Nova Information Systems, part of U.S. Bancorp, has changed it's name to Elavon, applying the new indentity to all of its global merchant acquiring brands, including First Horizon Merchant Services and euroConex.
In a briefing at ETA's Annual Meeting & Expo, where the name change was officially announced, Elavon CEO Stuart Harvey said the adoption of a global brand identity reflects Elavon's position as a global gateway solutions provider, with the ability to consolidate multiple front and back-end systems onto a single payment network.
"Global end-to-end control enables us to capitalize on emerging market opportunities that extend our channel partners," Harvey said. "Our successful business model allows our channel partners to focus on their core competencies while keeping their clients compliant, secure, efficient and financially poised for success in the global economy."
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Joe Kaplan, President & CEO of Innovative Merchant Solutions and former president of ETA, was named the organization's Distinguished Payments Professional for 2008 as part of the annual ETA Star Awards presentation at the ETA Annual Meeting & Expo. The award is given each year to an individual who has demonstrated significant leadership within the industry and is an acknowledged trend-setter, role model, and positive contributor to its efficacy and image.
Business Partner of the Year is awarded to a current ETA member company that has demonstrated an overwhelming level of support for the association in the past year, as evidenced by activities such as sponsorship of ETA events, advertising in ETA publications, speaking at ETA events, serving on committees, and otherwise helping to further the association’s goals and objectives. This year's award was given to Total Merchant Services.
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Discover Buys Diners Club |
Discover Financial Services has agreed to buy Diners Club International from Citigroup Inc. for $165 million,according to a news report from Bloomburg.
The financial wire service says Discover will acquire the Diners Club International network, which has more than $30 billion a year in spending volume outside of North America.
In an official announcement, Discover said the acquisition will allow Discover customers to use their cards at merchants that accept Diners Club cards around the world.
"This is certainly an incremental positive" for Discover, said Craig Maurer, an analyst at Calyon Securities in New York. The Diner's Club International purchase "doesn't add credit risk," Maurer said. |
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Senate Panel Unveils IRS Reporting Discussion Draft |
The U.S. Senate Finance Committee staff today released what it called a bipartisan discussion draft of the White House proposal to require information reporting by banks and other entities on reimbursements to merchants that accept electronic forms of payment, including credit and debit cards.
The Finance Committee intends to use public comment to understand more about how payment reporting may affect the tax gap – the $345 billion in Federal taxes legally owed but uncollected each year – as well as to determine whether increased reporting requirements would unfairly burden merchant businesses or banks. |
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