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Blog posts by Andy Efstathiou

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  • Worldline Outlines its Path to Growth

    Feb 19, 2015, by Andy Efstathiou

    Worldline, which IPOd in May 2014, has announced results for full year 2014 and has presented its views on the payments market, its business roadmap, and its successes to date. The results, below, are subject to adjustment when Worldline files its financial reporting statements in late March: Revenues were €1,149m, up 2.8% y/y  Operating margin be[...]

  • Securities Services Vendors Face Strong Headwinds as Downward Revenue Pressure Set to Accelerate in 2015

    Feb 05, 2015, by Andy Efstathiou

    Q4 2014 results from the top five U.S. headquartered securities services firms indicate that revenue growth for securities and custody services is slowing down. The two largest global custodians, BNY Mellon and State Street, along with Citibank, reported revenue decline in calendar year Q4 2014. The figures below show change in securities services revenue versus the prior quarter (q/q[...]

  • Tech Mahindra’s SOFGEN Acquisition Enhances Core Banking SI Capabilities and Drives Presence in Wealth Management

    Jan 16, 2015, by Andy Efstathiou

    Tech Mahindra has agreed to acquire SOFGEN to enhance its core banking systems integration (build, run, operate) capabilities. The acquisition is expected to close by the end of March. Swiss-headquartered SOFGEN is a specialist in Avaloq and Temenos platforms and also has capabilities in TCS BaNCS and Misys. SOFGEN has 450 employees, including >70[...]

  • Payments Processing Services Market Heats Up: Financial Results of Six Key Vendors Show What it Takes to Win

    Nov 06, 2014, by Andy Efstathiou

    Changes in banks’ regulatory capital requirements for businesses are leading banks to exit or downsize lines of business and increase the focus on other lines of business. Payments is an area where banks and non-banks are significantly increasing their commitments. Over the next five years the payments industry will change its entire shape, structure, and offerings. In the past, the complexi[...]

  • Accenture’s New Strategy: Implications for Scalability in Banking BPO

    Oct 16, 2014, by Andy Efstathiou

    NelsonHall recently attended Accenture’s annual analyst meet in New York City. We had the opportunity to discuss operations (BPO and IT infrastructure management) market initiatives, a major focus area for Accenture, representing $6bn in revenues (~20% of total revenues), with Accenture executives. Accenture and is betting heavily on “Digital” to create the “new Accentur[...]

  • Wipro Changes its Approach to “Fast and Uncertain”, with Increased Focus on Developing Effective Ecosystems

    Sep 30, 2014, by Andy Efstathiou

    This week Wipro held its first analyst day in the U.S. in over 18 months. During this time, Wipro has conducted a strategic review of its approach to the market, and decided to change its method of engaging clients and prospects.    First CEO TK Kurien opened by describing Wipro’s view of the market: Enterprises were created prior to the current digital era. As a[...]

  • Visa Considers Selling its Stake in Monitise: What Does it Mean?

    Sep 18, 2014, by Andy Efstathiou

    Visa has announced it is assessing whether to sell its investment in mobile payment software developer and transactions processor Monitise. Visa formed an alliance with Monitise in 2009 to provide Visa with mobile platform development services. The agreement runs through 2016. As part of the agreement, Visa made a capital investment in Monitise and received 14.4% of the company's equity. Ov[...]

  • Alliance Data Buys a Winner with Conversant

    Sep 11, 2014, by Andy Efstathiou

    Alliance Data is to acquire Conversant for $23bn to expand its digital marketing services capabilities. The acquisition will be paid for half in stock and half in cash (at tendering shareholders' discretion). Post closing, Conversant will operate as a part of Epsilon, a digital marketing services division of Alliance Data. The transaction is expected to close in Q4 201[...]

  • Mastercard, First Data, and TSYS Partner with Apple to Enable Apple Pay for Mobile Payments

    Sep 09, 2014, by Andy Efstathiou

    Mastercard, First Data, and TSYS have partnered with Apple to enable Apple Pay for mobile payments. Apple Pay is a mobile payment service. Apple Pay works with iPhone 5, iPhone 6, and Apple Watch through an NFC antenna design, a dedicated chip called the Secure Element, and Touch ID security. Apple Pay can be set up by users with their credit or debit card on file from their iTunes Store acco[...]

  • Mastercard is Growing Faster than Visa in the Fast Growing Markets

    Aug 01, 2014, by Andy Efstathiou

    Mastercard and Visa are taking very different approaches to the payments market, resulting in very different operating outcomes. Mastercard is focusing on growth in emerging markets and merchant acquiring (especially consulting services for merchants); Visa is pursuing mature markets with aggressive cost control and sales incentives to drive revenue growth.  Top line results for [...]

  • TSYS Faces Pricing Pressure in Q2 2014 Growing Revenues 34.2% by Acquisitions and Reduced Pricing

    Jul 22, 2014, by Andy Efstathiou

    TSYS has announced Q2 2014 revenues, for the period ending June 30, 2014, of $538.1m, up 34.2% year-over-year. Revenues including reimbursables were $602.0m up 30.4% year-over-year. Q2 2014 revenues (and revenue change) by activity, excluding reimbursables, were: North America: $233.2m (+8.7%) International: $84.7m (+10.6%) Merchant services: $108.3m (-4.1%) [...]

  • Wipro Partners with London Stock Exchange to Launch Hosted Multi-Tenant Reconciliation Utility: The First of its Kind

    Jul 09, 2014, by Andy Efstathiou

    Wipro has partnered with the London Stock Exchange Group (LSE) to launch a hosted multi-tenant reconciliation utility. Each partner will provide:  LSE: UnaVista platform (proprietary platform which provides transactions, reconciliations, reporting, etc.) The platform overs all instrument types and is used by ~1,000 financial institutions  Data center hosting[...]

  • Banking industry Finally Settles Down to Adapt to a Changed World

    Jun 27, 2014, by Andy Efstathiou

    The banking crisis clearly meant that the banking industry needed to change. However, those changes have not yet been realized. Prior to the crisis banks were focused on selling new products (e.g., structured products) into mature markets. From 2008 to 2013, banks shifted focus to focus on emerging markets to sell existing services to emerging middle classes. Since 2013, banks have been consolidat[...]

  • IGATE Doubling Investment in IP to Develop ITOPS Positioning

    May 23, 2014, by Andy Efstathiou

    IGATE held its analyst conference in NYC.  The key message was the company is making initial steps down a new path, one that is directionally the same as before, but with a stronger focus on fewer initiatives. IGATE is increasing its investments in developing IP to support its positioning of offering integrated IT/Operations (ITOPs) services within outsourcing engagements to deliver[...]

  • Not All Payments Vendors are Making the Grade: Contrasting Alliance Data and First Data

    Feb 06, 2014, by Andy Efstathiou

    2013 was a very strong year for financial services BPO providers, especially transaction processors. However, not all vendors have fared well. Let's compare two card processing vendors headquartered in the U.S.: First Data and Alliance Data. First Data:  First Data announced Q4 2013 revenues were up 1% y/y to $2.8bn. Q4 2013 revenues (and y/y revenue gr[...]

  • Wipro Raises the Stakes on its Commitment to Mortgage and Loan BPO

    Jan 31, 2014, by Andy Efstathiou

    Wipro is to acquire mortgage due diligence and risk management services provider Opus Capital Markets Consultants LLC (Opus CMC) for $75m to enhance its mortgage BPO capabilities. (See tracker article #201521 for acquisition details). Wipro's existing mortgage BPO capabilities include: 850 FTEs in origination and administration BPO BPO services in loan originations and administratio[...]

  • J.P. Morgan Exits U.K. Fund Transfer Agency Business to Reduce Unprofitable Operations

    Jan 31, 2014, by Andy Efstathiou

    J.P. Morgan has decided to exit its unprofitable U.K. fund transfer agency business. The exit will take place in 2014. The impact of the exit will be that funds currently with administration fee pricing as low as 0.04% will face pricing closer to 0.15 % (an increase of 375).  Transfer agency services include: Recording changes in share ownership  Canceling and issuin[...]

  • Another Good Year for TSYS in 2013: Crosses $2Bn in Revenue in a Strong Payments Market

    Jan 28, 2014, by Andy Efstathiou

    TSYS' full year 2013 revenues (including reimbursables) were $2.1bn, a growth of 14.0%. The underlying fundamentals of the business (number of accounts on file and transaction volumes) grew aggressively in 2013, increasing 13% and 15% respectively.  In 2013 TSYS continued to enjoy strong revenue and earnings growth. Growth in the merchant business is continuing[...]

  • Capgemini North America Earns its Stripes

    Jan 17, 2014, by Andy Efstathiou

    Capgemini’s Q3 2013 results marked a milestone: North America overtook France as the company’s largest region, contributing ~21% of its total revenues. If we go back a few years, North America was the company’s most troubled region. But over the last two years, it has been one of Capgemini’s fastest growing regions. The company has ambitious plans to grow its North America [...]

  • Xerox Analyst Conference: Key Takeaways about the Services Business

    Nov 12, 2013, by Andy Efstathiou

    Xerox Services has not operated its business at high efficiency over the past few years. It has been very late to offshoring, growing revenues internationally, and rationalizing its services businesses around a few key areas. The current five plank strategy is devised to address those challenges. Xerox understands the challenge of successfully offshoring (and near shoring) its workforce to lower c[...]

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