Euronet Worldwide has completed the acquisition of U.K.-based HiFX. The acquisition complements Ria, Euronet’s existing money transfer business, by expanding its offerings to include online-initiated, account-to-account international payment and foreign exchange services to high-income individuals and small-to-medium sized businesses. Under the terms of the purchase agreement announced on March 10, 2014, Euronet acquired HiFX for approximately [Pounds]145 million or $242 million. The purchase consideration was comprised of approximately 1.3 million shares of Euronet stock and approximately $185 million in cash, including approximately $78 million of cash on hand and approximately $107 million funded using Euronet’s revolving line of credit. HiFX, now a wholly owned subsidiary of Euronet, will present its financial results with Euronet’s existing money transfer segment.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Target first quarter net earnings of $418 million, with adjusted earnings per share down 13.9%. To improve performance, Target has made changes to the management team and are investing additional resources to drive U.S. traffic and sales, improve Canadian operations and advance ongoing digital transformation. The Company is projecting a 2Q/14…
The number of Cards-In-Force (CIF) for the four major U.S. payment card networks rose 4.6% year-on-year (Y/Y) during the first quarter of 2014 (Q1/14). Visa (VS), MasterCard (MC), American Express (AX) and Discover (DS) reported 1173 million U.S. CIF at the end of Q1/14, compared to 1121 million one year ago.
InComm today announced the launch of InComm Mobile Platform (IMP) for mobile wallet providers and merchants. IMP integrates with multiple platforms to provide a full-breadth of capabilities required to process mobile payments made using prepaid cards at retail POS. The platform also enables InComm to develop and host mobile applications for merchants and partners. Canadian communications and media company Rogers is the first company to leverage IMP for development of the recently launched suretap™ wallet.
Raymond James Bank has chosen Fiserv for an enterprise-wide banking solution. Centered on the Signature® bank platform, the total Fiserv solution set for Raymond James Bank includes Aperio™ for business process management, Nautilus® for enterprise content management, Prologue™ for financial management, Corillian® Online for online banking, CheckFree® RXP® for bill payment, and solutions for debit, ATM and item processing. Signature is a complete, real-time, SOA-based solution that delivers customization, system integration and business process improvement to traditional and nontraditional financial institutions around the world. Highly scalable in mid-to-large size institutions in 45 countries and 21 languages, Signature provides a flexible, cost-effective solution for account processing.
US Dataworks payment processing appointed John Penrod as our new CEO and Chairman of the Board. The key metrics that we follow are growth in monthly transaction and recurring revenue, particularly in the cloud, average price per transaction and operating income. Our monthly recurring revenue for fiscal 2014 experienced double-digit growth over the prior fiscal year. Our average price per transaction for calendar year 2014 has more than doubled when compared to calendar 2013, as our customers benefit from the added value of NextGen Receivables, and our operating income is positive. As a non-reporting public company, we continue to perform annual independent audits for the twelve months ending March 31st.
i2c announced that Jifiti- allowing consumers to turn physical goods into digital gifts- is using its platform for open-loop prepaid processing.Jifiti was created to make gift giving more thoughtful, flexible and convenient. The app allows a user to select an item in the app or in-store by scanning a bar code and send it digitally as a gift to any recipient via e-mail, text or Facebook. The recipient can select their ideal size and color or choose an entirely different item to redeem. Users can also add products to a wish list which others can purchase for them individually or by chipping in as a group.
Heartland Payment Systems has unveiled a new brand identity. The new branding initiative better reflects Heartland’s dramatic evolution from a small debit and credit card processor to a leading national business solutions provider serving a range of industries from retail to restaurant, parking to petroleum, to higher education, lodging and hospitality. The key to Heartland’s continued success is its unwavering commitment to building long-term customer relationships based on a commitment to trust and transparency. The company’s Merchant Bill of Rights sets the industry standard for public advocacy of business owners for fair credit and debit card processing practices. This commitment to customers, coupled with Heartland’s continued investment in developing and bringing solid solutions and innovation to market, is at the heart of the company’s business philosophy and brand.
The four major U.S. payment card networks produced a 2.2% year-on-year (Y/Y) gain in Cash Dollar Volume (CDV) during the first quarter of 2014 (Q1/14). Visa (VS), MasterCard (MC), American Express (AX) and Discover (DS) produced $203 billion in U.S. CDV, compared to $193 billion in the year ago quarter.
MasterCard has entered into an agreement with Opus Software Solutions Pvt Ltd to acquire its subsidiary, ElectraCard Services Pvt Ltd (ECS), a provider of software solutions and processing services for electronic payment and card systems. This transaction is anticipated to close in the second quarter of 2014. MasterCard previously had a minority investment in ECS. ECS is a leading provider of software products and processing services for electronic payments. Its customer base includes financial institutions, retailers and telecom companies in over 25 countries globally. Its products enable customers to issue and manage all types of payment cards and electronically process card transactions across multiple channels such as ATM, POS, Internet and mobile.
Heartland Payment Systems is introducing Heartland Secure comprehensive credit/debit card data security solution. Featuring a breach warranty, this innovative solution is designed to provide merchants with protection against POS intrusions, crimeware, miscellaneous errors, insider misuse and other common sources of card-present data fraud by eliminating the opportunity for criminals to monetize card data. Heartland Secure combines EMV electronic chip card technology, its E3 end-to-end encryption technology, and Tokenization technology. Based on data provided by the Open Security Foundation and RiskBased Security, the Online Trust Alliance’s (OTA) 2014 Data Protection and Breach Readiness Guide2 states that more than 823 million records were exposed in 2013, including credit card numbers, email addresses, log in credentials, social security numbers and other related personal information. OTA estimates that 37 percent of these breaches were the result of actual hacks, and another 31 percent were due to lack of internal controls, which enabled accidental or malicious events.
Allied Wallet online credit card processing was awarded a top 10 position on Fortune.com and Money.CNN.com as one of the Best Workplaces for Millennials in the world. Allied Wallet was reviewed and surveyed by Great Place to Work, the global authority on high-performance workplace cultures, and awarded the #3 spot on the Best Workplaces for Millennials list for their ability to promote a productive and rewarding work environment. The companies on the Best Workplaces List were notable for their practices that make young employees feel comfortable and excited about work through meaningful and ethical business practices and generous compensation and benefits. Allied Wallet provides this type of high-trust, positive environment for their team, rewarding employees with vacations, new cars, special events, catered lunches, and amazing benefits and packages that promote their well-being as well as growth in their trade or skill-set.