Thursday , November 28, 2024

Digital Transactions News staff

A Third Bank Settles with LML in Broad-Based ACH Patent Cases

A Canadian processor that has sued more than a dozen major banks and PayPal Inc. over a patent it says covers virtually all of the electronic-check payment types supported by the automated clearing house network scored another victory with its announcement on Monday of a settlement with San Francisco-based Union …

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NACHA Mulls Recurring TEL Debits, Other E-Check Changes

NACHA, governing body of the automated clearing house, is considering rules changes that could add volume to the ACH. Among them: allowing recurring payments under the TEL code for telephone-authorized electronic-check conversions; raising the dollar limit to $50,000 for three major e-check codes, and eliminating opt-out notification requirements on two …

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Little-Noted, Prepaid Rules Would Cover Non-Banks As Well As Banks

With the growing popularity of prepaid cards and other stored-value devices over the past few years, law-enforcement agencies and regulators have voiced concerns that payment devices intended for consumer convenience could become tools for money launderers, terrorists, and other illicit players. To address those concerns, the U.S. Treasury Department’s Financial …

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Visa Hopes RightCliq Adds the Right Value for Online Payments

Visa Inc. sees its new RightCliq shopping service as a means by which it can control more e-commerce transaction volume. But it might also represent a tactic by which it can add value to payments at a time when payment processing is increasingly perceived by merchants and consumers as a …

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Thanks to Tempo, Discover Enters Decoupled Debit

In relaunching a debit rewards card for the QuikTrip Corp. convenience-store chain this week with a new issuer and new payment card network, specialty debit processor Tempo Payments Inc. plugged Discover Financial Services into the decoupled-debit market. And after concentrating on non-profits for the past year, Tempo says more Discover-branded …

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Study: About One-Fifth of Breached Entities Were PCI-Compliant

Supermarket chain Hannaford Bros. Inc. stunned the electronic-payments world when it revealed that it had passed its most recent audit for compliance with the Payment Card Industry data-security standard (PCI) before hackers breached its computer systems and compromised more than 4 million card numbers (Digital Transactions News, March 18, 2008). …

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Merchant Resistance Could Hobble the Carrier-Led NFC Venture

The carrier-led mobile-payments consortium, news of which became publicly available on Monday, may break new ground in bringing payments based on near-field communication (NFC) to market. But it could confront major issues in attracting merchants, especially the big chain retailers looking to chop transaction costs, says one expert observer who …

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Portfolio Defections Hurt Quarterly Debit Results for MasterCard

The profits rolled in for MasterCard Inc. in the second quarter despite a lackluster performance by the No. 2 payment card network’s U.S. operations. Several portfolio losses hurt MasterCard’s debit results in both the United States and the United Kingdom, though top executives said at a Tuesday morning conference call …

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Merchants Get More Aggressive About Gift Card Reloads

A provision in the new Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 that exempts some reloadable prepaid cards from interchange regulation could make such cards an attractive option for retailers. But merchants were heavily promoting reloadable gift cards long before the legislation appeared for another reason: to …

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Visa Hopes It Can Come to Terms with the Justice Department

Barely a week after Congress landed a hard left punch on the card networks, the U.S. Department of Justice might be about to land a right in the form of a lawsuit challenging network rules aimed at preventing merchants from surcharging for credit card payments or otherwise steering customers toward …

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