Digital Transactions Authoritative, insightful and timely information for payments professionals
CheckFree Corp. is leveraging its access to millions of electronic bill-payment transactions to offer a new anti-fraud tool that it says can stop fraud losses before they happen in consumer payment channels in and outside of electronic bill pay. The Norcross, Ga.-based processor, which serves about 1,700 financial institutions and …
November, 2005
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16 November
Study: PIN Debit Cheaper, Less Fraud-Prone Than Signature
PIN debit transactions are cheaper than debit card transactions secured by signature, incur lower fraud losses, and generate slightly higher average tickets, according to a survey of issuing banks. Taking into account processing costs as well as the cost of back-office fraud-management, chargebacks, settlement, customer service, and accounting functions, the …
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14 November
Debitman Signs up Wal-Mart, Courts Grocers As Interchange Suits Fly
Wal-Mart Stores Inc. has begun accepting cards issued on the Debitman Card Inc. network, a 5-year-old system that allows merchants to issue and accept PIN-secured debit cards and clear transactions through the automated clearing house. Wal-Mart began taking the Debitman card Nov. 1 at all 3,600 U.S. Wal-Mart and Sam's …
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14 November
Credit Union 24 Moves to a New Switch As It Looks to New Services
Credit Union 24, an electronic funds transfer network based in Tallahassee, Fla. and the country's largest controlled by credit unions, is planning to move its switching service to a new processor in a conversion it says will start next March and will take about nine months. The move will bring …
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11 November
Card-Based Bill Payments Rise As Billers Bow to Consumer Demand
Whether they like it or not, billers are accepting more credit and signature-based debit card transactions on their Web sites?at the expense of the share of less costly bill payments cleared through the automated clearing house. So-called biller-direct sites?Web sites set up by financial institutions, utility companies, telecommunications carriers and …
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9 November
First Data Ponders Options for Its Shrinking Card-Issuing Business
In a move that could lead First Data Corp. to sell its shrinking card-issuing operation, the Denver-based processor announced today it has hired investment banker Morgan Stanley to investigate options for the unit. The card-issuing business, one of three principal processing operations at First Data, has been rocked in recent …
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9 November
E-Commerce Fraud Losses Rise As Big Sellers Get Hammered
Total losses from e-commerce fraud will hit $2.8 billion in 2005, up from $2.6 billion last year, with large and mid-sized merchants getting hit the hardest after several years of success in controlling the problem, according to a study released today. Although the overall rate of fraud loss will dip …
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8 November
QSR, Internet Show Strong Gains in Pre-Holiday Visa Card Activity
Quick-service outlets and e-commerce, both emerging channels for electronic transactions, grew at double-digit rates in activity on Visa USA credit and debit cards in the week ending Nov. 6, according to a report the card association released today. In the run-up to the critical holiday spending season, fast-food transactions jumped …
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7 November
David Slays Another Goliath in Check-Imaging Infringement Cases
DataTreasury Corp. has scored another victory in its ongoing litigation against major banks, networks, and vendors over alleged infringement of DataTreasury patents covering processes involved in check-image exchange, and now says it is preparing to fight cases it has filed against nine other outstanding defendants. With the decision by France's …
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7 November
iPayment CEO Sweetens His Offer, But Cautions Company’s Board
The latest offer from the top executive of Nashville, Tenn.-based merchant processor iPayment Inc. to buy the company and take it private is higher than the one he presented this spring, but contains what appears to be a blunt statement to iPayment board members that they should accept the offer …