Saturday , February 22, 2020

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Ally Financial Agrees to Buy CardWorks, Parent of Major Acquirer Merrick Bank

Ally Financial Inc. announced this week it will buy CardWorks Inc. for $2.65 billion. CardWorks owns Merrick Bank, a major player in merchant acquiring. In the deal, expected to close in the third quarter, Detroit-based Ally says Merrick Bank will merge into Ally Bank. Merrick has approximately $32 billion in …

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Chargebacks911’s Tips on BOPUS Fraud and other Digital Transactions News briefs from 2/17/20

Chargebacks911 released a set of tips for retailers about managing buy-online, pickup-in store fraud.VersaPay Corp., a provider of electronic invoice presentment and payment, said its shareholders overwhelmingly approved acquisition of all outstanding common shares by 1233518 B.C. Ltd., an affiliate of private-equity firm Great Hill Partners. Shareholders will receive $2.70 Canadian …

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How You Walk Could Some Day Soon Let You Pay to Ride

Two big trends in payments, mass-transit ticketing and advanced authentication technology, could come together soon as Mastercard Inc. develops a system that could identify users simply by the way they walk. Working on the idea that each person has a unique gait, Mastercard and its NuData Security unit are talking …

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Ingenico Names New North America Executive and other Digital Transactions News briefs from 2/14/20

Ingenico Group S.A. named Peter Stewart executive vice president of Ingenico North America. Stewart has more than 25 years of experience in the technology industry. A specialist in point-of-sale equipment and processing, Ingenico Group has agreed to be acquired by processor Worldline S.A. in an $8.6 billion deal.CHR Corp., which does business under …

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WEX’s Benefits and Corporate-Services Units Growing Faster Than Fleet Services

Best known for its big fleet-fueling card business, WEX Inc. lately is getting stronger growth from its two other segments, health-care and employee benefits and corporate and travel services. WEX reported Thursday that total fourth-quarter purchase volume grew 8.4% to $20.1 billion from $18.5 billion a year earlier. Portland, Maine-based …

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With Expanded Merchant Business Thanks to Worldpay, FIS Seeks to Exploit Its Acquiring Chops

When Fidelity National Information Services Inc. closed on its $43 billion acquisition of Worldpay Inc. last summer, the payments industry knew the massive deal would boost FIS instantly into the top ranks of global merchant processors. On Thursday, the company let the world know just how big its position in …

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The New Global Payments Looks to Value to Offset Impending Visa Rate Changes

News of impending interchange-rate revisions from Visa Inc. may have roiled the payments industry, but for processing giants like Global Payments Inc., the impact will simply be business as usual. Top Global executives made that point crystal clear Wednesday. “We see these [rate changes] all the time. We have to accommodate …

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Repay Expands Its Footprint with Ventanex Acquisition

Payment-services provider Repay Holdings Corp. continued its run of acquisitions Monday when it announced it bought Ventanex for up to $50 million. Ventanex is an integrated-payments provider operating in consumer finance, especially mortgage-loan servicing, business-to-business health-care payments, and some other segments. Founded in 2012 and based in the Dallas suburb …

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Mastercard Forms a Joint Venture To Clear Domestic Chinese Card Transactions

Mastercard Inc. is the latest U.S. payments company to take initial steps to operate in China with Tuesday’s announcement it will form a joint venture with NetsUnion Clearing Corp. to establish a domestic bank card clearing entity. The entity formed from the joint venture—Mastercard NUCC Information Technology (Beijing) Co. Ltd.—received …

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Four Indicted in Equifax Breach and other Digital Transactions News briefs from 2/10/20

The U.S. Department of Justice announced indictments against four members of a unit of China’s People’s Liberation Army with computer fraud, economic espionage, and wire fraud in connection with the 2017 data breach at credit-reporting agency Equifax Inc. that compromised personal data on approximately 145 million Americans. According to the indictment, the defendants exploited …

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Fiserv Tugs the Curtain Back a Bit on Early Gains From Its Big First Data Acquisition

Six months after closing on its $22 billion acquisition of First Data Corp., Fiserv Inc. on Tuesday dropped some tantalizing hints about early benefits the deal has generated for the combined company. First Data’s Clover app-based platform for merchant checkouts, for example, saw its gross payment volume grow fully 40% …

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A Hedge Fund’s Green Dot Stake and other Digital Transactions News briefs from 2/4/20

Activist hedge fund Starboard Value LP has taken an approximately 9% stake in prepaid card and banking services provider Green Dot Corp., according to a regulatory filing. Green Dot issued a statement saying it “welcomes transparent, constructive feedback regarding the common goal of enhancing long-term shareholder value.” In the wake of a big …

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POS Terminal Kingpin Ingenico Agrees To Be Acquired by Worldline in an $8.6 Billion Deal

The mega mergers aren’t over yet. In a global move with potentially major implications for the U.S. payments market, Ingenico Group S.A. said it has agreed to be acquired by Worldline S.A. for cash and stock consideration totaling approximately $8.6 billion. The transaction, expected to close in the third quarter, …

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Cornerstone Purchases Move Your Mountain and other Digital Transactions News briefs from 2/3/20

Cornerstone Payment Systems announced the acquisition of Move Your Mountain, a crowd-funding platform. Terms were not disclosed.Digital cross-border payments provider Remitly Inc. launched Passbook by Remitly, a mobile app aimed at immigrants in the United States that features a no-fee account from Sunrise Banks N.A. and real-time transfers via Visa Inc.’s Visa Direct …

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Visa Will Be the Network for the New Venmo Card As PayPal Gets Set for Growth in China

News emerged Wednesday from PayPal Holdings Inc.’s earnings call that Visa Inc. will serve as the network for a Venmo credit card PayPal announced in October. This development follows by one week PayPal’s announcement that it has struck a deal with UnionPay, China’s payment card giant, to integrate UnionPay cards …

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Mastercard Reports Strong Volume Growth, but Is Keeping an Eye on the Coronavirus

Mastercard Inc. on Wednesday reported double-digit growth in fourth-quarter purchase volume and transactions, but reduced economic activity from the Coronavirus that originated in China could put a crimp on growth early this year. “We’ll take this as it comes, one step at a time,” Mastercard chief executive Ajay Banga said …

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WEX Makes Two Acquisitions and other Digital Transactions News brief from 1/24/20

WEX Inc., a processor in the fleet-fueling and corporate transaction market, said it has agreed to acquire eNett, a business-to-business payments software company specializing in the travel market, and Optal, a specialist provider of B2B transactions, for approximately $1.275 billion in cash and approximately 2 million shares of WEX common …

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Another Libra Departure and other Digital Transactions News briefs from 1/22/20

British telecommunications giant Vodafone Group Plc has become the latest Libra participant to withdraw from the controversial digital-currency project initiated by Facebook Inc., Reuters reported. Other early participants that have withdrawn include Visa, Mastercard, PayPal, Stripe, and eBay.With an eye on expanding its Bitcoin services, merchant processor Square Inc. said it is developing what it calls …

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2019 Holiday Sales Increased 4.1% and other Digital Transactions News briefs from 1/17/20

The National Retail Federation reported 2019’s holiday retail sales grew 4.1% over the same period in 2018 to $730.2 billion. Online and other non-store sales rose 14.6% to $167.8 billion and are included in the totalE-commerce services and payments provider Shopify Inc. is offering new businesses what it calls “starter loans” of $200 through …

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U.S. Bancorp’s Merchant Volume Rises 10% While BofA Sees Big Zelle Growth

U.S. Bancorp, owner of the big merchant acquirer Elavon Inc., reported Wednesday that its fourth-quarter 2019 merchant volume rose 10.5% year-over-year on a nearly 14% increase in transactions. And U.S. Bancorp rival Bank of America Corp. said its volume for the Zelle person-to-person payments service jumped 76%. Minneapolis-based U.S. Bancorp …

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