Tuesday , November 13, 2018

Electronic Checks

Mitek Rejects ASG’s ‘Underwhelming’ Buyout Offer

Mitek Systems Inc. reported early Monday that its board of directors “unanimously rejects” last week’s unsolicited buyout offer from business software firm ASG Technologies Inc., saying it “is not in the best interests of Mitek’s shareholders.” Today’s announcement is no surprise. Chairman Bruce Hansen on Thursday signaled that he and …

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Cardtronics Feels 7-Eleven Impact and other Digital Transactions News briefs from 11/2/18

ATM network owner Cardtronics plc reported revenues of $340.2 million for the third quarter, down 15% from $402 million a year earlier primarily because of the removal of its ATMs from its former largest retailer customer, 7-Eleven Inc., and currency effects. U.S. same-store withdrawal transactions rose 6%, driven by growth …

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The ACH Network Extends Its Hot Streak And Looks to Even Bigger Gains for Same-Day Volume

Transactions on the nation’s automated clearing house network exceeded 5.6 billion in the quarter ended Sept. 30, rising by 354 million transactions, or 6.7%, compared to the same quarter in 2017, according to numbers released Thursday by NACHA, the regulatory body for the ACH. The third-quarter growth means volume has …

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Software Firm Tries Again To Buy Mitek Systems

Software developer ASG Technologies Group Inc., a portfolio company of the hedge fund Elliott Management Corp., on Wednesday announced a $425 million offer to buy Mitek Systems Inc., a leader in the mobile remote deposit capture software market that also provides identity-verification and related applications. San Diego-based Mitek issued no …

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As the Fed Mulls an Entry Into Real-Time Payments, a TCH Executive Flashes a Caution Flag

If the Federal Reserve decides to compete in the developing market for real-time payments, it will face considerable obstacles, one of which has to do with whether such competition is really needed, according to an official with The Clearing House Payments Co. LLC. The Clearing House, which is recruiting financial …

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Dear Diary: Why Did Payment Transactions Decline in October 2017?

Unless you’re talking about check-writing or cash usage, just about every measure of transactions and volumes in payments is up, up, up these days. But a new study from the Federal Reserve Bank of Atlanta says consumers actually made fewer payments in October 2017 than they did a year earlier. …

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COMMENTARY: Millennials, Check-Fraud Scams, and Three Practical Solutions: Part II

Check scams come in many forms. It could start with someone offering to buy something you advertised in the newspaper, on Craigslist, or eBay. Or someone could offer to pay you to do work at home, give you an “advance” on a sweepstake you’ve supposedly won, or pay the first …

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COMMENTARY: Millennials, Check-Fraud Scams, and Three Practical Solutions: Part I

In the 2002 Oscar-nominated movie “Catch Me if You Can,” the audience meets one of the greatest con artists of the 1960s, Frank Abagnale (played by Leonardo DiCaprio). In addition to faking his identity and several professions (e.g., airline pilot, surgeon), Abagnale cashed over $2.5 million worth of forged checks …

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NACHA Acquires the Business Payments Directory Association To Bolster B2B Payments Services

NACHA reported Monday that it has acquired the non-profit Business Payments Directory Association, a move that deepens the presence of the U.S. automated clearing house network’s governing body in business-to-business payments and provides an entrée into blockchain-based payments. Herndon, Va.-based NACHA said the BPDA will operate as a self-governed group …

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The World Added 15 Real-Time Payments Systems in the Last Year, and 21 More Are Coming

The world currently has 40 real-time payments systems versus only 25 just a year ago, payment processor Fidelity National Information Services Inc. (FIS) reported Wednesday. What’s more, five such programs are under development, and another 16 should be live in 12 months to 18 months, Jacksonville, Fla.-based FIS says in …

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