Headlines:
InteliData Appealing Delisting Decision HSBC Distributing Password Devices Wachovia Installs Carreker System Cartesis Acquiring Toronto Vendor Inea
InteliData Appealing Delisting Decision
InteliData Technologies Corp., the Reston, Va., online bill payment software and services provider that is selling itself to Corillian Corp., said it is appealing an effort to delist its shares from the Nasdaq Small Cap Market.
The exchange notified InteliData on Tuesday that it had recommended the shares for delisting, the vendor said Wednesday.
The appeal will let the stock continue to trade on the exchange while a panel reviews the delisting recommendation, InteliData said.
Nasdaq requires listed companies to maintain a share price above $1. InteliData shares, which closed Wednesday at 36 cents, have not traded above $1 since May 2004.
InteliData said delisting would reduce the stock's liquidity, discourage brokers from executing trades, and make it more difficult for investors to sell.
Corillian, a Hillsboro, Ore., maker of online banking software announced March 31 that it would pay about $20 million in cash and stock for InteliData. At that time the two companies said they expected the deal to close by early June.
Last year InteliData lost $33.2 million, including a $25 million noncash goodwill impairment charge. The day the deal was announced, InteliData warned in its fourth-quarter earnings report of "substantial doubt about its ability to continue as a going concern."
Alfred S. Dominick Jr., InteliData's chairman and chief executive, said Thursday that the appeal would give his company 45 days to close the deal. "We frankly believe we will either close the deal with Corillian prior to the completion of the appeal or we will request an extension."
Steve Shaw, a spokesman for Corillian, said it wants to close the acquisition "as soon as we can."
HSBC Distributing Password Devices
HSBC Holdings PLC's Hong Kong unit has begun distributing encryption tokens from the Oakbrook Terrace, Ill., vendor Vasco Data Security International.
Vasco said Thursday that the unit is the first banking company in China to offer the Digipass Go3 security devices to all of its online banking customers.
The keychain-size devices generate a random, frequently changing string of characters that customers must use to log into a Web site. This is a example of two-factor authentication, which is considered more secure than the traditional username-and-password combination, because if a criminal learned someone's password, the information would not be very valuable, because the password would expire shortly afterward.
"Vasco's Digipass GO3 is an extremely portable and easy to use two-factor authentication device that provides users with a secure one-time password which cannot be reused by hackers," Jan Valcke, the vendor's president and chief operating officer, said in a press release.
HSBC has 870,000 Hong Kong online banking customers, or about 60% of the city's Internet banking users.
Wachovia Installs Carreker System
Wachovia Corp. of Charlotte has installed an image-enabled check adjustment processing system from the Dallas software vendor Carreker Corp.
Carreker said Thursday that Wachovia is using the Adjustments/Express software at its four adjustment processing sites.
Wachovia expects the software to reduce adjustment costs by about 30%.
"We needed a reliable adjustment solution that could be deployed across the enterprise and allow us to achieve scalability in an ever-changing marketplace, while still improving customer service and decreasing adjustments-related costs," Sandy Grow, a senior vice president at Wachovia and its manager of adjustments, said in Carreker's press release.
Carreker says that the software creates an almost paperless adjustment processing environment. Staff members can scan information about specific items into the system, retrieve digital and microfilm copies of items, and record data related to their resolution, the vendor said.
Cartesis Acquiring Toronto Vendor Inea
Cartesis Group, a Paris supplier of business performance management software, has agreed to buy Inea Corp., a Toronto maker of financial management software.
The deal, announced Tuesday, is expected to close this month. Cartesis said the deal would provide it with new tools for financial forecasting and scenario analysis.
Inea's software, which integrates financial planning, forecasting, and reporting functions, is designed to help customers compare their results to their projections. Its customers include Mellon Financial Corp., Royal Bank of Canada, Bank of Nova Scotia, KeyCorp, Bank of Montreal's Harris Bank, and Community America Credit Union.
