Digital Transactions Authoritative, insightful and timely information for payments professionals
Now that Metavante Corp. has closed on its acquisition of the NYCE electronic funds network and First Data Corp. has put its acquisition and integration of Concord EFS Inc. and its Star Systems network behind it, look for competition among the remaining regional EFT networks to become even more intense, …
Read More »Metavante Closes NYCE Deal As NYCE Chief Lynch Leaves
Metavante Corp. announced today it has closed its $610-million acquisition of the NYCE electronic funds transfer network. It also announced that Dennis F. Lynch, who has been president and chief executive of Montvale, N.J.-based NYCE since 1996, is leaving the network and will be replaced by Steven A. Rathgaber, currently …
Read More »A Trade Forum Looks to Extend IFX Standard to POS Transactions
A trade group that is developing a new transaction-messaging standard based on extensible markup language (XML) for financial transactions says it is now turning its attention to point-of-sale payments. The Interactive Financial Exchange Forum, Falls Church, Va., released earlier this year a version of the Interactive Financial Exchange (IFX) standard …
Read More »The ATM Exchange Wins a Sweeping OK for its Security Product
A Cincinnati-based company that specializes in the repair and refurbishment of ATMs has won a comprehensive class of approval from Visa International for a device it invented to bring installed ATMs into compliance with new card-network security protocols. The approval from Visa means any older ATM incorporating the device will …
Read More »Key Reaches 100 in Agent-Bank Contracts for Its ATM Network
Keycorp, Cleveland, announced today it has signed the 100th contract in its agent-bank program for its ATM network. The contract, with Workman's Circle Credit Union, Cheektowaga, New York, calls for the institution's customers to have access to 289 Key ATMs in the state of New York. Under Key's agent-bank program, …
Read More »E*Trade Sells Its ATM Network to Cardtronics for $106 Million
E*Trade Financial Corp. today announced it agreed to sell its ATM network to Cardtronics Inc., an ATM deployer based in Houston, for $106 million in cash. E*Trade, a New York-based online banking and brokerage company, operates a network of 15,000 ATMs in an operating unit called E*Trade Access Inc. The …
Read More »Vendors Begin Shipping Remote-Management Systems for Triple DES
Vendors in the ATM industry are beginning to move ahead with systems that would allow machine owners to remotely install and manage encryption keys mandated by a new security standard set by the bank card networks. The introduction of solutions for remote administration of Triple DES keys comes even as …
Read More »Metavante Buys NYCE to Further An Ambitious Payments Plan
Metavante Corp., which today announced it is paying $610 million in cash to buy the NYCE electronic funds transfer network from First Data Corp. and its bank owners, sees the deal as part of a nearly $1 billion payments strategy that has led the Milwaukee-based processor to snap up other …
Read More »A New ANSI Standard Could Ease the Way for Triple DES
A new U.S. standard in the works now could dramatically cut the costs ATM deployers face in bringing their machines into compliance with the so-called Triple DES encryption requirement set by the bank card networks. As things stand now, banks and other deployers must distribute the Triple DES encryption key, …
Read More »The ATM at the Checkout Counter
Cash back at the point of sale on debit card transactions secured by personal identification numbers is becoming an increasingly popular option as more merchants offer the service and consumers begin using online debit cards more often. Online debit transaction volume is growing at a compounded annual rate of 28%, …
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