News

October, 2013

• 1 October

  Dueling Studies Reach Opposite Conclusions About Consumers’ Durbin Savings

  Durbin Amendment critics have long accused merchants of pocketing the billions they’ve saved since the amendment’s highly controversial debit card interchange price controls took effect two years ago Tuesday. Now, however, retailers are rolling out a study estimating that merchants passed on $5.86 billion in Durbin-related savings to consumers last …

September, 2013

• 30 September

  Survey Finds ATM and Most Other Checking Fees Growing Only Modestly in 2013

  The average ATM surcharge rose 4% over the last year, but the average foreign fee fell 2.5%, according to new data from research firm Bankrate Inc. Findings from Bankrate’s latest annual survey of checking-account fees, including ATM and overdraft charges, shows overall price increases have slowed, a possible indication that …
• 30 September

  Having Stopped Branch Sales, Chase Exits the Open-Loop Gift Card Business Entirely

  JPMorgan Chase & Co., which this spring stopped selling Visa gift cards through its network of branches, has now quit the business entirely. The decision comes weeks ahead of the biggest selling season of the year for gift cards but doesn’t surprise some observers, who point to the challenges recent …
• 29 September

  As Judge Mulls Settlement, a Thorny Issue over Merchant Claims Roils the Court

  All eyes in the payments business were riveted on Brooklyn earlier this month as lawyers wrangled in federal court over the proposed credit card interchange settlement. What many interested parties—including most observers in the courtroom that day–may have missed, however, is that the hearing brought to light for the first …
• 26 September

  Fast-Growing Braintree Brings Merchant Focus, Market Share to PayPal Wallet, Observers Say

  EBay Inc.’s agreement to shell out $800 million for Braintree Payments Solutions LLC, announced on Thursday, signals the online auction giant’s desire to extend its PayPal brand further into mobile commerce and in-store commerce, analysts suggest. EBay’s confirmation of the deal, which is expected to close in the fourth quarter, …
• 26 September

  ‘Medium-Sized’ Changes on Tap With PCI’s Pending Version 3.0

    The upcoming Version 3.0 of the Payment Card Industry data-security standard (PCI) is being billed as having more than a few tweaks but not wholesale changes from the three-year-old Version 2.0 that it will replace in November. “It’s a medium-sized change,” says Anton Chuvakin, research director, security and risk …
• 25 September

  In Helping out Archrival Square, Intuit May Have More To Gain Than To Lose

  At first glance, it looks like a lopsided collaboration between competitors, but the agreement by which mobile point-of-sale upstart Square Inc. will integrate Intuit Inc.’s popular QuickBooks accounting software may end up benefiting both parties equally, some observers say. Under the deal, announced on Tuesday, users of the Square Register …
• 25 September

  Post-VeriFone, Bergeron Runs a $500 Million Warchest To Buy Payments Companies

  By Kevin Woodward   Six months after leaving point-of-sale terminal maker VeriFone Systems Inc., Douglas G. Bergeron is leading a new enterprise targeting financial-services and payments companies for acquisition.   Dubbed Opus Global Holdings LLC, the new company has $500 million at its disposal to buy companies. Bergeron is collaborating …
• 24 September

  Selection of Galant As New Boss Suggests VeriFone Will Keep Spotlight on Services

  VeriFone Systems Inc. on Monday named Citigroup executive Paul Galant as its chief executive, ending a six-month quest for a permanent top executive. Galant replaces interim chief executive Richard McGinn, who assumed that role in March when long-time chief executive Douglas G. Bergeron left the San Jose, Calif.-based point-of-sale terminal …
• 24 September

  By Snagging Official Payments, ACI Bolsters Client Base, Recurring Revenue

  ACI Worldwide Inc.’s $109 million deal to buy Official Payments Holdings Inc. is a bid to grow its transaction volume and pairs well with its January purchase of Online Resources Corp., analysts suggest. Official Payments is a processor that specializes in online payments to government entities. ACI Worldwide is paying …