Digital Transactions Authoritative, insightful and timely information for payments professionals
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 …
Read More »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 …
Read More »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 …
Read More »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 …
Read More »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 …
Read More »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 …
Read More »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 …
Read More »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, …
Read More »Survey: Retailers Still Falling Short in Consumer Data Security
Merchants have a long road ahead of them in securing the consumer transaction data they house in their databases, if a survey released this week is any indication. Fewer than half of retailers surveyed have a formal plan in place to handle database intrusions, and of those that do, only …
Read More »Wachovia Cuts MBNA Ties As MBNA Shareholders OK BofA Deal
Wachovia Corp. has announced it is re-entering the credit card business and will end a relationship with MBNA Corp. under which MBNA has issued cards for Wachovia since 2002. The news comes on the same day that MBNA shareholders voted overwhelmingly to approve a $35 billion acquisition of the monoline …
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