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Biometric payments company Pay By Touch Solutions stepped in to acquire the troubled US merchant processor CardSystems Solutions in October, after CyberSource withdrew its bid.
In September, CyberSource, which provides electronic payment and risk management solutions mainly for electronic commerce merchants, had signed a non-binding letter of intent to acquire the assets of CardSystems (see EPI 220). However, CyberSource withdrew its offer on 15 October and stated that the reason for its termination "was the inability of the parties to reach agreement in a timely manner that created severe obstacles to closing the transaction".
Pay By Touch will acquire substantially all of the...