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The card networks, major U.S. banks, and U.S. merchants reached a $7-billion-plus settlement late on Friday, capping a seven-year battle over credit card interchange and network acceptance rules. If approved by the court, the settlement will be the largest such agreement ever in an antitrust case. Under the terms of …
Read More »Private-Equity Player GTCR Swoops in to Snatch Fundtech from S1’s Grasp
In yet another twist in the ongoing corporate drama involving payments-software firms S1 Corp., Fundtech Ltd., and ACI Worldwide Inc., news emerged early on Thursday that Fundtech is spurning S1 in favor of what it views as a better offer from GTCR, a Chicago-based private-equity firm with a history of …
Read More »TSYS Cements Strategic About-Face with Takeover of First National Merchant Solutions
Total System Services Inc. on Tuesday brought to an end a short-lived joint venture with First National Bank of Omaha by buying the 49% of FNBO unit First National Merchant Solutions LLC it didn’t already own. In the deal, TSYS paid FNBO $169.6 million for the remaining stake, implying a …
Read More »How the Wal-Mart Settlement Could Pay for PIN Pads
This spring’s settlement between the bank-owned card associations and retailers led by Wal-Mart Stores Inc. has been widely interpreted as a blow to the fortunes of so-called PIN-based debit, or debit card transactions effected by a consumer’s personal identification number rather than his signature. That’s because the settlement terms required …
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