Transaction Processing

In a move that could have a bottom-line impact for an untold number of independent sales organizations, First Data Corp. is sending letters to client ISOs notifying them they owe fees to the Atlanta-based processing giant to compensate for shortfalls in processing volumes. While it’s not clear how many such …

Merchants, processors, and others in the card industry will have more time to review and implement new versions of the Payment Card Industry data-security standard under a new schedule announced on Tuesday by the PCI Security Standards Council. With the revised schedule, the main standard and PA-DSS, the standard for …

Tokenization and encryption may be the best solution to one of the biggest data-security challenges facing merchants: how to protect confidential payment card information against emerging threats without disrupting normal business operations. That’s according to a security brief released on Tuesday by RSA, the Security Division of EMC. Security experts …

Acquisitive financial-institution processor Jack Henry & Associates Inc. on Monday said it has completed its $300 million buyout of iPay Technologies, a low-profile but fast-growing electronic bill-payment processor that will add substantial mass to Jack Henry’s already sizable bill-pay business. Monett, Mo.-based Jack Henry provides bill-pay services to 1,050 of …

Everyone knows data breaches are expensive and affect a lot of people, but just how much is startling. In a new analysis, Javelin Strategy & Research estimates credit and debit card issuers spent $252.7 million in 2009 replacing more than 70 million cards compromised by data breaches. Analyst Robert Vamosi …

With application developers rushing to bring apps to market for Apple Inc.’s immensely popular iPad tablet computer, payment service provider Square Inc. is predicting the iPad will become a game changer in wireless payments, and says that it will aggressively pursue developing iPad applications that enrich the transaction experience. The …

Having seen a significant uplift in mobile-payments volume so far this year, PayPal Inc. along with developer partners have in the past few days unveiled new products and services that could accelerate the processor's growth in this nascent market. PayPal said it is providing payment processing for new mobile-storefront software …

Visa Inc. has “relaxed enforcement” of the July 1, 2010, deadline for petroleum retailers to install software that meets the so-called Triple Data Encryption Standard (also called 3DES or TDES) in response to requests from the major oil companies, including ExxonMobil, the card network said in a statement released this …

Business is turning around for VeriFone Systems Inc., the leading U.S.-based point-of-sale terminal maker, as the economy shows signs of recovery and services rather than traditional hardware for processing payment card transactions account for an ever-greater share of VeriFone’s sales. San Jose, Calif.-based VeriFone late Wednesday reported net income of …

The battle over online gambling continued earlier this week during a hearing held by the U.S. House Ways and Means Committee on legislation to tax licensed Internet gambling in the U.S. The bill—known as the Internet Gambling Regulation and Tax Enforcement Act—was reintroduced in March by Rep. Jim McDermott, D-Wash. …