Digital Transactions Authoritative, insightful and timely information for payments professionals

• The Independent Community Bankers of America trade group submitted a faster-payments proposal to the Federal Reserve’s Faster Payments Task Force; developed with North American Banking Co., the ICBA proposal includes a white-label mobile application and a payments directory to enable transaction settlements through the automated clearing house network’s new …

By Jim Daly@DTPayment News Nearly two years and thousands of comments after issuing its draft regulation, the Consumer Financial Protection Bureau issued its long-awaited final prepaid card rule Wednesday. The 1,689-page document, almost double the size of the draft rule the CFPB issued in November 2014, largely follows what the …

By Jim Daly@DTPaymentNews Like a heavy Thanksgiving meal, the 1,689 pages of new prepaid account regulations from the federal Consumer Financial Protection Bureau are going to take a while to digest. The rules cover everything from fee disclosures to overdrafts, and, predictably, they are is drawing praise from consumer groups …

• A federal judge in California has allowed an antitrust case to move forward against American Express Co., Discover Financial Services, MasterCard Inc., and Visa Inc. The case was filed in March by Florida merchants as a class-action suit alleging the networks had conspired to shift chargeback liability from banks …

• Vantiv Inc. has agreed to provide processing services to McCoy Federal Credit Union in central Florida. Services include ATM, debit, and credit card processing as well as MobiMoney, a feature that lets customers use their mobile device to turn cards on and off and receive alerts. • The U.S. …

EMV at the point of sale is already driving more and more criminals to the e-commerce channel, pushing online fraud losses ever higher. In this one-hour webinar, learn from experts how to stem that tide while minimizing the impact on legitimate customers. Webinar was held on October 4, 2016. View …

By Peter Lucas@DTPaymentNews Consumers continue to pay higher fees for out-of-network ATM transactions, but have more access to free, non-interest checking accounts, says Bankrate Inc.’s annual survey of checking-account fees. Combined surcharges levied by

    The demand for point of sale systems continues to expand as businesses seek to accept all payment types, manage inventory and compete for customers. To meet the growing demand, many payment processors have developed their own POS solutions, with varying degrees of success. To date, very few providers …

By Kevin Woodward@DTPaymentNews A year into the migration to EMV chip cards, most consumers—83%—still are unsure of whether to dip or swipe their chip-enabled credit or debit cards at the point of sale. That statistic comes from a survey of 1,000 U.S. consumers commissioned by payments specialist Cayan and conducted …

By John Stewart @DTPaymentNews For years, pundits have said consumers trust banks more than any other entity when it comes to payments options, but that doesn’t mean financial institutions are always delivering the most innovative services. Now a review of mobile-banking and -payments offerings indicates even the nation’s biggest banks …

By Jim Daly@DTPaymentNews The first business day of 2016’s fourth quarter produced several announcements about payments-industry acquisitions. In the biggest, globe-trotting ATM network operator Cardtronics plc will gain a toehold in the Asia-Pacific region by acquiring Canadian ATM firm DirectCash Payments Inc. (DCPayments) for $460 million. Meanwhile, Meta Financial Group …

• ATM network operator Cardtronics plc announced it plans to buy Canadian ATM operator DirectCash Payments Inc. (DCPayments) for $460 million; DC Payments operates 25,000 ATMs and will give Cardtronics its first presence in Australia and New Zealand and expand its operations in Canada, the United Kingdom, and Mexico. • …

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As the automated clearing house network gets set to start a process that will over time speed up all ACH credit and debit transactions to same-day settlement, the ACH’s governing body late this summer took an important step toward controlling the risk posed by certain non-bank players that stand between …

Even though the payments industry is undergoing an unprecedented attack by fraudsters, funding of cybersecurity startups by top investors will drop somewhat this year compared to 2015, according to the latest data from CBInsights, a New York City-based firm that tracks venture-capital investment. Total cybersecurity funding deals this year are …

With malware and hacker attacks on payment card-accepting devices increasing in sophistication, the PCI Security Standards Council last month announced updated rules for protecting such devices. “The updates are designed to stay one step ahead of criminals who continue to develop new ways to steal credit and debit card data …

By Jim Daly@DTPaymentNews If they could assign a letter grade to the first year of EMV chip card payments in the U.S., half of Digital Transactions News readers would give it an “F,” according to results of the daily e-newsletter’s weekly poll. The newsletter’s Sept. 23 edition asked respondents to …

By Kevin Woodward@DTPaymentNews With the U.S. point-of-sale conversion to EMV chip card acceptance well under way, attention turns to the upcoming liability shifts for ATM and fuel-dispenser transactions. First up is MasterCard Inc.’s liability shift for ATMs, which kicks in Oct. 21. Both MasterCard and Visa Inc. also have a …

• Processor Total System Services Inc. (TSYS) reported that John Shlonsky, senior executive vice president of TSYS, and president of TSYS’s Merchant Services segment, has resigned effective Oct 7. Shlonsky joined TSYS in April with the company’s acquisition of merchant processor TransFirst Holdings Inc., where he was president and CEO. …

By Kevin Woodward@DTPaymentNews ATM operators wondering if their machines will be compliant with MasterCard Inc.’s EMV protocols by Saturday, Oct. 1, now have a little more breathing room. MasterCard confirmed to Digital Transactions News Friday that the date, widely thought to be Saturday, is actually Oct. 21. While the Oct. …