Wednesday , September 19, 2018

Transaction Processing

Five Steps Online Merchants Can Take to Batten Down Their Sites

While most of the high-profile data breaches involving card numbers have happened at point-of-sale merchants, consumers continue to express reluctance about entering card information at e-commerce sites. And, for at least some of these sites, such consumer concerns may be justified, according to Nicholas J. Percoco, vice president of consulting …

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Durbin Adds Senate Bill to House Effort to Rein in Interchange

The other shoe dropped on bank card interchange Thursday afternoon when U.S. Sen. Dick Durbin, D-Ill., introduced a companion bill to the Credit Card Fair Fee Act of 2008 pending in the House of Representatives' Judiciary Committee. Durbin's bill, including its name, is nearly identical to the House version introduced …

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Indiana Bank’s Debit Card Breach Underscores Issuer Vulnerability

South Bend, Ind.-based 1st Source Bank is reissuing its entire portfolio of debit cards after a hacker or hackers broke into a bank server containing debit card data. No fraud has been discovered as a result of the intrusion, a bank executive tells Digital Transactions News. The $4.5-billion-asset bank with …

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Researcher Sees Issuers’ Service Providers as PCI ‘Hot Spots’

Six specialty types of vendors, processors, and other service providers that card issuers use lack specific guidelines on how to protect cardholder data under the Payment Card Industry data-security standard, or PCI, according to a recent report from research firm TowerGroup Inc. These service providers thus represent “hot spots” that …

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How Chase And First Data Are Splitting Chase Paymentech

It's official: JPMorgan Chase & Co. and First Data Corp. will end their joint venture that owns Chase Paymentech Solutions LLC, the world's largest merchant acquirer, by the end of the year. The announcement on Tuesday morning was widely anticipated following the buyout of First Data last year by private-equity …

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Once Languishing, POP Now Gets a Warm Welcome from Merchants

A payment method that lets merchants convert checks at the cash register into electronic transactions shows signs of picking up momentum across a spectrum of retailers. It's quite a turnaround for the point-of-purchase electronic-check application (POP), which relies on the automated clearing house network for settlement. Only a few years …

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Pariter Will Focus Its Efforts on BofA And Wells, CEO Says

Pariter Solutions LLC, the new company formed by Bank of America Corp. and Wells Fargo & Co. to process automated clearing house transactions for the two banks, has no current plans to add other financial institutions as clients, the new venture's chief executive tells Digital Transactions News. “Our first goal, …

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Answering Analysts, First Data Keeps Mum About Chase Paymentech

When it comes to information about the uncertain future of Chase Paymentech Solutions LLC, the world's largest merchant acquirer, the analysts just weren't taking no for answer. The occasion was processor First Data Corp.'s first-quarter earnings conference call on Friday, during which the company also revealed that it had spent …

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Due out in October, PCI Update Will Consist of Tweaks, Council Says

The rules for protecting cardholder data will be updated in October, the PCI Security Standards Council announced on Wednesday. The PCI Council, the organization the payment card networks set up in 2006 to oversee the so-called Payment Card Industry data-security standard, or PCI DSS, is billing the coming changes more …

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Stats Show a Surge in Paying Banks Now Receiving Check Images

Some recent statistics indicate banks are making significant headway in their ability to receive and clear electronic check images. PaymentsNation, a major clearing house for checks and check images, reported this week that the number of routing and transit numbers (R/Ts) receiving check images reached 5,275 at the end of …

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