Digital Transactions Authoritative, insightful and timely information for payments professionals
Metavante Corp. continues to pursue an aggressive acquisition strategy in electronic payments with it announcement today that it agreed to buy VECTORsgi, a software company in Addison, Texas, that sells check-imaging software. The acquisition, valued at $100 million in cash plus another $35 million to be paid if certain targets …
October, 2004
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14 October
PayPal’s Technical Snafu Does Little to Dent the Confidence of Some
As the PayPal Inc. online payment service returned to normal yesterday, its technical problems of the past several days have raised the specter in some circles of the company's non-bank status. Some observers, particularly bankers, have long argued that as a non-bank financial entity, PayPal is not bound by many …
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12 October
MasterCard Teams with Motorola to Test PayPass for Cell Phones
MasterCard International announced today it will launch pilots of its PayPass electronic payment system on mobile phones from Motorola Inc. The Purchase, N.Y.-based card company says the pilots will get under way at a “variety” of unspecified locations in the U.S by the end of the year. The Motorola phones …
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12 October
PayPal Says It ‘Made Progress’ Today against Coding Glitch
PayPal Inc. late this afternoon says it is making headway against the software glitch that has plagued its Web site since Friday, rendering it inaccessible at times for both buyers and sellers who use the PayPal electronic payment system. “We made progress today, and we've got eBay and PayPal technical …
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11 October
Can a Veteran of ATM Networking Succeed in Health Care Processing?
A veteran ATM network executive thinks he can succeed at building a national health-care transaction-processing system, though similar efforts have a dismal record of failure. The executive, Joseph E. Wolfson, founder of the Metroteller electronic funds transfer network, expects the HealthTransaction Network to begin processing transactions from health-care insurance companies …
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8 October
A Proposed ACH Fee for Unauthorized Debits Stirs Debate
A new proposal that would require banks that originate unauthorized automated clearing house transactions to pay fees to receiving banks went out to ACH members for comment this week, but not without controversy. “This is by far the most polarizing topic the ACH industry has seen in a long time,” …
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7 October
Albertson’s Will Pilot Biometric Authentication from Pay By Touch
Albertson's Inc., a Boise, Idaho-based chain of supermarkets, will install and test a biometric-based system to authenticate electronic transactions by the end of the first quarter next year. The system, which relies on mathematically derived templates of consumers' fingerprints, comes from San Francisco-based Pay By Touch, which has been aggressively …
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6 October
New Check Software to Let Merchants Cash in on Check 21
With the effective date for the Check Clearing for the 21st Century (Check 21) Act only 22 days away, few electronic payments observers doubt that the efficiencies of check imaging and image exchange will benefit banks. A lingering question, though, has been how much it will benefit retailers who accept …
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5 October
The Sub-$2 Market Keeps Growing?at the POS As Well As Online
The number of Americans ages 12 and up who bought sub-$2 digital content online in the past year has ballooned to more than 14 million, up from 4 million a year ago, according to a survey released today. “The data suggest that the online micropayments market has grown significantly in …
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4 October
Discover Sues, AmEx-MBNA Get Set in Wake of Supreme Court Decision
Within minutes of the U.S. Supreme Court's decision this morning to let stand a lower court's ruling forcing Visa and MasterCard to allow members to issue cards on the American Express Co. and Discover Financial Services Inc. networks, Discover filed suit against the bank card associations and AmEx announced it …