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©2007 The Nilson Report
Charged-Off Debt on U.S.General PurposeCredit Cards(Billions)
Citi PrePaid CorPorate Cards Citibank has acquired Ecount, a provider of prepaid cards used by corporations to deliver incentives, compensation, promotions, warranties, and insurance. Terms were not announced. Ecount will be integrated into Citi’s Global Transaction Services unit,
GratisCard to Hit U.s. America Online founder Steve Case’s investment firm Revolution LLC is the principal financial backer of a new nationwide payment network in the U.S. that will be launched in April. GratisCard will
Bank of ameriCa HealtH-tHemed Cards Bank of America, the largest U.S. issuer of credit and debit cards, plans to use its relationships with corporate clients to reach their employees and customers with “health-themed” credit products.
disCover’s motiva Card Approximately 60% of consumers revolve outstanding balances and pay finance charges all or part of the year. The new Motiva card from Discover Financial Services is aimed at generating new
INSIDE:
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CHARTS: delinqUencies&charge-oFFsP7|mostproFitableU.s.-basedcreditcardissUersbasedonnetincomeP10
inside rsa’s anti-fraUd Command CenterThe underground world of fraudsters who join forces to compro-mise online financial accounts rely on special-interest Web sites and chat rooms for their business contacts. Monitoring them is
transaCtion systems’ Wall street ProBlemsSoftware company Transaction Systems Architects, better known in the card payments industry through its operating division, ACI Worldwide, announced on October 27, 2006 that errors were made
toP 10 most ProfitaBle issUers Bank of America was the most profitable credit card company in the U.S. based on 2006 net income. It had the largest increase, up $2.41 billion on a pro forma basis that includes MBNA in 2005
MARCH 2007 Issue 875For 36 years, the leading publication covering consumer payment systems worldwide.
© HSN Consultants Inc. 2007 THE NILSON REPORT Reproducing or allowing reproduction or dissemination of any portion of this newsletter in any manner for any purpose is a copyright violation subject to substantial fines. Yearly Subscription: 23 issues—$995 Worldwide. ISSN 1087-8718THE NILSON REPORT: 1110 Eugenia Place, Suite 100, Carpinteria, CA 93013 USA • PHONE (805) 684-8800 • FAX (805) 684-8825 • [email protected]
Card delinqUenCies and CHarGe-offsIn 2006, U.S. general purpose credit card issuers charged off $31.91 billion in debt as a loss, down 25.2% or $10.76 billion from $42.67 billion in 2005. The decrease was due in part to 2005 figures that were inflated by consumers filing for bankruptcy before the new law took effect in October of that year. The worst year in the industry’s history was 2003 when net charge-offs reached $44.16 billion.
Outstanding debt on U.S. consumer and commercial general purpose credit cards carry-ing the MasterCard, Visa, American Express, and
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The Nilson Report #875 • 2nd draft • March 15, 2007 • 9:42 AM • ddr
PCI SECURITY VENDOR ALLIANCE has been formed to help companies that use payment cards comply with the Payment Card Industry Data Security Standard (PCI-DSS). Founding members are Modulo Security, ConfigureSoft, Cyber-Ark, Proginet, Protegrity, Reflex Security, SafeNet, and Verisign. Charlie Warhaftig is Director at Modulo, (212) 922-1789, [email protected].
SECURE CHECK'S automatic technology for recovery of nonsuf-ficient funds checks will be offered to new and existing merchant customers of Fast Transact, an ISO. Pat Forbes is CEO at Secure Check, (817) 886-6908, [email protected]. David Solomon is CEO at Fast Transact, (360) 357-1400, [email protected].
PAYMETRIC has expanded the features available in its XiBuy purchasing card transaction software that integrates into SAP enterprise software. XiBuy is the only SAP-certified software that enables p-card transactions to be managed directly within SAP with existing accounts payable processes and control. Kathleen Nugent is VP, Business Development at Paymetric, (713) 895-2122, [email protected].
TASQ TECHNOLOGY, a subsidiary of First Data Corp. and a top provider of POS equipment in the U.S., will expand into Canada now that FDC has acquired Solika Solutions, a provider of an inven-tory management system for POS equipment. Earney Stoutenburg is President at Tasq Technology, (916) 435-3767, [email protected]. Peter Harrington is President, Latin America and Canada at First Data Int'l, (321) 263-3558, [email protected].
CAPITAL ONE will use NetSpend to provide account processing and all other support services for reloadable Visa and MasterCard prepaid cards it will issue beginning in the second quarter of 2007. Scott Grimes is SVP, Payments at Capital One, (804) 284-2607, [email protected]. Rick Savard is CEO at NetSpend, (512) 532-8262, [email protected].
AMERICAN EXPRESS now offers S2S eInvoice&Pay, an integrated Electronic Invoice Presentment and Payment solution that companies can use to process all of their invoices and issue payments to their suppliers from a single Amex-managed online portal. Amex will offer the service to corporate customers in the U.S. Brenda Blake is SVP, American Express Electronic Invoice and Payment Services, (212) 640-7071, [email protected].
CHARTER ONE prepaid MasterCard cards will be distributed by Coinstar in drug, grocery, mass merchant, and convenience stores nationwide. RBS Lynk, like Charter One, a unit of Royal Bank of Scotland, will process the card transactions. Melanie Chewning is SVP, Strategic Initiatives at RBS Lynk, (678) 587-1840, [email protected]. Steve Verleye is SVP and General Manager, E-Payment Services at Coinstar, (425) 943-8000, [email protected].
BROOKS FI SOLUTIONS is a newly formed consulting firm in the retail banking and payments industries. Peter Davidson, formerly with Genpass, Speer & Associates, HSBC, and CoreStates, is CEO, (404) 427-9432, [email protected].
SAGE PAYMENT SOLUTIONS (formerly Verus Card Services) has renewed its merchant-processing agreement with TSYS Acquiring Solutions. SPS owns contracts to provide processing support to more than 100,000 retail outlets that generate purchase volume of about $10 billion annually. TSYS Acquiring Solutions provides transaction-processing and related support services. Bill Wade is President at Sage Payment Solutions, (615) 463-3221, [email protected]. Bob Philbin is President at TSYS Acquiring Solutions, (480) 333-7621, [email protected].
COMMERCE BANK (N.J.) should have been listed as the 82nd largest Visa & MasterCard credit card issuer in issue #873. Outstandings of $96.4 mil. were up 97%. Total volume was $330.1 mil. Purchase volume was $295.4 mil. The bank had 103,566 accounts on file and 70.3% were active at year-end 2006. Michael Kinane is SVP Retail Lending Production, (856) 533-4823, [email protected].
RUESCH INTERNATIONAL now offers a purchasing card program that automates the processing of small-dollar invoices on purchasing and travel programs into one card. John Perry is EVP, Global Sales and Marketing, (202) 408-7338, [email protected].
SHOPPERS CHARGE ACCOUNTS, a division of TD Banknorth, has acquired the private label credit card portfolio of Dawahares, a retail clothing chain with 32 stores in Kentucky. Ed Fechner is SVP at SCA, (201) 818-4000 x3026, [email protected].
FEATURED CONFERENCE
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Topics include: back office conversion, mCommerce, risk management strategies, fraud detection & prevention, mobile payment pilot results, identity verification, ACH quality & rules changes, impact of SEPA, A/P best practices and much, much more. Speakers represent: Best Buy, American General Finance, Google, DuPont, Federal Reserve, Georgia Pacific Corporation, We-Energies, PayPal, Intel, Jo-Ann Stores, Wal-Mart, Office Depot, Office of the Comptroller of the Currency, and more. Cost is $1,175. Contact NACHA Member Services at (800) 487-9180, email [email protected]. Register at www.nacha.org/conferences/Payments2007. Please identify yourself as a subscriber to The Nilson Report in the NACHA Affiliation section of the online registration form.
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...to all companies mentionedin this issue.
THE NILSON REPORTNUMBER 875 MARCH 2007
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AFFORDABLE PAYMENT SOLUTIONS is offering small businesses a Royal-manufactured cash register, payment card terminal, printer, and scanner in one machine. The Model CCM 1000 sells for less than $1,000. Walter Murphy is President at APS, (678) 360-3793, [email protected].
ELAN FINANCIAL SERVICES, a business unit of U.S. Bank, will conduct a mobile-banking and payments pilot test using technol-ogy from Sapphire Mobile Systems. Sapphire's Phire network uses SMS (Short Message Service) text messaging and does not require new hardware or software upgrades for customers. Dominic Venturo is SVP at Elan Financial Services, (651) 205-0542, [email protected]. Richard Rasansky is CEO at Sapphire Mobile Systems, (215) 701-9428 x711, [email protected].
TRYCERA FINANCIAL is now generating more than $3 million in prepaid card sales monthly. Matt Kerper is CEO, (949) 273-4303, [email protected].
EXPERIAN and VOICEVERIFIED have formed a partnership that combines their respective authentication products as a multi-factor authentication service on the Web and elsewhere. Jeff Bank is VP, Decision Analytics at Experian, (714) 830-7374, [email protected]. Jeffrey Randol is CEO at VoiceVerified, (215) 862-7800, [email protected].
WAY SYSTEMS' MTT 1556C mobile wireless point-of-sale terminal has been certified in Canada under the Interac Association Chip PED device technical specifications and testing requirements Vr 1.1 program. Stu Fullerton is VP, North American Sales at Way Systems, (781) 569-2415, [email protected]. Mark O'Connell is CEO at Acxsys, (416) 362-8550, [email protected].
TNB CARD SERVICES has acquired more than 9,000 credit card accounts and $16 million in outstandings from A+ Federal Credit Union in Austin, Texas. Brookwood Capital provided A+ with consulting and advisory services. Jay Kurian is First SVP at TNB Card Services, (972) 391-6441, [email protected]. Tim Kolk is Managing Partner at Brookwood Capital, (603) 924-7215, [email protected].
INTELLIGENT RESULTS, a customer data analytics and decision management software company, has been acquired by First Data Corp. Terms were not disclosed. IR serves clients in the financial services, utilities, and government services markets. FDC wants to integrate IR's technology into its core transaction processing business. Kelly Pennock is CEO at Intelligent Results, (206) 226-8424, [email protected]. Sara Bonn is Chief Product and Innovation Officer at First Data, (402) 222-5982, [email protected].
GE MONEY Corporate Payment Services' vPayment settlement software currently used to handle consumer reservations for travel booking services, accounts payable, and procurement, is now available in Europe for transactions denominated in pounds ster-ling and euros. With vPayment, businesses can accept a customer's payment and then pay a supplier at a later date without manual intervention. Ian Reid is Managing Director, Corporate Payment Services Europe at GE Money, 44 (113) 324-4626, [email protected].
MANAGEMENT > CHANGESDerek Depuydt has been appointed President at Newtek Business Services, (414) 831-3900, [email protected]. Kim Olszewski has been appointed COO at Newtek Business Services, (414) 831-3900, [email protected]. Joe Jackson, formerly at First Data Corp., has been appointed CEO at WageWorks, (650) 577-5241, [email protected]. Diana Adachi, formerly at CyberSource, has been appointed VP, Marketing and Head, Canadian Office at RS Software, (905) 891-1687, [email protected]. Ted Crooks, formerly at Fair Isaac, has been appointed VP, Business Development at Global Analytics, (619) 379-8583, [email protected]. Randy Overturf has been appointed Chief Operating Officer at Tio Networks, (604) 298-4636, [email protected]. Michael Higgins, formerly at Nova Information, has been appointed President, Direct Sales at TransFirst, (214) 453-7713, [email protected]. Gordon Shaffer has been appointed Head, Account Advocacy at i2c inc., (650) 593-5400 x5004, [email protected]. Maher Haddad has been appointed Territory Manager, Abu Dhabi at Amex (Middle East), 971 (2) 621-3045, [email protected]. Juan Carlos Pérez has been appointed a Consultant at Speer & Associates, (770) 396-2528, [email protected].
BANKA KOPER in Slovenia is the first Visa card issuer in the world to issue credit and debit cards using Keycorp's Multos smartcard operating system. Multos was recently certified by Visa. The bank had already been using Multos for its MasterCard portfolio. Richard Cusson is GM, Smartcard Technologies at Keycorp, (514) 636-4627, [email protected]. Gojmir Nabergoj is Senior Advisor at Banka Koper, 386 (5) 666-1306, [email protected].
VocaLINK will be the name for a new company to be formed in the U.K. after the proposed merger of Voca and LINK. Voca processes automated payments between banks, and LINK is the country's national ATM switch. Martin Wilson is Chief Commercial Officer at Voca, 44 (870) 100-699, [email protected]. Karl Shields is Planning and Corporate Development Director at LINK, 44 (1423) 356-000, [email protected].
ATOS WORLDLINE has upgraded its card management system to handle processing for electronic health cards. Willy Heeren is Director, Business Unit Payment Systems Integration, 49 (2408) 148-253, [email protected].
IRANKHODRO CARD has been formed to provide payment processing services to merchants in Iran. The company specializes in automobile dealers. Mohammad Naser Zahabiun is VP, 98 (21) 8857-9861-2, [email protected].
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CLEAR2PAY has added SEPA direct debit and SEPA credit transfers modules to the payments processing technology products it sells to financial institutions. Mark Hartley is VP Strategy and Marketing at Clear2Pay, 44 (207) 869-7005, [email protected].
ACONITE and FAIR ISAAC will jointly market some of their re-spective products. Fair Isaac will sell Aconite's EMV Script Processor and EMV Transcription Enabler products along with its own Falcon Fraud Manager detection software and TRIAD adaptive control sys-tem software for credit risk management. Aconite will sell those Fair Isaac products along with its own. Mike Woods is CEO at Aconite, 44 (207) 812-7160, [email protected]. Andrew Jennings is VP at Fair Isaac, (415) 491-5530, [email protected].
EDB BUSINESS PARTNER of Norway will buy Centralen för Kort-transaktioner in Sweden for $53.8 million. Both companies process transactions from ATM and POS terminals. Endre Rangnes is CEO at EDB, 47 (22) 528-080, [email protected].
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3PEA INTERNATIONAL will provide the card services for issuing, account management, customer service, transaction processing, and settlement of funds in the U.S. for prepaid debit programs offered by U.K.-based Ukash/Smart Voucher based in the U.K. Mark Chirnside is CEO at Ukash/Smart Voucher, 44 (207) 089-4002, [email protected]. Mark Newcomer is President at 3PEA International, (702) 453-2221 x222, [email protected].
CARD PROTECTION PLAN is offering 1.6 million Hong Leong Bank customers in Malaysia a lost or stolen credit or debit card reporting service for $22 annually. Howard Davidson is Managing Director, Asia/Pacific at CPP, (852) 9539-4988, [email protected].
RAHAXI PROCESSING in Finland has ordered another 1,500 Hypercom point-of-sale terminals and PINpads. Enrique Perez is Managing Director at Rahaxi, 358 (50) 532-1138, [email protected]. O.B. Rawls is SVP, International Sales at Hypercom, (404) 531-7167, [email protected].
FIRST DATA INTERNATIONAL has opened an office in Warsaw, Poland where operations are scheduled to begin in the second half of this year. FDI will offer credit and debit card processing, ATM and POS terminal management services, and loyalty programs. Former Citibank and American Express executive Jacek Bochenek has been appointed Managing Director, 48 (22) 520-6937, [email protected].
MOBILE PAYMENTS WORLD: March 26, 2007. Special Interest Seminar at the CTIA Wireless show, Orange County Convention Center, Orlando, Florida. Estimated attendance: 250. Cost for the one-day conference is $599. Contact Timothy Downs at CMP Media, (949) 223-3628, [email protected]. Register at www.shorecliffcommunications.com/mpw/.
CEE CARD MARKETS: March 26-27, 2007. The Corinthia Aquincum Hotel, Budapest, Hungary. Estimated attendance: 100. Cost for the two-day conference is $2,551.60. Subscribers to The Nilson Report will receive a $495 (£250) discount. Contact Andrew Gibbons at SMi Group, 44 (20) 7827-6156, [email protected]. Register at www.smi-online.co.uk.
CARDS 2007: April 3-5, 2007. The Frei Caneca Convention Center, São Paulo, Brazil. Estimated attendance: 2,500. Cost for the three-day conference is $900. Contact Gilberto Dib at DIB & Associates, 55 (11) 5561-2562, [email protected]. Register at www.cards2007.com.br/.
ETA 2007 ANNUAL MEETING & EXPO: April 17-19, 2007. The Mandalay Bay Hotel & Resort, Las Vegas, Nevada. Estimated attendance: 3,000+. Cost for the three-day conference is $945 for non-ETA members, $595 for ETA members. Contact Meghan Schofield, (703) 964-1240 x18, [email protected]. Register at www.electran.org/events/.
ICMA SPRING WORKSHOP: April 18-19, 2007. The Radisson SAS Hotel, Rome, Italy. Estimated attendance: 75. Cost for the two-day event is $425. Contact Stacy Flint at ICMA, (609) 799-4900, [email protected]. Register at www.icma.com.
PAYMENT SYSTEMS 2007: April 30-May 1, 2007. The Flatotel, New York. Estimated attendance: 50. Cost for the two-day conference is $1,895. Subscribers to The Nilson Report will receive a $200 discount (use code 728L07.NIL). Contact Virna Di Palma at American Conference Institute, (212) 352-3220 x480, [email protected]. Register at www.americanconference.com/Finance/payments
CARD-EX 2007: May 6-7, 2007, The 5th Middle East & Africa Card Exhibition and Conference at the Cairo International Convention Center, Cairo, Egypt. Estimated attendance: 200. Cost for the two-day conference is $1,270. Subscribers to The Nilson Report will receive a 20% discount. Contact Magda Ghazal at Egytec Engineering, 20 (2) 735-3877, [email protected] Register at www.egytec.com/Cardex
SMART CARDS & SMART LABEL EXPO & CONFERENCE: May 29-31, 2007. The China World Trade Center, Beijing, China. Estimated attendance: 5,000. Cost for the two-day conference is $800. Subscribers to The Nilson Report will receive a 20% discount. Contact Kiddo Yang at AIT Events, 86 (10) 8586-8930, [email protected]. Register at www.scsl-china.com or www.scfc.org.cn/hy/english/wjhg.php.
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Discover’s Motiva carD(from page 1)...
accounts from this group of customers who are profitable even though typically they are not the
biggest spenders. For them, receiving a rebate on the finance charges they pay is of more value than a points-based reward program for spending such as frequent flyer miles. Cardholders who make their monthly payments on time for six
months in a row will receive a rebate of the finance charges for that sixth month.
To encourage cardholders to make it to the rebate month by paying bills on time, Discover will let them pay over the phone at the last minute at no charge. Typically, card issuers charge at least $4.95
for that service. In addition, Discover will send email alerts to let cardholders know they are close to exceeding their credit lines and when payments are coming due. Cardholders are also given the op-tion of setting their own date for paying their bill. Discover has been testing Motiva as a means of acquiring new accounts since last fall. The timing of its official launch coincides with a wave of bad publicity endured by Discover’s competitors over certain credit card billing practices. The compari-son makes Discover’s Motiva card look particu-larly friendly to consumers. Margo Georgiadis is Executive VP and Chief Marketing Officer at Discover Financial Services in Riverwoods, Illinois, (224) 405-1085, margogeorgiadis@ discoverfinancial.com.
Last year privately held Pax Technology shipped more than 100,000 POS terminals, making it one of the top five vendors ship-ping into the Asia/Pacific region. Over the last six years, Pax has shipped more than 350,000 terminals.
All Pax terminals are EMV level I & II certified, support multiple applications independently, and support PSTN, TCP/IP, GPRS, CDMA, and ISO14443 Type A/B. Prices range from $190 to $350
depending on quantity and configura-tion. Terminals have been manufac-tured in China since 2000, and are
shipped inside China and to Korea, Vietnam, Hong Kong, Singapore, and other countries in Southeast Asia. Pax is looking for business partners in the other world regions. Thomas Xu is Vice
President at Pax Computer Technology (Shenzhen) Co. Ltd. in Shenzhen, China,
86 (139) 2377-6869, [email protected]. Prior issues: 796, 771, 750, 735
Pax Pos terMinal
PayMotion supplies 500 prepaid products, a payment gateway, and a bill payment service to 2,800 convenience stores and other merchants in 30 states. By year-end, the company expects its network will reach 5,000 outlets. PayMotion sells telecom airtime it buys directly from carriers or from other resellers. From either source, it buys the 15-digit codes consumers punch into their land line or cell phone to activate prepaid accounts.
PayMotion has just started deploying self-service kiosks at retail locations that are agents for Sprint Nextel. The kiosks are PC-based devices manufac-tured by two Southern California firms. They allow
for the sale of handset, post-paid network airtime plans, bill payments, prepaid products, as well as the training of store personnel. About 5,000 agent outlets are potential customers for kiosks. Cary Krajeski is Principal at PayMotion in Burbank, California, (818) 480-3220, [email protected].
PayMotion KiosKs anD Processing
�march2007 issUe875thenilsonreportDO NOT COPY THIS REPORT. Reproducing or allowing reproduction of any portion of this newsletter in any manner for any purpose constitutes a copyright violation subject to substantial fines.
Three new Bank of America rewards-based credit cards have hit the market since December 2006. These products are not Consumer Directed Health Care
(CDHC) products tied to Flexible Spending Accounts (FSA),
Health Savings Accounts (HSA), or Health Reimburse-ment Accounts (HRA), that U.S. consumers use to help finance medical costs.
Bank of America’s first health-themed card was launched with pharmaceutical company Caremark in December 2006. That card offers rewards tied to
the WorldPoints loyalty platform BofA uses for its general- purpose cards. WorldPoints delivers merchandise, travel, and other rewards. Caremark cardholders receive one point for retail purchases and extra points when they buy prescrip-tion drugs from Caremark’s preferred list and use a pre-ferred ordering channel such as mail delivery.
Insurance provider Aetna and BofA launched the Aetna Healthy Living Credit Card, also in December 2006. Rewards are tied to the WorldPoints loyalty platform. Card-holders receive one point for retail purchas-es and three points when they use the card on select health care purchases. One option is to redeem points in the form of credits usable to pay their medi-cal co-payments with Aetna.
Pharmacy benefits management company MedImpact now of-fers its corporate clients a BofA credit card that rewards points
for retail purchases and double points for purchases of select medical services and phar-maceuticals. Cardholders can redeem points to fund a Health Savings Account to help pay out of pocket medical expenses.
Bank of America is building a CDHC platform to handle FSA, HSA, and HRA card accounts.
An integrated platform will allow for the exchange of payment infor-mation between health care pro-viders (doctors, hospitals, etc.), patients (card-holders), and outside payers
(insurance companies, etc.). BofA expects that its affinity card expertise will help it open CDHC card product relationships with its corporate customers. David Turner heads Card Services, Sales, & Product Development at Bank of America in Wilmington, Dela-ware, (302) 432-0321, [email protected].
First Data Corp., the largest issuer of official checks in the U.S. and the second largest issuer
of money orders, will exit those businesses by 2010. Winding down involvement in these diminishing paper-based pay-ment systems will produce immediate benefits. Up to $300
million in cash will be available this fiscal year for acquisitions, share repurchases, or other purposes.
Money orders and official checks (sometimes called teller checks) are considered “good funds” payment instruments, meaning they have next-day availability under the Federal Reserve’s Regula-
tion CC. However, these businesses are not giving First Data an acceptable return on either assets or equity. Official checks and money orders produce revenue primarily through yields from investments in long-term securities.
First Data intends to serve existing clients through the end of their respective contracts. Most promi-nently, Western Union signed a five-year contract to have First Data issue and process Western Union branded money orders in September 2006. Richard Thompson is VP, Official Check Products at First Data Integrated Payment Systems in Den-ver, Colorado, (303) 967-5480, [email protected]. Prior issues: 869, 866
First Data to DroP Money orDers/oFFicial checKs
Cards are not ConsUmer- direCted HealtH Care ProdUCts tied to fsa, Hsa, or Hra aCCoUnts.
BanK oF aMerica health-theMeD carDs(from page 1)...
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carD Delinquencies anD charge-oFFs(from page 1)...
Discover brands totaled $777.04 billion at year-end 2006 — up 6.0% from $733.34 billion in 2005. The net charge-off rate in 2006 was 4.11% of outstandings, down from 5.82%. The high was 6.50% in 2003.
Visa and MasterCard issuers, who accounted for 82.5% of general purpose credit card outstandings, had a net charge-off rate of 4.36% in 2006 versus 6.20% in 2005. The Discover net charge-off rate declined to 4.08% from 5.23%. The American Express net charge-off rate was 2.30%, down from 3.04%. The American Express rate is so much lower than the other brands because many of its cards are charge cards, whose balances are due in full every 30 days.
Delinquencies, or the portion of outstanding debt that was over
30 days past due at December 31, was $31.07 billion compared to $24.76 billion the prior year. At the end of 2006, 4.00% of all general purpose credit card out-standings were delinquent, up from 3.38%. Delinquencies are returning to normal rates now that the new bankruptcy law has been in effect for over a year. The delinquency rate was 3.93% at the end of 2004 and reached a ten-year high of 5.32% at the end of 2001.
The delinquency rate on Visa and MasterCard cards was 4.26% at year-end 2006, up from 3.49% at the end of 2005. Discover’s delinquency rate at year-end 2006 was 3.51%, down from 3.98% at year-end 2005. The delinquency rate on American Express cards was 2.37% at year-end 2006, up from 2.07% at year-end 2005.
price payments made by merchants that accept its prepaid and credit cards at 50 basis points of the value of the transaction. That’s less than one-fourth of what merchants pay to accept American Express, Visa, and MasterCard credit cards, and less than a third of what they pay to accept Discover. GratisCards are also expected to come with some form of merchant rewards and rebates.
All transactions will be PIN-based with no signature required. Card-holder names will not be printed on the front of the card nor will any personal data be held in a magnetic stripe. Instead, the mag-stripe will be encoded only with a 16-digit number linked to an account number held at the GratisCard data center. A 2D barcode will also be printed on the back. GratisCards have been tested in Philadelphia at the Wachovia Center Sports Arena.
The first issuer is Fishback Financial of South Dakota. Fishback, formerly known as First National in Brookings, owns several small credit
card portfolios in South Dakota. It intends to target prepaid products and credit cards with small lines of credit to underserved and underbanked con-sumers. Fishback will not be the only GratisCard issuer. The Gratis platform was constructed to process person-to-person (P2P) money transfers, as well as health care information. Gratis
can handle online and mobile transactions for P2P transfers after cardholders enter a recipient’s account number, dollar amount, and their PIN. Senders will receive a call asking to confirm the transaction before a transfer occurs. Patrick Graff is Chief Technology Officer at GratisCard in St. Petersburg, Florida, (727) 565-2007, [email protected].
gratiscarD to hit u.s.(from page 1)...
merCHants Will Pay 50 Basis Points of tHe valUe of tHe transaCtion.
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3%‘97 ‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06
Outstandings Delinquencies Net Charge-o�s Year (bil.) (bil.) % of Out. (bil.) % of Out.
1997 $456.90 $22.05 4.83% $27.19 5.95%1998 $471.66 $22.08 4.68% $28.26 5.99%1999 $511.99 $23.16 4.52% $26.86 5.25%2000 $577.29 $27.38 4.74% $28.76 4.98%2001 $617.47 $32.85 5.32% $37.41 6.06%2002 $661.00 $34.49 5.22% $42.10 6.37%2003 $679.71 $32.47 4.78% $44.16 6.50%2004 $705.34 $27.72 3.93% $40.24 5.70%2005 $733.34 $24.76 3.38% $42.67 5.82%2006 $777.04 $31.07 4.00% $31.91 4.11%
U.S. General Purpose Credit Cards
© 2007 The Nilson Report
NetCharge-o�s
Delinquencies
�march2007 issUe875thenilsonreportDO NOT COPY THIS REPORT. Reproducing or allowing reproduction of any portion of this newsletter in any manner for any purpose constitutes a copyright violation subject to substantial fines.
eFunDs to BecoMe eFDEFunds plans to gradually change its name to EFD over the next two years. The company has payment industry clients in 70 countries worldwide. Its
products and services include debit card processing and a variety of enterprise payments and decisioning and data soft-ware. One of the company’s enterprise payment products is DataNavigator, described by EFD as a transactional reposi-tory that gives users insight into their electronics payments
business. This includes ATM or POS terminals on the front end, and transaction research, exception management, device management, cash manage-ment, business and manage-ment reporting, and continuous settlement capabilities on the back end. DataNaviga-tor can be implemented on IBM System z9 and HP nonStop, as well as on most hardware using open systems. Clients in the U.S. include the Co-op EFT switch and Jack Henry & Associates, a provider of a variety of processing support services to banks. In Thailand, EFD used DataNavigator when
working with IBM to help build a new national payments clear-ing system for both EFT and ACH transactions. DataNaviga-tor was also used in the U.K. to help build a check-clearing network called FasterPayments for Link and Voca.
t EFD (eFunds) CONTACTSt asia/Pacific Peter Lloyd is Regional Manager in Sydney, Australia, 61 (2) 9954-9533, [email protected].
t eMea Ron Drake is Regional Manager in Daresbury, U.K., 44 (1928) 791-4247, [email protected].
t latin america Gustavo Alesso is Regional Manager in Miami, Florida, (954) 556-2265, [email protected].
t north america Terence Lee is SVP, Major Accounts in Scottsdale, Arizona, (508) 748-3688, [email protected].
which supplies a cash-manage-ment platform used by corpora-
tions, financial institu-tions, and govern-ments. Citi client manag-
ers will begin selling prepaid commercial card products to the bank’s 40,000 corporate accounts worldwide. Paul Galant is Global Head, Cash Management, Global Trans- action Services unit at Citibank in New York (212) 816-8086, [email protected].
Ecount was founded to market its patented Web certificate product, a direct-to-consumer virtual-only prepaid account, for
use at Web merchants. It began providing customized prepaid programs to corporations in 2002. Today the company is completely out of the direct-to-consumer business, in favor of either business-to-employee or business-to-consumer products. Ecount has more than 1,200 corporate clients in the U.S. and Canada including Toyota, Sprint, GE, and Stein Mart.
Last year, 42% of Ecount cards were the incen-tive type, 8% supported promotions, 42% were for compensation, and 8% were for warranty and insurance claims. Incentive and promotion cards are often accompanied by collateral material designed to underscore the recipient’s positive relationship with the
issuer. Ecount does not handle processing. It uses First Data Corp. and Galileo for authoriza-tion and settlement into Visa and MasterCard. As it goes outside the U.S., it will need an authorization and settlement partner in those markets where Citi can’t handle that role. One of Ecount’s biggest products is a prepaid fuel card. Its newest
product is a “wellness” incentive card employ-
ers use to help initiate healthier
behavior in employ-ees as a means to reduce health care costs. Matt Gillin is CEO at Ecount, Inc. in Conshohocken, Pennsylvania, (610) 941-4602, [email protected]. Prior issues: 871, 865, 859, 858, 855, 846, 843, 842, 841, 818
citi PrePaiD corPorate carDs(from page 1)...
� march2007 issUe875thenilsonreport DO NOT COPY THIS REPORT. Reproducing or allowing reproduction of any portion of this newsletter in any manner for any purpose constitutes a copyright violation subject to substantial fines.
on the dates of stock-option grants issued since its 1995 initial offering of common stock, and that it will need to restate previous financial statements. TSA joins over 140 U.S. companies currently
under investigation by the Securities and Exchange Commission over the back-
dating of stock options, a practice that ties options to earlier dates so employees can buy shares at lower prices. (Contrary to public perception,
shares cannot be purchased and then immediately sold for a gain. Buyers must wait out a multiyear vesting period.) For the company that is doing the
restating, back-dating options is mostly an accounting issue that amounts to a noncash adjustment to equity, and tends to have no material impact on their financial statements. For the executives receiving back-dated stock
options, there can be significant tax issues. TSA said in a February 12, 2007 press release that its review of historical stock-option grants showed some irregularities before 2002, but that so far, none have shown up after that date. The review will be completed this month.
After the October announcement of stock-option errors, Transaction Systems Architects announced on December 14, 2006 that it would be late with its 10K quarterly financial report. It was subsequently
notified by Nasdaq that its shares are subject to delisting. In February, the company received a second notice of noncompliance from the exchange for not filing its quarterly report for the period ended December 31, 2006. On March 1, TSA offered preliminary financial results and said that its annual report would be available by the end of this month. William Hoelting is VP of Investor Relations at Transaction Systems Architects in Omaha, Nebraska, (402) 390-8990, [email protected].
transaction systeMs’ Wall street ProBleMs(from page 1)...
Nomad was founded in 1992 to license payment card-issuing and merchant acquiring processing software to clients in
Europe that now include EFG Euro-bank, BZ-WBK (AIB), and the
Romanian Development Bank. Ukrainian Financial Network just signed a contract to use Nomad software to drive 700 ATMs and 500 POS terminals.
In June 2005, Nomad decided to enter the prepaid card market
as a third-party processor. It will not sell software. The company offers turnkey support, including account manage-ment, chip and mag-stripe card issuance, and customer service to banks, merchants, and marketing organizations in the U.K. Nomad is certi-fied for MasterCard, Maestro, and Cirrus branded prepaid products. It has card-issuing partnerships with Newcastle Building Society and Raphael
Private Bank in the U.K. as well as with the IDT Financial
Services unit of U.S.-based telecom com-pany IDT Corp., owner of a bank in Gibraltar. Card-issuing partners sponsor bank identifica-tion numbers for prepaid Master-Card products for Nomad’s
nonbank customers that want to issue cards. Clients using
noMaD PrePaiD carD Processing
...Certified for masterCard, maestro, and CirrUs Branded PrePaid Prod-UCts...sUPPorts PoUnds, dollars, and eUros.
Of more financial significance to TSA is the fact that the U.S. District Court for the District of Nebraska has approved a $24.�-million settlement of class-action litigation that originated in 2002. The suit charged Transaction Systems Architects’ executives and directors, both those at the time of filing and their predecessors, with improperly booking sales to make TSA look financially healthy and/or ignoring accounting errors. TSA will pay $�.� million in cash, and insurance will cover the remaining $16.0 million. Genesee County Employees Retirement System and other plaintiffs lost money as a result of the alleged accounting irregularity. TSA restated its financials in January 2003. TSA’s current CEO and CFO joined the company after these events.
Class-action settlement
... turn to page 10
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figures. JPMorgan Chase had the second largest increase, up $1.30 billion, followed by Citigroup with an increase of $1.14 billion.
Bank of America was also the most profitable cred-it card issuer in the world, overtaking Citigroup. Citigroup’s 2006 net income was $5.03 billion from its domestic and international card businesses. Its worldwide profits were up 21.8% from $4.13 billion in 2005, even though net income from its International Cards segment (everything outside North America) was $1.14 billion, down 17.2%. American Express reported $3.73 billion in net income from continuing operations, up 15.8% from $3.22 billion. Net income was $0.89 billion from its International Card & Global Commercial Services segment, down 1.6% from $0.90 billion, and $0.78 billion from its Global Network & Merchant Services segment, up 36.0% from $0.57 billion.
toP 10 Most ProFitaBle issuers(from page 1)...
Citibank, the third-largest gen-eral purpose credit card issuer in the U.S., will eliminate the
practice of increas-ing finance charge rates for revolving
credit cardhold-ers if they default on commitments to other lenders,
sometimes known as “universal default.” Citi is also eliminat-ing “any time for any reason”
increases to the rates and fees of its customers’ accounts. In re-cent years, some credit card is-suers have increased the finance charge rates and fees on a card-holder’s account in response to, for example, general conditions in the financial markets. With the new policy, Citi will not increase the rates and fees of an account until the card expires and a new card is issued. Citi will continue to increase rates and fees before the card expires
if a customer pays late, exceeds their credit limit, or pays with a check that bounces. When the interest rate on the card is linked to the prime rate, the rate would change only as the prime rate moves up or down.
JPMorganChase has announced that it will change its over-limit fee policy. It will no longer charge additional over-limit fees after an account is more than 90 days past due.
creDit carD Billing Practices
noMaD PrePaiD carD Processing(from page �)...
Nomad to process their prepaid card accounts include IDT Financial, Tuxedo Money Solutions, First Prepay, and Think Money.
Nomad’s platform supports pounds, dollars, and euros. In the U.K., Nomad competes for prepaid card processing business against TSYS, First
Data, Prepaid Technologies, and EFD (formerly eFunds). Later this year, Nomad will offer its platform in the larger European markets outside the U.K. The company is backed by venture capital. John Yeomans is CEO at Nomad in London,
U.K., 44 (20) 7292-2400 ext. 2400, john.yeomans@ nomadsoft.com.
2006 2005Rank Issuer (bil.) (bil.) Change
1. Bank of America $5.64 $3.23 +74% 2. Citigroup $3.89 $2.75 +41% 3. JPMorgan Chase $3.21 $1.91 +68% 4. American Express $2.28 $1.82 +68% 5. Capital One $1.82 $1.61 +13% 6. Wells Fargo $1.48 $1.16 +28% 7. HSBC $1.39 $0.81 +70% 8. Discover $1.08 $0.58 +86% 9. U.S. Bancorp $0.97 $0.72 +34% 10. Washington Mutual $0.75 $0.17 +333%
Most Profitable U.S. Credit Card Issuers/Net Income
© 2007 The Nilson Report
Some prior year �gures have been restated. Bank of America: Income for Card Services, which beginning with �rst quarter of 2006 includes U.S. consumer and business card, unsecured lending, international card operations, and merchant services. Citigroup: Income for U.S., Canada, and Puerto Rico cards. JPMorgan Chase: Income for Card Services, managed basis, includes Chase Paymentech. American Express: Income for U.S. Card Services segment. Capital One: Income for U.S. Card segment. Wells Fargo: Estimated income for managed general purpose and private label cards includes ATM and merchant processing. HSBC: Income for Credit Card Services segment. Does not include private label cards. Discover: Income for U.S. and U.K. card businesses, including Pulse. U.S. Bancorp: Income for Payment Services, which includes consumer and business credit and debit cards, stored value cards, corporate and purchasing cards, consumer lines of credit, ATM processing, and merchant processing. Washington Mutual: Income for Card Services group. Year 2005 was as of Oct. 1 acquisition of Providian.
10 march2007 issUe875thenilsonreport DO NOT COPY THIS REPORT. Reproducing or allowing reproduction of any portion of this newsletter in any manner for any purpose constitutes a copyright violation subject to substantial fines.
RSA’s Anti-Fraud Command Center, staffed with about 40 analysts in an undisclosed location over-seas. RSA works with anti-spam com-panies and large email providers such as AOL and EarthLink to detect new attacks, and then works with global hosting providers including some of the world’s largest ISPs to shut them down. They also mingle online with the real fraudsters to discover how fraud schemes are evolving. Since it was set up in 2003, the center has helped thwart over 32,000 phishing, pharming, and man-in-the-middle-type attacks (see box).
The goal of most of these attacks is to collect user-names and passwords that can be sold to crime rings. (The crime ring uses the data to siphon money from accounts, and typically pays the data provider by kicking back 30%.) Launching an at-tack can require buying software targeted for spe-cific crimes, and renting time on a server — most often one owned by a legitimate company that is unaware its equipment has been co-opted by secretly installed malware to run Internet attacks in the background. A single fraudster may control up to 10,000 co-opted servers in a network, called
a botnet. Fraudsters typically compensate each other through payment services such as Western Union, e-Gold, and PayPal.
The Web sites that serve as clearing-houses for sales of software and server time also have post-ings for compromised account numbers, fraud classes, etc., and are fairly sophisticated with features such as vendor ratings and escrow services.
In January, the RSA Anti-Fraud Command Center discovered the piece of software now known as the Universal Man-in-the-Middle Phishing kit — noteworthy for being a single product able to spoof any financial service provider. Selling for $1,000, it compares with kits that spoof specific sites and sell for between
$200 to $500. Man-in-the-middle attacks are still relatively rare, but are becoming more common
as financial services providers begin requiring multifactor authentication. This renders information collected in a phishing or pharming attack insufficient for subsequent fraud.
One work-around for fraudsters is to get involved in a session once
the second factor has been veri-fied, which is the man-in-the-middle
approach. Still, many of the anti-fraud strategies being used by banks can either detect that another
player has gotten involved, or limit that player’s window of access by issuing tokens that produce one-time passwords good for just 30 or 60 seconds. This still leaves the fraudster with a few moments to scan the customer’s account for information about balances and recent transactions — data that becomes valuable when fraudsters move offline and contact the bank’s call center. There they try to convince personnel that they are the legitimate account holder and should be allowed
insiDe rsa’s anti-FrauD coMManD center(from page 1)...
Phishing scams attempt to collect credentials such as usernames and passwords by sending out email messages that look as though they come from a legitimate bank or credit card company. The recipient is asked to go to a Web site to log in and update their information, and when they do, their login data is captured.
Pharming scams rely on the fact that the IP address for an Internet site is linked to a domain name through the DNS system. If an attacker can find a way to link his own IP address to the domain name of a valid financial services provider, then when customers type that domain name into their Web browser, they will go to the fraudster’s spoofed site instead. Any login data they enter can then be captured.
Man-in-the-middle attacks involve a fraudster inserting himself between a customer and a service provider during an online session. The fraudster is able to feed the customer legitimate-looking pages from a spoofed site, and use any login data they enter to access the real site. From then on, the customer is experiencing a spoofed session while feeding the fraudster data for a criminal session.
internet fraud Glossary
EMPLOYEES AT RSA’S
ANTI-FRAUD COMMAND
CENTER
... turn to page 12
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ClickandBuy has hosted an on-line payment service with built-in fraud prevention technology for distributors of digital music and other content in 12 countries in Europe since 2000.
U.S. operations began in 2004. This summer it plans to introduce a PC-based person-to-person (P2P) payment service, as well as a brick-and-mortar retailer-based cash voucher program in Europe. The cash voucher system lets consumers fund prepaid accounts for Web purchases. The P2P payment system lets them pay people and organizations who sell digital content but don’t have a mer-chant relationship with a bank. ClickandBuy’s P2P payment module will allow for variable pricing that can change hourly.
The cash voucher program will be a proprietary prepaid program with no Visa or Master-Card affiliation. Funds will be usable only at merchants that use ClickandBuy for payment processing.
Merchant clients outsource all or part of their eCommerce activities to ClickandBuy. In addition to payment process management, clients are offered live operator customer support, credit card fraud detection, and monthly invoicing. The compa-ny’s ability to provide more than 40 different types of payment methods can help U.S. sellers of digital content reach European consumers. Types of digital con-tent handled by ClickandBuy include games, songs, movies, streaming video, podcasts, VoIP calls, and television. The company also handles yearly subscriptions, micropayments, or single downloads for publish-
ing and mobile devices. Trans-actions are aggregated for cost savings. ClickandBuy merchants reach a combined base of seven million consumers worldwide.
ClickandBuy has offices in Germany, London, and the U.S. The company recently received
$23 million in venture funding from 3i, Deutsche Telekom, and Intel Capital. Clients include Apple iTunes, AOL, and MSN (Europe only). Prior issue: 865
clicKanDBuy WeB vouchers/P2P PayMents
aPriva’s secure eMailApriva’s Sensa secure mobile email system and its Bluetooth-based Common Access Card (smart card) reader have been approved for use by the United States Army. This approval lets Windows Mobile Operating System (OS) devices that run Sensa be added to the Army Two-Way Wireless Email Devices (TWED) list for the first time. Sensa, a client/server
architecture for encrypted messaging, is device and digital network agnostic. The Army will use Sensa to secure Windows Mobile OS devices for Sensitive But Unclassified (SBU) and For Official Use Only (FOUO) wireless messaging.
Apriva is best known for its end-to-end wire-less network support for
mobile payments. Chris Spinella is CEO at Apriva in Scottsdale, Arizona, (480) 421-1300, [email protected]. Prior issues: 873, 872, 869, 867, 866, 771, 763, 754
t CLICKANDBUY CONTACTSt germany Eberhard Dollinger is Chief Sales Officer in Cologne, 49 (221) 454-5740, [email protected].
t u.K. David Hunter is Managing Director in London, 44 (20) 7605-0680, [email protected].
t u.s. Sharon Anstey is Vice President in New York, (212) 812-2400 x13, [email protected].
insiDe rsa’s anti-FrauD coMManD center(from page 11)...
to change their billing address, get a new PIN, or conduct an emergency funds transfer. Since banks can’t control how each employee responds to sub-terfuge, it will become increasingly important for them to run call center data through whatever
system screens online data for fraud. Louie Gas-parini is co-CTO, Consumer Business Unit at RSA, The Security Division of EMC in San Mateo, Cali-fornia, (650) 295-7500, [email protected]. Prior issues: 863, 857, 852, 855,847, 820, 719
1� march2007 issUe875thenilsonreport
David Robertson, Publishermarch17,2007
Visit the companies mentioned in this issue by clicking here.
More listings on following page.
3PEA Internationalwww.3pea.com
ACI Worldwidewww.aciworldwide.com
Aconitewww.aconite.net
Aetnawww.aetna.com
Affordable Payment Solutionswww.affordable-pay.com
American Conference Instit.www.americanconference.com
American Expresswww.americanexpress.com
American General Financewww.agfinance.com
AOLwww.aol.com
Applewww.apple.com
Aprivawww.apriva.com
Atos Worldlinewww.atosorigin.com
Bank of Americawww.bankofamerica.com
Banka Koperwww.banka-koper.si
Best Buywww.bestbuy.com
Brooks FI Solutionswww.brooksfisolutions.com
Brookwood Capitalwww.brookwoodcapital.net
Capital Onewww.capitalone.com
Card Protection Planwww.cpp.co.uk
Caremarkwww.caremark.com
Charter Onewww.charterone.com
Citibankwww.citibank.com
Clear2Paywww.clear2pay.com
ClickandBuywww.clickandbuy.com
CMP Mediawww.cmp.com
Coinstarwww.coinstar.com
Commerce Bankwww.commerceonline.com
DIB & Associateswww.dib.com.br
Discover Financial Serviceswww.discoverfinancial.com
DuPontwww.dupont.com
Ecountwww.ecount.com
EDB Business Partnerwww.edb.com
EFD (eFunds)www.efunds.com
Egytec Engineeringwww.egytec.com
Elan Financial Serviceswww.elanfs.com
ETAwww.electran.org
Experianwww.experian.com
Fair Isaacwww.fairisaac.com
Fast Transactwww.fasttransact.com
First Data Corp.www.firstdatacorp.com
Fishback Financialwww.firstnb.com
GE Moneywww.ge.com
Georgia Pacificwww.gp.com
Global Analyticswww.global-analytics.com
Googlewww.google.com
GratisCardwww.gratiscard.com
HPwww.hp.com
HSBCwww.hsbc.com
Hypercomwww.hypercom.com
i2c inc.www.i2cinc.com
IBMwww.ibm.com
ICMAwww.icma.com
Intelwww.intel.com
Intelligent Resultswww.intelligentresults.com
Interacwww.interac.org
IranKhodro Cardwww.ikcard.com
Jo-Ann Storeswww.jo-annstores.com
JPMorgan Chasewww.jpmorganchase.com
LINKwww.link.co.uk
MasterCardwww.mastercard.com
Modulowww.modulo.com
MSNwww.msn.com
NACHAwww.nacha.org
NetSpendwww.netspend.com
Newtek Business Serviceswww.newtekbusinessservices.com
Nomad Softwarewww.nomadsoft.com
Office Depotwww.officedepot.com
Pax Technologywww.paxsz.com
Paymetricwww.paymetric.com
PayMotionwww.paymotion.com
PayPalwww.paypal.com
Rahaxi Processingwww.rahaxi.com
RBS Lynkwww.rbslynk.com
RS Softwarewww.rssoftware.com
RSAwww.rsa.com
Ruesch Internationalwww.ruesch.com
Sage Payment Solutionswww.sagepayments.com
Sapphire Mobile Systemswww.sapphiremobile.com
Secure Checkwww.securerck.com
Shoppers Charge Accountswww.shopperscharge.com
Shore Cliff Communicationswww.shorecliffcommunications.com
Smart Cards/Smart Labelwww.scsl-china.com
SMi Groupwww.smi-online.co.uk
Speer & Associateswww.speerandassociates.com
TASQ Technologywww.tasq.com
TD Banknorthwww.tdbank.com
Tio Networkswww.tionetworks.com
TNB Card Serviceswww.tnbcard.com
Transaction Sys. Architectswww.tsainc.com
TransFirstwww.transfirst.com
Trycera Financialwww.trycera.com
TSYS Acquiringwww.tsysacquiring.com
Ukashwww.ukash.com
Visawww.visa.com
VocaLINKwww.voca.com
VoiceVerifiedwww.voiceverified.com
WageWorkswww.wageworks.com
Wal-Martwww.walmart.com
Washington Mutualwww.wamu.com
Way Systemswww.waysystems.com
Wells Fargowww.wellsfargo.com
Western Unionwww.westernunion.com
