Wednesday , November 27, 2024

Digital Transactions News staff

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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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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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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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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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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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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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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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 …

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BioPay Chief Sees Flaws in Rival’s CardSystems Strategy

Biometric-payments processor Pay By Touch Solutions' plans to use CardSystems Solutions Inc.'s processing platform and reseller relationships to help market its point-of-sale authentication system to merchants may hit a few snags, in the view of a leading competitor. BioPay LLC, a Herndon, Va.-based processor that like Pay By Touch authenticates …

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NACHA Sets Rules to Tell Business Checks from Consumer Checks

NACHA, the Herndon, Va.-based organization that sets rules for the automated clearing house network, has released rules to allow banks and check-accepting businesses to distinguish checks written by companies from those written by consumers. The former are not supposed to be submitted to the network for settlement under NACHA rules, …

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