Monday, July 27, 2009

Visa Consolidates Marketing and Innovation into Global Sales!

Visa consolidates management functions

San Francisco, July 27, 2009--Joseph W. (Joe) Saunders, Chairman and Chief Executive Officer (CEO) of Visa Inc. (NYSE:V), today announced that he is reorganizing the company's executive management team's responsibilities to heighten organizational effectiveness and increase the pace of Visa's global alignment.

"We've come a long way since October of 2007 when we merged five independent Visa operating regions, Visa International and its global payment processing subsidiary, Inovant, into one company called Visa Inc. and very successfully took the company public," said Saunders. "Since the IPO, we've expanded our core debit and credit business, reduced operating costs by hundreds of millions of dollars, and heightened our focus on product innovation. We have met or exceeded most of the financial goals we established at the IPO, and continue to meet or exceed all our current financial guidance. As a growing and constantly evolving company, we will continually assess our management team structure and refine it as necessary to ensure that we continue to deliver value to clients and shareholders."

In the new structure, the company's global sales, client service, marketing, product development and innovation functions will be consolidated, effective immediately, under the leadership of John M. Partridge, Chief Operating Officer. With these critical business units more closely aligned, Visa will achieve greater integration, operating efficiencies and increased speed to market in delivering new products to clients.

John C. (Hans) Morris, will step down as President, Visa Inc. He will remain with the company until the end of the year in a different capacity working with Mr. Saunders and helping to ensure a seamless transition to the new structure. Morris joined the newly formed Visa Inc. in 2007 and played a central role in the company's successful IPO in 2008. Since then he has enhanced Visa's client-facing operations, assisting the company in adopting more rigorous customer-centric models required by public companies, led its coordination with Visa Europe and played a significant role with many of Visa's key client relationships.

"Hans played an important role as we created Visa Inc., executed the IPO and transitioned Visa to a high performing public company," said Mr. Saunders. "We've benefitted from his energy, insight and counsel."

About Visa Inc.

Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit .

Source: Company press release.

Danger Zone: Web Use & Risk to Business

sponsored by MessageLabs
Posted:  24 Jul 2009
Published:  01 Jul 2009
Format:  PDF
Length:  13   Page(s)
Type:  White Paper
Language:  English

Data leakage, fraud, identity theft, compromised confidentiality,impaired computing capabilities, financial loss, legal action, damagedreputation. All have the potential to seriously undermine a business.And all can result directly from an inadvertent visit to amalware-infected website.

This White Paper focuses on the ingenious and expanding array ofweb threats facing businesses today. It assesses their nature, whatthey aim to achieve and how computer users fall victim to them. But aswell as raising awareness of the dangers, it outlines key steps thatbusinesses can take to defend themselves - and so exploit the web'spotential with complete peace of mind.

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Metavante & Temenos End Core Banking Development Partnership

Bank Technology News | July 2009
By John Adams

Bank Tech News writes that Fidelity National Information Services needs a plan if they are to acquire Metavante

"One piece of awkward fallout from Fidelity National Information Services’ planned $3 billion takeover of Metavante was removed last week when Temenos and Metavante agreed to end their core banking development partnership.  Metavante will retain a license to use the customer information management components of Temenos’ core system, and the two firms will jointly market Temenos T24 product in the U.S.

Temenos first cried foul when Metavante in March tried to unilaterally terminate the Temenos partnership, signed by the two firms two years ago to develop and sell a core banking platform in the U.S. Temenos said the agreement was binding to successors in the case of an acquisition. Last week, Temenos lauded the new agreement as “amicable” and said it resolved “all issues associated with the agreement.”

What analysts say is still unresolved is the future of Metavante’s core banking strategy if and when the Fidelity acquisition closes, given Metavante initially entered into the agreement with Temenos to bolster Metavante’s ability to providing a robust platform to American banks via a partnership."

“If I were a Metavante IBS customer, I’d want direction from Fidelity on the future of my platform,” says Bart Narter, an svp in Celent’s banking group. “Fidelity needs to come up with some sort of plan.”

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Fidelity and Metavante to Hold Special Shareholder Meetings

Fidelity National Information Services, Inc. and Metavante Technologies, Inc. to Hold Special Shareholders Meetings

JACKSONVILLE, Fla. and MILWAUKEE, July  (HomeATM -- Fidelity National Information Services, Inc. (NYSE: FIS) and Metavante Technologies, Inc. (NYSE: MV) today announced that each company will hold a special meeting of its shareholders on September 4, 2009.

FIS will hold a special meeting of its shareholders to vote on the issuance of FIS common stock in connection with the merger of Metavante into a wholly owned subsidiary of FIS, and to vote on the issuance of approximately 16 million shares of FIS common stock to affiliates of Thomas H. Lee Partners, L.P. and Fidelity National Financial, Inc. in connection with the equity investments in FIS to be made by those parties coincidentally with the completion of the merger. FIS shareholders of record as of June 29, 2009 will be entitled to vote at the special meeting. Metavante will hold a special meeting of its shareholders to vote on the approval of the merger agreement. Metavante shareholders of record as of June 29, 2009 will be entitled to vote at the special meeting.

The Registration Statement filed by FIS with the Securities and Exchange Commission has been declared effective and FIS and Metavante expect to mail the joint proxy statement/prospectus relating to the shareholders meetings to their respective shareholders in the next week.

Completion of the merger remains subject to antitrust clearance in the United States, receipt of FIS and Metavante shareholder approvals, and other customary closing conditions. FIS and Metavante expect the merger to close during the fourth quarter of 2009.

About Fidelity National Information Services, Inc.

Fidelity National Information Services, Inc. (NYSE: FIS), a member of the S&P 500 Index, is a leading provider of core processing for financial institutions; card issuer and transaction processing services; and outsourcing services to financial institutions and retailers. FIS has processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10. FIS is a member of the S&P 500 Index and has been ranked the number one banking technology provider in the world by American Banker and the research firm Financial Insights in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS maintains a strong global presence, serving more than 14,000 financial institutions in more than 90 countries worldwide. For more information on FIS, please visit

About Metavante

Metavante Technologies, Inc. (NYSE: MV) is the parent company of Metavante Corporation. Metavante Corporation delivers banking and payments technologies to approximately 8,000 financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, electronic presentment and payment, outsourcing, and payment network solutions including the NYCE Network, a leading ATM/PIN debit network. Metavante ( is headquartered in Milwaukee. Metavante and NYCE are registered trademarks of Metavante Corporation, which is the principal subsidiary of Metavante Technologies, Inc.

Forward Looking Statements

This press release contains statements related to FIS' and Metavante's future plans and expectations, and, as such, constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to known and unknown events, risks, uncertainties and other factors that, individually or in the aggregate, may cause actual results to be different from those expressed within this press release. The material risks and uncertainties that could cause actual results to differ materially from current expectations include, without limitation, the following: (i) effect of governmental regulations, including the possibility that there are unexpected delays in obtaining regulatory approvals; (ii) the failure to obtain approval of FIS' and Metavante's shareholders; and (iii) other risks detailed from time to time in the reports and filings made by FIS and Metavante with the Securities and Exchange Commission ("SEC") that are available on the SEC's web site located at Readers are strongly urged to read the full cautionary statements contained in those materials. We assume no obligation to update any forward-looking statements to reflect events that occur or circumstances that exist after the date on which they were made.

Additional Information and Where to Find It

In connection with the proposed transactions, FIS has filed with the SEC a Registration Statement on Form S-4, which includes a joint proxy statement of FIS and Metavante that also constitutes a prospectus of FIS. The Registration Statement has been declared effective by the SEC and FIS and Metavante expect to mail the final joint proxy statement/prospectus to their respective shareholders in the next week. Investors and security holders are urged to read these documents and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they contain important information about FIS, Metavante and the proposed transactions.

Investors and security holders may obtain these documents (and any other documents filed by FIS or Metavante with the SEC) free of charge at the SEC's website at In addition, the documents filed with the SEC by FIS may be obtained free of charge by directing such request to: Investor Relations, 601 Riverside Drive, Jacksonville, FL 32204, or from FIS' Investor Relations page on its corporate website at The documents filed with the SEC by Metavante may be obtained free of charge by directing such request to: Investor Relations, 4900 West Brown Deer Road, Milwaukee, WI 53223 or from Metavante's Investor Relations page on its corporate website at

Participants in the Solicitation

FIS, Metavante and their respective executive officers, directors and certain other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Metavante and FIS in favor of the proposed transactions. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the shareholders in connection with the proposed transactions is set forth in the joint proxy statement/prospectus. Information about the executive officers and directors of FIS and their ownership of FIS common stock is set forth in the proxy statement for FIS' 2009 Annual Meeting of Shareholders, which was filed with the SEC on April 15, 2009. Information about the executive officers and directors of Metavante and their ownership of Metavante common stock is set forth in Metavante's Annual Report on Form 10-K for the year ended December 31, 2008, which was filed with the SEC on February 20, 2009, as amended by the Annual Report on Form 10-K/A (Amendment No. 1) for the year ended December 31, 2008, which was filed with the SEC on April 30, 2009.

SOURCE Fidelity National Information Services, Inc.
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American Express 2Q Net Income Falls 48%

News Alert from The Wall Street Journal

American Express reported second-quarter net fell 48% to $337 million, while revenue dropped 18% to $6.09 billion. AmEx said its loan-loss provisions totaled $1.6 billion, compared with $1.8 billion, reflecting lower average cardmember receivables and loans.

"Given the cutbacks in discretionary spending among affluent consumers, small businesses and corporations, our overall level of billed business is performing well relative to most of the other major card issuers," said CEO Kenneth I. Chenault in a press release.

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MasterCard Could See Double Digit Growth

Put It on MasterCard -

Put It on MasterCard
By BILL ALPERT | Double-digit growth should soon resume for the plastic powerhouse.


Visa handles 60% of the world's card swipes, MasterCard about 30%. 

Editor's Note:  There is however, an opportunity for MasterCard to change that, Consider that there are ZERO card swipes being done on the web.

Visa carries more debit-card transactions.  Editor's Note:  MC can change that too...

And even after a recent bounce in both stocks, Visa shares go for about 19 times the earnings forecast for 2010 (ignoring some noncash expenses), while MasterCard trades at 15 times its anticipated earnings.

The numbers are what they are.  Except, perhaps, the last one: MasterCard's valuation discount. A swelling chorus on Wall Street says MasterCard is underrated and may be the better play in an economic recovery.  Editor's Note:  MasterCard has played the "security card"  (click here)

JPMorgan analyst Tien-tsin Huang, for instance, argues that the Purchase, N.Y.-based bank-card network merits at least a 16 times price/earnings multiple of his 2010 forecast of $12.25 a share in cash earnings. Such a re-rating seems to have taken place in recent weeks, with MasterCard shares (ticker: MA) moving from $157 to 185.

They could go above 200. 

Continue Reading at Barron's

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Worldwide, 58% of SMB's Infected by Web Threats

PandaSecurity announced its worldwide barometer on the status of security atsmall and medium-sized businesses (SMBs). According to the study, whichsurveyed 5,760 companies worldwide, 44 percent of the more than 1,400US respondents have recently been infected by Internet threats.

Worldwide, 58 percent were affected, with Brazil showing the highestinfection rate at 86 percent. Only 8 percent of SMBs in Germanyreported infections.

US SMBs cited that, of any threat, viruses affected their companies themost, at 41 percent, and they ranked spyware second, at 26 percent.Worldwide, viruses also ranked first, with 55 percent of respondentsnaming them the most potent threat to their businesses. Ten percent ofSMBs in the US were affected to the point of having to stop production,with a worldwide average of 30 percent.

While 97 percent of US SMBs surveyed have installed antivirus and 95percent claim their security systems are up to date, many SMBs stilllack common security protection. Twenty-nine percent of respondentsdisclosed they have no antispam in place, 22 percent no antispyware and16 percent no firewall.

Continue Reading
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Security Over Convenience? RBI Steps to the Plate

The Economic Times

Added security call may hit online biz
27 Jul 2009, 0012 hrs IST, Harsimran Singh, ET Bureau

NEW DELHI: The new Reserve Bank of India (RBI) guidelines, which becomes effective from August 1, to provide a third-factor identification for all online transactions may trigger a 25-30% decline in daily business.

The mandatory third verification is in addition to the card number and the three- or four-digit card verification value (CVV) number that appears on the back of a credit card.

The new norm will introduce a third screen to the processing steps and will make the online transaction longer in a country where low bandwidth has already made e-commerce a time-consuming and tedious process.

It could potentially throw the $2-billion B2C commerce out of gear. Says Jankiraman Murugavel, founder CEO of “As it is the internet speed in India is dismally low. It takes a lot of time to complete a transaction. With this move, an additional third screen will be created which might drop transactions further.”

The RBI has asked banks to provide credit card users with an additional authentication / validation password for all online card transactions.

RBI’s purpose behind these guidelines is to enhance the security of online transactions, so as to reduce online credit / debit card fraud.
Editor's Note:  If the purpose is to enhance the security of online transactions I think I've got a better idea.  We are the only company in "two hemispheres" that offers an eCommerce solution which Tripe DES, DUKPT encrypts the cardholder data... (including the Track 2 data) so, when it comes to enhancing security of online transactions, we are the  "Grand Slam Dunk"  (and yes...morphing sports metaphors IS allowed on this blog).

End to End Encryption is a "buzz word" these days, but HomeATM engineered, designed and manufactured our eCommerce PCI 2.x "certified" and

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Another Epic Example of Card's Getting Swiped When They're Typed

Network Solutions Hack Compromises 573,000 Credit, Debit Accounts

Editor's Note:  In yet another epic example of why a software based approach to conducting credit/debit card transactions will never work, Brian Krebs, from the Washington Post reports that there has been another major hack.  This time, it is "Network Solutions" which allows consumers to  purchase website hosting packages, register domain names,etc. 

Speaking of registering...did you get a chance to "register" your information for this breach?  If not, registration is easy...forms can be found and completed anywhere they ask you to "type" your credit/debit card number into a box on a website.  

You can register multiple times to increase your chances for winning a free 12 month credit monitoring package!  (includes hours of fun speaking to your  credit/debit card company, your financial institution and the possibility that you may be reimbursed for your cash losses within 6 months.)  Plus you get a SHINY BRAND NEW CARd!   So go ahead...enter now!  You might even make the news!  Or you can "swipe" your own card so that the hackers never can. 

Hackers have broken into Web servers owned by domain registrar and hosting provider Network Solutions, planting rogue code that resulted in the compromise of more than 573,000 debit and credit card accounts over the past three months, Security Fix has learned.

Herndon, Va. based Network Solutions discovered in early June that attackers had hacked into Web servers the company uses to provide e-commerce services - a package that includes everything from Web hosting to payment processing -- to at least 4,343 customers, mostly mom-and-pop online stores.

The malicious code left behind by the attackers allowed them to intercept personal and financial information for customers who purchased from those stores, Network Solutions spokeswoman Susan Wade said.

Wade said the company is working with federal law enforcement and a commercial data breach forensics team to determine the cause and source of the break-in. The payment data stolen was captured from transactions made between March 12, 2009 and June 8, 2009.

On Friday, Network Solutions began notifying affected customers by e-mail and postal mail. Due to the potential high cost of notifying individual victims, the hosting company is offering to handle the notification of affected customers of the breached online stores. Forty-five states and the District of Columbia have enacted laws requiring organizations to notify consumers when a data breach or loss jeopardizes the security of personal and financial data, but the rules for complying with those laws differ from state to state.

"We feel terribly about it to burden them with the notification process, which can be kind of tricky because there is no one federal data breach statute," Wade said.

Network Solutions also is offering to pay for 12 months of credit monitoring service through Trans Union for each consumer whose financial and personal data was compromised.

By Brian Krebs
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