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May 07, 2010

Jack Henry to Acquire iPay Technologies for $300 MM

IpayTechnologies_logo-200px.png Jack Henry & Associates has announced that it has "entered into a definitive agreement for the acquisition of Kentucky-based iPay Technologies, a portfolio company of Spectrum Equity Investors and Bain Capital Ventures. iPay was founded in 2001 and currently operates as the largest independent electronic bill pay provider in the United States. Through strategic partnerships with more than 50 providers of information processing and online banking solutions, iPay's turnkey online bill pay services and technology are supporting more than 3,600 banks and credit unions. Under the terms of the definitive agreement, at the closing Jack Henry will purchase all of the equity of iPay for a purchase price of $300 million in cash, subject to certain closing and post-closing adjustments." READ MORE »

May 06, 2010

Billeo's Offer Assistant Adds Discover and PayPal

BilleoBilleo has announced that its Offer Assistant has been expanded to include Discover's ShopDiscover rewards and PayPal Shopping deals. According to the company, "discounts from nine of the most popular loyalty and rewards programs appear right when online shoppers search for products and services on Google, Yahoo! and Bing. Billeo's Offer Assistant is one of the many ways the company saves people time and money in all types of online transactions, from shopping to bill pay." READ MORE »

HelloWallet Closes $3.6 MM Series A FInancing

HelloWalletHelloWallet, a personal finance website dedicated to helping people reach their financial goals, has announced closing $3.6 million in Series A funding, led by Grotech Ventures along with an investment by Jean and Steve Case. The company, which launched in March 2010, provides its service through partnerships with companies and other organizations that employ or serve more than 3.5 million people. READ MORE »

State Bank of India Selects Elavon, Visa for Merchant Acquiring jV

India's Economic Times is reporting that the State Bank of India "has selected US-based Elavon Incorporation and Visa International as its joint venture partners for merchant acquiring business." See also this article in The Hindu Business Line. It reports that SBI will retain a 51 percent interest in the jV called SBI Payment Services Pvt Ltd.

May 05, 2010

A Look at Klarna - Sequoia Capital's Newest Investment

Over on, Glenbrook's Scott Loftesness takes a look at Klarna - an ecommerce payments provider based in Sweden that's attracted a major investment from Sequoia Capital and partner Michael Moritz.

Austria-based fatfoogoo Acquired by Digital River

Digital RiverDigital River has announced it has acquired fatfoogoo, a Europe-based, in-game and online commerce service provider. According to the company, "the combined forces of Digital River’s e-commerce solutions with fatfoogoo’s technology will offer game publishers and developers an unparalleled, single e-commerce connection to manage their online product sales both in-store and in-game." Digital River paid approximately $10 million for fatfoogoo plus an additional earn-out opportunity tied to performance. READ MORE »

Sequoia Capital Invests in Klarna

KlarnaKlarna AB has announced that Sequoia Capital is investing in Klarna AB and will become Klarna’s largest single owner. Michael Moritz, Partner at Sequoia Capital, has been made a member of the board.

"Sequoia Capital has extensive expertise and many years’ experience in investing in and developing promising growth companies operating in industries that are exciting for successful global companies. We are now stepping up the pace of our international expansion, first in Europe and then globally, said Sebastian Siemiatkowski, CEO of Klarna and previous CEO of Kreditor."

"Klarna has done a fabulous job serving the needs of merchants and consumers in Europe’s e-commerce market," said Michael Moritz, Partner at Sequoia Capital. "With e-commerce growing rapidly across the E.U., where card based payments are only 1/3 that of the U.S., Klarna has an incredible opportunity to be the most trusted solution in the $40 billion global payments market."

Plastyc Introduces API for Prepaid Card Signup

PlastycPlastyc has announced that companies can now enroll people into prepaid cards from their website or phone systems using its new web services application programming interface (API) available immediately at According to the company, "the API enables companies to sign up users for UPside Visa prepaid cards, and then let users check their balances, share money card to card or suspend lost cards from within the companies’ own websites." READ MORE »

Discover's U.S. Spending Monitor Jumps 5.5 Points in April

Discover Financial ServicesDiscover's latest monthly US Spending Monitor finds that consumer confidence rebounded in April, "fueled by a distinct change of heart among 18- to 39-year-olds about the state of the U.S. economy."

"The Monitor – a poll of 8,200 consumers that tracks consumer confidence and spending intentions on a daily basis – jumped 5.5 points in April to 91.5 (based out of 100), the highest the Monitor’s index has been since November 2007. Overall, 34 percent, the most ever, believe economic conditions are improving." READ MORE »

May 04, 2010

American Express Launches PASS - Prepaid Reloadable Card for Teens

AmericanExpress_logo-140px.jpgAmerican Express yesterday launched PASS - "a prepaid reloadable Card parents give to teens and young adults, providing peace of mind to parents as a safer alternative to cash, credit and debit cards. PASS, which will be sold and marketed exclusively to adults, is currently available as a preview to American Express Cardmembers and will be available to the general public this summer." READ MORE »

American Express Launches New Charge Card: ZYNC

American Express has launched ZYNC from American Express, a new charge card it says is "designed for and with a new generation of Cardmembers in their 20s and 30s. Offered in beta since December 2009, the ZYNC Card brings together the financial control of the pay-in-full Charge Card with the added flexibility to select bundles of rewards and benefits called “Packs” that are tailored to specific lifestyle interests and spending habits in categories such as music, fashion, food, travel and more." READ MORE »

An Update from the Euro Alliance of Payment Schemes (EAPS)

EAPS_logo-140px.pngATM transaction flows under the Euro Alliance of Payment Schemes (EAPS), which unites European debit card schemes, have increased thanks to Consorzio Bancomat and Zentraler Kreditausschuss opening up the Italian and German processing gateways, SIA-SSB and CardProcess, under the EAPS framework to support their agreement to allow each other’s cardholders to withdraw cash from their respective ATM networks. READ MORE »

MasterCard Announces 1Q2010 Financial Results

MasterCardWW-small.jpgMasterCard this morning has announced financial results for the first quarter 2010. The company reported gross dollar volume increased 8.3% on a local currency basis to $631 billion, cross border volumes increased 10.9% and processed transactions increased 4.6%. A press release, supplemental operating results, and an accompanying presentation are available on the MasterCard web site.

MasterCard president and chief operating officer, Ajay Banga, said: “We’re making important investments in innovation, like MasterCard Marketplace, our eCommerce shopping portal, and the launch of MasterCard Labs, a critical component of our global research and development efforts. We are committed to play a significant role in the evolution of payments to better meet the needs of consumers, merchants, businesses and governments around the world, and look forward to bringing even more developments to the market.”

Earning Points for Online Games at

OfferpalMedia_logo-140px.pngOfferpal Media has announced the beta launch of - "a consumer Web site that rewards its members with virtual currency for use in their favorite online games when they shop at big-brand retailers, take part in offers from trusted advertisers, complete market research surveys, watch online videos, trade in unwanted gift cards or conduct other marketing actions." Points earned "can be exchanged for in-game virtual currency in more than 1,500 online games and applications across the Web's top social networking platforms, virtual worlds, MMOs and other gaming sites." READ MORE »

Plastic Jungle, Offerpal Launch Virtual Currency Exchange for Gift Cards

PlasticJungle_logo-140px.pngPlastic Jungle and Offerpal Media have announced an agreement to "allow consumers to convert unused and partially redeemed gift cards into a payment method for virtual currencies. Through this agreement, consumers will be able to exchange gift cards for purchasing power within thousands of the Web’s top online games, virtual worlds and social networks, tapping the estimated $30 billion unredeemed gift card economy." READ MORE »

American Express: New Insights Into Changing Consumer Spending Trends

American Express has released "new trends and insights into consumer spending patterns including some surprising purchasing decisions and trade-offs being made at the point of sale. The publication, Harnessing the Opportunity, from the American Express Business Insights group, provides a unique view of trends developing based on aggregated consumer spending data over the past three years." READ MORE »

Headline News - May 4, 2010

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit Employers looking to hire payments professionals can post their job openings there as well.

May 03, 2010

Google Ventures Invests in Mobile Payments Startup Corduro

Corduro_logo-140px.pngErick Schonfeld writes for TechCrunch that Google Ventures announced this morning that it has invested in Southlake, Texas-based mobile payments startup Corduro. He notes that "It looks like its site has just gone up, and is still pretty much a placeholder with a lot of dummy text" - see, for example, Corduro's About Us page. READ MORE »

SunTrust Signs with First Data's STAR Network for PIN Debit

STAR_logo-140px.pngFirst Data Corporation has announced that its STAR Network has signed a multi-year agreement with SunTrust Banks Inc. to provide PIN-secured debit point-of-sale (POS) and ATM access to its cardholders. SunTrust is one of the top 10 debit card issuers in the US.

“This is a huge win for us,” said Kevin Barry, general manager for the STAR Network. “Our new relationship with SunTrust is a validation of our commitment to lead the industry with superior customer service and the most innovative products. SunTrust’s progressive view of payments will be a great match for STAR and our members.” READ MORE »

Reminder: Social Payments - Wednesday, May 5 - 10:30 AM Pacific

GP Logo Vertical-140px.jpgGlenbrook's next Payments Essentials webinar is this Wednesday from 10:30 - 11:30 AM Pacific. The topic for this session is Social Payments - with Russ Jones and Erin McCune sharing the presentation that was such a big hit at NACHA's Payments 2010 conference last week. Scott Loftesness will be moderating this session. Registration ($149) details are here.

MasterCard Enhances Global Processing Network

MasterCardWW-small.jpgMasterCard Worldwide has announced multiple enhancements to its Worldwide Network that it says "will offer its financial-institution customers and merchant partners opportunities to improve the shopping experience for cardholders; identify new business opportunities; and improve operational efficiencies. With this network upgrade, global enhancements, as well as regional enhancements, for North America, Europe, Asia and Latin America are now available for customer financial institutions to enable for MasterCard-branded card portfolios." READ MORE »

Headline News - May 3, 2010

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit Employers looking to hire payments professionals can post their job openings there as well.


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