EVERTEC 4Q/10 Posts Revenue Up 12% Y/Y

EVERTEC reported 4Q/10 total revenues having increased by $8.1 million, or 12%, to $77.1 million, when compared to $69.0 million in the year ago period. This increase was attributable to transaction processing having increased $2.3 million, or 12%; Merchant Acquiring increased $1.4 million, or 11%; and Business Solutions having increased $4.4 million, or 12%. Meanwhile, adjusted EBITDA for the quarter was $34.9 million, up 8% over the $32.2 million achieved in the same period in 2009 while total operating costs and expenses increased $15.9 million when compared to the same period last year. Total revenues increased by $18.0 million, or 7%, to $285.4 million, when compared to $267.4 million for the same period in 2009. EVERTEC total revenues for the year ended December 31, 2010 increased by $18.0 million, or 7%, to $285.4 million, when compared to $267.4 million for the same period in 2009. This was thanks to the Transaction Processing segment revenues having increased by $3.1 million, or 4%, primarily due to higher volumes and revenue generated from new service offerings; the Merchant Acquiring segment net revenues having increased by $5.8 million, or 12%, mainly due to higher transaction volumes, new customer additions, and selected price increases; and the Business Solutions segment revenues having increased by $9.1 million, or 6%, mostly due to higher volumes and new services provided to certain clients.

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Senator Durbin Defends Interchange Amendment

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Senator Durbin sent an open letter to Jamie Dimon, CEO of Chase bank and also happens to be leading the effort to kill the Durbin interchange amendment. Referring to the bill as “idiotic,” Dimon holds the new regulations could force banks to abolish services like free checking accounts. To this, Durbin…

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MasterCard Completes Acquisition of Travelex Prepaid Card Program

MasterCard has completed its acquisition of the prepaid Card Program Management (CPM) operations of Travelex. The acquisition of Travelex’s CPM operations furthers MasterCard’s strategic business goals and strengthens the company’s suite of global prepaid business assets. It will allow MasterCard to play a greater role in the prepaid value chain supporting issuers and partners, especially outside of the United States and in the attractive cross-border payments space.

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FRAUDULENT EMAILS CLAIMING TO BE FROM NACHA

NACHA Electronic Payments Association has announced and wants professionals aware of fraudulent emails bearing the Association’s name. Reportedly, companies continue to receive fraudulent emails appearing to be sent from NACHA. These emails vary in content and appear to be transmitted from email addresses associated with the NACHA domain (@nacha.org). Some bear the name of fictitious NACHA employees and/or departments. NACHA itself does not process nor touch the ACH transactions that flow to and from organizations and financial institutions and wants it known it does not send communications to persons or organizations about individual ACH transactions that they originate or receive.

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PenFed Announces 4.99% APR Credit Card Balance Transfers

Pentagon Federal Credit Union (PenFed) announced that for a limited-time only, they are currently running a 4.99% APR credit card balance transfer offer that waives the balance transfer fee and secures the 4.99% APR for the life of the balance. PenFed is extending this offer to include PenFed’s “Best in Class” Platinum Cash Rewards Card, Promise Card, and Premium Travel American Express® Card. PenFed is the third largest credit union in the United States with over a million members, and more than $15 billion in assets.

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Expert Group Expects Over 60 Deployments in 2Q/11

Expert Group 1Q/11 ATM placement deployment progress indicates fully implemented Expert ATMs are generating an average of $3.75 per-Transaction, ultimately generating annual gross revenues of $13, 500.00 or $1,350,000.00 for every 100 ATM. Expert Group 1Q saw ATM-AP installations in more than 20 locations and has already been used by thousands of clients. Within the next 6 months the Company announced it projects to have over 100 ATMS and within 12 months we project over 1 million Transactions. The company has entered into agreements for more than 30 installations during the first quarter, a figure expected to double by the close of next quarter.

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Bell ATM launches new website

CO-based Bell ATM Service has redesigned its website for ordering parts and requesting ATM-component repairs online. Found at BellATM.com, the website incorporates new navigational tools that provide customers with a comprehensive list of more than 1,000 new and refurbished ATM parts and repairs offered by Bell ATM and allows users to navigate the website with drop-down menus that categorize products by manufacturer, model number and product type. The website also features tech support, and it provides online customers with a list of ATMs Bell supports.

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Columbia Ultimate Now PCI 2.0 Compliant

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Columbia Ultimate technology and integrated solutions for the collections industry is now PCI DSS v2.0 compliant. In order to become PCI DSS compliant, the Company adhered to the PCI DSS standard in their processes, procedures and use of systems to adequately protect credit card data. Columbia Ultimate is an expert in…

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Signature Bank Names Private Client Banking Teams

NY-based Signature Bank appointed two private client banking teams led by Nelli Teplinsky as Group Director, SVP, and Natalie Leviev, Senior Client Associate. Both appointees join from HSBC, where Teplinsky was VP, Senior Premier Relationship Manager for 10 years as part of her 20 years’ experience in the industry. Leviev, meanwhile, spent four years with HSBC, most recently as a Premier Client Officer. The Bank also made appointments to improve its Group Director and Senior VP roles, all also from HSBC.

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Cabela’s Completes Variable Funding Facility With BofA

Cabela’s Incorporated announced that its wholly owned subsidiary, World’s Foremost Bank, has entered into a $352.9 million commitment with Bank of America. Under an outstanding series of variable funding notes issued by Cabela’s Credit Card Master Note Trust, the three year commitment will provide Cabela’s CLUB Visa program members added network benefits. Adding Bank of America as a liquidity provider on the Cabela CLUB Visa program additionally allows for further spread of liquidity risks.

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Avidbank Appoints New Board Member

Avidbank announced that David V. Campbell has joined its Board. A founder and board member of Bridge Bank from 2000 to 2010 where he chaired the Directors Loan Committee during his tenure, David was also a general partner at Costella Kirsch LLC, a venture lending firm, for over ten years and has an extensive banking background in both community and national banks. Mr. Campbell was President and CEO of Burlingame Bank and Trust from 1993 to 1996 where he successfully stabilized the staff and restored profitability within one year of assuming leadership. From 1966 to 1993, Mr. Campbell held senior management positions at Cupertino National Bank as well as several positions with Bank of America. Mr. Campbell holds a BA in Business Administration from Fresno State University.

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MerchantService.com Releases Resources on Card Processing

MerchantService.com merchant account services has released a new video and article on their site titled “Credit Card Processing to Maximize Bottom Line Profits,” focusing on the benefits of credit card processing and the reasons why it’s essential that merchants of all size have a credit card machine. Credit and debit card transactions are rapidly growing in today’s marketplace, with nearly one-third of all consumer purchases in the United States made with some sort of payment card – and each of these transactions requires a merchant account.

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