News

May, 2013

• 1 May

  Nelms: PayPal Deal Helps Make Discover the ‘Alternative Network for Alternative Payments’

    With a major expansion of its arrangement with PayPal Inc. due later this year, Discover Financial Services is now “the alternative network for alternative payments in the United States,” Discover chief executive David W. Nelms told an audience of merchant acquirers on Wednesday. Hinting that more deals similar to …

April, 2013

• 30 April

  First Data Tells Merchant Acquirers That It Won’t Support PayPal Acceptance

    Discover Financial Services on Tuesday named six prominent merchant acquirers among 50 committed to helping the network bring acceptance of leading online payment system PayPal to more than 2 million physical merchant locations by year’s end. But a notable missing link is No. 1 merchant processor First Data Corp., …
• 29 April

  First Data Picks a Top Chase Executive As Its New CEO

    Leading payment processor First Data Corp. reached outside the company over the weekend to tap Frank Bisignano, a veteran operations executive with experience at some of the nation’s largest banks, as its new chief executive officer. Bisignano, most recently co-chief operating officer at JPMorgan Chase & Co., replaces Jonathan …
• 29 April

  Picture Clouded on Durbin’s Results for Retailers And Consumers, Study Says

    One full year after complete implementation of the controversial Durbin Amendment’s debit card regulations, the impact on both merchants and consumers—the law’s putative beneficiaries—remains mixed, according to a study released by the Federal Reserve Bank of Kansas City. While Durbin drastically reduced interchange for the country’s largest banks while …
• 25 April

  Execs with Major Retailers Complain EMV Attacks Wrong Problem at Huge Expense

    n In the case of some merchants, a high rate of PIN acceptance is already controlling fraud, the merchants said. “Our actual fraud rate is so small it’s hardly worth mentioning,” said Gavin Waugh, vice president and assistant treasurer at Wendy’s International Inc. “[EMV] doesn’t move the needle that …
• 23 April

  Organized Crime, Espionage, And ‘Social’ Tactics Drive Recent Data Breaches

    Financially motivated cybercrime accounted for 75% of data breaches in 2012, with state-affiliated espionage campaigns aimed at stealing intellectual property ranking second at 20%, according to the Verizon 2013 Data Breach Investigations Report released on Tuesday. In 2012, breaches affecting financial organizations accounted for 37% of the total, followed …
• 23 April

  NACHA Positions the ACH Network To Be a P2P Payments Player

    With electronic person-to-person payments volumes booming thanks to an ever-growing list of services from transaction processors, banks and companies such as PayPal, the automated clearing house network is trying to position itself as a P2P player. ACH governing body NACHA on Tuesday introduced bankers to a new rule it …
• 23 April

  Smaller Debit Issuers, Exempt from Durbin Caps, Still Feel Pricing Impact, Expert Says

    The provisions of the Durbin Amendment to the 2010 Dodd-Frank Act are starting to hurt smaller issuers’ debit card income even though these financial institutions are explicitly exempted from the law’s cap on interchange rates, according to a debit expert. “This phenomenon is happening as we speak,” said Tony …
• 22 April

  An Expanded Fed Service May Be the Best Hope for Same-Day ACH

    Proponents of same-day settlement of automated clearing house transactions are now pinning their hopes on an enhanced same-day service from the Federal Reserve that contains many elements in a proposal from ACH governing body NACHA that failed last August despite widespread banker support. The beefed-up Fed service, however, still …
• 18 April

  Retail ATM Deployers Look for New Revenues As Interchange Declines

    Interchange rates on ATM transactions are falling and may not have hit bottom yet, so independent distributors of ATMs need to look for additional sources of revenue. That is the conclusion of a recently released white paper entitled, “The Future of Interchange in the United States,” sponsored by the …