Union First Market Bankshares Corporation announced that it has officially changed its name to Union Bankshares Corporation. The name change does not affect Union First Market Bank or StellarOne Bank and does not affect any of the other non-bank affiliates of the company. In May 2014, StellarOne Bank will merge into Union First Market Bank. The combined bank will continue to operate under the name Union First Market Bank until the second half of the year.
First quarter End-of-Period (EOP) outstandings for the big four U.S. Visa and MasterCard credit card issuers declined 2.0% Year-on-Year (Y/Y) and 5.3% Quarter-on-Quarter (Q/Q). The sequential decline reflects the seasonality of the U.S. bank credit card business, but the Y/Y decline is noteworthy. All of the top issuers: Chase, Bank of America, Capital One and Citibank, posted Y/Y and Q/Q declines in Q1 EOP outstandings.
2Checkout announced today they have closed on the final tranche of a $60 million investment round, led by Chicago Growth Partners and Trident Capital with participation by management and strategic individuals. Having bootstrapped its way to profitable growth, 2Checkout has become one of the world’s leading e-commerce payment providers. 2Checkout, founded in 1999, serves more than 22,000 merchants worldwide. 2Checkout’s payment processing service is used by merchants to sell to every visitor to their website, regardless of the visitor’s country of origin.
IndiSoft and Bluefin Payment Systems have partnered to offer a fully integrated payment and security solution for IndiSoft clients. Through the integrated partnership, IndiSoft clients using the company’s RxOffice® platform will have access to Bluefin’s PayConex™ payment processing platform which includes tokenization and transparent redirect security features, as well as Bluefin’s PayConex™ point-to-point encryption (P2PE) solution.
USAePay is proud to announce the integration of Zuza POS, a customizable point of sale solution, with the company’s secure payment gateway. Ensuring end-to-end security by integrating with the USAePay payment gateway, Zuza also takes pride in setting merchants apart from competitors with added features on their POS software. Along with white-label options, Zuza offers loyalty programs, an informative backend filled with tutorials, and award-winning customer support.
PAAY and USAePAY today announce a partnership to deliver a safe, fast, and simple online payment service to hundreds of thousands of merchants. PAAY will streamline merchants’ online transactions, allowing consumers to use the wallet to bypass the often lengthy online checkout process. Consumers simply enter their number into the PAAY widget at checkout and the transaction is pushed to their phone where they will review the order and accept by inputting their personal pin.
Net Element, Inc. is pleased to announce that the Company completed the first closing of $11.2 million from a new investor, Cayman Invest, SA (“Cayman Invest”). Cayman Invest has agreed to fund $11.2 million and in return the Company has issued to Cayman Invest, SA a note that is convertible at or before a maturity date of March 31, 2015 into 15% of the outstanding shares of Net Element. This investment by Cayman Invest is structured as a convertible debenture that does not accrue interest before the maturity date. The $11.2 million raise is part of a larger financing round totaling $30 million that the Company plans to complete this year.
SMS Masterminds, a division of publicly traded SpendSmart Payments Company, Inc., proudly announced March 2014 as being a record month for the company. SMS Masterminds on-boarded 11 new licensees in March, and has doubled their overall growth in the past 7 months making this a major expansion for the global leader in mobile and loyalty marketing.
American Express (AmEx) reported first quarter (Q1) billed business for the Japan, Asia Pacific & Australia (JAPA) region increased 6% year-on-year (Y/Y). In Latin America and Canada (LACC) region billed business declined 1% while the Europe, Middle East & Africa (EMEA) region rose 11%. Overall, the international card billed business rose 2% to $31.9 billion in Q1.
Citibank’s international card business posted a healthy gain in first quarter profits in the EMEA region, a modest gain in Asia offset by a significant drop in the Latin America region. Combined the three regions contributed $288 million in net income to Citibank. In the U.S., Citi-branded cards net income rose 31% year-on-year to $566 million.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Discover reported net income of $631 million for 1Q/14, as compared to $673 million in 1Q/13. The company’s return on equity for the first quarter of 2014 was 23%. Revenue net of interest expense was up $86 million, or 4%, from the prior year to $2.1 billion. Total loans grew $3.5…
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] TSYS reported results for the first quarter of 2014 and announced the sale of its business interests in Japan. The accompanying financial statements have been adjusted to exclude the Japanese results from ongoing operations in 2014 and 2013 with those results reported as “discontinued operations” for all periods presented. Total revenues…