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Industry News
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Electronic payments leaving checks behind |
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The number of checks we write keeps going down and electronic payments are increasing, according to a Federal Reserve study released Monday. The study found that more than
two-thirds of noncash payments were made electronically in 2006, up from 50 percent in 2003, the last year
studied by the Fed.
In 2006, the Fed counted 62.7 billion electronic payments in
the United States,
compared to 30.6 billion checks paid. The electronic payments had a value of
$34.1 trillion, while the checks paid had a value of $41.7 trillion.
The annual growth rate of electronic payment transactions
was 12.4 percent from 2003 to 2006, compared to a 6.4 percent annual decline
for checks. One of the biggest drivers of increasing electronic payments came
from debit card transactions.
The Fed has been cutting back check-processing
operations in recent years as a result of the increasing use of electronic
payments. The Charlotte Fed branch will shift work to Atlanta in the second quarter of 2009. A
small staff will remain to print so-called "substitute checks" --
hard copies of electronically shipped checks.
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Pipeline Data Buys COCARD, Merges with Innovative Resource Alliance |
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Pipeline Data says it has signed a binding letter of intent to acquire Innovative
Resource Alliance, the parent corporation of TenderCard, a gift,
loyalty and stored value solutions provider with more than 12,000 merchants based in
Falmouth, Massachusetts and Merchant Services Network, a retail merchant
services provider based in West Palm Beach, Florida, in exchange for up to 25.7
million shares of Pipeline Data Common Stock, subject to certain earn in
provisions. In addition to its current portfolio of 5,000 merchants, IRA has
initiated negotiations and executed letters of intent to purchase for cash
portfolios totaling approximately 15,000 merchants.
As merged, Pipeline
Data/IRA will acquire COCARD(R) Marketing Group, LLC ("COCARD"), a Nashville,
Tennessee-based merchant services provider catering primarily to small and
medium-sized retail accounts. COCARD currently services over 25,000 merchants.
The Definitive Merger Agreement to acquire COCARD for approximately $101 million
in cash was entered into on October 22, 2007.
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Southern DataComm Acquires eN-Concert |
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Southern DataComm (SDC),
Inc. has announced the completion of its
acquisition of eN-Concert, a suite of solutions from Ingenico, Inc., a leading
global provider of secure transaction and payment solutions. The acquisition
represents a strategic move by SDC into the tier-one, multi-lane retail market
and signals a long-term commitment towards the expansion of their end-to-end
suite of products and services to a broader customer base. The eN-Concert team
will continue to manage, deliver and support its current suite of products and
customers, as well as, leverage SDC’s payment delivery and managed payment
services. This move continues to redefine SDC as a strategic single source
provider for the processing of all electronic payments.
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The Aegenis Group Renews Contract as Trainer for PCI-SSC |
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The Aegenis Group has re-signed with the Payment Card Industry Security Standards Council (PCI SSC) to be the worldwide trainer of Qualified Security Assessors (QSAs). The contract
marks a renewal of the existing relationship between The Aegenis Group and the PCI-SSC. Last year, The Aegenis Group trained over 1,000 QSAs and the coming year should see almost 50% more trainees attending the sessions.
"The Aegenis Group's long experience with the security
requirements of the Payment Card Industry and with the Payment Card Industry
Data Security Standard (PCI DSS) make them a logical choice to conduct the
training," said Robert Russo, General Manager of the PCI SSC. "We
were pleased to renew the contract, as their deep knowledge of both the
industry and the PCI DSS ensures that the training the QSAs receive will be
consistent and comprehensive.
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Semtek Announces Closing of Series A Financing |
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Semtek Innovative Solutions Corporation announces the closing of its Series A round of equity financing. RRE Ventures and Venrock co-led the financing and were joined in the round by strategic investor VeriFone Holdings, Inc.
Semtek is commercializing a point of sale device hardware component that eliminates the need for payment card data to be used or stored within merchant’s payment systems, thereby eliminating the risk of data breaches related to inadequate merchant level security.
Because Semtek’s technology can resolve security risks associated with credit card data prior to that data touching a retailer’s systems, we believe it is the most practical means of securing card payment systems available.
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