Digital Transactions Authoritative, insightful and timely information for payments professionals
In a move that could bring millions of new users to a popular prepaid card program, the U.S. Department of the Treasury on Tuesday issued a final rule mandating that Social Security and other government benefits be paid to beneficiaries electronically. Under the new rule, beneficiaries will receive direct deposits …
Read More »An ATM ISO Group Slams Network Surcharging Rules
A trade group of ATM independent sales organizations says its study of the major EFT networks’ surcharging rules favor banks at the expense of non-bank ATM owners. The Atlanta-based National Association of ATM ISOs and Operators, which represents ISOs that own or operate 70,000 ATMs, says it is negotiating with …
Read More »Eye on Earnings: First Data, Green Dot, Heartland, Cardtronics
Payments companies ranging from leading merchant processors to prepaid card and ATM managers reported transaction growth in the third quarter, but some also faced pricing pressures and other drags on the bottom line. –No. 1 payment processor First Data Corp. said transactions in its merchant-processing unit called Retail and Alliance …
Read More »It’s Back to a Service-Oriented Future for Bank ATMs
Banks are abandoning their dreams of ATMs generating profits and instead returning to their original focus of using the machines for customer service, according to new findings from First Annapolis Consulting Inc. Linthicum, Md.-based First Annapolis spoke with executives from the nation’s 10 largest banks by assets about their ATM …
Read More »Response to Mobile Check-Capture App Catches PayPal by Surprise
Just as financial institutions were digesting the idea of letting consumers deposit checks by snapping images of them with their handsets, along comes PayPal Inc. with the first such application offered by a non-bank—and one that has so far proven to be quite popular. San Jose, Calif.-based PayPal announced late …
Read More »Debit Card Fraud Strikes Aldi Grocery-Store Customers
A rash of debit card fraud has hit customers of the discount supermarket chain Aldi, though its extent and methodology have not been divulged. Criminals obtained customers’ PINs and card numbers in the Midwest to make unauthorized ATM withdrawals in other states, especially California. Batavia, Ill.-based Aldi’s case is different …
Read More »Credit Unions Outpace Banks in Imaging ATMs
Countering the perception that they’re not as tech-savvy as their banking brethren, credit unions are adopting imaging ATMs at a greater rate than banks, according to new findings from Celent LLC. In fact, when it comes to adoption of 14 tech-related services or operations for branches, including imaging ATMs, credit …
Read More »New MasterCard ATM Rates Will Crimp Income for Banks And ISOs
Independent sales organizations and financial institutions that deploy ATMs have suspected for weeks that MasterCard Inc. planned to cut the interchange income allowed on withdrawal transactions on its Cirrus network, but now the total cost of the move is becoming clear. The hit to U.S. ISOs alone could amount to …
Read More »Discover’s Hybrid Growth Strategy Boosts Network Volumes
Discover Financial Services now has more than 100 bank card merchant acquirers booking small to medium-sized merchants for its network, the company reported today at an investor presentation in New York City. Discover predicts that those acquirers will enable Discover acceptance in 97% of their new merchant sales in 2010's …
Read More »Eye on Prepaid: Facebook, Western Union, And Green Dot
Prepaid card processors paired up with partners ranging from Facebook to Western Union to the MoneyPass surcharge-free ATM network in deals this week that expand the processors' distribution channels and transaction sources. In a cutting-edge deal that further opens up an Internet parallel to gift card giving, grocery chain Safeway …
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