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Read More »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 …
Read More »Visa Will Defend Its PIN-Debit Business in the Post-Durbin World
Visa Inc. is bracing itself to lose some PIN-debit transaction volume in the newly regulated U.S. debit market, but the industry leader says it is ready to meet any challenges from competitors. “I still believe that we’re in a better position to compete in this environment than anyone else,” executive …
Read More »With the Fed’s Debit Rule in Place, Anti-Durbin Crusader TCF Throws in the Towel
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Read More »Reviews Are in on Fed’s Final Debit Rule: Thumbs Down from Both Retailers And Banks
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Read More »Fed’s Final Durbin Rule Chops Interchange by More Than 40%, Extends Compliance Deadline
n The 5 basis points added by the Fed to the 21-cent cap is intended to capture some of the fraud losses issuers sustain, the central bank said in a staff memo released on Wednesday summarizing the final rule. The final rule also allows, on an interim basis, a …
Read More »Discover Chief Says Pulse Has Beefed up for Expected Durbin Volume
With final debit card regulations at hand that will end exclusive partnerships between payment networks and debit card issuers, the head of Discover Financial Services says his company has added capacity to its Pulse electronic funds transfer network to handle anticipated new business. n Nelms was responding to a question …
Read More »Issuers Eyeing Fees for Debit Can Expect Cardholder Backlash, Survey Shows
Some 49% of debit card holders would either stop using their cards or use them less often if their issuers slapped a $1-to-$2 monthly fee on their checking accounts in return for unlimited usage, and another 25% would close their accounts altogether, according to consumer research released this week. …
Read More »An Industry Divide over Durbin’s Impact on PIN Debit for E-Commerce
While the payments industry awaits stringent new rules concerning debit card transactions, some processors and technology players are starting to exploit what they see as opportunities in the new regulations. Acculynk Inc., for example, released last week a statement calling on Internet merchants to sign up now for online PIN …
Read More »Visa Offered 35% Interchange Cut for Small Merchants on Eve of Tester-Corker Vote
n That’s the gist of a June 8 letter purportedly from Visa Inc. chairman and chief executive Joseph W. Saunders to U.S. Sen. Joe Manchin, D-W. Va., a copy of which was obtained by Digital Transactions News. On June 8, an amendment to delay Durbin’s provisions for further study …
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