| » Publisher's Corner |
When Is A Bank Not Really A Bank?
Our Transaction Processing Industry owes much of our growth to this rise of Electronic Commerce. In many ways, our lives and our technologies are intricately entwined with one another. Payments systems used to be the birthright of banks, but that purview is no longer exclusive.
The lines of distinction between e-commerce companies, technology suppliers, and even financial institutions are becoming increasingly blurrier. Such is the case with one well-known payments processor.
Earlier this summer, eBay executives hosted their eBay Live conference in Boston. Despite declining growth in its main shopping business, the company still had reasons to celebrate thanks to PayPal, eBay's online payment service. PayPal's first-quarter revenue grew 31%, to $439 million, at a time when eBay's core shopping business grew just 23% and active buyers and sellers grew 10%. PayPal is proving that its success, while connected to the growth of eBay's shopping sites, is not solely dependent on it.
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Calvin D. Johnson, Publisher
publisher@tpatlanta.com
Trans Atlantic Systems, Inc.
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| » Editorial |
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Debit is Number One in Payment Preference 
A study by TransUnion, in conjunction with Edgar, Dunn & Company, has provided some intriguing insights into consumer payment preferences, attitudes and behavior. The purpose of the study was to assess what payment methods are preferred by different categories of consumers, based on their credit rating. The authors said that the 2007 study is the first payment preferences survey that combined consumer credit risk characteristics and consumers' choices of all payment options, including cash, check, credit cards, debit cards, electronic payments and new online payment options.
Because the study shows preferences based on credit risk, it offers details on consumer payment preferences that have not been widely available in the past.
Debit Number One for the First Time
"This is the first year that debit is number one," said Beth Costa, director, Edgar, Dunn & Company. "We've seen it creep up each year, but now this year, it was number one." Costa said she was not surprised to see it move into the number one slot because they have seen indications that consumers want to use their own money for some purchases. The study found that 29 percent of respondents prefer debit cards versus 26 percent for credit cards.
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» Main story |
KKR Completes Acquisition of First Data
First Data Corporation has announced the completion of its acquisition by affiliates of Kohlberg Kravis Roberts & Co. (KKR).With the transaction completed, Michael D. Capellas becomes First Data's new chairman and CEO, replacing Ric Duques. Duques has served as chairman and CEO since November 2005, and previously served as chairman from 1992 to 2003 and CEO from 1987 to 2003. Capellas was previously CEO of MCI, President of Hewlett-Packard Company and Chairman and CEO of Compaq Computer Corporation.
The company also announced today that all of its operations in the U.S. will be led by Edward (Ed) Labry and that it will combine the company's Commercial Services and Financial Institution Services segments. Labry has been serving as president of the company's Commercial Services division.
First Data's international operations will be led by David Yates and will continue to be organized regionally with a focus on selling the company's suite of payments services to merchant and financial institution clients outside of the United States. Yates has been serving as president of the company's Europe, Middle East and Africa (EMEA) region.
To further strengthen and support the senior management team, Tom Bell has joined the company as Executive Vice President and Chief Strategy Officer. Bell will assume primary responsibility for corporate strategy and the company's high growth areas for innovation. Bell joins First Data after 25 years at Accenture where he served as Managing Director in the Communications & High Tech practice.
Grace Chen Trent also has joined First Data as Executive Vice President for Marketing and Communications. Trent will assume responsibility for the company's integrated marketing, brand and communication programs worldwide. Trent was most recently Senior Vice President of Communications for MCI.
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| » Earlier this month |
RBS Lynk Names Nick Sommerio as Chief Financial Officer
RBS Lynk, the US payment processing arm of The Royal Bank of Scotland Group, announced on September 6th the appointment of Nicholas J. Sommerio as chief financial officer.He brings over 20 years of finance and accounting experience in the electronic payments industry, most recently with Global Payments, Inc.
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Global Payments Consolidation
Global Payments said on September 12th that it is adding 275 workers to its 525-employee operation in Owings Mills, Maryland, part of a consolidation effort.Global Payments Inc., based in Atlanta, has a number of locations around the US. It expects to finish expanding to the 800-job mark in Maryland this fall.
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Equifax to Allow Freezing of Credit
Atlanta-based Equifax is joining rival Trans Union in allowing customers to freeze their credit reports, cutting down the chances of ID theft.Thirty-nine states already mandate the ability to freeze credit reports, but Georgia is not among that list.
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| » Industry News |
Fidelity hit with lawsuit over Certegy customer data theft
A class action lawsuit has been filed against Fidelity National Information Services following the theft of 8.5 million customer records at its Certegy unit by a former database administrator who sold the information to data brokers that in turn sold it on to direct marketers.
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Employers Can Legally Refuse to Hire Applicants with Low Credit Scores
Visa USA has recently published results of a survey that shows that "the vast majority of Americans do not know that a bad credit score is more than just a barrier to getting a loan - it may also keep you from getting the job you want."
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CheckFree Ninth on 2007 InformationWeek 500
CheckFree Corporation, in the process of being acquired by Fiserv, announced on September 18th that it ranked ninth on the 2007 InformationWeek 500.
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Britain in sea of debt
Mortgage market turmoil. A painful housing slump. Economic concerns don't get any worse than they are these days in America, right?.
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