Nashville-based iPayment, a card processor with 140,000 small U.S. merchants, has completed a merger with its related entities and was delisted from NASDAQ yesterday. Each issued and outstanding share of iPayment’s common stock has been converted into the right to receive $43.50 in cash without interest iPayment, Inc. is a provider of credit and debit card-based payment processing services to approximately 140,000 small merchants across the United States.Details
Atlanta-based InComm has closed on its deal to acquire prepaid specialist PRE Holdings and now has more than 145,000 distribution points across the Nation. The new InComm will offer a prepaid product range which includes its subscription activation products, full range of prepaid wireless programs, enhanced long-distance programs, music and game downloads, private label and third party gift cards and financial services products such as the Mio Money Prepaid MasterCard and Vanilla Visa Gift Card.Details
Innovative Card Technologies'”DisplayCard” is integrating technology from SiPix Imaging and SmartDisplayer to produce an ISO compliant payment card that generates and displays a dynamic passcode for one-time use. With the “One Time Password DisplayCard” the cardholder obtains a new and unique number by pressing a button on the card. As prompted, the cardholder then enters the number, proving the presence of the card, and completes the transaction. Incard says the new card product also enables two-factor authentication. The “DisplayCard” was introduced in November following a collaboration between Innovative Card Technologies and nCryptone. The companies also noted that the card may be customized to display electronic purse balances on transportation and gift cards, or even indicating points for loyalty and rewards programs.Details
Las Vegas-based Cash Systems reported that first quarter revenue was up 50% to $20.5 million. However, the Company posted a net loss of $1.2 million for the quarter, compared to net income of $238,000 in the first quarter of 2005. Cash Systems says costs related to Sarbanes-Oxley and stock options impacted the quarter. During the quarter, the Company signed a joint venture agreement with Bally Technologies and Scotch Twist to develop cashless gaming products. The firm also renewed Dover Downs Entertainment and Delaware Park as well as inking a new contract with Crystal Park Casino and Hotel. The Company is expecting 2006 revenue of $82 million and a return to profitability in the fourth quarter. For complete details on Cash Systems’ latest performance visit CardData ([www.carddata.com]).
ANZ and The National Bank in New Zealand and Heritage Building Society in
Australia now allow customers to place their favourite
photos on the front of their credit and cash cards using online card
customization technology provided by UK-based Serverside Group. Cardholders design
their own cards online using simple editing tools to rotate
and resize the image within a branded section of the issuers’ existing
websites. Members can either upload a personal photo or choose from a
large selection of gallery images selected by the issuer. Serverside
Group provides digital card design.
Pret a Manger, with 160 locations worldwide, is integrating online credit card processing at its POS terminals across the U.S. with the assistance of CA-based Alpha Retail Technology, resultimg in the reduction costs by eliminating the expense of dial-up and multiple dedicated telephone lines. In addition, Pret increased efficiency with the direct integration of payment information into enterprise applications. Instead of reconciling transactions from the dial-up terminal with other software programs (e.g. accounting software), the transaction data is sent directly to these programs.Pret A Manger features handmade sandwiches, wraps, salads, sushi, and desserts, along with teas and coffees. Alpha Retail Technology Inc. is a leading integrated retail software and professional service solutions provider.Details
Intelligent Environments Group has signed a partnership agreement with
Nomad Software to offer iE’s “NetFinance” software to Nomad’s prepaid card
issuing clients, including Building Societies. iE has integrated its
card online apply and account servicing modules of its NetFinance platform
into “Nomad’s CORTEX” system, the outsourced prepaid and debit card
service and is expected to be live in May 2006. The cards offer a payment
solution for a broad cross-section of people and purposes from teenagers
to un-banked adults and from gift to corporate payroll without requiring
credit checks. Funds can be transferred directly to the card using a
top-up facility and spending is limited to the prepaid balance.
Federated Department Stores reiterated its plans to sell the May Company credit card portfolio to Citigroup in two separate transactions before August 30th. The first transaction, planned for this quarter, would comprise about 40% of the May Company portfolio and produce pre-tax proceeds of about $800 million to which the credit systems conversion has already occurred. The second transaction, planned for late July or August, would cover the remainder of the portfolio after the requisite credit systems conversion has occurred. Last June, Citi and Federated signed an agreement for the portfolio sale at a premium of approximately 11.5%. In total, the transactions are expected to produce after-tax proceeds of approximately $4.6 billion. Citi first acquired Federated’s $3.2 billion owned proprietary and VISA receivables, then last month acquired $1.2 billion in Federated card receivables currently owned by GECC. (CF Library 6/2/05; 5/2/06)Details
VISA Asia Pacific reports that the number of EMV-compliant chip
cards issued in the region grew more than 43% last year to 43 million
while the number of EMV chip terminals in the region has doubled to more
than one million. Totally, VISA has 277 million cards in the region
compared to 238 million at the end of 2005. VISA’s EMV chip cards are in
use in 18 markets across the region. Four of the markets Japan, Taiwan,
South Korea and Malaysia have national migration programs underway.
Malaysia was the first country to complete a national EMV chip-card
adoption program, converting all credit cards to EMV chip by December
2004 and all card terminals by December 2005. Taiwan has more than five
million EMV chip cardholders and more than 162,000 EMV terminals. Japan
has issued more than 27 million VISA chip cards as of December 2005.
San Diego-based collection specialist Encore Capital Group reported first quarter revenues of $60.5 million, a 20% increase over the same period of the prior year. However, net income dropped 37% to $4.7 million during the same period. The decline was blamed on a lower revenue recognition rate; investments in new portfolio liquidation strategies; adoption of SFAS 123; and the impact of the Ascension Capital bankruptcy services business. Gross collections were $87.6 million, a 33% increase over 1Q/05. During the quarter, Encore invested $27 million to purchase $560 million in face value debt. For complete details on Encore’s first quarter performance, visit CardData ([www.carddata.com]).
The Canadian Psychological Association, the Canadian Pharmacists
Association, the Canadian Psychiatric Association, the
Canadian Association of Optometrists and Scotiabank announced a
three year renewal of their strategic alliances to offer enhanced
financial services to their respective members. Under terms of the
agreements, members will benefit from the preferred “Scotia Professional
Plan” products and services including: “ScotiaGold Preferred VISA”
cards, lines of credit, term loan services, special account plans and
preferred wealth management investment services. Scotiabank has $325
billion in assets (as of January 31, 2006).