NCR Corporation announced that Cathay United Bank (“CUB”) has become the first bank in Taiwan to provide personalized automated teller machine (“ATM”) transactions by using NCR APTRA Connections software. CUB is the fourth largest ATM deployer in Taiwan with more than 1,900 ATMs. APTRA Connections is now running on about 180 units of NCR SelfServ ATMs and 120 units from another vendor. Most of these ATMs are installed at busy locations. CUB is also planning to extend the new features to its entire ATM network gradually. APTRA Connections enables CUB to recognize their customers and display personalized greeting message. CUB customers can customize their ATM menu by pre-selecting favorite transaction options that include their usual cash withdrawal amount, bill payment and bank transfers, resulting in fewer screens to navigate and save time – as much as 33 percent faster than a typical transaction.
Fiserv financial services technology announced technology decision-makers from all corners of the financial services industry will meet in Las Vegas April 22-25 for Fiserv Forum 2012. President Bill Clinton will deliver the keynote address at one of the largest events in the financial services industry. Fiserv Forum will give attendees an opportunity to interact, gain market insights and share knowledge with peers and industry experts.
The Fiserv Conference will offer keynote addresses and strategy sessions focused on consumer payments, risk management, small business banking, retirement planning and other industry segments. The conference will also facilitate technology demonstrations by Fiserv experts to stimulate discussion among the thousands of expected attendees, making Fiserv Forum 2012 the largest client event in the company’s history. Participants will choose from more than 135 breakout sessions, including discussions on the growing adoption of the electronic channel, mobile payments, best practices for customer onboarding, winning strategies for card payments, paper-free lending practices and more.
EMO CAPITAL through its wholly owned subsidiary NuVitality Labs forms strategic alliance with Pershing Processing for global payment processing solution. The relationship with Pershing will allow NuVitality to process in multi currency globally further augmenting the companies strategy of controlling as many aspects as possible in their vertical market. Pershing Processing is a leading gateway and payment processor, run by experienced processing industry professionals linking customers, merchants, and financial institutions in order to facilitate electronic transactions around the world.
Chevron selects GE Money Bank to own and operate its Chevron and Texaco branded consumer credit cards and FleetCor Technologies Operating Company to own and operate its branded commercial credit cards. VISA has named Byron Pollitt, formerly a top executive at Gap and Walt Disney, as CFO designate of Visa Inc. New York City taxi drivers go on strike over new rules that require then to install credit card readers and GPS technology in their cabs by October 1st. MasterCard rolls-out two new spots in the NFL season opener that features tongue-in-cheek vignettes by Colts quarterback Peyton Manning. JCB and Union Bank of Taiwan launch the first card with “J/Speedy” in the world. Ceridian and hedge fund Pershing Square Capital Management reached an agreement over a proxy fight. Houston-based Cardtronics files a registration for an IPO to raise up to $300 million. Target announces it is reviewing potential ownership alternatives for its $7 billion credit card portfolio. American Express inks a deal to sell its American Express Bank Ltd to Standard Chartered PLC for $1.1 billion. A six-month “Visa payWave” pilot is launched in Taiwan. Barclay’s introduces the “DIRECTV Rewards VISA.” Discover Network signs an integration deal with Chase Paymentech. Discover Financial Services signs an agreement with Wells Fargo Merchant Services to offer full-service processing for all Discover transactions through WFMS. MasterCard introduces a new savings program for “MasterCard BusinessCard” credit and signature debit cardholders. VISA expands its contactless program with a key fob payment device embedded with “VISA payWave.”
Ceridian Corporation has announced that its stockholders approved the adoption of the merger agreement with an affiliate of Thomas H. Lee Partners, L.P. and Fidelity National Financial and reelected all 7 directors The preliminary tabulation indicates that more than 99% of the shares voted were cast in favor of the transaction. The number of shares voted in favor of the transaction represented approximately 74% of the total shares outstanding and entitled to vote at the meeting. On May 30, 2007, Ceridian and affiliates of THL Partners and FNF entered into a definitive merger agreement, pursuant to which THL Partners and FNF would acquire all of the outstanding common stock of Ceridian for $36 per share in cash, subject to certain conditions, valuing the total transaction at approximately $5.3 billion. Ceridian is a human resources outsourcing company.
Ceridian and hedge fund Pershing Square Capital Management this weekend jointly announced that both parties have reached an agreement with respect to the election of directors at the upcoming annual meeting of Ceridian. Pershing Square has agreed to discontinue the proxy contest with respect to the election of directors at the annual meeting, and Ceridian has agreed that immediately following the annual meeting, the size of the Ceridian board will be increased to eleven, and three of Pershing Square’s current nominees will be appointed to the board. Fidelity National Financial and private equity firm Thomas H. Lee agreed to pay $5.2 billion for Ceridian, which includes fuel card specialist Comdata.
Hedge fund Pershing Square, which recently announced its support of the $5.2 billion cash merger between Ceridian, Thomas H. Lee Partners and Fidelity National Financial, is still carrying on its proxy fight to replace the Ceridian Board. Pershing Square also says that it now supports Ceridian’s management and desires to retain them through the closing of the merger. However, Pershing claims that it is continuing its proxy fight only so that its nominees can act as a “backstop” and take over the company in case the merger does not close. However, Ceridian is committing that in the event the merger does not close, it will hold a new election of directors within 90 days of termination of the merger agreement. Pershing Square owns about 15% of Ceridian.
Hedge fund Pershing Square has made an about face over its objection to Ceridian’s proposed sale to Fidelity National Financial and private equity firm Thomas H. Lee. Pershing Square says it now it intends to fully support the $5.2 billion buyout. The hedge fund said that significant recent developments in the credit markets raised its confidence that the deal is the highest all-cash price reasonably attainable for the company. In a proxy filing filed this week with the SEC, Pershing Square stated that, if elected, its nominees plan to fully support the company’s efforts to complete the transaction as soon as possible. Pershing Square also disclosed that its nominees plan to make no changes in management pending the completion of the deal. Pershing Square owns about 15% of Ceridian. (CF Library 7/27/07)
Hedge fund Pershing Square is continuing its proxy battle to derail Ceridian’s proposed sale to Fidelity National Financial and private equity firm Thomas H. Lee. Pershing wants to unseat the entire board of Ceridian. Pershing Square says the deal is way undervalued and the Company is mismanaged. Ceridian yesterday responded saying Pershing Square has failed to date to present any economic proposal for the Company and its stockholders. Ceridian says Pershing Square has resorted to personal attacks. The Board recommended that Ceridian stockholders approve the pending merger and receive $36 per share in cash and vote for the Company’s slate of directors who will work to close the transaction as quickly as the agreement permits. Pershing Square owns about 15% of Ceridian.
Ceridian, which includes major payment processor Comdata, is coming under fire from its largest shareholder over its $5.3 billion merger with Thomas H. Lee Partners and Fidelity National Financial. Pershing Square Capital Management says the deal isn’t valued fully and the company should be split up. Pershing, which holds nearly a nearly 15% stake in Ceridian, has hired Lazard Freres and Sullivan & Cromwell to explore alternatives. The activist hedge fund, managed by Bill Ackman, says it may also extend its long feud with Ceridian’s management while it continues its proxy contest. Ceridian says within the next several days it expects to file its proxy statement, which will contain more information about the Board’s process and review of strategic alternatives. Ceridian also says its Board welcomes involvement by shareholders and is prepared to review any proposals that might result in a superior proposal per the merger agreement. The Board says it remains committed to its goal of maximizing shareholder value through its review of all alternatives. Ceridian’s Comdata division is a processor and issuer of credit, debit and stored value cards, primarily for the trucking and retail industries in the USA. (CF Library 5/31/07)
Ceridian announced that Gary Krow, EVP of Ceridian and President of Comdata has been terminated for violations of Ceridian’s “Code of Conduct.” Krow allegedly had unauthorized meetings with and disclosure of confidential information to Pershing Square Capital and other third parties. Information about the misconduct came to the attention of the Board through documents and testimony provided in legal proceedings commenced by Pershing Square. Jim Burns, EVP and President of Ceridian has been appointed Interim President of Comdata, effective immediately. Robert Skiba, Executive Vice President and General Manager, Comdata Stored Value Solutions and Brett Rodewald, Executive Vice President and General Manager, Transportation Services Division, will now report directly to Mr. Burns.
RI-based Nestor, Inc. announced that Bank One Transaction Processing Services has licensed ‘PRISM’, Nestor’s fraud protection system to predict and safeguard against fraud. Through the licensing agreement, Transaction Processing Services will provide the ‘PRISM’ system to its credit card clients such as Crittson Financial, and brokerage clients, including Morgan Stanley Dean Witter, The Pershing Division of Donaldson, Lufkin, and Jenrette Securities Corporation, and Reserve Funds. ‘PRISM’ is an intelligent risk management system that provides early and accurate fraud detection by identifying suspect activity. The system automatically adapts to new and altered patterns of criminal behavior before fraud losses multiply.