Payment processing

Several billion consumers and 35 million merchants worldwide take the enormous convenience and security of branded payment cards for granted.

Nxgen Payment Services will process payments for Veridian Credit Union locations across Iowa, Nxgen announced Feb. 9.

Tinkoff. Credit Systems Bank, of Moscow, has upgraded to the latest version of the TSYS's card and merchant management product, called Prime 4, Total System Services Inc. announced Feb. 9.

Heartland Payment Systems Inc. on Feb. 9 reported a fourth quarter drop in interchange revenue caused by new federal rates for debit card transactions, but the processor still posted a sizable increase in net income.

Propelled by the completion of two international acquisitions and a major processing contract with Royal Dutch Shell’s European unit, fleet card provider Fleetcor Technologies Inc. on Feb. 8 reported sizable gains in fourth quarter revenue and income. The company also anticipates a boost in U.S. revenue this year from a deal with a provider of GPS tracking services.

Continued growth in Wright Express Corp.’s fleet and payroll card businesses and in its operations in North America and Australia helped fuel double-digit fourth-quarter growth for the fleet card company.

Coordinated cyberattacks against financial institutions are not likely to disappear anytime soon, but a recent surge unfolding in Brazil should heighten payments industry security awareness in light of the country’s growing electronic-payments market.

Sage Group PLC plans to provide cardholder-present payments processing in the United Kingdom and Ireland through a £16.7 million (U.S. $26.3 million) purchase of Dublin-based Integral Computers Ltd., the software provider announced Feb. 7.

Navigant Credit Union has chosen Fiserv Inc.’s Acumen account processing service with ASP delivery.

MoneyGram International Inc. once again produced strong revenue growth during the fourth quarter fueled by introducing funds-transfer services to developing nations. But costs associated with retiring debt and restructuring the company to become more competitive cut deeply into its profits during the quarter.

Datacard Group has made an investment in DeviceFidelity Inc., the maker of instant card-issuance technology announced Feb. 6.

This story was updated Feb. 6 to clarify the status of Fiserv's relationship with Bank of America Corp.

The Department of Justice has closed its investigation into the proposed merger between ACI Worldwide Inc. and S1 Corp., the companies announced Feb. 3.

Buoyed by higher revenue from processing and services, Fiserv Inc. on Feb. 2 reported fourth-quarter net income of $143 million, up 23% from a year earlier.

Buoyed by the improving global economy and strong growth in processed transactions, MasterCard Worldwide on Feb. 2 reported fourth quarter net revenue of $1.73 billion, up 20.1% compared with $1.44 billion the same period a year earlier.

First Data Corp. expects to benefit this year when the last measure of the new debit-interchange legislation under the Durbin amendment takes hold on April 1, requiring financial institutions with more than $10 billion in assets to have at least two processing networks on their debit cards.

Core banking provider Jack Henry & Associates Inc. logged a strong fiscal second quarter, largely because revenue growth in its electronic payments unit is moving like a juggernaut.

Citing a $115 million decline in debit-network fees, First Data Corp. saw its fourth-quarter consolidated revenue decline by 1.5%, to $2.69 billion from $2.73 billion a year earlier, the Atlanta-based card processor reported Feb. 1.

MasterCard Worldwide didn’t come right out and say it, but the card brand is encouraging U.S. issuers and merchants to embrace chip-and-PIN technology as part of a migration to the EMV smart card security standard in the next three years.

WASHINGTON–The Federal Deposit Insurance Corp. alerted its banks Jan. 31 of heightened risks from working with payment processors.