- Open Enrollment Fuels Metavante HSA and Benefits Card Growth (April 19, 2007)
Metavante Corporation today announced that following open enrollment 2006, its Healthcare Payment Solutions division has posted strong growth markers for its industry-leading benefit debit card and health savings account (HSA) platform. Metavante is the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI).
- State Legislatures Join Congressional Efforts Looking Into $36 Billion Credit Card Interchange Issue (April 17, 2007)
WASHINGTON - Nine states have introduced a total of 15 bills concerning the hidden credit card interchange fees that cost U.S. consumers $36 billion last year, according to a survey of state legislative activity released today by the Merchants Payments Coalition. Pending state legislation ranges from proposals that would prohibit card- issuing banks from charging interchange fees on the sales tax portion of a retail transaction to requirements that credit card companies fully disclose their rules and policies to merchants and consumers.
- Chockstone Acquires Peppercoin (April 17, 2007)
Chockstone Inc., provider of the world's most innovative customer loyalty marketing programs and stored value solutions, today announced that it has acquired Peppercoin, a provider of card-based merchant loyalty programs and related consulting and analytical services. Peppercoin's PCI-compliant services are used by leading restaurant brands to tie customer loyalty programs to credit and debit cards at the point of sale. Both companies are privately-held, and financial terms of the Peppercoin transaction were not disclosed.
- Financial Insights Predicts Shift in Payment Methods (April 13, 2007)
Global independent research and advisory firm Financial Insights, an IDC company, long known and respected for its market research offerings focused exclusively on the financial services industry, announced today the results of an extensive consumer survey of over 1,000 U.S. adults revealing their usage of a variety of new and emerging payment methods. This year, the results reinforced Financial Insights' predictions from 2006, particularly the downward shift in the use of closed-loop (single merchant) gift cards, indicating a shift to open-loop (multi merchant) gift cards, the rapid adoption of online payment security systems, and the decline in the influence of rewards programs in card usage outside of a niche demographic.
- NYCE and INTRUST Share Midwestern Commitment (April 11, 2007)
NYCE Payments Network, LLC, today announced a long-term contract extension with Midwest-based INTRUST Bank. The extension expands the existing relationship by naming NYCE the sole provider of retail PIN debit access for INTRUST, which will also use NYCE as its primary network for ATM card access. Headquartered in Wichita, Kan., INTRUST has assets of $3.3 billion, 47 branches spread across Kansas and Oklahoma, and contributes more than 100,000 cards and 100 ATMs into the NYCE Network. NYCE is a leading U.S. debit card payments network and a division of Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI).
- SunTrust Joins NACHA (April 11, 2007)
SunTrust Banks, Inc. has joined NACHA - The Electronic Payments Association as a direct financial institution member. According to the NACHA Top 50 list, SunTrust is the nation’s sixth largest originating depository financial institution (ODFI), and the eighth largest receiving depository financial institution (RDFI), of ACH payments.
- Citi to Discuss Structural Expense Review (April 10, 2007)
Charles Prince, Chairman and Chief Executive Officer of Citi, and Bob Druskin, Chief Operating Officer of Citi, will discuss the results of a structural expense review on Wednesday, April 11, 2007, via live webcast at 8:00AM (EDT). A press release summarizing the results will be issued at approximately 7:00AM (EDT) that day.
- Lighthouse1 and Evolution Benefits Announce Partnership (April 10, 2007)
Lighthouse1 and Evolution Benefits announced today they have formed a partnership through which a broad array of current and potential customers can use both companies’ products as a single solution. Lighthouse1 is the industry leading provider of consumer driven healthcare benefits administration solutions. Evolution Benefits is an award winning provider of electronic consumer driven healthcare payment services, including prepaid employee benefits debit cards. Under the terms of this agreement, Lighthouse1 can now offer its customers the Evolution Benefits card capabilities within its Lighthouse1 OnDemand™ platform to deliver a special purpose debit card for use with consumer driven healthcare accounts including FSAs, HRAs, and HSAs.
- Ecount Introduces Health Care Incentives (April 5, 2007)
Ecount (www.ecount.com), a Citi company, today launched the most comprehensive suite of prepaid health care incentives available. Ecount Health Care Incentives provides insurers, employers and plan managers with a highly effective solution for encouraging healthy living.
- Q Comm International Announces Private Placement (April 5, 2007)
Q Comm International, Inc. (Pink Sheets: QMMI), a provider of prepaid transaction processing and electronic point-of-sale (POS) distribution solutions, today announced the completion of a private placement of 3,703,704 restricted shares of its common stock (the "Shares") at a price of $0.135 per Share to existing accredited shareholders. The private placement generated aggregate gross proceeds of $500,000. Including the 3,703,704 shares, Q Comm International has 26,941,248 total shares of its common stock outstanding. No registration rights were offered in connection with this private placement.
- Attorney General Abbott Protects Texas Consumers from Identity Theft (April 4, 2007)
Texas Attorney General Greg Abbott took legal action Monday against Fort Worth-based RadioShack Corporation for exposing its customers to identity theft. According to documents filed by the Attorney General, RadioShack violated a 2005 law requiring businesses to protect any consumer records that contain sensitive information, including Social Security and bank account numbers.
- National Restaurant Company Settles FTC Charges for Deceptive Gift Card Sales (April 3, 2007)
Darden Restaurants Inc., which owns restaurant chains Olive Garden, Red Lobster, Smokey Bones, and Bahama Breeze, has agreed to settle Federal Trade Commission charges that it engaged in deceptive practices in advertising and selling its gift cards. As part of the settlement, Darden will restore fees that were deducted from consumers’ gift cards and disclose fees or expiration dates in future gift card sales. This is the agency’s second law enforcement action involving allegedly deceptive gift card sales.
- Banks in First Data study call for international co-operation to combat fraud (April 2, 2007)
LONDON -- First Data International, a global leader in electronic commerce and payment services, today announces the findings from a study of banking fraud in Europe, Middle East and Africa. Fraud experts from 52 banks across the region call for greater co-operation in the fight against fraud while acknowledging the significant barriers that stand in the way of collaboration.