[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] MasterCard Incorporated announced 4Q/13 financial results with a net income of $684 million, up 13%. A $61 million after-tax charge related to the opt-outs in the U.S. merchant litigations, the company reported net income of $623 million. Net revenue for 4Q/13 was $2.1 billion, a 12% increase versus the same period…
Fiserv and MasterCard agreed to make MasterCard’s U.S. common debit EMV solution available for the Accel debit network. MasterCard issuers receive flexibility to select and implement network relationships, while merchants and acquirers will continue to route transactions as they prefer, without introducing multiple applications and complicated technology upgrades. MasterCard was the first network to offer its proprietary technology to other U.S. debit networks in an effort to support the migration to EMV and enable the routing of PIN debit transactions over multiple, unaffiliated networks. This decision allows acquirers to brand transactions originating from the Maestro AID (application identifier) for all debit networks that elect to participate. The MasterCard U.S. common debit EMV solution is consistent with the EMV Migration Forum’s recommendations, including a single common debit application identifier (AID) and single application on each card, as well as multiple ways to verify the cardholder’s identity.
ACI Worldwide unveiled the next generation of its consumer payments solution, enabling real-time, any-to-any payments. ACI is empowering financial institutions, retailers and billers to reduce payment processing costs, increase customer loyalty and drive new revenues by giving consumers more control over their money and the payment services they value. The company made the announcement at its Disruption in Payments events in New York and London. With the latest version of ACI’s market-leading consumer payments solution, UP BASE24-eps, as the enabling technology, real-time payments facilitate quick, secure, cost-effective and regulated transactions between consumers and retailers, financial institutions and billers. Industry experts believe that real-time payments will accelerate the global economy by eliminating billions of dollars in costs and generating billions of dollars in new revenues each year.
Rakesh “Rocky” Agrawal is joining PayPal. In 2013, PayPal processed more than $180 billion in transactions; that’s roughly equivalent to the GDP of New Zealand. Just as important is the response from close friends who work at PayPal as well as VCs. Rockey will help small businesses and entrepreneurs understand online commerce and payments. There is a lot of nuance in commerce that goes beyond just APIs and technical implementation. If you can show a customer how to reduce chargebacks or mitigate fraud and as a result that business is more successful, you become more successful. If you can teach a customer to market better and they sell more, you will be more successful. The best APIs and the prettiest interfaces don’t mean much if your customers are still struggling with the rapidly changing retail environment.
U.S. Bank is the first bank in the nation to offer Visa Payment Controls, which gives small business owners control over how, when and where their employees’ business credit cards are used. Visa Payment Controls lets small business owners manage how employees can use their cards based on Time of day or day of week, Geographical area, merchant type, and dollar amount. Controls can be applied or removed in real-time, giving business owners complete flexibility over managing their employee card usage.
Fiserv financial services technology announced that Finger Lakes Federal Credit Union (Finger Lakes FCU) enhanced its digital banking and payment capabilities through the addition of multiple solutions from Fiserv. These include Corillian Online® and Mobiliti™ for online and mobile banking, AllData® PFM for personal financial management, and CheckFree® RXP® and Popmoney® for bill payment and person-to-person (P2P) payments. Finger Lakes FCU, which is seeing increased use of its electronic channels, is using the new technology to position the credit union to grow in a competitive market. By offering both Corillian Online and Mobiliti, Finger Lakes FCU delivers a convenient, consistent experience across the online and mobile channels.
The top global provider of financial services technology solutions, Fiserv had an extremely busy 2013 with tons of new deals, product upgrades and new products. New products include ConnectedTeller, CorPoint Mobile, Biller Advantage, Model Management: Reporting, FATCA Manager, Mobiliti Tablet, and LoanComplete Delivery Manager. GAAP revenue for 2013 was $4.81 billion compared with $4.44 billion in 2012. Adjusted revenue was $4.55 billion for the full year compared with $4.15 billion in 2012, an increase of 10%. Here are 95 points of light in Fiserv’s 2013, presented by CardWeb.com
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] USA Technologies reported results for the fourth quarter and full fiscal year ended June 30, 2013. Fourth quarter highlights include a 23% increase in total revenues to $9.7 million and a 28% increase in license and transaction fee revenues to $8.2 million, representing 84% of total revenues for the quarter. Revenues…
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] VeriFone Systems posted fiscal 1Q/14 net revenues of $436 million and operating cash flow of $32 million. This exceeds guidance thanks in great part to operational initiatives launched in the year ago period and innovative payment as a service and commerce enablement solutions. Additional disclosure indicated service businesses achieved net revenues…
CardLab fully customized open-loop incentive and prepaid card products announced Glen Holbert has been named Chief Revenue Officer. Holbert is responsible for growing revenue by identifying new industry segments and new product innovations. He will also continue to manage the relationships with CardLab’s robust e-commerce clientele, large corporate clients and CardLab’s reseller network. Holbert joined the CardLab team in 2013 with 25 years of industry expertise, having served as Executive Vice President of Sales for Parago, a leading rebate processing company and worked with several of the nation’s leading incentive companies including MotivAction, LLC, BI Performance, Maritz Inc. and Marketing Innovators International. He holds a B.S. in Business and Marketing from Miami University.
FreedomPay added Marc Pereira to its executive team as vice president of technology. With nearly 20 years of e-commerce and technology experience, Pereira will be responsible for overseeing, envisioning and maintaining the company’s technology infrastructure, which covers both the development process and the network infrastructure management operations. Marc will ensure that FreedomPay’s world-leading commerce platform is constructed using best practices in security, code optimization and scalability. Pereira joins FreedomPay after serving nearly 12 years in strategic executive roles at eBay Enterprises. Marc has led project teams in coordinating complex, concurrent product development initiatives, deployment and forecasting.
JetPay Payment Services Appointed Jeffrey S. Tourek as Executive Vice President and National Sales leader. Jeff comes to JetPay from Heartland Payment Systems where he was Executive Director for Major Accounts. JetPay Corporation is a nationally recognized payments processor for all major payment cards, with vertically integrated services for businesses that include prepaid debit cards, payroll services and related payroll tax filing, and human resource management. JetPay offers a unique blend of hi-tech transaction processing with customizable solutions for a wide swath of business needs. JetPay Payment Services’ technology platform handles all types of payment transactions including swiped cards at the merchant, mobile payments, and large internet card-not-present businesses.