The Maryland Department of the Environment (MDE) launched their online Invoice Payment Service that allows business customers to pay invoices for permits and other MDE services online. The new Invoice Payment Service accepts all major credit cards and eCheck/ACH payments and is available 24 hours a day, seven days a week.
Idaho’s PayPort payment service for utilities, state agencies and counties is expanding in the Gem State. Six more cities have jumped on the PayPort bandwagon.
Gemalto has signed a definitive agreement to acquire 100% of the share capital of SafeNet from Vector Capital for US$890 million on a debt free/cash free basis.SafeNet technology protects over 80% of world’s intra-bank fund transfers and its 1,500+ employees, including 550 cryptographic engineers, serve more than 25,000 customers, both corporations and government agencies, in over 100 countries. In 2013, SafeNet recorded revenues of US$337 million and profit from operations of US$35 million and expects revenues of US$370 million and profit from operations of US$51 million for 2014. The purchase price of US$890 million is self-funded with US$440 million from available cash, and US$450 million drawn from existing long-term credit facilities. The closing of the transaction is expected to occur in Q4 2014, after approval from the relevant regulatory and antitrust authorities.
RBS WorldPay payment processor has inked processing agreements with the
National Payment Card Association (NPCA) to process its debit cards.
NPCA offers merchants a card acceptance solution with significantly
lower transaction fees than traditional credit or debit cards and first
introduced its alternative payment solution in June 2006. NPCA’s ACH
card solution has proven to be a beneficial alternative to traditional
card acceptance in primarily the petroleum industry. The NPCA PIN based
payment system processes transactions through the Federal Reserve
Automated Clearing House (ACH), resulting in lower merchant fees and a
self-funded loyalty program that provides immediate savings to consumers.
National Payment Card Association has received $2 million from KPG
Ventures to spur growth into supermarkets and chain drug outlets.
The National Payment Card Association
PIN based payment system processes transactions through the Federal
Reserve Automated Clearing House (ACH), resulting in lower merchant fees
and a self-funded loyalty program that can provide immediate savings to
consumers. Specifically, the program benefits retailers by helping them
shift away from the interchange fees credit card companies normally
charge on each transaction by moving them to the lower cost ACH system.
The merchant can then use some of the savings to change customersâ
payment behavior by passing some of that savings along to them right at
Experian has teamed with NJ-based PredictiveMetrics to offer “Priority
Score for Collections.” It provides creditors, collection agencies and
debt buyers with the advantage of predicting two outcomes: dollars
to be collected and expected payers. By having the ability to predict
expected dollars to be paid in addition to the traditional payer score,
organizations can prioritize collection actions based on cost, effort
and impact optimizing collection yields. The algorithms that drive these
scores are derived from models segmented by account balances along with
the debt type and age of debt. Clients will be able to score and make
decisions on more accounts since the models leverage client data.
PredictiveMetrics is the leading
provider of predictive scoring and analytical decision solutions using
advanced statistical techniques. PMI’s custom analytics and
industry/finance decision technology spans many industries, types of
financing, and debt.
Data storage product developer Oasis Online Technologies has appointed
Jean Rice, presently the President of Action Healthcare Management
Services, to the Board of Directors. Rice is President and a principal
of Action Healthcare Management
Services which serves self-funded employer group health plans,
third party administrators and Taft-Hartley Trusts, major insurance
companies, hospitals and school districts throughout the United States.
Oasis Online Technologies is focused on the acquisition and
development of core technologies and products that are easily adapted to
multiple market segments which require secure mobile storage of
information and data that is convenient, portable, and can be used
online or offline.
TSYS Healthcare has partnered with GA-based Paragon
Benefits and rolled-out the “My Care Card” benefit payment processing.
The “My Care Card”
provides subscribers with the ability to pay from up to 50 funding
sources on one card and includes Flexible Spending Accounts (FSA),
Health Reimbursement Accounts (HRA), Health Savings Accounts (HSA),
credit and cash accounts. Paragon Benefits is a
wholly owned subsidiary of the Georgia Bankers Association Insurance
Trust, Inc. TSYS Healthcare is a founding
member of the Special Interest Group for IIAS Standards (SIGIS), formed
in 2007 to enable real-time, auto-substantiation for eligible medical
items purchased with a FSA/HRA payment card.
CO-based third party benefit administrator has introduced InnovantÃ©
Benefit Administrator programs including debit cards for self-funded
employer insurance plans. InnovantÃ© Benefits Administrator is a
division of HealthTrans, a pharmacy benefits management company with
15.1 million members,
100 million transactions per year and $4 billion in annual drug spend.
InnovantÃ© leverages the business model strengths of HealthTrans,
including its extensive pharmacy benefits experience, expert resources,
and state-of-the-art, integrated data reporting capabilities and
technology, to provide a complete and innovative range of healthcare
GE reported that profit for its GE Money unit declined 9% in the second quarter to $1.1 billion. However, revenues were up 6% to $6.6 billion, compared to one-year ago. In the prior quarter revenues rose 7% and profits declined 19%, year-on-year. Second quarter results included a $222 million increase in the loan loss provision and a decrease of $109 million of securitization. GE also announced today it has signed an agreement to sell its Japanese consumer finance business, which includes the Lake personal loan business, wholly owned credit cards and mortgages to Shinsei Bank. The deal is valued US$5.4 billion. However, GE Money will continue to operate GE Nissen Credit, its credit card joint venture with Nissen, a shopping catalogue in Japan. GE Money and Nissen will continue to hold a 50% stake each in the company. Shinsei Bank says it plans to retain and work closely with GE employees in these businesses as part of its strategy to expand its position in the Japanese consumer credit marketplace. The deal is expected to close in the third quarter of 2008. Earlier this year American Express and GE Money signed a deal for AmEx to purchase GE’s Corporate Payment Services for $1.1 billion in cash. Also, Banco Santander signed preliminary agreements for its takeover of GE Money in Germany, Finland and Austria and its Card and Auto Financing Businesses in the UK. For complete details on GE’s latest results visit CardData ([www.carddata.com]).
GE MONEY TRACK RECORD
2Q/07: $1158 million $6276 million
3Q/07: $942 million $6207 million
4Q/07: $957 million $6578 million
1Q/08: $995 million $6377 million
2Q/08: $1056 million $6629 million
Source: CardData (www.carddata.com)
TSYS Healthcare has announced its “Fringe Benefits Management Company,” the first third-party administrator to offer its subscribers the ability to pay from multiple healthcare tax-advantaged accounts, credit accounts and cash accounts through a single card. FBMC and TSYS Healthcare signed an agreement in September 2007 and the implementation to TSYS’ new healthcare system was successfully completed in only four months.
Fiserv has signed an definitive agreement to sell its Health business to UnitedHealthcare for $775 million in cash. The transaction includes Fiserv Health Plan Administration, Fiserv Health Plan Management, an outsourcing service for mid-sized health plans and health care payer organizations; Innoviant, a prescription benefits administrator; Innoviant Pharmacy, a prescription mail-order service; Avidyn Health, a care management company; and four other components of Fiserv Health’s ancillary businesses. The company will retain its workers’ compensation services organization, which includes the recently announced WorkingRx acquisition. The company will also retain its CareGain, Inc. technology business, which is used to intermediate health banking solutions. Both of these businesses will remain in the insurance segment. Fiserv provides information management systems and services to the financial and insurance industries which include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions.