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Industry News
Fiserv, Inc., a leading provider of technology solutions, and CheckFree Corporation, a leading provider of financial e-commerce services and products, today announced that they have entered into a definitive agreement whereby Fiserv will acquire CheckFree in an all-cash transaction valued at approximately $4.4 billion. Under terms of the agreement, CheckFree shareholders will receive $48.00 in cash for each share of common stock.
CheckFree, a leader in online banking, electronic payments, and infrastructure and services, and Fiserv, a leader in information management services to the financial and insurance industries, have complementary technology, services and business models. Fiserv anticipates the combined organization will deliver a wider range of product and service offerings for customers, as well as provide opportunities for improved growth and enhanced efficiency, including the ability to bring new solutions to market faster.
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Personix Selected to Provide Edge-to-Edge Photo Capabilities for PAYjr® Cards |
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Personix, a business unit of Fiserv, Inc., and PAYjr today announced
they are delivering edge-to-edge photo design options to financial
institutions for teen prepaid cards. This advanced customization allows
the user to have a one-of-a-kind card that is unique to his or her
lifestyle by allowing a personal digital photo printed on the card.
This is a key feature of the new PAYjr Visa Buxx Cards, which are now
available through a partnership announced last week. The PAYjr Visa
Buxx Card is issued by BankFirst, Sioux Falls, SD, pursuant to a
license with Visa U.S.A. Inc.
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Payment terminal maker Hypercom Corp. said today its CEO, William Keiper, is stepping down after two years at the helm and
will resign from the company's board of directors, effective Aug. 15.
Philippe Tartavull, named Hypercom president in
February, added the chief operating officer role to his position effective immediately, according to the company announcement.
Keiper has served as the company's CEO since 2005. Daniel Diethelm, Hypercom chairman, will lead the search for a new CEO.
Until Keiper's successor is named, Diethelm, Tartavull and chief financial officer Thomas Liguori will take over executive responsibilities.
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ATM Group Renews Security Push |
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The ATM Industry Association’s
Debit Council says it is renewing its push for better security best
practices at POS terminals, as criminals continue to compromise
cardholder information by targeting out-of-date or improperly
configured POS hardware and software.
According to Fair Isaac, more than
90 percent of card and PIN compromises in 2006 took place either inside
outdated POS terminals or through improperly configured POS software
coupled with poor key management practices.
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Fed Eliminates Another Receipt Requirement |
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The Federal Reserve has released a final rule that
eliminates the need to provide consumers with receipts for electronic fund
transfers (EFT) less than $15. This
includes debit card and automated clearinghouse (ACH) transactions.
Under the Electronic Funds Transfer Act and the
implementing regulations known as Reg. E, receipts must be made available at
the time a consumer initiates an EFT.
The new rule modifies that requirement. The change is expected to promote greater adoption of
payment card usage at small dollar applications such as vending machines,
parking meters and public transit systems over the next few years. The regulation will become effective sometime
around August 1.
Additional information
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