iPayment Board
NY-based iPayment added four new members to its Board, including David R. Hughes, Marshall J. Lux, Michael P. Monaco and Brian V. Mooney
MIB Activates Aptys Payment Processing
Midwest Independent Bank (MIB) has implemented Aptys’ PayLOGIC unified platform to support all aspects of payment processing. PayLOGICS’ second-generation technology, which integrates seamlessly with MIB’s existing infrastructure, improves operational efficiencies for the bank and streamlines payment processes for its respondent customers. With PayLOGICS, MIB has one centralized view of all customer payment activity, and as a result can process returns and adjustments directly within the system in support of its payment product, MIE.net (Midwest Image Exchange Network).
EDC Completes Cash Sale to Cardtronics
Financial Technology Partners LP and FTP Securities has been designated the sole strategic and financial advisor to EDC and its Board of Directors on its sale to Cardtronics USA for $145 million. EDC turnkey ATM deployment services operates approximately 3,700 ATMs and multi-function kiosks in the United States focused on multi-state retail operators and high-transacting merchant locations such as convenience stores. This adds to the number of Cardtronics’ ATM terminals and will significantly increase its market footprint, particularly in the Midwest and Great Lakes regions.
BofA Country Executive Head Appointed
Tito Vidaurri is set to Join Bank of America Merrill Lynch as Country Executive of Mexico and will join the emerging markets. Vidaurri, due to join BofA Merrill in April, will be leaving his current position as chief country officer, chairman of the board and chief executive officer of Deutsche Bank’s Mexican commercial banking and brokerage businesses. Vidaurri’s banking and finance career in the U.S. and Latin America spans more than 25 years, over four years of which were spent at Deutsche Bank after heading Morgan Stanley’s north Latin American investment banking.
Credit Card Processing Annual Revenue over $40B
Research and Markets has added the “Credit Card Processing ” report to their offering covering the 2,000 US credit card processing industry companies with a combined annual revenue over $40 billion. The research firm concluded major companies include Banc of America Merchant Services (a joint venture between Bank of America and First Data), Alliance Data Systems, Total System Services, Heartland Payment Systems, and Global Payments, among which the top four companies account for nearly 40% of industry revenue. With this, processors provide transaction services to banks that issue credit cards and to merchants that accept credit card payments and sell or lease POS terminals. Large processors such as First Data Corporation and Total System Services provide services to both sides of the transaction.
BofA Offers New Payment and Processing
Bank of America Merrill Lynch announced that the expanded capabilities for “Paymode-X” all-digital online payment and invoicing system powered by Bottomline Technologies are now part of its supply chain and treasury solutions. “Paymode-X” enables companies to better control and predict their cash flow, reduce processing costs and strengthen relationships with suppliers. New features include enhanced purchase order presentment and matching, more efficient invoice workflow and approval capabilities, along with the ability for buyers and their suppliers to negotiate discounts for prompt payment. Paymode-X connects users to a private network of more than 125,000 suppliers that accept electronic payments, allowing companies to rapidly convert suppliers to electronic invoice and payment processing. It also supports ACH, ePayables, wire and paper check print services though a single file integration.
VHA to Provide BofA Purchasing Cards and ePayables
Bank of America Merrill Lynch has signed a three-year agreement with VHA health care network to provide purchasing cards and ePayables to VHA member organizations nationwide. This allows VHA members to enjoy rebates on charge-related activities based on volume. VHA serves 1,400 not-for-profit hospitals and more than 30,000 non-acute care providers across the U.S., with a platform for members to network and collaborate on solutions to common challenges. Bank of America Merrill Lynch purchasing card and ePayables solutions will help VHA members eliminate paper-intensive processes involved in purchases and vendor payments allowing them to manage available funds in real time, reducing risk and increasing control.
BofA Merchant Services Employs First Data Security
Bank of America Merchant Services will offer the First Data “TransArmor” solution to its U.S. merchant base, allowing merchants to further secure and manage cardholder data. The “TransArmor” service protects consumer payment card data from the moment it enters the merchant environment, and replaces card data with a token number that preserves the value of card data for merchant business operations but removes all value for fraudsters. The solution leverages the RSA SafeProxy⢠architecture, a powerful combination of encryption, tokenization and key management engineered to provide end-to-end protection.
Bank of America Recognized as Best US Bank
Bank of America has received seven awards from Euromoney magazine through the â2010 Awards for Excellenceâ program. Awards received include; Best Bank in the U.S; Best Debt House in North America; and Best Debt House in Japan. This was due in part thanks to Bank of America efforts to help simplify the financial lives of its customers with transparent solutions for customers. The bank extended more credit than any other bank in the country in both the consumer and commercial sectors throughout the year.
PyraMax Bank Deploys Monitise iPhone mBanking App
PyraMax Bank has launched its iPhone app powered Monitise Americas mobile banking technology. Monitise Americas can now build iPhone apps quickly and cost effectively, enabling mobile banking for many more financial institutions than previously possible. Monitise Americasâ advantages lie in its scalable, modular approach to mobile banking, which provides a customizable offering to financial institutions of all sizes wishing to enter the mobile space. They can choose to offer customers a broad range of services – from basic account information and alerts delivered via SMS to more enhanced functionality delivered via mobile browser or branded iPhone app. Monitise has processed over 20 million mobile app banking inquiries and transactions in the past six months for over 200 banks, credit unions, and prepaid issuers around the United States.
BofA Merrill Lynch to Deploy PropertyBridge Card Payment
PropertyBridge, a MoneyGram International subsidiary and provider of electronic payment services to the multi-family housing industry, will offers its payments platform to Bank of America Merrill Lynch property management clients. Providing banking, lending and payment processing services to more than 40 of the top 50 property management companies in the U.S. , Bank of America is targeting the one-third of Americans whom rent their housing, representing 18 million apartments with approximately $146 billion spent annually on residential rent. With these agreements, Bank of America Merrill Lynch automate rent payments in an industry still heavily reliant on paper checks with credit cards, check scanning, ACH, and electronic check acceptance.
Ares Capital Commits $1.1BB to Revolving Credit Facilities
Ares Capital Corporation has closed its newly expanded revolving credit
facility, subsequently increasing its size from $525 million to $690
million. Comprised of $615 million in commitments on a stand-alone
basis, the facility is to consist of an additional $75 million in
commitments contingent upon the closing of its pending acquisition of
Allied Capital Corporation. Pricing on the New Revolving Facility
increased from LIBOR plus 1.00% to LIBOR plus 3.00% and the New
Revolving Facility will continue to be free of a LIBOR floor
requirement. The New Revolving Facility has a three-year term with a
maturity date of January 22, 2013. The New Revolving Facility was lead
arranged by J.P. Morgan Securities Inc., Banc of America Securities LLC
and SunTrust Robinson Humphrey, Inc. Participants in the previous $525
million revolving credit facility substantially increased their
commitments, representing $640 million out of the total $690 million in
commitments.