Royal Bank announced the implementation of a system that ensures secure credit card payments over the Internet. Using software products developed by VeriFone Inc., and with the grated participation of IBM Canada Ltd. and UUNET Canada Inc., the new system provides an Internet payment solution based on the SET protocol. The first retailer to use the service is Proof in Advance Education Corp. of Toronto, which produces Learn As You Drive audio-cassettes.Details
Florida-based Smartview says its device will avoid problems associated with the printing of the new $50 bill. The Smartview counterfeit detector was developed specifically to counteract fraud by showing the flow of the embedded security thread. Its patented Adarkroom technology is the only on of its kind to clearly show the glow of the security device in any light conditions. The devise is already in widespread use for verifying conditions. The devise is already in widespread use for verifying the newly printed $100 bills, which were redesigned in 1996 to include a red security thread to the left of the portrait.Details
Gemplus Group announced a partnership with Nokia and Islacom to introduce the first integrated wireless smart card payphones in the Philippines. The pilot will take place in October. The Nokia wireless payphone is currently being used in countries including South Africa, Thailand, the United Kingdom and Singapore.Details
Vital Processing Services announced Friday the signing of a significant long-term contract to convert U.S. Bancorp’s merchant portfolio to Vital’s POS authorization and data capture services. Over the next year, U.S. Bancorp with the concurrence of its customers will direct all of its authorization and capture traffic to Vital. These converted transactions, combined with U.S. Bancorp’s current Vital volume, translates to a processing forecast of 20 million transactions per month by the end of 1998 from U.S. Bancorp’s 90,000 merchants.Details
Signifying a growing trend in the mortgage lending industry, E-Loan today announced receipt of its 1,000th on-line loan application. The site, www.eloan.com which was launched on June 30, 1997, has increased its month to month loan activity more than 100 percent in that time. Borrowers can search for the lowest rates available on a daily basis from the best lending sources, compare loans, lock-in, and apply on-line immediately.Details
As National Consumer’s Week opens today there is clear evidence consumer credit card habits are changing rapidly. An analysis of mid-year data gathered by CardData, and reported in Bankcard Update and Bankcard Barometer, shows the number of consumers consistently paying off card balances continues to grow and is approaching 40%. Meanwhile the percentage of active accounts continues to shrink and is now hovering around 60%. Some major issuers are experiencing active account ratios in the mid-50% range according to CardData’s preliminary third quarter portfolio survey. Both factors are significantly impacting profitability.
History of Revolvers versus Convenience Users of Bank Credit Cards: (percentage of accounts with a carryover balance versus accounts with no carryover balance at end of each year)& History of Active Accounts (percentage of gross accounts with posted activity at year’s end) * as of mid-year
YEAR CONV ACT
1990: 29% 78%
1991: 30% 78%
1992: 31% 76%
1993: 32% 73%
1994: 33% 71%
1995: 34% 68%
1996: 36% 65%
1997: 39%* 61%
First USA Paymentech reported earnings of $4.2 million for the first quarter of fiscal 1998. This compared with net income of $6.4 million for the first quarter of fiscal year 1997. During the fiscal 1998 first quarter, Paymentech processed approximately 420 million bankcard and third-party authorization and capture transactions. Paymentech also announced that it has officially changed its name to Paymentech, Inc. from First USA Paymentech, Inc. Effective October 29, 1997, the company will be listed on New York Stock Exchange under the new name of Paymentech, Inc.Details
Continued strong financial results were highlighted at National Data Corporation’s annual stockholder meeting here today.
Commenting on the year, NDC Chairman and CEO Robert A. Yellowlees said: “We’ve continued our record of consistent financial results. Our solid earnings growth combined with a high recurring revenue stream continues to provide a sound investment value for our shareholders. Our productivity focus and investments are yielding expanding margins and our cash flow continues to build. For fiscal year 1997 revenue increased 54 percent, EBITDA exceeded $100 million and was 23 percent of revenue, net income grew by 57 percent and earnings per share grew from $1.01 to $1.38.
“But the numbers are only a fraction of the story. While our company has produced steady financial results during this time, we also have significantly strengthened the content and positioning of our business. That, combined with the talent of our employees and management team, provides an excellent formula to support continued growth.”
National Data Corporation is a leading provider of information services for the health care and payment systems markets.
When used in this report, press releases and elsewhere by management or the Company from time to time, the words “believes,” “anticipates,” “expects” and similar expressions are intended to identify forward-looking statements concerning the Company’s operations, economic performance and financial condition, including in particular, the likelihood of the Company’s success in developing and expanding its business. These statements are based on a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company, and reflect future business decisions which are subject to change. A variety of factors could cause actual results to differ materially from those anticipated in the Company’s forward-looking statements, some of which include competition in the market for the Company’s services, continued expansion of the Company’s processing and payment systems markets, successfully completing and integrating acquisitions in existing and new markets and other risk factors that are discussed from time to time in the Company’s Securities and Exchange Commission (“SEC”) reports and other filings. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligations to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or thereof, as the case may be, or to reflect the occurrence of unanticipated events.Details
AT&T Universal Card Services, said its business customers can now access their latest company and employee statements over the Internet and download them for convenient accounting. The company said today that cardmembers of the AT&T Universal Business Card can view their previous statements through the companyâs Business Account Online service and download them into the qif format. Cardmembers can access information such as unbilled charges, available credit and payments, and employee statements. Introduced in April, 1997, there are already more than 150,000 cards issued.Details
Wavetech, Inc. today announced that it has entered into merger talks with three privately held companies which provide enhanced telecommunications products and services. Wavetech is represented in the transaction by Sterne, Agee & Leach, Inc., a full service investment firm. Wavetech entered into a banking agreement with Sterne, Agee & Leach, Inc. on July 11, 1997. Products and services provided by the three private companies include calling cards, consumer privilege cards, virtual office products, one-plus domestic/international long distance, Internet access and operator services. The three companies have in excess of 750,000 customers with combined annualized revenues in excess of $48 million. Additional information on the talks and the merging companies was not given. Wavetech, Inc. is a diversified telecommunications company. It is the developer and distributor of Interpretel computer/telephony products and is engaged in the resale of international long distance. The Company’s advanced network provides subscribers single point of access to innovative communications and information services. The Company markets its services in the United States and Canada under the Interpretel name and through highly- customized or co-brand initiatives. The press release includes statements which may constitute forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in the Company’s Securities and Exchange Commission filings.Details
Capital One Financial Corporation today announced a quarterly dividend of $.08 per share payable November 19, 1997, to stockholders of record as of November 4, 1997. This is the Company’s eleventh consecutive quarterly dividend since its February 28, 1995, spin-off from Signet Banking Corporation. Dividends declared by the Company are eligible for direct reinvestment in the Company’s common stock under its Dividend Reinvestment and Stock Purchase Plan. For additional plan information, stockholders should contact ChaseMellon Shareholder Services at 800-685-4518.
Headquartered in Falls Church, Virginia, Capital One Financial Corporation is a financial services company whose principal subsidiaries, Capital One Bank, and Capital One, F.S.B., offer consumer lending products. Capital One’s subsidiaries collectively had 10.7 million customers and $13.5 billion in managed loans outstanding as of September 30, 1997, and are among the largest providers of MasterCard and Visa credit cards in the world.
Note: This release and financial information are available on the Internet on Capital One’s home page (). Click on “Financial Information” to view/download the release and financial information.Details
WORLDSPAN and Barrington, Ill.-based Value Integrated Network, LLC (VIN.net) executed a letter of intent to integrate the VIN.net(R) travel expense management solution into the WORLDSPAN(R) for Business Travel product line.
Programming, currently being planned by the companies, will interface the VIN.net product with the WORLDSPAN Trip Manager self-booking tool for corporate travelers and WORLDSPAN’s global travel database. VIN.net will be able to electronically process the entire traveler expense reporting function through its comprehensive ability to integrate employee expense reports with an organization’s multiple departments and systems, and those of its travel partners.
In a separate agreement between VIN.net and Morris Travel Services, LLC, VIN.net became the T&E reporting system of choice for use by Morris Travel’s participating corporate customers. A growing number of its clients will also take advantage of the Trip Manager self-booking tool, a chief component of the WORLDSPAN for Business Travel product line. Morris Travel is a WORLDSPAN subscriber.
“VIN.net is an established developer of p.pless T&E management systems and was the first to provide Web-enabled software that completely supports an Internet/Intranet environment,” said WORLDSPAN Director of Emerging Markets Pat Crorkin. “The addition of VIN.net, its expertise and commitment to the WORLDSPAN for Business Travel line, further demonstrates our strategy of offering only the most advanced corporate travel solutions available.”
VIN.net facilitates real-time, high-speed communications and processing with financial institutions, corporate credit cards and travel management companies. It offers an icon-driven, Windows-based environment with drag-and- drop capabilities, self-prompting windows, and customized preference tables. Business travelers enter travel expense data and submit reports electronically, from any location. Reports may be submitted through the Internet, the company Intranet or network, or direct-dial modem. Information from reports can be imported to any internal or designated external system, eliminating the need for travelers or various departments to re-key data. Combined with prepopulation of reservations and corporate charge card data, and embedded accounting intelligence (travel policies, negotiated travel supplier rates, etc.), VIN.net capabilities significantly decrease time spent on administrative T&E functions.
“Research indicates most companies still use manual reporting systems, with the average report taking 14 to 21 days to process and costing corporations between $18.00 and $50.00,” said VIN.net Chief Operating Officer Pamela J. Furey. “VIN.net is able to deliver real-time processing at a cost of less than $3.00 per expense report. These are significant savings, considering T&E represents one of the largest controllable costs in a corporation.”
VIN.net’s two-way communications and automatic online update capabilities additionally provide travelers with new database information at log-on, and companies with instant, actual executive intelligence for gaining an accurate picture of the company’s current T&E status.
WORLDSPAN for Business Travel is a growing technology resource for corporations and their partner WORLDSPAN travel agencies. It is designed to offer a selection of best-of-breed applications designed for end-to-end business travel planning, information management and expense reporting. All products have the capability to operate within an Internet/Intranet environment, providing corporations, their employees and travel management companies maximum, integrated electronic management capabilities with minimum technical requirements.
For additional information, VIN.net can be reached by calling 847-382-8638 or by visiting their Web site at http://www.vinnet.com. Individuals wanting information about WORLDSPAN for Business Travel or the Trip Manager self- booking product can contact their WORLDSPAN account representatives or call toll-free: 800-842-7726, ext. 3468. Information on Trip Manager is accessible through the WORLDSPAN Home Page as well:
Value Integrated Network, LLC was founded in 1994 by Chief Executive Officer Vincent Kroening and Chief Operating Officer Pamela J. Furey, to design, develop and introduce the corporate travel market’s first, fully- integrated p.pless travel and expense report processing system. Headquarters are located in Barrington, Ill.
Based in Salt Lake City, Morris Travel Services, LLC is one of the United States’ top 20 full-service travel management companies.
WORLDSPAN offers a broad selection of reservations, ticketing and office automation products to the domestic and international travel industry. The company is jointly owned by affiliates of Delta Air Lines, Northwest Airlines, Trans World Airlines and Abacus Distribution Systems, the Asia/Pacific computer reservations system company based in Singapore. WORLDSPAN’s world headquarters are located in Atlanta, Ga.Details