Payments General

Chexar Networks to purchase Clear Payments

Tuesday 12 June 2012 | 12:10 PM CET

US financial services provider Chexar Networks has revealed plans to acquire US-based credit card processor Clear Payments. The transaction is expected to close by the end of June 2012.

The two companies have been partners for several years and in 2012 they have launched a new platform for the processing and clearing of cheque-to-card remote deposits, dubbed Deposit Choice. Chexar uses Clear Payments’ technology today as part of its services including imaging technologies, funds settlement engines and mobile enhancement services.

Recent studies estimate that the portion of the nation’s population that choose to conduct their financial transactions in a prepaid manner, outside the traditional deposit account, has grown to over 100 million people. According to data published by the Federal Reserve Bank, checks are written each year totaling over USD 26 trillion. While overall check volume is declining at a rate of 7 percent a year, checks written to consumers, more than USD 5.7 trillion a year, are declining at a rate of less than 1 percent a year. In 2011, consumers have paid over USD 40 billion in fees to convert checks into “good funds” and recent legislation such as the Dodd-Frank Act and the Durbin Amendment are causing the industry to re-think the process.

Chexar Networks provides services to US underbanked consumers, including cheque cashing, money transfers, bill payment, money orders, mobile top-ups and prepaid cards. Clear Payments provides payment processing services as well as e-commerce solutions, credit building, credit reporting and other.
 

Print | Contact editor | Mail
© 2014 The Paypers
More: Abstract | Link

This Month

Next Month

02 Apr 2014   AITEC Southern Africa ICT Summit
03 Apr 2014   How to Use KPIs to Improve your Accounts Payable Efficiency
06 Apr 2014   NACHA Payments 2014
07 Apr 2014   9th Annual Middle East Retail Banking Forum
07 Apr 2014   15th Annual Commercial Card and Payment Conference
07 Apr 2014   Home Delivery World
07 Apr 2014   Inside Bitcoins - the future of virtual currency
07 Apr 2014   Mobile Money Americas
07 Apr 2014   Inside Bitcoins - the future of virtual currency
07 Apr 2014   Chief Procurement Officer Summit
08 Apr 2014   MVNOs World Congress
08 Apr 2014   3rd Annual Customer Experience Management in Banking Summit
08 Apr 2014   Mondato Summit Europe
08 Apr 2014   ETA Annual Meeting & Expo 2014
08 Apr 2014   IFINTEC International Finance Technologies Conference and Exhibition
09 Apr 2014   4th Annual Latin America Trade & Commodity Finance Conference
09 Apr 2014   11th Annual Accounts Payable and Procurement Transformation Summit Asia
09 Apr 2014   SAP Conference for Financial Shared Services
10 Apr 2014   The 4th Cloud And Big Data Summit
11 Apr 2014   Bitcoin Expo 2014
12 Apr 2014   Hitmeister e-Commerce Day
15 Apr 2014   Netherlands' Customer Festival
15 Apr 2014   Cash, Treasury & Risk Management in Turkey
17 Apr 2014   8th Annual Prepaid Expo Europe 2014
20 Apr 2014   our Big Data and Analytics for Banking Summit
22 Apr 2014   Wima Monaco - NFC & Proximity Solutions
23 Apr 2014   Future Bank Asia
23 Apr 2014   The Cash Handling Show Asia
23 Apr 2014   The Retail World Asia
23 Apr 2014   RFID World Asia
23 Apr 2014   Digital ID World Asia
23 Apr 2014   The Digital Signage World Asia
23 Apr 2014   Near Field Communication World Asia 2014
23 Apr 2014   The Internet Show Asia
23 Apr 2014   Ecommerce Show Asia
23 Apr 2014   10th Annual Trade & Supply Chain Seminar
23 Apr 2014   Cards & Payments Asia 2014
23 Apr 2014   The Mobile Show Asia 2014
23 Apr 2014   Cards & Payments Asia 2014
23 Apr 2014   Cards & Payments Asia 2014
24 Apr 2014   China Retail Focus 2014
24 Apr 2014   4th Annual Indonesia Trade & Commodity Finance Conference
24 Apr 2014   M2M World Congress
29 Apr 2014   Total Payments Mexico
29 Apr 2014   Big Data World Mexico
29 Apr 2014   Loyalty World Mexico
29 Apr 2014   FinovateSpring
29 Apr 2014   Money Transfer Dubai