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NCR and Diebold the two largest ATM manufacturers in the U.S. report that skimming is getting worse. One likely reason: the adoption of harder-to-skim EMV chip cards in this country starting in October.
July 30 -
Commerce Bancshares Kansas City, Mo., has found its customers want to save the planet, but don't want to put in too much effort, so the issuer partnered with Sustain:Green for cards that offset carbon emissions.
July 29 -
The CPI Card Group is manufacturing the next-generation of mobile payment stickers for Discover Financial Services and MasterCard Worldwide, the Littleton, Colo.-based card producer announced last week. Both stickers use contactless technology from Inside Contactless SA.
June 7
CPI Card Group, which makes payment cards for firms including Bank of America and American Express, aims to raise about $300 million in an initial public offering, according to people familiar with the company's plans.
The Littleton, Colo.-based maker of credit and debit cards plans to file updated documents with regulators as soon as this month to list on the Nasdaq and Toronto Stock Exchange, said the people, who asked not to be identified because terms haven't been disclosed. Representatives for CPI Card Group didn't immediately respond to phone and e-mail messages seeking comment.
CPI filed its initial prospectus with the U.S. Securities and Exchange Commission on Aug. 7. It's planning to go public as U.S. credit-card companies push toward issuing more secure-chip cards.
The company makes cards issued for brands including Visa, MasterCard, American Express and Discover, as well as Interac in Canada, the Aug. 7 prospectus shows. The firm estimates it makes about 35% of all U.S. financial payments cards, with clients including JPMorgan Chase and Wells Fargo.
CPI Card Group, which is 91% owned by funds of Vancouver-based private-equity firm Tricor Pacific Capital, seeks to tap into a forecasted 4.3% compound annual growth rate of payment cards in the next five years, helped by U.S. adoption of more secure and expensive chip cards that'll replace magnetic-stripe cards, according to the filing.
CPI Card Group made more than 360 million cards last year and provided services to more than 3,200 card-issuing banks and prepaid debit card issuers, the filing shows. The company earned $13.3 million in the year ended Dec. 31, up 55% from the prior year on a 33% gain in revenue to $261 million.
Bank of Montreal, Goldman Sachs Group and Canadian Imperial Bank of Commerce are leading the sale.
