CA-based International Card Establishment has obtained a $1 million line of credit from a private party and has decided to grow its credit card processing business organically through a network of independent agents. In addition to its recent retirement of approximately $1,700,000 in debt (associated with the sale of its GlobalTech leasing unit), the Company was successful in retiring an additional $500,000 in debt and accrued interest from the proceeds of the GlobalTech sale. The restructuring efforts, which have culminated with the acquisition of the $1,000,000 credit facility, are designed for I.C.E. to rapidly, but organically attain positive EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and in the near future, profitability. I.C.E. is a rapidly growing provider of diversified products and services to the electronic transaction processing industry.Details
Co-Op Financial Services has hired Caroline Willard, formerly with American First CU, as VP/Corporate Development. Willard, a 16-year marketing veteran with more than five years in the credit union industry, will be tasked with identifying new opportunities for Co-Op in the payments space. Before joining Co-Op, Willard was vice president of marketing and strategic planning for American First Credit Union in Orange County, CA.Details
Fiserv reported revenues for the second quarter of more than $1 billion, a 10% increase over the prior year. The “Financial Segment,” the company’s largest operating segment, produced revenues of $768 million for the quarter with operating income of $159 million. Fiserv Electronic Funds Transfer posted strong sales activity for the first half, signing 111 new clients of which nearly 80% were sales within the Fiserv client base. Also during the second quarter, Fiserv named Thomas Hirsch as EVP/CFO effective July 1st replacing the retiring Kenneth Jensen. The Armed Forces Financial Network signed a contract extension with Fiserv EFT for network switching services through December 2009. Additionally, the Company chose PassMark Security as a partner in providing multifactor authentication technology to its banking and credit union clients. For complete details on Fiserv’s current and past performance, visit CardData ([www.carddata.com]) (CF Library 4/11/06/ 4/26/06; 6/21/06)
MN-based Ceridian reported that Comdata’s revenue was up 13% in the second quarter to $115.8 million. Higher fuel prices accounted for about 3% of the increase. Comdata’s “BusinessLink,” private label processing and merchant processing accounted for about 3 points of Comdata’s year over year growth. Stored Value Systems grew in double digits, including a tripling of international SVS revenue during the quarter which added a full point to Comdata’s overall growth rate. Ceridian says Comdata revenue for 2006 is expected to be between $455 million and $465 million. During the quarter, Comdata and TransMontaigne inked a four-year contract to provide a fleet card to the state of Texas’ 30,000 vehicles. The Company was also retained by the state of Florida as its fleet card provider. Comdata will issue fuel cards for the 25,000 FL state-owned vehicles and will provide line-item detail and authorization prompting data on the usage under a five-year contract. Additionally, Stored Value Systems acquired Salt Lake City-based SASH Management d/b/a Gift Card Solutions. For complete details on Ceridian’s current and past performance, visit CardData ([www.carddata.com]) (CF Library 5/8/06: 5/17/06/ 5/18/06)
NCR reported that second quarter revenue of $343 million for its ATM business was up 6% year-on-year. However, operating income of $31 million was down from $43 million generated in the second quarter of 2005 due to price erosion and higher manufacturing-related costs. Retail Store Automation revenue of $221 million was up 5% from 2Q/05. Operating income of $8 million compared favorably to $6 million in the second quarter of 2005, largely due to higher revenue. During the second quarter, NCR introduced two-sided thermal receipt printing via its “RealPOS 7168” terminal. NCR and Novell also announced a global agreement to offer Novell “Linux Point of Service” on NCR “RealPOS” retail POS terminals. Additionally, Panda Restaurant Group inked a deal to deploy NCR “RealPOS 70” terminals at its Panda Express and Hibachi San locations. For complete details on NCR’s current and past performance, visit CardData ([www.carddata.com]) (CF Library 4/26/06; 5/3/06; 5/24/06)
ING Card has deployed Arcot Systems’ “3-D Secure” consumer authentication solution for large-scale Internet card transactions. The implementation of Arcot’s TransFort (3-D Secure) solution will provide barriers to the unauthorized use of credit and debit cards for Internet transactions, providing over 1.3 million Dutch ING cardholders with improved protections against identity theft. In order to launch the new authentication service as quickly as possible, ING Card chose a standard set of 3-D Secure options that would enable ING Card to be fully compliant with card scheme rules. Arcot is a leading provider of secure e-payment, strong authentication, credential management, and digital signature software solutions.Details
FL-based American Bancard has hired John Rody as its CFO. Mr. Rody brings more than 13 years of financial and management experience to American Bancard, where he will spearhead the management of a more efficient and sophisticated Accounting and Finance department. He was Chief Operating Officer and Chief Financial Officer of CRO Realty, Inc., a real estate development concern in Deerfield Beach, Florida. AMERICAN BANCARD, LLC, headquartered in Boca Raton FL, is a registered Independent Sales Organization/Merchant Service Provider (ISO/MSP) of HSBC Bank USA, and is currently the fastest growing provider of electronic payment processing equipment and merchant processing services in the country.Details
MD-based Kaulkin Ginsberg has hired Jamie Welsh, formerly with Garnet Capital Advisors, as Director. Jamie will work closely with the Strategic Advisory and Research Group to advise credit grantor, collection agency, debt buyer, and vendor executives on mergers & acquisitions, valuations, research, executive recruitment, and operational assessments. Kaulkin Ginsberg has provided solutions to accounts receivable management and related business services companies. The Strategic Advisory Group provides merger, acquisition, and valuation advice; operational consulting; and executive search services.Details
Oberthur Card Systems reported that during the second quarter revenues increased slightly to 122.9 million euros. During the quarter Oberthur delivered 58.7 million microprocessor cards, breaking the record of 58.2 million cards set in the fourth quarter of last year. However, the payment segment top line amounted to 21.9 million euros, a 38% decrease at constant exchange rate compared to 2Q/05. The decrease in sales is due to two momentary and localized events. The French market is experiencing a temporary lower activity with the delay of DDA migration and the UK market, which posted extremely strong revenue in 2Q/05, led to a comparative decrease in sales. But, Oberthur says with 15.1 million cards delivered against 16 million, volumes were
stable sequentially. Sales in the “Other Cards” Segment (magnetic stripe cards, scratch cards and memory cards) amounted to 21.6 million euros, a 16.7% increase year-on-year. For complete details on Oberthur’s second quarter performance, visit CardData (www.carddata.com).
PA-based USA Technologies has been issued another “e-Port” patent covering credit card approval, item selection, price and inventory management, whether wired or wireless. The latest e-Port patent, number 7,076,329 for Cashless Vending Transaction Management by a Vend Assist Mode of Operation, comes after USA Technologies signed an historic contract with MasterCard to deploy the first 1000 cashless vending machines equipped with the e-Port Generation Six transaction device. USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management.Details
KS-based Euronet Worldwide reported that second quarter revenues increased 16% to $153.8 million year-on-year. Net income rose to $11.1 million, compared to net income for the second quarter 2005 of $2.7 million. EFT Processing posted revenues of $32.4 million, compared to $26.0 million for 2Q/05. Transactions processed were 113.6 million, compared to 86.8 million transactions in the same period last year. The EFT Segment completed the quarter with 7,866 ATMs owned or operated, including 58 ATMs Euronet installed in China, compared to 6,565 ATMs at the end of 2Q/05. Prepaid Processing reported revenues of $114.2. Transactions processed were 107.8 million, compared to 86.2 million transactions in the second quarter 2005. The Software Solutions segment produced revenues of $7.2 million for the quarter. Combining all segments, transactions processed in the second quarter were 221.4 million compared to 173.0 million processed in the second quarter 2005, a 28% increase. For complete details on Euronet’s latest results visit CardData ([www.carddata.com]).
First Data and Banco Popular North America have signed a new revenue-sharing alliance agreement. First Data will provide merchant payment processing services on behalf of BPNA. BPNA will offer merchant services to its business customers through an expanded portfolio of electronic payment products and services, including credit, debit and gift card programs. Currently, BPNA has more than 50,000 small business customers throughout the U.S. The agreement also expands BPNA’s merchant support network by adding dedicated First Data sales executives throughout BPNA’s markets. The agreement will also allow BPNA to offer next-day settlement for customers with a Banco Popular business checking account.Details