News

April, 2013

• 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 …
• 17 April

  Retailer-Backed MCX Picks Gemalto as Its Digital-Wallet Technology Provider

    The retailer-backed Merchant Customer Exchange (MCX) mobile-payments system on Wednesday took another step toward its launch with the announcement that Netherlands-based Gemalto N.V. would provide the technology for its mobile wallet. Gemalto, which employs 224 workers at its U.S. headquarters in Austin, Texas, is best known for producing SIM …
• 17 April

  Fiserv Enters Real-Time P2P Payments Fray with Popmoney Instant Payments

    Fiserv Inc. on Wednesday announced it is adding a capability to its Popmoney person-to-person payment service that will let users send money within seconds to intended recipients. The new feature, called Popmoney Instant Payments, relies on debit-network clearing and comes as more and more processors are harnessing these networks …
• 17 April

  PayPal Hikes Offline Merchant Count by 11% with First-Quarter Jump

    Nearly 20,000 U.S. merchant locations now accept PayPal, up from 18,000 three months ago, according to data released on Wednesday in tandem with eBay Inc.’s quarterly earnings report. San Jose, Calif.-based PayPal Inc. is a unit of eBay. The roughly 11% jump in merchant acceptance for PayPal since eBay’s …
• 15 April

  New Rivalry from Potent Players Is Moderating Prepaid Card Pricing, Survey Finds

    New competition from national and regional players is helping to moderate prepaid card pricing for consumers, according to a survey released on Monday by Bankrate.com. Indeed, the majority of the 24 cards studied by the North Palm Beach, Fla.-based information service now carry no fees at all for such …