News

August, 2006

• 9 August

  SVPCO Gains More Critical Mass As PNC Joins Image-Exchange System

  All-electronic check image exchange got a boost this week with the addition of another large regional bank-holding company, Pittsburgh-based The PNC Financial Services Group, to SVPCO-Electronic Clearing Services' image-exchange network. Meanwhile, SVPCO reported today that it processed 3 million average daily items in July, up 17% from June's average. The …
• 9 August

  MasterCard Launches Real-Time Substantiation for Health-Benefit Cards

  Looking to increase the number of debit cards tied to flexible-spending accounts and other tax-advantaged health-care plans, MasterCard Worldwide has introduced a system that the Purchase, N.Y.-based bank card network says collects item-level detail and provides real-time substantiation at the point of sale. Substantiation, required by Internal Revenue Service rules …
• 7 August

  Real Tones Dominate Ring Tone Sales, While Ringback Tone Sales Rise

  Some 24.6 million U.S. consumers bought a ring tone in the second quarter of 2006, and they showed a clear preference for so-called real tones, or master tones, over polyphonic and mono ring tones, according to research released today. Ring tones for mobile phones, which are snippets of popular songs, …
• 6 August

  Monthly IRDs Surpass 100 Million, But Electronic Settlement Gains Share

  New consolidated industry data show the number of substitute checks, or image replacement documents (IRDs), flowing through image-exchange networks surpassed 100 million for the first time in June, but the share of paper relative to all image-exchange volume is declining. According to the Electronic Check Clearing House Organization (ECCHO), the …
• 3 August

  Shut out of New Markets, PIN Debit Faces Big Growth Challenges

  While PIN debit transactions at the point of sale are growing at a torrid pace, the payment application faces major hurdles when it comes to future growth, according to a research report released this week. PIN debit has registered annual growth rates between 35% and 38% since 2003, outpacing the …
• 2 August

  MasterCard, Post IPO, Swings to a Loss on Extraordinary Items

  MasterCard Inc., reporting quarterly results for the first time since its initial public offering in May, said it lost $310.5 million in the three-month period ended June 30, compared to a gain of $120.2 million in the second quarter of 2005. One-time expenses, including a $400.3 million cost for 13.5 …
• 2 August

  AmEx Cuts Costs But Boosts Marketing with Web Efforts

  American Express Co. cardholders paid their AmEx bills nearly 100 million times in 2005 using the Internet, Judson C. Linville, president of the New York City-based firm's U.S. Consumer Card Services Group, told analysts Wednesday. “The Web has fundamentally transformed our business in the last few years,” Linville said at …
• 1 August

  POS Debit Card Usage Continues To Grow, Star Survey Says

  Debit cards continue to find favor with consumers for point-of-sale purchases, results of the latest annual payments survey by First Data Corp.'s Star electronic funds transfer network shows. And recent security breaches involving PIN-based debit cards don't yet seem to have dented PIN debit's popularity. According to Star's 2005/2006 Consumer …

July, 2006

• 31 July

  Prepaid Card Roundup: New Virgin Mobile Card, U. S. Bank Hits Milestone

  Wireless provider Virgin Mobile USA LLC on Monday introduced a reloadable prepaid card that will allow its 4 million mostly young subscribers to pay for goods and services at stores and on the Web, pay bills, and send cash to one another. The card, a Visa-branded product Virgin calls the …
• 28 July

  Key MasterCard Deadline Nears for Wireless and IP Terminal Security

  A major deadline set by MasterCard Worldwide to enhance the security of transactions originating at wireless and Internet Protocol point-of-sale payment terminals is approaching, but some in the industry say many firms that could be affected aren't paying attention. On Sept. 1, Purchase, N.Y.-based MasterCard will require that newly-installed wireless …