Monday , December 10, 2018

Transaction Processing

Report: Prepaid Issuers Must Upgrade Systems to Pass Stiff Tests

A new report from Aite Group LLC gives some insights into how open-loop prepaid card processors work. And building on strengths and correcting weaknesses will be key as the recession, the specter of government regulation, and growth opportunities abroad challenge processors to improve, according to the report. Aite analyst Adil …

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New Products Key to Revving up Growth in Bill-Pay Adoption

More evidence that the online bill-payment market isn't exactly a slam-dunk for banks emerged Monday when Aite Group LLC issued a report saying that while adoption of online bill-pay is still growing, the rate of increase is slowing. Bill-pay vendors need to get serious about innovations if they want to …

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Encryption, Tokenization Loom Large As PCI Council Mulls Changes

Will the 2010 iteration of the Payment Card Industry data-security standard represent a major break from the current version or just have some minor changes? That's the question before the card networks, merchants, merchant acquirers, and payment processors now that one meeting with PCI stakeholders is down and another is …

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Glitches with Online Transactions, While Fewer, Still Pose Issues

With the recession driving more transactions to the e-commerce channel, the ability of merchants to deliver a smooth experience from log-in to checkout has been magnified. The good news for online stores is that fewer customers are running into glitches while conducting transactions online. The bad news is that merchants …

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A New Payments Security Group Plans a Mass Hack Simulation

A payments-industry security group formed earlier this year is going through the rather dry procedures of establishing a charter and electing leaders. But one of its first projects could get pulses beating a little faster: a simulated mass attack on databases containing payment card and demand-deposit account information. The exercise …

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Report: Open-Loop Prepaid Load Volume Will Top Closed-Loop by 2012

The year 2012 could mark a milestone for the prepaid card industry. That's when load volume on so-called open-loop, or general-purpose, prepaid cards could surpass load volume on closed-loop cards, if predictions by Mercator Advisory Group Inc. prove true. Maynard, Mass.-based Mercator recently released several prepaid market reports, the latest …

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Tyfone Sees Its New Patent Advancing NFC on Memory Cards

In the wake of a patent award announced this week, a top Tyfone Inc. executive says the company expects to have what it calls a “scalable” platform built by the middle of next year for a contactless mobile-payments system based on Secure Digital memory cards that fit into handsets. “The …

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Industry Giants First Data And RSA Give Tokenization a Boost

A new data-security service announced on Tuesday by heavyweight players in payment processing and data security?First Data Corp. and EMC Corp.'s RSA unit, known as The Security Division of EMC?is expected to boost a technology called tokenization, the replacement of cardholder account numbers with surrogate numbers or “tokens.” Since the …

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NACHA Proposes to Use WEB for Mobile Payments, for Now

The rules-setting body of the automated clearing house plans to classify mobile ACH transactions under the existing WEB code rather than create a new code for such payments, at least for the short term. Mobile payments could get their own code some time after 2010. Those ideas are part of …

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Processing Fees Are Lower, But Big And New Clients Benefit Most

Merchant acquirers and independent sales organizations are paying about 10% less for authorization and back-end transaction processing services than they did in 2007, according to new study by The Strawhecker Group. But, not surprisingly, big acquirers get the best pricing, and new clients of service providers are getting better deals …

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