Tuesday, July 26, 2011

Fiserv Reports Q2 11 Results

NASDAQImage via Wikipedia

Company adjusted internal revenue growth of 3 percent,

Payments segment growth of 5 percent;
Adjusted EPS increases 13 percent to $1.13;
2011 revenue and earnings guidance affirmed
BROOKFIELD, Wis.--(BUSINESS WIRE)--Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today reported financial results for the second quarter of 2011.
GAAP earnings per share from continuing operations for the second quarter of 2011 was $0.67, which included a loss from early debt extinguishment of $0.26 per share, compared with $0.85 in 2010. GAAP earnings per share from continuing operations for the first six months of 2011 was $1.45, which included a loss from early debt extinguishment and severance expenses of $0.34 per share, compared with $1.65 in 2010.GAAP revenue in the second quarter of 2011 was $1.07 billion compared with $1.02 billion in the second quarter of 2010. Adjusted revenue increased 3 percent to $1.00 billion in the second quarter compared with $970 million in 2010. For the first six months of 2011, total GAAP revenue was $2.11 billion compared with $2.03 billion in 2010, and total adjusted revenue was $1.99 billion compared with $1.92 billion in 2010.
Adjusted earnings per share from continuing operations in the second quarter increased 13 percent to $1.13 compared with $1.00 in 2010. Adjusted earnings per share from continuing operations for the first six months of 2011 was up 10 percent to $2.15 compared with $1.95 in 2010.
“Our focused execution in the quarter, highlighted by another solid performance in the Payments segment, led to continued revenue growth and double-digit gains in adjusted EPS,” said Jeffery Yabuki, President and Chief Executive Officer of Fiserv. “As important, our highly valued and differentiated solutions led us to record the largest quarterly sales attainment in the company’s history.”
Second Quarter 2011
  • Adjusted internal revenue growth was 3 percent in the quarter, consisting of 5 percent growth in the Payments segment and 2 percent growth in the Financial segment.
  • Adjusted operating margin was 29.3 percent in the quarter, up 100 basis points sequentially, and down 30 basis points compared with the prior year’s second quarter.
  • Adjusted earnings per share increased 13 percent to $1.13 in the quarter compared with $1.00 in the prior year period.
  • Free cash flow was $335 million in the first six months of 2011 compared with $353 million in the first six months of 2010, a decrease of 5 percent.
  • Fiserv entered into a definitive agreement to acquire CashEdge Inc., a leading provider of consumer and business payments solutions such as account-to-account transfer, account opening and funding, data aggregation, small business payments, and person-to-person payments, for $465 million in cash. The acquisition is expected to close by the end of the third quarter and should advance Fiserv’s digital payments and channel strategies.
  • The company repurchased 2.6 million shares of common stock in the quarter for $163 million and 6.9 million shares in the first six months of 2011 for a total of $424 million. The company also announced a new 7.5 million share repurchase authorization in the quarter and, as of June 30, 2011, had approximately 6.7 million shares remaining under the authorization.
  • The company raised $1.0 billion of proceeds in a public offering of 5-year and 10-year senior notes in the quarter with a weighted average interest rate and term of 3.8 percent and 7 years, respectively. The company used the proceeds to retire the remaining $1.0 billion of the company’s 6.125 percent senior notes due in 2012; $700 million were repurchased in June and $300 million were redeemed in July.
  • The company expanded its payments footprint in the quarter by signing 107 electronic bill payment clients and 41 debit clients. The company has signed 207 electronic bill payment clients and 94 debit clients through the first six months of the year.
  • During the quarter, 135 clients committed to offer ZashPay®, the person-to-person payments service launched by Fiserv in mid-2010. Through the first six months of the year, the company has signed 258 ZashPay clients and, as of June 30, 2011, nearly 870 financial institutions have agreed to offer the service.
  • The company’s Financial Crime Risk Management platform received "Best-in-Class" recognition in Aite Group's "Global Anti-Money Laundering Vendor Evaluation."
  • A number of new and expanded client relationships occurred in the quarter including:
    • City National Bank of Florida, a $4 billion institution based in Miami, selected the Premier® account processing platform as the foundation for a complete retail banking solution. The solution includes EnAct™ for enterprise sales management, Prologue™ Financial Accounting Services, Asset Liability Manager, Branch Source Capture and Card Services solutions including the ACCEL/Exchange® PIN debit network.
    • Eclipse Bank, Inc., a $133 million institution located in Louisville, Ky., chose the Precision™ account processing platform from Fiserv. The integrated solution includes Mobile Money™ for mobile banking, CheckFree® RXP® for electronic bill payment, AML Manager, Branch and Merchant Source Capture™ and Card Services solutions including debit processing, UChoose Rewards® for customer loyalty programs and the ACCEL/Exchange PIN debit network.
    • Fulton Financial Corporation, a $16 billion financial institution based in Lancaster, Pa., selected the Signature™ account processing platform from Fiserv, together with Aperio™ and EnAct for enterprise sales and customer relationship management. In addition, the company selected Prologue Financial Accounting Services, Construction Loan Manager and Bank Intelligence Solutions®, plus debit processing and other integrated products and services. Fulton Financial has also implemented CheckFree RXP, ZashPay and Mobile Money.
    • Jeff Davis Bank & Trust Company, headquartered in Jennings, La. with $535 million in assets, selected debit card processing, turn-key ATM Device Driving and Monitoring, and a full suite of debit risk solutions including Risk Office. A long-time Fiserv client, Jeff Davis Bank & Trust Company also uses account processing, source capture and mobile banking solutions from Fiserv.
    • Norway Savings Bank, a $945 million institution located in Norway, Maine, selected Fiserv for debit processing and its ACCEL/Exchange PIN debit network. Norway also uses Premier account processing, licensed AML Manager for fraud risk management, CheckFree RXP for bill payment, EasyLender® for loan origination, Mobile Money and ConvergeIT®: IVR.
    • Randolph-Brooks Federal Credit Union (RBFCU) of Live Oak, Tex. with $4.3 billion in assets selected the Acumen® account processing solution from Fiserv. The sixteenth-largest U.S. credit union cited the open platform’s member-centric view, modern architecture and customization capabilities as key decision factors. In addition to Acumen, RBFCU will implement other Fiserv products, including CheckFree RXP for bill payment, LynxGate® for ATM management and Next Multi-Channel Marketing for cross-selling to its 350,000 members.
    • Regions Bank, a subsidiary of the $132 billion Regions Financial Corporation, one of the nation’s largest full-service providers of consumer and commercial banking, implemented a person-to-person payment service powered by ZashPay from Fiserv. The new service allows checking and money market customers who use Regions Online Banking to send money to or receive money from anyone who has a U.S. bank account.
    • San Diego County Credit Union (SDCCU), a $5 billion financial institution, selected Mobile Money for mobile banking. The credit union also expanded its use of the CheckFree RXP platform to include same day bill payment capabilities. In addition to utilizing CheckFree RXP for consumer bill payment, SDCCU has an existing relationship with Fiserv for online banking and the ZashPay personal payment service.
    • The State Bank, based in Fenton, Mich. with $300 million in assets, engaged Fiserv for its Revenue Expansion program to help drive non-interest income, enhance customer relationships, and provide significant value to its customers with Relationship Profitability Manager for Premier®, Customer View™, Relationship Rewards and Relationship Advance™.
    • TruStone Financial Credit Union, a $665 million institution based in Plymouth, Minn. signed an agreement to implement Acumen from Fiserv to support its growth goals as well as a comprehensive suite of integrated technology solutions to drive efficiency and better serve its nearly 57,000 members. In addition to Acumen, the credit union will implement more than 20 Fiserv solutions including AML Manager for managing risk, ConvergeIT: IVR for audio response, Item Processing for check processing, Corillian Online® for online banking, CheckFree RXP for bill payment, AccountCreateSM for online account opening and Mobile Money for mobile banking.
    • USAA, headquartered in San Antonio, Texas, with $49.7 billion in mutual fund assets and $10.2 billion in managed money assets, implemented the Unified Managed Account (UMA) platform from Fiserv. USAA will move its Mutual Fund Advisory program onto the UMA platform in late 2011. This is part of USAA’s new strategy to converge all managed account programs onto the Fiserv UMA platform, which will operate as a product-agnostic solution for all advisory programs. USAA also uses Financial Advice Solutions from Fiserv to provide its members with financial planning services and on-line goals-based financial planning tools.
Outlook for 2011
Fiserv continues to expect 2011 adjusted internal revenue growth to be in a range of 2 to 4 percent. The company also expects 2011 adjusted earnings per share to be in a range of $4.42 to $4.54, which represents growth of 9 to 12 percent over $4.05 in 2010.
“We have taken several important strategic steps this year that should further strengthen the profile of the company, and are on track to achieve our 2011 outlook,” said Yabuki.
Earnings Conference Call
The company will discuss its second quarter 2011 results on a conference call and webcast at 4 p.m. CDT on Tuesday, July 26, 2011. To register for the event, go to www.fiserv.comand click on the Q2 Earnings Webcast icon. Supplemental materials will be available in the “Investor Relations” section of the website.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Fiserv is ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry. For more information, visit www.fiserv.com.

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TSYS Reports Second Quarter 2011 Results

COLUMBUS, Ga.--(BUSINESS WIRE)--TSYS (NYSE: TSS) today reported results for the second quarter of 2011 with total revenues of $447.6 million, an increase of 3.9% over 2010. Excluding a 2010 termination fee, total revenues were up 6.2%. Basic earnings per share from continuing operations were $0.28, an increase of 10.1% over 2010, and increased 25.4% excluding the 2010 termination fee.
“We continue to see the improvements that we expected in 2011 as evidenced by our year over year quarterly revenue growth with and without the termination fee. Our North America Services segment had an increase in revenues before reimbursable items of 3.2% and operating income growth of 13.0% excluding the 2010 termination fee. In our International Services segment, revenues before reimbursable items increased 14.1% on a constant currency basis as a result of new business and organic growth. Our Merchant Services segment had an increase in revenues before reimbursable items of 1.3% and operating income growth of 10.0%,” said Philip W. Tomlinson, chairman and chief executive officer of TSYS.
For the six months ended June 30, 2011, total revenues increased 3.9% over 2010 and were up 8.1% excluding 2010 termination fees. Basic earnings per share from continuing operations were $0.53, a 3.0% increase over 2010, and increased 29.8% excluding 2010 termination fees.
 TSYS“Our year to date results confirm our confidence in the improving economic conditions and our expectation that we will be successful at achieving our full year guidance for 2011. Since the beginning of 2011, we have deployed approximately $252 million of capital for share repurchases and acquisitions as we continue to invest in our future growth,” said Tomlinson.
Conference Call
TSYS will host its quarterly conference call at 5:00 p.m. ET on Tuesday, July 26. The conference call can be accessed via simultaneous Internet broadcast at tsys.com by clicking on the link under "Webcasts" on the main homepage. The replay will be archived for 12 months and will be available approximately 30 minutes after the completion of the call. A slide presentation to accompany the call will be available by clicking on the link under "Webcasts" on the main homepage of tsys.com.
Non-GAAP Measures
This press release and the financial highlights section of this release contain the non-GAAP financial measures of revenues and basic EPS excluding revenues from termination fees and revenues and operating results on a constant currency basis, respectively, to describe TSYS’ performance. Management uses these non-GAAP financial measures to better understand and assess TSYS’ operating results and financial performance. TSYS believes these non-GAAP financial measures provide meaningful additional information about TSYS to assist investors in understanding and evaluating its operating results.
Additional information about non-GAAP financial measures and a reconciliation of those measures to the most directly comparable GAAP measures are included on pages 10 and 11 of this release.
About TSYS
TSYS (NYSE: TSS) is reshaping a new era in digital commerce, connecting consumers, merchants, financial institutions, businesses and governments. Through unmatched customer service and industry insight, TSYS creates a better experience for buyers and sellers, supporting cross-border payments in more than 85 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare, installments, money transfer and more, TSYS makes it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.
TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks. For more information, please visit us at www.tsys.com.

One Billion Payment Cards with Contactless Capabilities Expected to Ship in 2016, According to ABI Research

July 26, 2011 12:09 PM Eastern Daylight Time

LONDON--(ABI Research)--An estimated one billion payment cards with contactless capabilities will be shipped globally in 2016, up from just 170 million in 2010. This includes EMV dual interface cards and the non-EMV pure contactless push in the US.
“Mag-stripe cards still have a strong hold in the payment card market, and will still account for 50 percent of all cards in circulation in 2016”
Smart card shipments, which include not only contactless payment cards, but also EMV and non-EMV payment cards, will reach one billion during 2011. ABI Research forecasts that smart card shipments will overtake mag-stripe card shipments by 2015.
“There is quite a buzz around contactless payment capabilities,” says Phil Sealy, research analyst, autoID and smart cards. “There is a higher level of convenience for cardholders, with quicker transaction speeds and a reduction in time spent queuing. Giving banks the ability to add another payment application to their portfolios, the emergence of contactless technology is augmenting the overall trend from cash-based to cashless societies.”
Smart cards are also being touted over mag-stripe cards, especially in developing countries. “The entire banking population worldwide is increasing,” Sealy says. “As countries become developed, the demand for banking services increases. For the banks, the primary reason for EMV migration is that EMV provides a higher level of security over mag-stripe cards. “As such, card-based fraud is more prevalent in countries with the weakest security protocols.”
China in particular is a big country of interest in the smart card market. China alone has 2.3 billion payment cards currently in circulation, all of which will need to be replaced by smart cards in China’s effort to undergo a complete transition to smart cards by 2015.
Although smart card growth is expected to accelerate rapidly, mag-stripe cards are not disappearing any time soon.
“Mag-stripe cards still have a strong hold in the payment card market, and will still account for 50 percent of all cards in circulation in 2016,” says Sealy.
ABI Research’s new report, “Payment Cards,” (http://www.abiresearch.com/research/1005789) studies the technical drivers and inhibitors affecting the payment card market. Examining smart-cards, EMV migration, and traditional mag-stripe technology, this study provides ABI Research’s view of the most likely future market changes and developments in the payment cards industry.
It is a component of the Smart Cards and Embedded Security Research Service, (http://www.abiresearch.com/products/service/Smart_Cards_and_Embedded_Security) which also includes other Research Reports, Market Data, ABI Insights, and Vendor Matrices.
ABI Research provides in-depth analysis and quantitative forecasting of trends in global connectivity and other emerging technologies. From offices in North America, Europe and Asia, ABI Research’s worldwide team of experts advises thousands of decision makers through 40+ research and advisory services. Est. 1990. For more information visitwww.abiresearch.com, or call +1.516.624.2500.

Jumio Introduces"NetSwipe" Webcam and Phone Camera Payments

FT reports:  The start-up Jumio has emerged from stealth mode to take a swipe at credit cards, with a payment method that uses a webcam or a phone’s camera. Netswipe involves holding up a credit card to a camera, where its details and authenticity are recognized by Jumio’s software. The code on the back of the card is then entered by PC mouse-clicking or smartphone touchscreen-tapping an on-screen keypad. Jumio says its method is secure and avoids dangers such as keylogging software.The Silicon Valley startup is not announcing any partners or merchants at this stage, just revealing its product after previously announcing $6.5m in first-round funding in March.  That was led by Eduardo Saverin, co-founder of Facebook.  “I’m usually a critical person,but the last time I have seen such a disruptive idea was actually Facebook,” he said at the time.  read more at:  http://blogs.ft.com/fttechhub/2011/07/80261/#ixzz1TF3HClgZ

Editor's Note:  Always read the disclaimer:

Note: Security Requirements
Using Netswipe Scanning or Netswipe Recycle Swipe to capture credit card data means that you will be capturing, transmitting and possibly storing card data. The Card Schemes, Visa and MasterCard, have never permitted the storage of sensitive data (track data and/or CVV2) post-authorization, and it is prohibited under ‘Requirement 3′ of the Payment Card Industry Data Security Standard (PCI DSS). Merchants who store Sensitive Authentication Data (SAD) are being fined by the Card Schemes.
Consequently, if you use Netswipe Scanning or Netswipe Recycle Swipe you will need to demonstrate that your system can handle this data securely and that you are taking full responsibility for your PCI DSS compliance. One part of this is the need for us to see a clean Vulnerability scan being made on your systems. For further information on PCI security standard, please visitwww.pcisecuritystandards.org.

Jumio introduces Netswipe from Jumio Inc. on Vimeo.

Mobile Banking NOT Secure says InfoSecurity Expert

Editor's Note:  Mobile Banking,  Mobile Payments, Mobile "Anything" leaves your sensitive information open to the bad guys...
Breaking news from ihotdesk, IT Security Solutions in London Posted by Louise Tate:  

According to a post today on iHotDesk.com, MWR InfoSecurity's Alex Fidgen claims that Smartphone owners should avoid using mobile banking in order to protect their personal information.
Sqwizz Plugs into your smartphone and over-rides insecurity
According to Alex Fidgen of MWR InfoSecurity, the race to produce new devices had led to manufacturers placing security low on their list of priorities, meaning it can be easy for cybercriminals to hack into them, particularly when sharing a local WiFi connection. The expert told the Guardian and those seeking managed services in London that the mobile phone industry is "not fit for purpose".  "The evidence is irrefutable. You cannot be assured of security with modern smartphones. As soon as the handset is compromised, then any data is up for grabs," Mr Fidgen told the newspaper.
Having long-ago realized the vulnerability of smartphones, NFC Data, Inc. introduced Sqwizz, an NFC reader, writer and viewer which which plugs into any smartphone and overrides it's insecurity...and empowering it with encrypted security.

Sqwizz multi-authenticates the user with a biometric finger scanner, which then activates a tamper-proof 3DES DUKPT encrypted PIN Pad...empowering and enabling your Smartphone to be "fit for purpose".  

Request more info: sqwizz@ePINDebit.com

The Impact of Monthly Debit Card Fees on Consumer Payment Preference

SunTrust Bank recently instituted a monthly debit card fee.  After also dropping its free checking account, SunTrust’s new basic checking account will charge a $5 fee for every month during which a debit card is used on signature, PIN point-of-sale, and recurring check card transaction. ATM transactions did not count as they are not affected by debit fee rules.  Is that a good idea?  Two separate surveys suggests it is not...in a new Associated Press-GfK poll, 61 percent said they would find another way to pay if they were charged a $3 monthly fee. If the fee was $5, two-thirds said they would do the same. If the fee was $7, the figure rises to 81 percent, AP reports.

A Mercator White Paper, sponsored by National Payment Card asked consumers if they would stop using their debit card if a bank were to add monthly fees to use their debit card.

One can see (right) a dramatic impact that the addition of fees  for using their debit cards had on
consumer’s preference for this payment form.  Adding $10 worth of monthly fees caused a
majority of consumers to say they would stop using their debit cards, indicating that a primary
threshold had been reached over which any additional fees had far less impact.

In addition, women were more likely than men to say they would stop using their debit cards
(80%-85% vs. 70%-73%), and 83%-84% of individuals with incomes over $75,000 would stop
using their cards across all store types

Symantec: 10 Dangerous Online Behaviors

Image representing Symantec as depicted in Cru...Image via CrunchBase
10 dangerous things users still do online
(from ZDNet Asia at 26-7-2011)
A recent Symantec survey of 301 users revealed that people still disregarded online risks despite being aware of them. For instance, 80 percent of respondents recognized that the padlock icon represented Secure Sockets Layer (SSL) encryption, but only 55 percent indicated they would abort a transaction when the icon is missing. Even though consumers understood security and the consequences of not being careful in their online activities, the key is discipline or enforcement of their security ... read more»

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Ingram Micro's New Merchant Services Enable Channel Partners to Sell Credit Card Processing Solutions to Customers

SOURCE: Ingram Micro Inc.

July 25, 2011 19:03 ET
Credit Card Payment Services Offer Channel Partners Large, Upfront Incentive Payment Plus Healthy Recurring Revenue Residuals

ORLANDO, FL--(Marketwire - Jul 25, 2011) - RetailNow 2011 Booth #619 -- Expanding its role within the distribution value chain, Ingram Micro Inc. (NYSEIM) today announced Ingram Micro Merchant Services. The new credit card payment processing services are being launched at RetailNow 2011, taking place July 24-26 in Orlando.
Available now to Ingram Micro channel partners in the U.S., the new, turn-key credit card processing offerings open additional revenue streams for Ingram Micro resellers by making it easy and profitable to sell merchant services as part of a new or existing point-of-sale or technology solution, or as a stand-alone service.
To drive demand and accelerate sales for Ingram Micro Merchant Services, the distributor is rewarding channel partners with a large, upfront incentive for each service sold, as well as an incremental annuity stream that represents a healthy percent of the recurring revenue residuals received from each customer.
"Ingram Micro Merchant Services is a high-value incremental service for channel partners who sell to retailers and do business within key vertical markets such as e-tail, grocery, hospitality, restaurants and transportation," says Justin Scopaz, general manager, Ingram Micro Data Capture / POS.
"By teaming with one of the top electronic commerce and payment processing companies in the industry, Ingram Micro is bringing to market a competitively priced service that spans our partner base, offers a very lucrative incentive program and works to remove additional back-office complexity for all parties involved in the sale," says Brian Wiser, senior vice president, Specialty Solutions Division, Ingram Micro North America. "Ingram Micro Merchant Services is a great, business-building service that our channel partners have been asking for and we're pleased to deliver."
New Merchant Services Offer Low Transaction Fees, Online Reporting and 24/7 Customer Support With Ingram Micro Merchant Services, channel partners can now offer customers best-in-class payment processing solutions that feature all the bells and whistles and boast low processing fees for virtually all types of credit and debit cards.
In addition, channel partners can rest assured that customers using Ingram Micro Merchant Services will receive 24/7 customer service and technical support, as well as online access to their account information, such as billing and detailed reporting of all credit card types including Visa®, MasterCard®, Discover® Network and American Express®.
"Ingram Micro Merchant Services stands out above the rest," says Nik Parra, sales director, Resource POS. "In the short time we've been working with Ingram Micro Merchant Services, they've already helped us close a number of business deals with relative ease."
To learn more about Ingram Micro Merchant Services, channel partners can call Ingram Micro at (877) 864-8056 or email merchantservices@ingrammicro.com.
For more information on Ingram Micro visit www.ingrammicro.com.
Follow Ingram Micro Inc. on Facebook at www.facebook.com/IngramMicro and Twitter atwww.twitter.com/IngramMicroInc.
About Ingram Micro Inc. As a vital link in the technology value chain, Ingram Micro creates sales and profitability opportunities for vendors and resellers through unique marketing programs, outsourced logistics, technical and financial support, managed and cloud-based services, and product aggregation and distribution. The company is the only global broad-based IT distributor, serving more than 150 countries on six continents with the world's most comprehensive portfolio of IT products and services. Visit www.ingrammicro.com.

Opinion: SSL Needs Replacing

Opinion: Cyber-Security Revisited - Why SSL Needs Replacing
(from thetechherald on 7-25-2011)
As citizens of the Internet, we have all come to associate web security with the lock icon in commerce transactions, the "s" added to our browsing to indicate we are secure (i.e. https), as well as the growing use of encryption to protect our communications, such as email and instant messaging. Since introducing the notion of Federated Networks Application Security Layer Protocol (ASL) almost a year ago, we have been surprised by the lack of understanding of the plethora of issues facing SSL... read more»

USIBC and CII Host U.S.-India Private Financial Sector Dialogue

Brings Together Financial Leaders for Breakthrough Symposium on Key Payments Technology, Security, and Financial Inclusion Issues
MUMBAI, India--(BUSINESS WIRE)--The U.S.-India Business Council (USIBC) and Confederation of Indian Industry (CII) today convene 80 leaders of the financial services sector and several senior U.S. government officials to collaborate on critical issues including combating illicit financing and new payment technologies for financial inclusion. The two-day program will highlight opportunities for collaboration in progressive technologies in financial services for the bottom of the pyramid, including mobile banking, electronic payments, correspondent banking, and India’s game-changing biometric Unique ID program. The dialogue will also provide a forum for banking leaders from both countries to share best practices on combating terrorist financing and money laundering, a matter close to the national security goals of both India and the US, the world’s largest and oldest free market democracies.
“As our economic partnership grows, U.S. and Indian financial services providers have demonstrated the need to not only work together, but to work with regulators to keep our relationship on track.”
U.S. Treasury Assistant Secretary for Financial Crimes Daniel Glaser will tomorrow address the meeting, where he is anticipated to reinforce the commitment of the U.S. government to work with the financial sectors of both countries to combat illicit financing throughout the world. Assistant Secretary Glaser is joined by a prestigious delegation from the Treasury Department. The gathering includes two days of interactive, candid discussions on a host of topics. It serves as an industry follow-up to the U.S.-India Financial and Economic Partnership meeting, where U.S. Treasury Secretary Timothy Geithner hosted India’s Finance Minister Pranab Mukherjee in Washington for high-level talks. The dialogue also follows U.S. Secretary of State Hillary Clinton’s visit to New Delhi to discuss the ever-strengthening bilateral partnership under the aegis of the Strategic Dialogue.
Now more than ever, we must work together to develop and deploy cutting-edge technologies that promote secure, transparent, and inclusive financial markets. Technology collaboration is key,” said USIBC President Ron Somers. “As our economic partnership grows, U.S. and Indian financial services providers have demonstrated the need to not only work together, but to work with regulators to keep our relationship on track.”
The dialogue includes senior-most compliance experts and other business leaders from companies such as Morgan Stanley, State Bank of India, Visa, Kotak Mahindra Bank, Bharti Airtel, BNY Mellon, Western Union, Citi, Eko India Financial Services, Goldman Sachs, Obopay, and Bank of America.
The U.S.-India Business Council (USIBC) was founded in 1975 at the request of the Indian and U.S. governments to advance U.S.-India commercial ties. USIBC is the premier business advocacy organization comprised of nearly 400 of the top U.S. and Indian companies, led by its Chairman, Harold “Terry” McGraw III, Chairman, President & CEO of The McGraw-Hill Companies.


U.S.-India Business Council (USIBC)
Kathryn Van Dyken, 1-202-463-5768

Avant-Garde Introduces Anytime, Anywhere Payments with Hypercom Mobile Solutions

Image representing Hypercom as depicted in Cru...Image via CrunchBase
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Hypercom Corporation (NYSE: HYC) today announced that Avant-Garde Marketing Solutions, Inc., one of the nation’s fastest growing Independent Sales Organizations, has selected and is now marketing Hypercom’s Optimum M4230 multi-application mobile payment terminal and Mobile Network service to its thousands of merchant customers nationwide. Hypercom’s Mobile Solution was selected in head-to-head competition with other global payment providers. Financial terms were not disclosed.
“Avant-Garde’s selection of Hypercom’s GPRS terminal plus network service package is an innovative, highly secure, cost effective and easy to use solution to support the soaring demand for mobile payment acceptance”
Avant-Garde will market the M4230 mobile terminal with Hypercom’s Mobile Network as an affordable bundled solution that increases businesses’ revenue by enabling them to extend their payment acceptance reach beyond fixed locations.
“The M4230 with Hypercom’s Mobile Network dramatically simplifies activating, conducting and managing wireless transactions, eliminates unnecessary gateway transaction fees, and is a reliable high-security solution that can be deployed anywhere,” said Michael Varian, Director, Avant-Garde Marketing Solutions, Inc. “Demand for mobile payments is clearly increasing as merchants themselves become more mobile. Hypercom’s Mobile Network service and terminal is a perfect package to address the increasing mobile needs of our customers.”
“Avant-Garde’s selection of Hypercom’s GPRS terminal plus network service package is an innovative, highly secure, cost effective and easy to use solution to support the soaring demand for mobile payment acceptance,” said David Cronin, President and Managing Director, North America, Hypercom Corporation. “Many ISOs, distributors and payment processors serving thousands of merchants nationwide have already chosen Hypercom’s mobile solution over all others. And demand continues to grow.”
Unlike competing solutions, Hypercom’s Mobile Network service features simple, usage-based billing with no roaming charges, no additional transaction fees, fast and simple browser-based SIM activation, and 24/7 technical support from a single, secure, reliable source.
Hypercom’s global GPRS network connects to more than 200 networks in over 90 countries.
About Hypercom
Global payment technology leader Hypercom Corporation delivers a full suite of high security, end-to-end electronic payment products, software solutions and services. The Company's solutions address the high security electronic transaction needs of banks and other financial institutions, processors, large scale retailers, smaller merchants, quick service restaurants, and users in the transportation, petroleum, healthcare, prepaid, self-service and many other markets. Hypercom solutions enable businesses in more than 100 countries to securely expand their revenues and profits. Hypercom is a founding member of the Secure POS Vendor Alliance (SPVA) and is the second largest provider of electronic payment solutions and services in Western Europe and third largest provider globally.
Hypercom and Optimum and Design are registered trademarks of Hypercom Corporation. All other products or services mentioned in this document are trademarks, service marks, registered trademarks or registered service marks of their respective owners.


Hypercom Corporation
Pete Schuddekopf, 480-642-5383

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