eFunds Plays Its PrepaidWidlCard

June 13, 2005, 1:00 a.m. EDT 1 Min Read

SCOTTSDALE, Ariz. - (06/13/05) -- Cards processor eFunds Corp. sadFriday it has agreed to acquire WildCard Systems, Inc., a privatelyheld provider of prepaid and stored value cards to financialinstitutions, retailers and other payment issuers. The twocompanies signed a distribution agreement in November 2004 and havesigned two large bank deals since then under eFunds' alliance withMasterCard International. Under the deal, eFunds will pay $228.8million, plus an earn-out of up to $58.8 million based onWildCard's future earnings. The transaction, expected to close inearly July, will be financed with cash on hand and bankfinancing.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Community banking

Wash. bank rocked by scandal chooses new CEO

First Northwest Bancorp in Port Angeles has selected an Everett, Washington-based competitor's president to serve as its new top executive.

By John Reosti

September 12
Bank of America

BofA shuffles leadership, CEO Moynihan to stay at least five years

The Charlotte-based megabank announced that it had appointed two business leaders to be co-presidents of the bank, and elevated its chief financial officer to serve as executive vice president.

By Catherine Leffert

September 12
Fraud

Berkshire Bank accused of aiding small-town Ponzi scheme

The Massachusetts bank is being accused of aiding and abetting the operation of a Ponzi scheme centered in Hamilton, New York. The bank declined to comment on the allegations.

By Kevin Wack

September 12
Industry News

City National promotes Brandon Williams

City National Bank promotes Brandon Williams to head private banking and wealth management; a former U.S. Postal Service letter carrier is sentenced to five and a half years for stealing over $10 million in checks from the mail; Lazard expands its North American investment banking franchise with two managing director hires; and more in this week's banking news roundup.

By Editorial Staff

September 12
Payments

FedNow to raise transaction limit to $10 million

The government-powered network is allowing larger payments to settle instantly, a move The Clearing House has also made for its RTP network. Payment experts say more than higher limits are needed to make speedy processing ubiquitous.

By John Adams

September 12
Stablecoin

Tether targets December for launch of U.S.-regulated stablecoin

The world's largest stablecoin issuer is preparing to launch USAT, its U.S.-regulated, dollar-backed stablecoin, by the end of the year, Tether CEO Paolo Ardoino told reporters at an event in New York. Bo Hines was also named CEO of USAT.

By Joey Pizzolato

September 12