Digital Transactions Authoritative, insightful and timely information for payments professionals
PayPal Inc. is planning to launch a flexible-payments application programming interface that will allow merchants and others to build their own payment systems, but the company denies that the Adaptive Payments API is a response to Amazon.com Inc.'s Flexible Payments Service, which has been available as a commercial product for …
Read More »MPX, Payments Central Merge in Latest ACH Consolidation Move
The slow but steady pace of consolidation of regional automated clearing house associations continued this week when Kansas City, Mo.-based Mid-America Payment Exchange (MPX) merged with Columbus, Ohio-based Payments Central. The new entity, dubbed Epcor, serves more than 2,300 financial institutions in all or parts of 12 states stretching from …
Read More »Yankee Group: NFC Transactions Will Soar into the Millions Next Year
Despite tests and innumerable press releases, the number of payment transactions from cell phones barely registers. But payments from mobile devices are about to take off thanks to a convergence of factors on the demand and supply side, according to a new report from Yankee Group Research Inc. The “Dialing …
Read More »Price Tag for End-to-End Encryption: $4.8 Billion, Mercator Says
Demand is booming for better payment card security as a result of the many data breaches of recent years, and the solution being touted more than any other is “end-to-end encryption.” But a new report from Mercator Advisory Group Inc. asserts that the term is imprecise and implementing the technology …
Read More »Acquiring Deal with BofA Lets First Data Renew Its Alliance Model
Bank of America Corp. and processor First Data Corp. launched a merchant-acquiring joint venture Monday, a move that marks the third major change in BofA's acquiring business in five years. First Data will own 48.5% of the new Atlanta-based Banc of America Merchant Services LLC. BofA will own 46.5%, and …
Read More »One to Many: Visa Gets a Single Connection to Multiple Carriers
Visa Inc. has a struck an agreement with NeuStar Inc., a key player in the wireless telecommunications industry, that could enable financial institutions to develop more payment services for mobile devices. Created in 1998, Sterling, Va.-based NeuStar plays a unique role in the phone business. It acts as a neutral …
Read More »Discover’s Transaction Volumes Hold Up in a Turbulent Quarter
With the credit crisis still blowing at gale force, Discover Financial Services managed to grow its second-quarter transaction and dollar volume thanks mostly to its Pulse PIN-debit network and Diners Club International more than offsetting weak credit card volume. Riverwoods, Ill.-based Discover reported Thursday that it handled a total of …
Read More »The Banking System Scrambles Toward IAT’s September Launch
With the deadline just three months away, the banking industry is scrambling to implement IAT, the new automated clearing house code for international transactions. IAT originally was to take effect March 20. But NACHA?The Electronic Payments Association, governing body of the ACH, last July pushed it back to Sept. 18, …
Read More »A Designed-for-ISOs Remote Capture Product Begins to Win Business
Wausau Financial Systems Inc., which late last year introduced a version of its remote deposit capture product specifically designed for independent sales organizations, has signed one ISO and will have three more on board by the end of the month, according to a company executive and company reports. Wausau, a …
Read More »Merchant Groups Ask for Broad Changes in Letter to PCI’s Overseer
They're mad as hell, but whether they're going to take it any more isn't quite as clear. That's the essence of a letter seven merchant trade groups sent Tuesday to the PCI Security Standards Council and the five general-purpose payment card networks. The merchants want more input when the Payment …
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