All GLG News Analyses Filed Under: Transaction & Payment Processing

Discover making headway to achieving US acceptance parity

May 27, 2008

Analysis by: GLG Expert Contributor

Analysis of:Moneris Solutions Signs Merchant Acquiring Agreement with Discover Financial Services | www.businesswire.com

Discover is soldiering away on its path to merchant acceptance parity with MasterCard and Visa in the US. Closing the acceptance gap will produce greater cardholder spend and richer interchange, thereby enriching Discover’s value proposition for third-party issuers, which in turn will enhance the value of the network.

Art GillisPresidentComputer Based Solutions, Inc.

If You’re Not Happy With Your Bank’s Core System, There are 101 Solutions Offered by 32 Vendors Who Would Love to Talk to You, Maybe

May 19, 2008

Analysis of:High Five for Fiserv | online.barrons.com

First, a few definitions for the sake of context clarity  -  A “solution” is any brand name system offered as an in-house system or outsource service, and driven by the owner of the system, or a third party.The group of 32 vendors includes any company that has customers that rely on that company to keep their core system running, but all 32 vendors may not be in the business of selling their system to the entire U.S. population of Finical Institutions (FIs).  Thus the reason for the “maybe” in the title.  The distinction of selling core systems to any FI in the world applies to about a dozen companies.

Kill Two Birds with One Stone - Outsource IT, Marketing Materials and Reporting

May 19, 2008

Analysis by: GLG Expert Contributor

Analysis of:Brokers to cut technology spending by 7% | www.financialnews-us.com

Modern investment banking, brokerage and asset management live and die with top flight IT systems. Risk and Information Management are at the core of the securities business. Reducing costs in the downturn is important, but maintaining operating efficiency and risk controls is a regulatory necessity.

What's Old Becomes New Again

May 15, 2008

Analysis by: GLG Expert Contributor

Analysis of:First Data Gets Major Retail Prepaid Distribution with InComm Deal | www.digitaltransactions.net

With the shake up amongst the largest U.S. credit card issuers over for the time being, it's no wonder that processers like First Data are going to be searching for new ways to leverage their network investments.  First Data built their reputation in part by holding as many pieces of the transaction pie as possible.  Prepaid cards are the logical next market for them to focus on as the companies who emerged a few years ago look for distribution channels and the prepaid market begins to consolidate.

An ATM Network Needs Independence

May 15, 2008

Analysis by: GLG Expert Contributor

Analysis of:BREAKING: TRM Buys ATM ISO Access to Money for $15 million | www.atmmarketplace.com

It takes a very focused approach to be successful in managing an ATM network profitably! Economies of scale contribute greatly to the profitability of an off-premise, non-bank ATM network. .

Big Pond

May 14, 2008

Analysis by: GLG Expert Contributor

Analysis of:First Data Gets Major Retail Prepaid Distribution with InComm Deal | www.digitaltransactions.net

1.  Prepaid Market is very large with no one entity in the spotlight. 2.  First Data a major leader in merchant POS Services. 3.  Market needs consolidation fast

Analysis - Western Union Q1 results

May 13, 2008

Analysis by: GLG Expert Contributor

Analysis of:Western Union 1Q profit rises 7 percent on international | biz.yahoo.com

·         C2C is the key driver of the business.  Margin growth performance was good here probably due to the increasing reliance on international business where there is the opportunity to earn foreign exchange revenue as well as fee income. ·         International growth looks very strong and better than many in the market (of course not many companies report publicly available data).  This will continue to be the growth engine for the business.  WU may need to increase their management and physical presence outside of the US to maximise this growth. .        WU continues to suffer on domestic transactions and revenue (USA and Canada domestic business).  Whilst transactions declined probably as a result of substitution by other products of more concern is the decline of revenue which fell 8% compared to only a 3% decline in transactions.  This shows that margins are being squeezed and more of this can be expected in the future. 

Brokerage Firms Will Continue to Invest Responsibly in IT

May 8, 2008

Analysis by: GLG Expert Contributor

Analysis of:Brokers to cut technology spending by 7% | www.financialnews-us.com

Brokerage firms invest in technology when they see a clear return on their investment. Those returns are typically realized in two ways, competitive advantage or lower cost. Return on investment must clearly exceed the firm’s cost of capital and pay-back is generally limited to a 24 month time frame. As a result, technology projects are green lighted, delayed short term or delayed indefinitely based on these highly quantitative criteria.

Ronald IngramDirector of Product ManagementADVANCE AMERICA, CASH ADVANCE CENTERS, INC.

World's Largest Payment Processor First Data Acquires InComm - Valuation Trend Implications for Global Payment Systems GPN, MV, V, MA and TSS and hundreds of smaller payment technology players

May 2, 2008

Analysis of:First Data Gets Major Retail Prepaid Distribution with InComm Deal | www.digitaltransactions.net

Visa's IPO was the largest in history and payment companies like Global Payment Sytems (GPN) and First Data are rising along with the tide. FDC’s choice of Incomm is likely a positive indicator of things to come. Who is the next Incomm? How will the Incomm acquisition affect the valuation of payment card processors, card acquirers, issuers, closed loop and open loop gift, debit, credit and General Purpose Reloadable (GPR) prepaid card plays? undefined undefined

Western Union acts to co-opt mobile money transfers

April 28, 2008

Analysis by: GLG Expert Contributor

Analysis of:Western Union in Mobile Partnership | www.americanbanker.com

Money transfer Goliath Western Union is moving to co-opt the threat posed by hybrid mobile phone/stored value card person-to-person remittances. At a minimum Western Union’s new service is a validation of remote mobile phone-based money transfer and makes it likely it will achieve meaningful market share sooner rather than later.

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