Primary Payment Systems, Inc., recently added their 100 millionth checking account to their database. Primary Payment Systems helps financial institutions, retailers, and remittance processors reduce check and payment losses using a national checking account database.
"Reaching 100 million accounts is a noteworthy accomplishment, not just for Primary Payment Systems, but for the entire industry," said Larry McNabb, CEO of Primary Payment Systems. "There's a simple reason for our successóthe database works! We estimate that our participants will avoid more than $100 million in check losses this year."
There are more than 150 Primary Payment Systems participants who contribute information to the database, including seven of the nation's top 10 bank holding companies. The database provides advanced electronic notification of potential check returns and allows participating institutions to inquire into the status of any account in the database.
"Bank participation with Primary Payments Systems is consistent with one of the Banking Industry Technology Secretariat's (BITS) major goalsóreducing fraudóand is an outstanding example of banks working together to benefit the industry and our customers," said Catherine Allen, chief executive officer of BITS.
Primary Payment Systems, founded in 1995, is owned exclusively by banks and bank-owned organizations. For more information visit their Web site at http://www.primarypayments.com.
Hypercom also surpassed a landmark when they recently shipped their 3 millionth terminal; the ICE 5000 was shipped to Concord EFS.
The landmark comes on the heels of a banner year for the terminal manufacturer. Last year Hypercom shipped almost 30% more terminals than 1997, for a total of 646,149 worldwide. U.S. shipments alone increased 45%.
The company is excited by the growth and what they believe it means to other equipment manufacturers. According to George Wallner, CEO of Hypercom, "This newest achievement demonstrates the continued gains Hypercom is making in the electronic payments industry at the expense of both the legacy market leader and would-be challengers."
Finally, Alliance Data Systems recently acquired the Network Transaction Services and FleetShare business units of SPS Payment Systems. The additional businesses bring Alliance Data System's annual processing to almost two billion transactions.
The Network Transaction Services unit of SPS Payment Systems employs approximately 200 people and offers data capture, authorization, reporting, and data communication services for a variety of payments, including credit, debit, fleet, and private label payment cards. In 1998 it processed more than 510 million transactions from over 80,000 POS terminals in petroleum, convenience store, general retail, and public transit marketplaces.
"While this agreement adds 180 new clients and 500 million annual transactions, it also allows us to enhance the scope of services and value we bring to our existing clients," said Mike Parks, Chairman & CEO, Alliance Data Systems.
Alliance Data Systems is one of the nation's largest providers of integrated marketing, information and transaction services. The company provides network, private label credit card, and database marketing services to the retail, petroleum, and utility markets. Alliance processes more than one billion transactions annually and employs more than 6,000 associates in the U.S., Canada, and New Zealand.
