Tuesday , January 22, 2019

Net Element Adds Cash Flow From Portfolio Acquisitions and other Digital Transactions News briefs from 12/27/18

  • A subsidiary of Visa Inc. is offering to buy Earthport PLC, a London-based provider of cross-border payments for banks and businesses, for approximately $250 million in cash. The offer represents a 250% premium to Earthport’s six-month average share price ended Dec. 24 and has the endorsement of Earthport’s board of directors. Earthport’s clients include Xoom, Hyperwallet, Ripple, TransferWise, and Bank of America Merrill Lynch. Earthport has regional offices in New York, San Francisco, Miami, and Singapore.
  • Payments company Net Element Inc. announced its acquisition of certain assets in portfolios from Argus Merchant Services LLC and Treasury Payments LLC that it expects to generate more than $4 million in gross profits over the next four years. Net Element paid $1.42 million for the assets.
  • Payments provider Xpress-pay launched a two-tier subscription service for payment card and automated clearing house payments. The first offers either unlimited credit card or ACH processing for $10 a month. The $15 tier enables both card and ACH. Xpress-pay, a unit of Systems East Inc., said the fee covers typical administrative costs, too. Consumers pay a surcharge for each transaction.
  • Ormeus Cash, an asset-backed digital currency, introduced a point-of-sale system that relies on a so-called trustless protocol that it says allows merchants to accept cryptocurrency without the fees and long transaction times associated with digital money.
  • In related news, a startup called Chimpion introduced a service it says allows e-commerce merchants globally to accept cryptocurrency on a platform that eases settlement and heightens security in comparison with traditional payment methods.

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