Global Cash Access generated 4Q/10 revenue of $137.8 million, down 7.4% from the year ago figure of $148.8 million. Meanwhile, the cash access service provider diclosed its operating income was $10.1 million, a 37.2% drop from the $16.0 million in 4Q/09; EBITDA was $13.8 million for 32.0% drop; and income from continuing operations was $6.1 million for 47.6% plummet. Results throughout all of 2010 show a 9.0% revenue drop from the 2009 figure of $667.7 million to $605.6 million. Diluted earnings per share from continuing operations were $0.26 a decrease of 42.2% from $0.45 for the fiscal year ended December 31, 2009. Cash EPS were $0.54 for fiscal year 2010, a 25.0% decrease from the $0.72 for fiscal year 2009. These figures lead GCA to a projected tax rate of 40%, which is slightly higher than previously announced and EBITDA for fiscal year 2011 will be between approximately $61 million and $65 million, given there’s a slight improvement in the gaming industry in 2011.
Capital One is set to launch the Capital One Venture Card “Match My Miles Challenge” promotion. Giving consumers who open a new Capital One Venture Card the opportunity to match up to 100,000 miles they currently have in an airline credit card rewards program, the “Match My Miles Challenge” seeks to build its clientele for…
Radiant Systems has made available its “Radiant Security” products and services to assist restaurant and retail operators in a layered defense against criminal tactics targeted at the theft of consumer data. This will help its users defend against criminal activity using its suite of managed commercial-grade hardware firewall service, a secure two-factor remote access tool, and an ongoing monitoring and network defense service. Its breach assistance program protects operators from expenses that result from a suspected or actual data breach.
CashStar digital gifting and incentives has enhanced its suite of B2B digital gifting solutions with an “eCorporate Application Programming Interface” (API) and “eCorporate Direct.” Allowing retailers to manage and distribute their bulk e-gifting programs based on their needs and preferences, the “eCorporate API” provides third parties with an easy way to distribute large quantities of eGift cards on demand as part of incentive and rewards programs. The “eCorporate Direct” solution provides a Web-based interface for retailers to better manage the eGift card order process for third parties who purchase cards in bulk, letting clients set up online accounts for these third parties, place their orders directly through a Web interface and to order eGift cards for their own internal purposes.
Combined, the Durbin and recent modifications to Regulation E are projected to cost $16.4 billion annually. Approximately $10.8 billion of this will be in bank revenue thanks to the Interchange revisions. Subsequently, banks will add or increase existing fees, restructure account offerings, and eliminate or reduce debit card rewards programs. This, according to Javelin Research’s report “”Payments Regulation and Consumer Expectations: How to Best Manage the Changes Ahead,” is on top of efforts in the card industry to delay the legislation slated to go into effect this Summer.
Fifth Third Processing Solutions payment solutions provider is set to offer its mobile check deposit capabilities through its partnership with 3i Infotech information technology company. This lets users deposit paper checks anytime, anywhere by taking photos of them via their smartphones and submitting them through a secure electronic application provided by 3i Infotech. With “3i Infotech eCapture” mobile check deposit, Fifth Third Processing Solutions recognizes the intense customer demand for this service and is leading the way with this cutting edge solution for financial institutions of all sizes. 3i Infotech provides the application, updates core banking systems and validates check images for Check 21 compliance using Mitek Systems’ mobile “IMagePROVE” technology.
The Travelex “OceanPay” Program has been awarded the 2011 Paybefore Awards “Best in Category” winner in the Most Effective Prepaid Solution category. Selected by a panel of five industry experts who served as judges for this year’s competition, Travelex “OceanPay” was chosen for its currency exchange and money transfer services, companion cards, on-board card printing and encoding and free Internet connectivity. Paybefore Awards recognize excellence in the prepaid and stored value card industry with these awards presented annually by Prepaid Media.
Prepaid Solutions has signed contracts for its “OceanPay” maritime payroll product with International Cruise Management Agency (ICMA), Apollo Ship Chandlers and The Image Group. The “OceanPay” proprietary, comprehensive payroll solution is designed to mitigate the unique challenges and concerns of existing payroll processes faced by the maritime industry. The fully turnkey solution provides currency exchange and money transfer services, companion cards, on-board card printing and encoding and free Internet connectivity.
FNDS3000 international prepaid processing company currently introducing electronic payment solutions to the South African market has closed on a $500,000 private placement. The third scheduled tranche of the $2.5 million, non-brokered equity financing agreement, this financing was led by Sherington Holdings and, when coupled with the related financings completed in October 2010 and January 2011, this financing brings the total amount of capital received to date under the October commitment agreement to $2 million. The final tranche of $500,000 is expected to be closed on or before July 1, 2011, for which proceeds will be used as working capital to support continued growth of FNDS3000’s South African prepaid card business.
Kim A. Bruck has joined ACH Alert as Vice President, Business Development. This after having served as Manager for Association Services Member Support for Viewpointe and Senior Director of Education and Annual Payments Conference for the Wisconsin Automated Clearing House Association (WACHA). Prior to working for Regional Payments Association’s, Bruck has over 20 years experience working in the financial industry both for banks and credit unions. Bruck has served on the National Automated Clearing House Association’s (NACHA) Network Entry Topics Risk Management Product Group, the Account Takeover Task Force with FS-ISAC and Internet Council.
Microsemi semiconductor technology has made available its “LXMG1645” quad-lamp CCFL backlight inverters with the proven StayLITTM fault-management feature. Customers have a choice of two versions, supporting either a 12 volt (V) or a 24 V input source. The StayLIT feature enables multi-lamp displays to continue operating, even during individual or multi lamp failures. The LXMG1645 quad-lamp family brings the StayLIT capability to larger, more complex LCD panels used in health monitoring, ATMs and other mission-critical applications that require reliable, uninterrupted operation with consistent, evenly lit display quality.
Glory announced it will attend the Indian Gaming 2011 Trade Show and Convention in Arizona from April 3 ~ 5 to demonstrate its cash management products for casinos. Glory provides cash management solutions worldwide and will feature tools to facilitate this, such as the “SK-100A” kiosk for customers offering fast and accurate cash dispensing. It will also feature the PD-600 currency dispenser and the RBU-11 currency recycler are designed so that cashiers can redeem tickets and generate employee banks for floor attendants and F&B, both available for demonstration.