News

July, 2011

7 July
Deal for Zong Hands PayPal New Funding Option for Mobile Payments

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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 …
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.” …
6 July
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 …
1 July
With the Fed’s Debit Rule in Place, Anti-Durbin Crusader TCF Throws in the Towel

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30 June
Reviews Are in on Fed’s Final Debit Rule: Thumbs Down from Both Retailers And Banks

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29 June
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 …
29 June
In a P2P Play, Fiserv Snaps up CashEdge for $465 Million in Cash

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28 June
Intuit Buys Technology from Citi-SK Telecom Venture to Speed up Mobile Launches

n Intuit announced late on Monday that it had acquired the mobile Web platform developed by San Mateo, Calif.-based MMV, a joint venture formed in 2008 by Citigroup Inc. and SK Telecom, a major South Korean telecommunications company, to offer mobile-banking capability worldwide. Intuit, which had been licensing the …
28 June
Regulators Update Online-Authentication Guidance, But What About Mobile?

Federal banking regulators on Tuesday updated their 2005 guidance about authentication for Internet banking. Officially a supplement to the original guidance, the new document addresses social media, malware, and other security issues that have cropped up in recent years. It also allows financial institutions about seven months to comply. …