit memo).
The GERS System was turned on for warehouse and distribution control in October to handle Vanguard’s busy season and is already paying dividends in reduced inventory losses and reduced inventory levels through fast inventory turn rates. The first of its CellularONE stores went live on March 1 and the conversion plan indicates all of its 120-plus CellularONE stores will be live on the Sequel System by July 1.
“It’s exciting to be working with a progressive retailer the size of Vanguard/CellularONE,” said Dennis Conforto, vice president of GERS Retail Systems. “We are confident they will continue to be pleased with how the Sequel System will handle their cash management and inventory while increasing efficiency and employee productivity.”
Headquartered in Greensboro, N.C., Vanguard Cellular Systems has more than 120 retail outlets in five regions along the eastern seaboard and provides telecommunications services to more than 667,000 customers. The GERS Sequel System is a comprehensive retail management tool that allows retailers the ability to oversee all aspects of retail operation including cash management, inventory, sales, merchandising, warehousing, accounting, and billing and credit scoring interfaces, with the flexibility to shape the system to their individual needs.
San Diego-based GERS Retail Systems provides fully integrated, Open Systems computer solutions software, hardware, and comprehensive training for hardlines, softlines, department stores, Consumer Electronics/Wireless retail operations and Home Furnishings retailers.Details
[Play the non-embedded version] You can also launch your RealPlayer by clicking on the links below. ![![28.8 RealVideo]][![56 RealVideo]]  Silicon Valley-based Technology Funding announced Monday it received SEC approval to accept credit cards for the online purchase of shares in its newest public fund, ‘Technology Funding Venture Capital Fund VI’ (VC-6). This marks the first time that investors have been able to use a credit card to invest in a newly issued security. Investors who visit the company’s Web site can learn about venture capital investing, review or download the prospectus, and purchase shares in VC-6 with a major credit card. However the VC-6 Web site discourages investors from carrying a balance on their credit cards or obtaining new credit cards to purchase shares in VC-6 because finance charges would reduce the potential return on the investment. The firm currently uses SSL security for credit cards with plans to upgrade to SET later this year.
Air Travel Card (ATC), the world’s first business travel payment system, announced today an agreement with VeriFone, Inc., the leading global provider of secure electronic payment solutions, to bring a higher level of secure electronic commerce to the business travel industry. Utilizing the SET Secure Electronic Transaction protocol, this agreement will build a foundation for Air Travel Card member airlines and corporate cardholders to conduct secure transactions over the Internet.
Through its Electronic Commerce Program, ATC will provide American Airlines and Lufthansa German Airlines with VeriFone vPOS software, which will enable them to accept the Air Travel Card as a secure form of payment over the Internet. These airlines, in turn, will conduct pilot programs with their Air Travel Card subscribers providing them with compatible VeriFone vWALLET software to initiate electronic payment transactions. The system provides near-instantaneous authorization system for the airlines’ Internet payment transactions, reducing the likelihood of fraudulent charges.
Verifone vPOS software will allow Air Travel Card’s airlines to accept Internet transactions based on the SET protocol. Once a cardholder (consumer) selects an itinerary, vWallet software initiates the payment transaction with the airline’s (merchant) vPOS software. Just as a merchant in the real world authorizes charge card purchases with a particular card issuer, the vPOS merchant software will perform an electronic verification ensuring a cardholder’s account is not being fraudulently used.
A consumer uses vWALLET software that a consumer uses to facilitate secure purchasing over the Internet. The wallet software is designed to mirror the way a consumer makes purchases in the physical world, enabling consumers to “carry” vWALLET software to an Internet site and select a charge card when purchasing an airline ticket. Additionally, transactions are protected with high levels of encryption, which makes for virtual shopping as secure as that in the real world.
“This accord sets the stage for Air Travel Card’s Electronic Commerce Program, which will allow the world’s airlines to accept the Air Travel Card as payment in an extremely secure environment,” said Charles Fischer, managing director of Air Travel Card.
The second phase of the ATC-Verifone agreement will be an incentive program designed to expand the program to other airlines that accept the Air Travel Card through the Internet. “It is the aim of Air Travel Cards to make its Electronic Commerce Program accessible to the more than 200 airlines that accept the Air Travel Card as a form of payment. The incentive program will offer discounted merchant and cardholder software, as well as end-to-end testing with specially trained personnel and turnkey operations.”
“Air Travel Card is demonstrating its industry leadership by implementing this electronic commerce initiative,” said George Hoyem, vice president of VeriFone’s Internet Commerce Division. “Once these measures are in place, payment over the Internet will be more secure.”
Air Travel Card is the business travel payment system offered by 29 airlines and accepted by more than 200 air carriers around the world. As a part of its global network, Air Travel Card owns and licenses the brands AirPlusâ¢ (Europe) and PassAge® (Asia) that provide value-added benefits to travelers.
VeriFone, Inc. (), a wholly owned subsidiary of Hewlett-Packard Company, is the leading global provider of secure electronic payment solutions for financial institutions, merchants and consumers. VeriFone has shipped more than six million electronic payment systems, which are used in over 100 countries.
VeriFone, vPOS and vWALLET are either registered trademarks or trademarks of VeriFone, Inc. in the US and/or other countries. All other company names, brands or products may be trademarks or registered trademarks of their respective owners.Details
Quik International, a firm specializing in Internet access franchising, formed a partnership with Cardservice International to offer its subscribers a pre-approved merchant account. Websites hosted by Quik will receive full turn-key service including access, hosting, website design and e-commerce. Quik’s Internet Store utilizes Cardservice’s software ‘Authorize Net’ to process all major credit card and electronic checks for instant approval on the Internet. Quik now has 52 independent owners in 21 states and 4 foreign countries.Details
MasterCard reported yesterday it captured 30% of the world’s $400 billion of T&E payment card volume last year and intends to bolster its T&E share further through new alliances/programs. MasterCard cited its alliance with American Airlines as an example of a successful alliance wherein MC’s sales volume increased by $55 million last year. The association says its new ‘World MasterCard’, launched last October, will help drive T&E volume this year. According to a Menlo Consulting survey, three-times as many Americans carry and use MasterCard-branded credit card versus American Express cards when traveling for business or pleasure. MasterCard estimates the world’s total T&E spending to be more than $2 trillion.Details
InteliData Technologies Corp. announced Monday that its IBM mainframe-based home banking software, the Interpose Financial Engine, will be enhanced to support connectivity to Integrion Financial Network’s Interactive Financial Services platform using the GOLD messaging standard.
With the implementation of GOLD, Interpose will provide seamless legacy system integration to the IFS platform. Ultimately, InteliData will migrate all of its bank customers to the converged Open Financial Exchange (OFX) and GOLD standard due out from the Banking Industry Technology Secretariat (BITS) later this year.
“We are confident that Interpose will provide quick implementation to Integrion’s IFS platform,” said President and CEO of InteliData John Backus. “Our guarantee to banks is that we will have them connected in real time to the Integrion IFS platform in 100 days or less, or we will refund the cost of the software,” he added.
The Interpose software, currently installed in five of the Integrion member banks and in nine of the former Visa InterActive banks which are now part of Integrion, provides a real-time connection between the bank’s IBM mainframe and the IFS platform. The software will run directly on the IBM mainframe, leveraging the performance and reliability of the mainframe as home banking volumes grow. In addition, Interpose provides banks with sophisticated customer profile data, via an internal data warehouse, by tracking customer access to checking, savings, credit and other accounts.
“Integrion has taken a leadership role in developing a platform solution that can handle the increasing performance and reliability demands for Internet banking and other forms of electronic delivery,” said InteliData Chairman Bill Gorog. “We believe that by connecting to Integrion from the Interpose Financial Engine, more banks can capitalize on the tremendous potential of IFS and get to market faster.”
Integrion CEO and Managing Director William M. Fenimore, Jr. commented, “In today’s environment, speed to market is a critical success factor for financial institutions. Integrion is pleased to accelerate the IFS implementation process with InteliData, whose track record for providing real- time connectivity from the mainframe should be a tremendous benefit to our customers.”
“As a strong proponent of open standards in home banking, IBM applauds InteliData’s move to provide GOLD connectivity,” said Paul Loftus, General Manager, Solutions, IBM Global Banking, Finance & Securities Industries. “Leveraging the high-performance IBM mainframe, Interpose helps provide Integrion banks the scalability they need to handle future volume growth. Interpose greatly simplifies connectivity to the bank’s back end systems, helping to achieve quick-to-market, robust, end-to-end solutions.”
Integrion Financial Network is a leading provider of interactive banking and electronic commerce services to financial institutions. Through the Interactive Financial Services (IFS) platform, Integrion offers financial institutions a network through which electronic transactions flow from multiple consumer access points to a bank’s host system and/or processor. Technology partnerships with IBM and CheckFree Corporation allow for the delivery of flexible, high utility applications that can be employed at a financial institution for the benefit of end customers.
Integrion’s operating philosophy allows banks to determine the manner and format in which home banking and electronic commerce services are offered, ensuring consistency with the bank’s full range of services, effective branding by the bank and maximum customer benefit. For more information, visit the Integrion Web site at .
InteliData, with headquarters in Herndon, Va., is a leading supplier of home banking software to financial institutions and financial service providers. The Company’s Interpose Financial Engine is a real-time system with connectivity from bank legacy systems to home banking delivery. Interpose provides a popular home banking connectivity software application that runs on the IBM mainframe, taking advantage of the mainframes’ unlimited scalability to service millions of users 7 days a week, 24 hours a day. For more information, visit the InteliData Web site at .
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995 This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to the Company’s ability to successfully implement its recently announced outsourcing strategy, the effects of a down-sized workforce on its operations, the impact of competitive products, pricing pressure, product demand and market acceptance risks, timing of customer programs, reliance on key strategic alliances, the ability to attract and retain key employees, manufacturing delays, outsourcing partners, the availability of key component parts, availability of cash for growth, product obsolescence, inventory levels and valuations, ability to reduce product costs, fluctuations in operating results, ability to continue funding operating losses, delays in development of highly complex products and other risks detailed from time to time in InteliData filings with the Securities and Exchange Commission. These risks could cause the Company’s actual results for 1998 and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, InteliData.Details
Bank of Amercia and Juno Online Services announced Monday they are teaming up to market BofA’s credit card products to Juno’s more than 5 million Internet e-mail subscribers. Under the multi-year agreement, Juno’s subscribers will receive offers for a variety of Bank of America credit cards and will be able to complete and submit applications electronically over Juno’s secure, proprietary network. Juno will target market Bank of America’s products through a coordinated campaign of interactive advertisements displayed over the Juno service.Details
For the second straight year VISA and merchants of famous streets of America are joining up to run a summer promotion and sweepstakes. ‘Famous Streets’, VISA’s largest retail and destination campaign nationwide, rewards VISA cardholders for using their VISA cards on any of the following nine famous streets and shopping areas Beverly Hills’ Rodeo Drive; the streets of Manhattan in New York City; San Francisco’s Union Square; Chicago’s Magnificent Mile (Michigan Avenue); Orange County’s South Coast Plaza; Atlanta’s Peachtree Street; Palm Beach’s Worth Avenue; Philadelphia’s Rittenhouse Row; and New Orleans’ Royal Street. Besides special incentives, consumers have the opportunity to win a $25,000 shopping spree and all-expense-paid vacation to the famous street of their choice anytime and anywhere they use a VISA card between now and August 31.Details