TSYS has completed its acquisition of NetSpend, now a wholly owned TSYS subsidiary and TSYS’ fourth operating segment focusing on direct to consumer products and services. NetSpend is a leading provider of general purpose reloadable (GPR) prepaid debit cards, PayCards and related financial services to the estimated 68 million underbanked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services. NetSpend previously operated as a publicly traded company. NetSpend common stock ceased trading on NASDAQ prior to the opening of trading on Monday, July 1, 2013, and will be delisted. Under the terms of the definitive merger agreement between the parties, NetSpend stockholders are entitled to receive $16.00 per share in cash for each share of NetSpend common stock that they hold.
Payment Alliance International (PAI) electronic payment processing announced its ongoing commitment to merchants in the shooting sports industry after a number of financial institutions, merchant services providers and lenders have recently withdrawn from this segment. PAI embraces the shooting sports industry and is continually enhancing its PAI Shooting Sports Payments Package with new payment acceptance alternatives. The PAI Shooting Sports Payments Package has been endorsed by major industry associations, including the NRA Business Alliance and the National Shooting Sports Foundation (NSSF). PAI’s Shooting Sports Payments Package is an ongoing collaborative effort between PAI and shooting sports industry leaders, giving shooting sports merchants a secure and cost-effective way to conduct mobile payment processing using their own smartphones and tablets.
ecoCard has been rebranded ecoPayz in a move that reflects the scope of its diverse range of payment solutions. Designed to enable the Group to differentiate its solutions and brands, which have established strong identities over the past decade, ecoCard has established itself as one of the leading end-to-end, account and card-based payment solutions to businesses and individuals worldwide, offering an instant, safe and fast means of transferring and managing your money globally. With the growth of its portfolio the newly rebranded Group – ecoPayz – has also introduced two new brands to its suite. ecoPayz Merchant Account and ecoPayz Business Account which will utilise its ecoAccount and ecoCard products. Using the ecoPayz Merchant Account retailers and merchants will be able to receive / send funds from customers across the globe.
The Financial Mobility Summit announced its slate of speakers for the inaugural FM Summit co-located with The Prepaid Press Expo, in its sixth successful year. The two-day FM Summit will explore the world of mobile payments convergence, where prepaid debit and gift cards, loyalty and marketing programs, alternative banking, gaming, top-up services and e-commerce meet on a mobile device. Summit sessions will address the evolution of the mobile wallet, mobile bank accounts, mobile marketing, mobile commerce, and more. Retailers, merchant acquirers, wireless resellers, agents, distributors, prepaid providers and financial services companies will learn how mobile payments can transform their businesses. Founding Summit partners include CHARGE Anywhere, InComm, JunoWallet and Wave Crest.
USA Technologies announced eight additional exclusive ePort Connect service agreements with existing vending customers, adding to the three new exclusive agreements already announced for the fourth quarter ending June 30, 2013 and the exclusive agreements already entered into in Fiscal 2013. USAT believes that its existing customer base that includes vending, kiosk, amusement & gaming, laundry and other small-ticket, unattended businesses represents over 2.5 million potential connections as these industries transition to cashless payment. As of March 31, 2013, USAT had expanded its customer base from 950 customers three years ago to 4,525 customers, a compound annual growth rate of 68 percent.
PayPal launched its “Galactic” initiative that addresses the issues to help make universal space payments a reality. PayPal Galactic brings together leaders in the scientific community, including the SETI Institute and Space Tourism Society, to prepare and support the future of space commerce. It will take place June 27 at the SETI Institute in Mountain View, California. Spearheaded by PayPal, working with the SETI Institute, the initiative aims to bring together leaders in the space industry to work on the big questions around the commercialization of space. Questions include what will our standard currency look like in a truly cash-free interplanetary society? How will the banking systems have to adapt? How will risk and fraud management systems need to evolve? And what regulations will we have to conform with?
Cadence Bank will install two drive-up APTRA Interactive Teller units from NCR Corporation, which will extend service hours and create friendly and efficient customer experiences. APTRA Interactive Teller ATM-based technology allows people to talk to a live remote teller, while giving the teller remote control over the machine to conduct transactions. Adding an additional 10 hours of branch service each week to a typical financial institution branch can cost as much as $50,000 per year. APTRA Interactive Teller can conduct approximately 95 percent of typical teller transactions over the same timeframe at a fraction of the operational cost. Through its APTRA Interactive Tellers, Cadence can offer secure teller services during non-traditional banking hours and provide full teller services in areas not served by branches.
MasterCard Worldwide is offering US merchants and developers its “Simplify Commerce” product e-commerce and mobile commerce payments, regardless of payment brand, in a matter of minutes. The “Simplify Commerce” is the developer-friendly solution that gives merchants the power to accept electronic payments, which can lead to additional revenue and a larger customer base. It is offering APIs (Application Programming Interfaces) and SDKs (Software Development Kits) in a variety of programming languages such as Ruby, PHP, Python and Java. Mobile SDKs for iOS and Android are also available. In addition, sample source code and engineering support are accessible at www.simplify.com.
Safetypay and GlobalCollect announced their global partnership agreement. The partnership extends the reach of both organizations in markets around the world, while providing the companies the ability to provide their customers a more secure and seamless payment option. SafetyPay will allow merchants to offer goods and services to customers who do not have internationally accepted credit cards; don’t want to use credit cards and those without credit cards with sufficient funds in their bank accounts.
Fiserv announced that Greater Nevada Credit Union (Greater Nevada), based in Carson City, Nev., has selected the DNA account processing platform from Open Solutions, now part of Fiserv. Recognized by industry leading analysts for its best-in-class technology, user experience and breadth of functionality, DNA from Fiserv is the first relationship-centered core banking platform built for global collaboration. DNA is a 24/7 continuous, real-time platform that employs a relational data model designed around the person, not the transaction.
The Financial Mobility Summit announced its slate of speakers for the inaugural FM Summit. Held in Las Vegas August 13-14, co-located with The Prepaid Press Expo, the sixth annual Summit will explore the world of mobile payments convergence, where prepaid debit and gift cards, loyalty and marketing programs, alternative banking, gaming, top-up services and e-commerce meet on a mobile device. It will also address the evolution of the mobile wallet, mobile bank accounts, mobile marketing, mobile commerce, and more. Retailers, merchant acquirers, wireless resellers, agents, distributors, prepaid providers and financial services companies will learn how mobile payments can transform their businesses. Speakers will include the Giftango president and execs from CashStar, CHARGE Anywhere, Clutch, Corduro, CorFire, Discover, Gyft, Heartland Payment Systems, ISIS, JunoWallet, LevelUp, MetroPCS, Mocapay, Sprint/Boost Mobile, Sutherland Global Services, VeriFone, Vesta, Wipit, and more. Industry analysts from Mercator Advisory Group and Yankee Group will also be presenting.
DFC Global diversified financial services company serving primarily unbanked and under-banked consumers for over 30 years announced its subsidiary Dealers’ Financial Services reached a settlement with the Consumer Financial Protection Bureau (“CFPB”) regarding certain aspects of its business. As previously disclosed, the CFPB conducted a review of the Military Installment Loans and Educational Services (“MILES”) program, an automobile finance program whereby the Company’s subsidiary, Dealers’ Financial Services, LLC, is a service provider for third party lenders. The CFPB cited violations by DFS of the Consumer Financial Protection Act for deceptively marketing the prices and scope of certain add-on products. Without admitting or denying any of the facts or conclusions of the review, DFS agreed to a consent order with the CFPB to amend its practices in line with recommendations made by the CFPB, and to provide financial redress in the form of a $3.3 million restitution fund to be distributed to past and current DFS customers. The Company established a reserve for the restitution fund in a previous quarter.