News

July, 2011

• 28 July

  Heartland Hopes To Make Hay from Debit Price Controls with “Durbin Dollars”

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• 27 July

  First Checks, Now Cards: How Entrepreneurs Are Harnessing Cameras for Payments

    n Jumio Inc., a startup based in Mountain View, Calif., this week introduced a system that lets consumers scan credit and debit cards using the Webcam built into many PCs. The launch follows a similar application introduced earlier this year by Card.io, San Francisco, that lets mobile phones scan …
• 27 July

  Visa Outlines New Fee Structure To Defend Its Debit Business

  As Visa Inc. moves into the post Durbin-era, the debit card market leader plans to offer a fixed network participation fee and reduce its variable processing fee for Visa debit products in the United States. Executives expect the new fee structure will make Visa a more viable alternative to competing …
• 26 July

  ACI Announces a $540 Million Bid for S1, Casting a Shadow over S1’s Fundtech Deal

    In a surprise development that has the potential to scuttle a merger agreement between payments-software firms S1 Corp. and Fundtech Ltd., ACI Worldwide Inc. on Tuesday announced a cash-and-stock bid valued at $540 million to acquire its Atlanta-based rival S1. If the deal is consummated, it will combine two …
• 26 July

  New Rule To Fight Prepaid Money Laundering Mostly Exempts Closed-Loop Cards

  Federal regulators on Tuesday issued their final rule for preventing terrorists, drug dealers, and other criminals from using prepaid cards for money laundering. The new rule from the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCen) subjects merchants and other non-bank entities that sell or manage prepaid cards to some …
• 21 July

  PayPal Will Process POS Payments for up to 20 Merchants in 2012, eBay Chief Says

    PayPal Inc. will roll out mobile payments at the point of sale with as many as 20 retailers next year following a pilot set to start later in 2011, the chief executive of eBay Inc., PayPal’s parent company, said late on Wednesday. Speaking to stock analysts as part of …
• 21 July

  Hypercom Pulls Plug on SmartPayments Software Amid Security Flaws

  Security weaknesses have caused Hypercom Corp. to pull the plug on a software system that enables gateways and merchants using personal computers as virtual terminals to connect to payment-processing services. Scottsdale, Ariz.-based Hypercom sent a notice on July 15 to users of its SmartPayments Savannah Server and related products that …
• 20 July

  Smart Phones Sell Like Hotcakes, But Mobile Banking Cools off

    n That’s the conclusion of a report released this week by Javelin Strategy & Research, Pleasanton, Calif. In it, Javelin analyst Philip J. Blank notes that mobile-banking adoption among smart phone users has leveled off even though consumers continue to snap up the gadgets at a furious rate. A …
• 19 July

  Brand Protection, Internal Threats Emerge Among Chief PCI Preoccupations

    Fear of the damage that a data breach can inflict on a brand, rather than of network fines, drives organizations to invest in compliance with the Payment Card Industry data-security standard (PCI), a study released on Tuesday says. Some 69% of the mostly online organizations surveyed cited brand protection …
• 19 July

  Isis Now Counts Visa, MasterCard, Discover, And AmEx As Network Partners

    Rebounding after abandoning plans to build a proprietary merchant network, the Isis mobile-payments joint venture of three leading telecommunications companies on Tuesday said it had enlisted the support of the four major general-purpose card networks in the U.S. The announcement marks an advance by the venture backed by AT&T, …