Thursday , March 28, 2024

Search Results for: ftc

TSYS’s Netspend Unit To Pay $53 Million As Part of FTC Settlement

Netspend, the prepaid card unit of processor Total System Services Inc. (TSYS), will pay $53 million as part of a settlement it reached with the Federal Trade Commission over allegations concerning how it handled some marketing materials. The settlement, announced Friday, calls for Netspend to set aside $40 million to …

Read More »

TSYS in FTC Settlement Talks Over NetSpend and other Digital Transactions News briefs

• Total System Services Inc. (TSYS) reported that it is talking with the Federal Trade Commission to settle the FTC’s November lawsuit accusing TSYS’s NetSpend prepaid card unit of deceptively marketing reloadable prepaid cards. TSYS took a $13 million charge in the fourth quarter in connection with the settlement talks. • Newtek …

Read More »

Routing Wars Draw in the Fed And the FTC

The wrangling over debit card transaction routing heated up last month as Visa Inc. disclosed the Federal Trade Commission is investigating the network’s EMV routing practices. And the Federal Reserve earlier in November posted guidance about EMV debit routing that, according to eight retailer trade groups, was issued in response …

Read More »

Visa’s EMV Debit Routing Practices Attract the Attention of the FTC And the Fed

By Jim Daly@DTPaymentNews The Federal Trade Commission is investigating Visa Inc.’s practices involving EMV debit card transaction routing, Visa disclosed Tuesday. And the Federal Reserve earlier this month posted guidance about EMV debit routing that, according to retailer trade groups, was issued in response to their objections to Visa’s practices …

Read More »

FTC Investigating Visa EMV Routing Practices and other Digital Transactions News briefs

• The Federal Reserve posted a notice that a payment network violates the debit card transaction-routing requirements in its rule implementing the Dodd-Frank Act’s Durbin Amendment if the network requires a merchant to allow a cardholder to choose an application that routes to only one network during an EMV debit card purchase. …

Read More »

In Its Face-Off With the FTC, NetSpend Argues It’s Following the Rules

NetSpend, the prepaid card unit of processor Total System Services Inc. (TSYS), is facing a Federal Trade Commission lawsuit filed Thursday over allegations the company deceptively marketed reloadable debit cards. The suit, filed in the U.S. District Court for the Northern District of Georgia, alleges NetSpend promised “immediate access” to …

Read More »

MCX, Softcard, And the Conundrum of Consortia

Following the audacious gatecrashing of the incumbent-payments party, MCX should have been king of the world. Instead, what occurred was an extended period of retrenchment. We have recently witnessed the likely demise of yet another attempt at cracking the mobile-payments nut. For many, the implosion of Merchant Customer Exchange LLC’s …

Read More »

MCX, Softcard, And the Conundrum of Consortia

The idea of the payments consortium has a checkered history. Nick Holland explains why. We have recently witnessed the likely demise of yet another attempt at cracking the mobile-payments nut. For many, the implosion of Merchant Customer Exchange LLC’s CurrentC wallet venture was no great surprise. To be sure, MCX …

Read More »
Digital Transactions