The Bancorp Finetics Studio video series, which features one-on-one conversations with more than 30 of the financial services industry’s most influential and innovative executives, has released its second installment.
The Bancorp Finetics Studio video series, which features one-on-one conversations with more than 30 of the financial services industry’s most influential and innovative executives, has released its first installment.
Vantiv, Inc. announced an agreement to acquire Mercury Payment Systems, LLC for an aggregate price of $1.65 billion. Mercury is a payment technology and service leader whose solutions are embedded into point-of-sale software applications and brought to market through their dealer and developer partners. Mercury is currently majority-owned by Silver Lake, a global leader in technology investing.
IntraLinks global provider of inter-enterprise collaboration services and Misys financial services software forged a strategic partnership arrangement. Designed to better service participants in this $3.9 trillion dollar syndicated loan market by offering end-to-end process solutions that mitigate legal and operational risk and increase operational effectiveness, the partnership will significantly expand efforts in supporting the straight-through-processing of information that is critical to the lending process. The two companies will be launching a major upgrade to the Lenderbridge connector that currently automates the provisioning of lender access to IntraLinks’ virtual deal rooms directly from within Misys Loan IQ, embracing market standards in lender (counterparty) identifiers. This upgrade will serve as a foundation for the launch of additional loan process solutions including the complicated process of administering amendment voting.
International Bank of Chicago, the wholly-owned subsidiary of IBC Bancorp, Inc. announced that it has acquired certain assets and liabilities and the banking operations of Premier Bank in an FDIC-assisted transaction. Premier Bank, which currently operates two locations in Illinois – Wilmette and the near west side of Chicago, had approximately $269 million in total…
Misys treasury, capital markets and banking software solutions made available its Misys “Loan IQ 7.1” integrated, comprehensive commercial lending solution. The solution provides a foundation that will allow Loan IQ clients to consolidate loan servicing systems for bilateral lending, syndicated lending with loan trading on a single platform. Version 7 includes Misys Origination for loan origination processing, Misys Portal for Loan IQ for online management of lending activities, and improved payment processing.
Neiman Marcus has forged partnership agreements with Visa and MasterCard, allowing customers to use the appropriate credit, debit and prepaid cards at all of its 41 stores. Neiman Marcus, Inc. operations include the Specialty Retail Stores segment and the Direct Marketing segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus, Last Call and Bergdorf Goodman stores. The Direct Marketing segment conducts both online and print catalog operations under the Neiman Marcus, Horchow, Last Call and Bergdorf Goodman brand names. Information about the Company can be accessed at www.NeimanMarcusGroup.com.
FIS banking and payments technology âDutch auctionâ tender offer for the purchase of up to $2.5 billion of shares of 171,705,905 shares of its common stock were properly tendered and not withdrawn in the tender offer at a price of $29.00 per share. Additionally, 49,528,300 shares were tendered through notice of guaranteed delivery at such prices. Due to the tender offer being oversubscribed, FIS expects to purchase only a prorated portion of the shares properly tendered by each tendering stockholder at or below the final per share purchase price. FIS expects to purchase approximately 86,206,896 shares of its common stock at a purchase price of $29.00 per share, for a total cost of approximately $2,500,000,000.
Mobile payment service XIPWIRE is launching its simple text-to-pay
technology in Philadelphia. XIPWIRE utilizes a short code â 56624 â that has been certified by every
mobile carrier. Using a short code instead of a regular 10-digit phone
number ensures that text messages sent to XIPWIRE users comply with all
the regulations specified by the mobile carriers â which helps keep
transactions secure. XIPWIRE utilizes PIN authentication so that
money cannot be sent without authorizing the transaction with your
four-digit code. XIPWIRE does not store this data
and it also encrypts all passwords and account numbers to ensure
security. And, in the event a userâs phone is lost or stolen,
transactions can be prevented by locking the phone via an online account.
The XIPWIRE service will be free of charge through 2010.
Affinity and co-branded card provider Tempo has partnered with CA-based
In Defense of Animals to offer an affinity card that gives back to the IDA.
Every time In Defense of Animals debit cards are used to make a
purchase, IDA will receive a portion of standard card transaction fees.
The cards can be used anywhere Debit MasterCard cards are accepted and
also provide cash-back and ATM withdrawal access to the cardholders’
existing checking accounts. Tempo-enabled debit cards are affinity
valuable cardholder rewards, and can be used for online and offline
purchases and ATM withdrawals. Working with First Bank& Trust, Tempo
manages all aspects of card issuance, including risk management,
application processing, card fulfillment, authorization and settlement.
IDA is an international
non-profit organization with a distinguished record for challenging the
exploitation and abuse of animals by protecting their rights, welfare
Payment processor T-Chek has integrated Chevin’s “FleetWave” fleet
management system to the T-Check fuel card program.
“FleetWave” is a browser-based enterprise Fleet Management Information
System that delivers comprehensive functionality for complex fleet
operations, mobile workforces, multiple workshops, sites or countries.
“FleetWave” helps solve a wide range of both fleet management as well as
core business issues within your organization. T-Chek Systems
provides private fleets, for-hire carriers, and midmarket companies with
a full range of services that reduce and manage spend including fuel,
travel and expense, accounts payable, and regulatory compliance
London-based Apax Partners, a major investor in financial services and media, has signed a deal to purchase Bankrate for about $571 million in cash. The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe, CreditCardGuide.com and Bankaholic.com. Recent investments by the Apax Partners Media and Financial & Business Services division include: Trader Media, EMap, Cengage Learning, Travelex, Hub International, Global Refund and Azimut. Separately, Bankrate reported preliminary second quarter results which show that total revenue for the second quarter fell 23% year-on-year to $31 million. Net income is expected to be $1.9 million, compared to $4.1 million for 2Q/08. As of yesterday the Apax deal represented a premium of 15.8% over Tuesday’s closing stock price and 18.2% over the average closing price for the previous ten trading days.