Synchrony Financial intends to file a Registration Statement on Form S-4 with the SEC in connection with the proposed exchange offer announced by General Electric Company. In the offer, GE shareholders will have the opportunity to exchange some or all of their shares of GE common stock for shares of Synchrony Financial common stock.
ME-based WEX has entered into a definitive agreement to acquire Electronic Funds Source for $1.1 billion in cash and 4.0 million shares of common stock to be issued to investment funds affiliated with Warburg Pincus, EFS’ current owner. The acquisition is expected to be immediately accretive to adjusted net income.
About 77% Americans are frightened of having their identity stolen including 23% who are very frightened. About half of Americans (46%) have either been a victim of identity theft or know someone who was, up 12 percentage points from 2008.
Merchant acquirer and payments technology and services provider for SMBs, TransFirst, owned by buyout firm Vista Equity Partners, has filed for an IPO. Shares to be listed on the Nasdaq under the symbol “TF” with an IPO size of $100 million.
Citi has launched Citi Payment Exchange, its integrated and highly flexible institutional payment-processing solution, in Canada. This follows the successful launch of the service in the U.S. in 2012. Unlike other bank offerings available in the Canadian market, clients can utilize Citi Payment Exchange to migrate from paper-based instruments to electronic payments.
MasterCard says it will integrate a fully tokenized checkout experience within MasterPass, leveraging the MasterCard Digital Enablement Service (MDES). MasterPass enables issuers to deliver digital payments across channels and devices around the world, seamlessly extending the trusted relationships consumers have with their banks.
Bluefin Payment Systems has joined the Applied Systems’ Partner Program as a Solutions Partner and will provide Bluefin’s integrated PayConex payment processing to U.S. independent insurance agencies using Applied CSR24.
In today’s CardFlash News Que: GIVECENTRAL (donors); MAG (CyberRisk Hub); BESTBLACKFRIDAY (sales); and NCR (Poelma).
Velocity Mobile has acquired Tab Payments, a mobile payments app for tastemaker diners in Canada accepted at over 100 restaurants in Toronto and Montreal. The acquisition further expands Velocity’s reach, which now connects premier restaurants with global diners in six major cities in the US, UK, and Canada.
Merchant Customer Exchange (MCX) will add Buy It Mobility Networks Inc.’s (BIM) guaranteed, ACH payment tender to CurrentC. The CurrentC app is currently in its first phase of implementation in several retail locations, and will debut nationwide in 2016.
In today’s CardFlash News Que: GEMALTO (award); TIMETRIC (Argentina); CREDITCARDS.COM (retail cards); and TIMETRIC (South Korea).
Synchrony Financial reported Q3/15 revenue increased 9% year-on-year (YOY) to $2.7 billion while net earnings came in at $574 million, compared to $548 million for 3Q/14. Loan receivables grew $7 billion, or 12% YOY to $64 billion. Purchase Dollar Volume (PDV) increased 12% for the third quarter.