Master Your Card, a community empowerment program sponsored by MasterCard has formed a new coalition that will work to help financially underserved African Americans build financial strength and gain financial inclusion through the effective use of electronic payment technology.
Bit-X Financial Corp. announced that its new exchange DIGATRADE™ is set to go-live June 29th and will operate under the domain www.digatrade.com.
SunGard launched its IntelliMatch Operational Control solution for ATM & Card Reconciliation. This helps financial institutions achieve smarter operational efficiency by streamlining their ATM and Card reconciliation processes to help minimize costs and reduce risk. SunGard’s IntelliMatch Operational Control helps financial institutions deploy enterprise matching and reconciliation solutions. This helps with agile business growth through rapid on-boarding of new reconciliations, consolidation of infrastructure and processes for a lower total cost of ownership, and optimization of processes for greater business efficiency.
Shareholders of Diebold elected its board of directors at its annual meeting and declared the second-quarter cash dividend and re-elected company officers. Newly elected directors include Roberto Artavia, chairman of the board, Viva Trust, (Nassau, Bahamas and San Jose, Costa Rica) and Robert S. Prather, Jr., president and chief operating officer, Gray Television, Inc. (Atlanta, Georgia). Re-elected to the board of directors were Patrick W. Allender, retired executive vice president, chief financial officer and secretary, Danaher Corporation, Washington, D.C.; Bruce L. Byrnes, retired vice chairman of the board, Procter & Gamble, Inc., Cincinnati, Ohio Phillip R. Cox, president and chief executive officer, Cox Financial Corporation, Cincinnati, Ohio; Richard L. Crandall, managing partner, Aspen Venture LLC, Aspen, Colorado; Gale S. Fitzgerald, retired president and director, TranSpend, Inc., Bernardsville, New Jersey; Rajesh K. Soin, chairman of the board and chief executive officer, Soin International LLC, Beavercreek, Ohio; Henry D.G. Wallace, executive chairman of the board, Diebold, Incorporated; and Alan J. Weber, chief executive officer, Weber Group LLC, Greenwich, Connecticut.
Princeton Payment Solutions (PPS) announced that Info Security Products Guide, the industry’s leading information security research and advisory guide, has named its “PANPAD” a winner of the 2012 Global Excellence Awards in the New Product Launch Category. The security industry celebrated its 8th Annual 2012 Global Excellence Awards in San Francisco by honoring excellence in every facet of the industry. The Princeton Payment Solutions PANPAD allows card data to be encrypted at the point of entry, effectively removing all order entry and research terminals from PCI scope. Many current solutions use tokenization of payment data to segregate most of your IT infrastructure from PCI scope, but order entry terminals have remained a long-standing concern. The PCI certified PANPAD cloaks payment card information at the terminal.
IronKey named Mark Schulte as CFO and ex-Symantec marketing exec Ajay Nigam senior vice president, product management. Schulte will be responsible for financial management and corporate accounting. Nigam will lead IronKey’s product management and strategy team. Schulte was VP, finance and CFO for Right90 on-demand software provider acquired by Trilogy/Versata. He focused on scaling the company by optimizing its subscription-based Software-as-a-Service (SaaS) model. Ajay Nigam joined IronKey from the Symantec Services Group as VP, service product management, having launched solutions that combined hybrid services delivery with a mix of on-premise and in-the-cloud solutions. He also held leadership positions at VeriSign, Mossbeach Technology and Hughes Software Systems.
Diebold announced the election of Patrick W. Allender to its board of directors at the company’s annual meeting. In conjunction, chief financial officer and secretary Danaher Corporation was elected. Also, re-elected to the board of directors were Bruce L. Byrnes, retired vice chairman, global brand building training, Procter & Gamble, Inc., Cincinnati, Mei-Wei Cheng, president and chief executive officer; Phillip R. Cox, president and chief executive officer; and Richard L. Crandall, non-executive chairman of the board.
Unisys Payment Services has won a five-year extension of its check processing contract with The Co-operative Bank. Signed in the first quarter of 2010, the extension has an estimated value of more than $US43million and allows Unisys to continue providing outsourced check processing and image archiving services to The Co-operative Bank until 2015. It will also give access to the Unisys Payment Information Engine (PIE) online cheque image archive. The Co-operative Bank is part of The Co-operative Group, the UK’s largest consumer co-operative. Unisys has been an outsourcing services partner to The Co-operative Bank since 1994.
Telecom provide PAETEC has introduced its managed network “Intrusion
Detection and Prevention System.” “IDPS” utilizes deep-packet inspection
through a combination of a signature-based Intrusion Prevention Sensor
(IPS) and a centrally
monitored Intrusion Detection System (IDS). By combining the monitoring
and detecting components of IDS with the reactive, zero-hour components
of IPS, PAETECâs new offering represents one of the most robust
intrusion protection services available. If a potentially negative event
is detected, the intrusion prevention sensor and the event correlation
engine determine the threat level of the event and act accordingly
within a 99.9999% SLA guarding against false positives.
Furthermore, since IDPS resides within PAETECâs MPLS network, there is
no need for on-site equipment installation or upgrades and the product
protects all sites on the network. PAETEC offers a comprehensive suite
of IP, voice, data, and Internet services, as well as enterprise
communicationsmanagement software, network security solutions, CPE, and
Advent International has closed on its 51% stake in Fifth Third’s
processing business. The Fifth Third Processing Solutions, LLC. deal is
valued at $2.35 billion. Fifth Third will retain its 49% interest, and
will also retain its credit card issuing business, which includes retail
credit card and commercial multi-card services. Advent has been active
in the financial services sector for over 20 years, and has backed more
than 25 companies worldwide in a broad range of sub-sectors, including
payments, transaction processing, and financial technology. Related
investments include: Brazil’s CSU CardSystem; Dolex Dollar Express,
which Advent sold to Global Payments in 2003; and Monext, a French
merchant acquirer and bank processor which Advent acquired in 2008.
Fifth Third Bancorp and Advent International have established a joint venture for Advent to
acquire a 51% interest in Fifth Third’s processing business. Advent will pay Fifth Third $561 million
in cash for a 51% ownership interest in the equity of the LLC and
for certain put rights. Additionally, Fifth Third will receive warrants
in the new company exercisable in certain circumstances. Fifth Third
estimates the valuation adjustments related to these warrants, the put
rights, and minority interest discounts may reduce its implied valuation
of the business by an estimated $50 million. The agreement is subject to
certain potential purchase price adjustments.
Metavante Technologies prepaid and debit card processing has been
granted “Payment Application Best Practice” (PABP) certification from Visa Europe for both its card issuing and transaction acquiring,
conducted by the first of payments software vendors to have received the
certification. This development confirms Metavante Technologies meets
industry standards for cardholder data security on the necessary
platform for PCI DSS, the comprehensive payments industry security
standard ensuring customer account protection. The audit of the
Metavante Technologies “CORTEX” card processing software platform, which
provides banking/payments technologies to over 8,000 businesses
worldwide, was conducted by qualified security assessor of PCI
compliance, Ambersail Ltd.