OK so Keycorp was starting to look good. Then in the new year retailers running BofQ and Bankwest eftpos reported date errors which were affecting purchase transactions. Keycorp, which is a great company, fixed a patch and within days things were back to normal. Keycorp took responsibility for the software problem and will have liabilities thru their insurance. The transactions volumes however is likely to be in $millions. For a small company this could be hard. Also how does this affect the major contract with First Data which covered these machines. As investors we will need to get company clarification as to the effect on the companies finances, dividends and prospects.
For the moment I am out!
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