Digital Transactions Authoritative, insightful and timely information for payments professionals
Deploring the extent to which banks have turned over key functions in consumer payments to non-bank companies, a leading figure in the payments industry on Thursday called on banks to “seize back” leadership in the industry. In a keynote address delivered at the Bank Administration Institute's TransPay trade show in …
Read More »Fiserv Looks to Exploit Opportunities in Substitute Checks
Fiserv Inc. expects to do a major business in the new substitute check instrument that has been created by the Check Clearing for the 21st Century Act (Check 21)?so much so that it is entering into agreements with a software company and an air carrier to deliver and process potentially …
Read More »Metavante Buys NYCE to Further An Ambitious Payments Plan
Metavante Corp., which today announced it is paying $610 million in cash to buy the NYCE electronic funds transfer network from First Data Corp. and its bank owners, sees the deal as part of a nearly $1 billion payments strategy that has led the Milwaukee-based processor to snap up other …
Read More »Metavante Buys AFS And Becomes a Player in Image Exchange
Metavante Corp. announced today it has agreed to buy Advanced Financial Solutions Inc., an Oklahama City-based company specializing in check-processing technology and owner of the Endpoint Exchange, a network that routes electronic check images among processors and financial institutions. No price was announced, though Metavante officials said this acquisition, in …
Read More »Endpoint Exchange, SVPCo. Add Heft to Image Network Efforts
CheckClear LLC, which owns and operates what is so far the only national image-exchange network in operation for check processing, announced today it is planning to connect to an image exchange being built by the Federal Reserve. It also said it has made an agreement to connect to imaging equipment …
Read More »Nova Buys a 10,000-Merchant Portfolio from Union Bank
Nova Information Systems, an Atlanta-based transaction processor, announced today it has agreed to acquire a portfolio of 10,000 merchants from Union Bank of California in a deal expected to close by June 30. Pricing and other terms were not disclosed. Nova says the acquisition is expected to add $3 billion …
Read More »The First Bonded Online Auction Set for April 27
More than 300 sellers are set to participate April 27 in the first online auction in which all transactions will be guaranteed by surety bonds. Dealers in antiques and collectibles will sell their wares during the auction, scheduled for April 27-May 2 at BondedSale.com, a site jointly sponsored by online …
Read More »Authorize.net Sets Its Sights on Brick-and-Mortar Merchants
Authorize.net Inc., which serves as a payments gateway for 91,000 mostly mid-size and small Web-based merchants, is making a major play for the brick-and-mortar point of sale. With the backing of its new owner, Burlington, Mass.-based Lightbridge Inc., Authorize.net is revving up its marketing and re-seller efforts to expand rapidly …
Read More »TransFirst’s Break from the M&A Game Will Be Brief
Dallas-based processor TransFirst, which has completed two major acquisitions in the past month that have more than doubled the company's size, is taking a break from the M&A game, but not one that will last long. “It'll be two to three months before another acquisition,” Mark Travis, chief financial officer …
Read More »TPI Software Expands Its Market with Paymentech Certification
TPI Software LLC, a privately held provider of e-commerce and point-of-sale systems based in Redmond, Wash., has won certification on Paymentech LP's NetConnect platform, a major network supporting online and telephone transactions, as well as transactions at the point of sale, using Internet connections. TPI, which claims to have developed …
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