Air Canada Strikes Deal with Credit Card Processors to Lower Unrestricted Cash

Posted by John B. Frank Monday, May 25, 2009

Air Canada strikes deal with credit card processors to lower unrestricted cash
By THE CANADIAN PRESS – 50 minutes ago

MONTREAL — Air Canada (TSX:AC.A) has reached an agreement with one of its major credit card processors that will drop the level of unrestricted cash the airline is expected to have on hand to $800 million.

Air Canada says the move will help it maintain financial stability as the cash-strapped airline deals with weak economic conditions. Under the memorandum of understanding, the airline will provide the credit card processor with security to be accumulated over time.

Air Canada has been looking to cut at least $250 million in costs and raise more cash but its CEO has said he doesn't foresee the need for massive layoffs or a bankruptcy protection filing to help it survive.

0 comments

Post a Comment

Learn More About Us

Find out how our patented technology can empower your financial institution.

Our secure two-factor online banking authentication eliminates dangerous passwords and usernames and replicates the same trusted process used to access cash at ATM's. (Insert Bank Issued Card, Enter Bank Issued PIN)

There is an R.O.I. as FI's also earn recurring revenue from each transaction conducted using our PCI 2.0 Certified PIN Entry Device. Our technology also provides a unique real-time P2P "Instant-Transfer" which allows your online banking customer to transfer cash from ANY of their bankcards to ANY other bankcard...with the Swipe of a card.

Help your bank eliminate phishing and your customers avoid identity theft by providing them with the ability to stop typing and start swiping. There is no safer way to conduct financial transactions online than by 3DES DUKPT encrypting the cardholder details, which we do at the mag-head "inside the box/outside the browser."

All Top Banking