Digital Transactions Authoritative, insightful and timely information for payments professionals
Faster clearing and settlement of automated clearing house transactions, hampered by a host of issues and limitations, could be picking up some momentum, albeit slowly. Software is emerging to allow both large and small financial institutions to take advantage of a nearly 1-year-old Federal Reserve service that clears transactions …
July, 2011
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14 July
PayPal’s Slick New NFC-Based P2P Tech Could Be Prelude to POS Play
PayPal Inc. this week demonstrated its slick new person-to-person payments option for Android smart phones equipped with near-field communication (NFC) technology. The demo gave birth to a crop of headlines in online tech publications, but the new service may be little more than a prelude to bigger things PayPal …
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14 July
Eye on EMV: UNFCU Study, Aite Survey, Jack Henry Service
n The first U.S. financial institution to introduce EMV cards, United Nations Federal Credit Union, released the results of a study along with Gemalto, the vendor of its cards. The study comes one year after the credit union launched its chip-and-PIN credit cards. As a result of the study, …
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13 July
NCR Jockeys for POS Position with $1.2 Billion Deal for Radiant Systems
NCR Corp. bolstered its position at the point of sale this week by announcing a deal to buy Radiant Systems Inc. for $1.2 billion in cash. Alpharetta, Ga.-based Radiant Systems is a specialist in POS software and hardware for various merchant segments, especially the hospitality industry and specialty retailers. …
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12 July
In a Surprising Twist, Reloadable Prepaid Not As Durbin-Proof As Originally Thought
Reloadable general-purpose prepaid cards, once thought to be largely exempt from the debit card interchange restrictions of the Durbin Amendment, will be covered by that law in more cases now that the Federal Reserve has issued its final rule interpreting the amendment. Some experts see the new rule crimping …
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7 July
With $5 Million Round, Mobibucks Is Latest NFC Alternative to Draw Investors
While point-of-sale payments using near-field communication (NFC) technology appear to be drawing closer, systems that let consumers make mobile payments in stores without NFC are drawing investor interest. This week, Mobibucks, a Louisville, Ky.-based startup, announced a $5 million Series A funding round led by Acadia Woods Partners. The …
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6 July
Looking Ahead: Fed’s Rule Will Complicate Debit Game for All Players
n It also raises as many questions as it answers. n He refrained from speculating on what changes might be made, but the panel agreed the Fed’s room for maneuver is constrained by Congress. The Fed’s rule implements the Durbin Amendment to the Dodd-Frank Act, passed by Congress last …
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6 July
As Fed Debit Rule Sinks in, Merchant Class Action Grinds Toward Trial
Now that the Federal Reserve’s new debit card interchange regulations are finally out in the open, the profile of yet another payment card interchange and rules controversy is slowly rising. That’s the raft of merchant antitrust lawsuits pending in U.S. District Court in Brooklyn, N.Y., collectively known as “MDL 1720.” …