Payment processing

Online Resources Corp.'s newest chief executive said the online banking and bill-pay vendor will become a more focused company under his leadership.

The Royal Bank of Scotland Group PLC on Aug. 6 agreed to sell a majority stake in its lucrative processing business, RBS WorldPay, to two private equity firms for more than $3 billion.

ILoveVelvet, a New York-based payment-technology company, says its new Velvet Suite products can enable merchants to use Apple Inc.’s iPhone and iPad devices as retail point-of-sale terminals.

ACH Federal will provide Web-based and customized automated clearinghouse processing services for Manhattan Beach, Calif.-based Beach Business Bank, the Chattanooga, Tenn.-based electronic payments provider announced on Aug. 3.

HSBC Finance Corp. has promoted Patrick “Pat” Burke to CEO of the company’s U.S. consumer finance division. Burke also serves as senior vide president and CEO of HSBC’s credit card and retail business. He succeeds Niall Booker, who was recently promoted to CEO of HSBC North America Holdings Inc.

Global private equity firms Bain Capital and Advent International on Aug. 6 signed an agreement with The Royal Bank of Scotland Group PLC to acquire its subsidiary business, RBS WorldPay, for an enterprise value of up to £2.025 billion (US$3.2 billion or 2.44 billion euros), including a £200 million contingent consideration.

Consumers Credit Union in Waukegan, Ill., has joined the list of financial services companies using Fiserv Inc.'s Acumen account processing software.

Reductions in consumer card use in casinos is adversely affecting Global Cash Access Holdings Inc.’s financial performance, Scott Betts, the company’s president and CEO, informed analysts during an Aug. 4 conference call to discuss second-quarter earnings.

Point-of-sale terminal maker Hypercom Corp. late on Aug. 4 reported revenues of $103.9 million for the second quarter ended June 30, down 1.6% from $105.6 million during the same period last year. However, the Scottsdale, Ariz.-based company reported a $1.26 million net loss, in part because of component shortages that affected revenue; it reported net income of $1.26 million during the same period last year.

Improving same-store sales and a stabilizing economy appear to be helping Heartland Payment Systems Inc. turn itself around financially.

Merchant cash-advance company AmeriMerchant LLC’s merger with CanaFunding LLC this week is enabling independent sales organizations to sell cash-advance services in either the U.S. or Canada, says David Goldin, AmeriMerchant president and CEO.

ACH Federal LLC, an automated clearinghouse transaction processor, will refer merchants wanting credit and debit card transaction-processing services to PDX Enterprise Solutions, a Portland, Ore.-based independent sales organization, ACH Federal announced July 28.

Mindbody, a San Luis Opisbo, Calif.-based company that makes business-management software for health-and-fitness businesses, has become an independent sales organization to improve its profit margin and to secure more control over its relationships with merchants, says Rick Stollmeyer, Mindbody founder and CEO.

AT&T Inc., Verizon Communications Inc. and T-Mobile USA are attempting to create a system to bypass credit and debit cards and allow consumers to pay for purchases by smartphones, Bloomberg News reported Monday, citing unnamed sources.

MoneyGram International Inc. swung to a second-quarter profit on an 11% drop in operating expenses as revenue came in short of analysts' expectations, reports Dow Jones.

Significant improvement in two key business metrics–fleet-fueling volume and number of vehicles serviced–combined with stronger cobrand MasterCard purchase volume helped boost second-quarter revenue at Wright Express Corp.

Wright Express Corp. on July 30 announced a $318 million deal to acquire the Australian prepaid and fleet card operations of London-based Retail Decisions Ltd. as part of Wright’s strategy to diversify its fuel card operations.

Economic pressures that caused volume to decline in Europe and decreases in mobile-operator rates in some markets contributed to a relatively poor second quarter financially for Euronet Worldwide Inc.

PBS A/S, a Denmark-based electronic-payments provider, will process all transactions initiated with cards issued in Germany by Luxembourg-based Ikano Bank SE under an expanded contract agreement PBS announced on July 27.

ProPay is introducing a secure virtual terminal that can help small merchants improve their data security.