2010 Bankruptcies Up 8% Y/Y, Jan Filings Down 22% M/M

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Total bankruptcy filings were up 8% in 2010 from the the prior year, totaling 1,593,081 for the 12-month period ending Dec. 31. This compared to the 2009 figure of 1,473,675. Of the 2010 filings, 1,536,799 were consumer filings-for a 9% increase over the 1,412,838 filings recorded during the same period in…

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Hypercom Shareholders Approve Verifone Merger

It’s almost official; Hypercom stockholders have approved merger agreements with VeriFone Systems. The merger agreement and merger were approved by more than 99% of the shares voted, which constituted approximately 80% of the total number of shares outstanding as of the record date for the special meeting. The proposed merger was announced on November 17, 2010, and is expected to close in the second half of 2011, pending the satisfaction of applicable regulatory approvals and other customary closing conditions. With its first bid having been rejected September 27, VeriFone Systems will acquire Hypercom electronic payment and digital transactions solutions provider. Under a definitive agreement, VeriFone will acquire Hypercom in an all-stock transaction valued at approximately $485 million, unanimously approved by the boards of directors of both companies, Hypercom shareholders will receive a fixed ratio of 0.23 shares of VeriFone common stock for each Hypercom share they own, valued at approximately $7.32 per share based on the closing price on November 16, 2010. Verifone immediately began drafting a second buyout offer after the first bid was rejected, which proposed to acquire all of the outstanding Hypercom shares for $5.25 per share in cash for a total of $290 million. Hypercom quickly responded with its rejection thanks to its projections of a prosperous 3Q/10 high above Wall Street predictions of $112 million in net revenues. Subsequently, shares in Hypercom exploded 44% to $6.10, immediately overvaluing the VeriFone proposal. The Board decided this proposal is only intended to disrupt Hypercom operations after having taken market share from VeriFone in several markets. The acquisition is anticipated to close in the second half of 2011(Cardflash Library 2010-11-17).

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Ceridian Corporation Names President of Comdata

Steve Stevenson has been named president of Comdata Corporation by Ceridian payroll outsourcing, workforce management, employee benefits administration and electronic payment services. Most recently CFO for National Processing Company payment processing services, Stevenson was previously CFO at Elavon payment solutions organization and subsidiary of U.S. Bancorp. He is a graduate of Georgia State University, a certified public accountant and earned an MBA from Dominican University in River Forest, IL.

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NetSpend Partners to Offer Underbanked Pay Convenience

NetSpend underbanked services has forged marketing agreements with The
General Automobile Insurance Services. This lets the insurance agency
offer their customers a NetSpend prepaid debit card. NetSpend prepaid
debit cards let unbanked consumers pay their auto insurance premiums
electronically in the safety and security of their own home through
online bill pay. This eliminates the need for money orders or wire
transfers, fees from which they also avoid entirely.

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Diebold ATMs Inks New Credit Union

Diebold is expanding with TX-based Union Square Federal Credit Union to deliver monitoring, remote services and enhanced security for its network of 21 ATMs and the addition of Diebold’s deposit automation technology to six of the credit union’s ATMs. With this, Diebold will improve the Credit Union’s security and provide its “Advisor ATM” status monitoring; “OpteView” remote services; its endpoint protection monitoring and software subscription management. Diebold upgraded the ATMs with new hardware that supports envelope-free transactions, including enhanced note acceptors (ENAs) and Intelligent Depository Modules® (IDMs).

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Fifth Third Bank Implements ClairMail mBanking

Fifth Third Bank has selected ClairMail mobile banking and payment to power its mobile banking services, allowing its customers better access to their accounts, bill paying capabilities and real time personalized text alerts. ClairMail’s scalable mobile platform also gives Fifth Third the flexibility to connect to multiple financial systems and future-proof their mobile powered offerings. The platform lets users access accounts through mobile web, SMS and a client apps on virtually any mobile device and check account balances, perform account transfers and view transaction history.

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ABA Addresses Recovery

The ABA chief economist issued a statement indicating the banking industry is regaining its footing based on asset quality having improved, loan losses having declined, and banks increasing capital levels. Banks added nearly $69 billion in equity capital last year and total industry capital is now more than $1.5 trillion. Banks also added more than $230 billion in reserves to cover possible loan losses. Most banks increased both their leverage capital and total risk-based capital last year. This demonstrates strong industry-wide improvement and a continued build-up of underlying strength. Also, the level of delinquent loans declined by $36.4 billion for the year and $45.9 billion over the past three quarters.

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Georgia Credit Union Implements Fiserv Processing

Georgia’s Own Credit Union of Atlanta has chosen to implement the Fiserv “Acumen” account processing solution. Featuring in-house delivery and integrated solutions, “Acumen” provides for users 360-degree member views; member relationship management and commercial services tools; and a flexible, customizable platform that’s open at every tier. Georgia’s Own Credit Union will implement the Fiserv Platform along side “Corillian Online” for online banking, Fiserv “CheckFree RXP” for electronic bill payment, “Mobile Money” for mobile banking, and “ZashPay” for P2P payments.

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Small Business Direct Deposit Offers Employee Savings

Small businesses let their employees save automatically using Direct Deposit, 71% of which provide the option for employees to split their deposit into multiple accounts. Moreover, larger businesses see more splitting, with 81% of businesses with 101 or more employees offer split deposit as compared to 65% with two to five employees and those with revenues of $15 million to $19.99 million, 76% offer split deposit contrasted with 61% of those with revenues under $500,000. This, according to a new study from NACHA, shows people save more money when they use split deposit.

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First Data Announces North American Leadership Team

First Data Corporation electronic commerce and payment processing has announced the leadership team for its North American business. Nine senior vice presidents with the following responsibilities include:

Vickie Brown – Walmart Partnership Management;
Jim Contardi – Product Solutions;
Kelley Everetts – Client Care and Implementation Support;
Kim Fitzsimmons – Merchant Services And Community Banks;
Mark Herrington – Global Product Management and Innovation;
Matt Kardell – National Clients and Alliances;
Pete Korpady – Global Network Management;
Barry McCarthy – Strategic Clients and Alliances;
Stan Wilson – Business Development.
In the Global Product Management and Innovation organization, the following executives would lead these specific product areas:

Kevin Barry – Network Solutions
Steve Boehm – Issuing Solutions
Bruce Dragt – POS Solutions (Acquiring, TeleCheck, Terminals, TASQ, Leasing)
Jeff Johnson – Prepaid Solutions
Dom Morea – Advanced Solutions and Innovation (Mobile Solutions, Innovation Management, Intellectual Property)
Silvio Tavares – Information and Analytics Services

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Sage Payment Acquires Heartland Merchant Portfolio

Sage Payment Solutions has acquired a small portfolio of merchant customers processing on third-party platforms from Heartland Payment Systems payment processor for undisclosed terms. This is Sage Payment Solutions’ fifth acquisition in the last 12 months, which is focused on strategic growth with such strategy through targeted portfolios in the automotive, lodging and hospitality markets.

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Merchant Warehouse’ Customer Service Awarded

Merchant Warehouse credit card processing was presented with a Stevie Award for Sales Lead Management System of the Year in the fifth annual Stevie Awards for Sales & Customer Service. This includes developing its own home-grown system and process to route and track leads from clicks to calls to closed sales. Subsequently, the company is now writing around 600 more deals a month, has significantly lowered the marketing spend and overall sales close rate has increased 15.

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