camarillo Archives • CardFlash® - Payment Card Industry News

Bank Processor DCI Adds Santarosa to the Board

5, Country, Priority, UNITED STATESBy Robert McKinley 04/21/2008

Bank processor DCI has elected DCI client Ron Santarosa, executive vice current EVP and CFO at First California Bank to the company’s board of directors. Santarosa brings 17 years of banking experience to the board, joining fellow DCI customers and noted bankers Kim Capeloto (Bank of Clark County, Vancouver, Wash.), Lloyd Davidson (First Bank Kansas, Salina, Kan.), John Davis (Colorado Capital Bank, Castle Rock, Colo.), R.A. Edwards, (First National Bank, Hutchinson, Kan.), Kenneth Goering (Citizens State Bank, Moundridge, Kan.), Tim Kohart (Valley State Bank, Syracuse, Kan.), Reed Peters (First State Bank and Trust, Larned, Kan.) and Kathleen Steward (Chisolm Trail State Bank, Wichita, Kan.). iCore, DCI’s flagship product, is an integrated, relational core processing and bank management solution used by in-house and outsourced institutions nationwide.

Intuit Completes the ECHO Acquisition

5, Country, Priority, UNITED STATESBy Robert McKinley 03/03/2008

Intuit has completed its acquisition of Electronic Clearing House. The total purchase price was approximately $131 million. With the close of this transaction, ECHO’s business becomes a part of Intuit’s Payroll and Payments business segment. The integration of ECHO’s technology and operational assets is expected to help accelerate Intuit’s growth and strengthen its expanding small business ecosystem that includes the fast-growing payments segment. ECHO’s products and services will be available on a standalone basis and as part of Intuit’s small business financial services portfolio.

Intuit Takes a 2nd Stab at ECHO Acquisition

5, Country, Priority, UNITED STATESBy Robert McKinley 12/20/2007

Intuit has inked an agreement to acquire Electronic Clearing House for about $131 million. Intuit had previously signed a deal to acquire ECHO in December 2006, but the parties mutually terminated the arrangement in March after ECHO encountered a government probe of its Internet wallet merchant business. ECHO reported this week that third quarter revenue declined 4.5% to $18.5 million. However, bankcard and transaction processing revenue grew 6% to $15.5 million, while bankcard processing volume increased 7% to $484.5 million. ECHO currently expects total revenue for fiscal year 2008 will increase by 10% from total revenue of $76.9 million for fiscal year 2007. Intuit says the combination will be able to round out its payment offering with check services. (CF Library 12/17/07)

ECHO’s Bankcard Volume Rises 6% in 3Q/07

5, Country, Priority, UNITED STATESBy Robert McKinley 12/17/2007

Camarillo, CA-based Electronic Clearing House reported that third quarter revenue declined 4.5% to $18.5 million. However, bankcard and transaction processing revenue grew 6% to $15.5 million, while bankcard processing volume increased 7% to $484.5 million. ECHO also reported that ACH transactions processed decreased 42.5% to 5.7 million transactions. ECHO says volume growth was due primarily to additional credit card processing volume related to organic growth from existing merchants and the results of new marketing initiatives. This increase was offset by a decrease in check-related products revenue of 22.0%, which primarily reflects the elimination of Internet wallet merchants and the discontinuation of services to several merchant categories that management determined were carrying unacceptable levels of business or financial risk. ECHO currently expects total revenue for fiscal year 2008 will increase by 10% from total revenue of $76.9 million for fiscal year 2007. The Company currently plans to increase spending by approximately $1.6 million for product and IT enhancements during fiscal 2008. For complete details on ECHO’s latest performance, visit CardData ([www.carddata.com][1]).

ECHO REVENUE HISTORICAL
2Q/05: $14.3 million
3Q/05: $15.2 million
4Q/05: $16.9 million
1Q/06: $19.2 million
2Q/06: $19.9 million
3Q/06: $19.4 million
4Q/06: $19.2 million
1Q/07: $20.0 million
2Q/07: $19.0 million
3Q/07: $18.5 million
Source: CardData (www.carddata.com)

[1]: http://www.carddata.com

I.C.E Cuts its Loss for 2Q/07

5, Country, Priority, UNITED STATESBy Robert McKinley 08/16/2007

CA-based International Card Establishment reported that net revenues of $2.25 million were flat compared to one-year ago. However, its second quarter net losses was $295,221, compared to a loss of than $3 million for the year-ago quarter. The improved loss was driven by lower General and Administrative costs. The Company says it has been working on forging several strategic alliances with independent sales channels that offer access to a large merchant base. I.C.E. is a provider of diversified products and services to the electronic transaction processing industry. For complete details on I.C.E.’s second quarter performance visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

Dunbar to Keynote Foreword Financial Expo

5, Country, Priority, UNITED STATESBy Robert McKinley 06/14/2007

Foreword Financial has announced the speaker line-up for Foreword Financial Expo, scheduled for September in Chicago. Eighty-eight sessions are scheduled, each featuring senior-level executives from industry-leading companies including David Nelms, Chairman & CEO, Discover Financial Services; Timothy J. Theriault, President-Corporate and Institutional Services, Northern Trust; Omer Simeon, EVP for strategic initiatives, Countrywide Financial and Ed Kadletz, Executive Vice President, Wells Fargo. Keynote presenters include Roy Dunbar, Mastercard Worldwide’s President of Global Technology and Operations; John Swainson, CEO for CA and Glen Salow, EVP of Ameriprise. In addition to the eight targeted conferences, the Expo will provide attendees a comprehensive venue for analyzing strategies and evaluating solutions from 100 exhibitors across the payment and financial services security, operations and technology industries. Foreword Financial produces executive-level programs.

Intuit Inks a Deal to Acquire ECHO for $142MM

5, Country, Priority, UNITED STATESBy Robert McKinley 12/15/2006

Intuit has agreed to buy Electronic Clearing House Inc. for about $142 million. Intuit says the deal will enable the firm to offer payment solutions to merchants through a single portal. In addition, the acquisition will expand Intuit?s sales and distribution channels and provide relationships with thousands of customers, including larger enterprise customers, such as retail and hotel chains. ECHO last reported second quarter revenue of $19.9 million. Bankcard and transaction processing revenue grew 43% to $15.1 million, while bankcard processing volume increased 57.5% to $472.1 million. ECHO will become a wholly-owned subsidiary of Intuit. The deal is expected to close in the first quarter.

ECHO REVENUE HISTORICAL
2Q/05: $14.3 million
3Q/05: $15.2 million
4Q/05: $16.9 million
1Q/06: $19.2 million
2Q/06: $19.9 million
Source: CardData (www.carddata.com)

Advanta to Introduce PayPass Business Cards

5, Country, Priority, UNITED STATESBy Robert McKinley 08/15/2006

The first contactless small business credit card is being introduced next month. Advanta, a business card specialist, and MasterCard have teamed to roll-out the new “PayPass”-enabled “Advanta MasterCard Small Business.” MasterCard reports that at mid-year there were nearly 10 million “PayPass” cards and devices in the market and approximately 32,000 merchant locations worldwide. Advanta says it will also work with MasterCard to identify the merchants that small business owners do business with in order to grow acceptance of contactless payment cards. At the end of the second quarter, Advanta had 978,517 gross business accounts. Transaction volume for the quarter was $3.0 billion and total outstandings were nearly $4.4 billion. (CF Library 7/27/06)

EZCheck Check Services Renews ECHO

5, Country, Priority, UNITED STATESBy Robert McKinley 04/18/2006

Electronic Clearing House has signed a three-year agreement extending its long-standing partnership with EZCheck Check Services. Under this new agreement EZCheck will continue to utilize ECHO’s Automated Clearing House and authorization processing services, including risk management services, to augment its own check processing and check conversion infrastructure. Through ECHO’s range of products and access to other third party databases, EZCheck will be able to secure additional resources that aid in negative data acquisition, risk management integration and ultimately reduction of a merchant’s bad check experience. These resources, along with the robust ACH and transaction processing services supplied by ECHO, enable EZCheck to provide a suite of quality products and services to its merchant customers. EZCheck is a information and payment services company.

ECHO’s 4Q/05 Revenues Grow 33%

5, Country, Priority, UNITED STATESBy Robert McKinley 02/14/2006

Camarillo, CA-based card processor Electronic Clearing House posted fourth quarter of $16.9 million, a 33% increase over the prior year. Bankcard and transaction processing revenue grew 37% to $12.6 million and bankcard processing volume increased 48% to $388 million during 4Q/05. ECHO also reports that ACH transactions processed in Q4 increased 11.3% to 9.8 million transactions. For 2006, the Company is targeting total revenue growth in the 17% to 24% range, driven by 18% to 25% growth in its bankcard business and 15% to 22% growth in its check processing business. Net income for 2006 is expected to range from $1.5 million to $2.5 million. For complete details on ECHO’s fourth quarter performance, visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

MasterCard & AFFN Expand POS/ATM Acceptance

5, Country, Priority, UNITED STATESBy Robert McKinley 02/13/2006

MasterCard and the Armed Forces Financial Network are expanding service for deployed troops with access to “Maestro” merchant and “Cirrus” ATM terminals. AFFN currently serves more than 337 financial institutions and 92 million cardholders. Under the new pact, AFFN cardholders will now have access to more than 9.4 million merchants and 1.1 million ATM locations worldwide. AFFN utilizes MasterCard’s global end-to-end debit transaction processing service, “MasterCard Complete Debit Processing,” for routing “Maestro” and “Cirrus” transactions to its switch provider. AFFN-qualified BINs have been added to “Maestro/Cirrus” BIN tables and merchants are being instructed to treat AFFN as synonymous with “Maestro” acceptance globally.

I.C.E.’s Third Quarter Revenues More than Double

5, Country, Priority, UNITED STATESBy Robert McKinley 11/21/2005

Camarillo, CA-based International Card Establishment reported that revenues for the third quarter were $7.7 million, more than double one-year ago. Gross profit for the quarter was $1.1 million as compared to $539,355 for the three-month period ended September 30, 2004. The net operating loss was $1.6 million for the third quarter as compared to a net operating loss of $593,095 for the three-month period ended September 30, 2004. The Company recently reported that total charge volume for VISA/MasterCard transactions for September exceeded $24 million and that it is acquiring new merchant accounts at the rate of more than 600 per month. During the third quarter, I.C.E. signed five fifth new member in its “ISO Rep Program.” For complete details on I.C.E/s third quarter performance visit CardData ([www.carddata.com][1]). (CF Library 9/22/05; 11/8/05)

[1]: http://www.carddata.com

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