Digital Transactions Authoritative, insightful and timely information for payments professionals
Ouch. The Durbin Amendment, which slapped debit card interchange price controls on big banks beginning Oct.1, cost some of the nation’s largest financial institutions more than $1.1 billion in reduced fourth-quarter revenue. Digital Transactions News calculated that figure based on what seven national or large regional banks disclosed over …
Read More »Protests Might Remove Acquirers From the Online Piracy Fray
The Internet revolt over bills in the U.S. House and Senate aimed at thwarting online piracy might have a welcome side effect for merchant acquirers in possibly getting them out of an unwanted role as deputies charged with enforcing public policy. The online encyclopedia Wikipedia captured international headlines Wednesday when …
Read More »Fiserv Slaps Rival FIS with a Lawsuit Alleging Infringement of Three Payments Patents
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Read More »Acquirers, Small Merchants See More Risk-Reduction Value in PCI, Survey Shows
The 7-year-old Payment Card Industry data-security standard (PCI) is proving its effectiveness in preventing data breaches among small merchants, according to a survey of payments-industry acquirers set to be released next week. The survey, cosponsored by ControlScan Inc., an Alpharetta, Ga.-based vendor of PCI-compliance solutions, and the Merchant Acquirers’ Committee, …
Read More »New DoJ Interpretation Could Lead to State-by-State Online Betting, Despite UIGEA
A 5-year-old law that bans U.S. banks and processors from handling online-gambling transactions won’t stand in the way of a U.S. Justice Department opinion released last week that appears to put the federal government's imprimatur on intrastate online betting. The DoJ on Dec. 23 released a 13-page memorandum giving states …
Read More »Though They’ll Remain Popular, Debit Cards Will See Some Growth Clipped by Regulation
Debit cards will remain popular with consumers, but the Durbin Amendment will take as much as three percentage points off its annual growth rate over the next five years, according to a new analysis from First Annapolis Consulting Inc. Some transactions that might have gone to debit cards will switch …
Read More »The Planets Align for a Boom in Mobile Remote Deposit Capture
Only a handful of the nation’s 13,000 financial institutions today offer remote deposit capture to consumers, but, riding the wave of smart-phone popularity, the number is poised to mushroom, according to new research findings from Celent LLC, Boston. Some 66% of 187 banks and credit unions Celent surveyed in …
Read More »Merchants File Suit Accusing the Fed of Departing from the Law with Its Durbin Regs
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Read More »MasterCard Estimates Settlement of Big Interchange Cases Could Cost It $500 Million
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Read More »Citing New IRS Rules, the ETA And the ABA Ask to Delay Part of Federal Reporting Law
Two industry trade groups are asking for a delay in implementation of portions of the new federal law requiring acquirers to report merchants’ electronic payment transactions to the Internal Revenue Service, saying constant changes in the reporting form and other problems are making it difficult to meet the reporting …
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