Digital Transactions Authoritative, insightful and timely information for payments professionals
In the wake of a patent award announced this week, a top Tyfone Inc. executive says the company expects to have what it calls a “scalable” platform built by the middle of next year for a contactless mobile-payments system based on Secure Digital memory cards that fit into handsets. “The …
Read More »NACHA Proposes to Use WEB for Mobile Payments, for Now
The rules-setting body of the automated clearing house plans to classify mobile ACH transactions under the existing WEB code rather than create a new code for such payments, at least for the short term. Mobile payments could get their own code some time after 2010. Those ideas are part of …
Read More »A Pitch to Newspapers Highlights Google’s Plan for Micropayments
With the popularity of digital content on the rise, processors are starting to see opportunity in a business that seemed moribund only a few years ago?handling transactions that average roughly $5 or less. The latest entrant, or, more properly, entrant-to-be, in this business is Google Inc., which is working on …
Read More »Wells Brings Remittances to the Internet for ‘Tech-Savvy’ Users
The money-transfer business just got a bit more competitive. Wells Fargo & Co. on Wednesday said it has added an online feature to its ExpressSend service, enabling customers to send money to seven countries from their computer keyboards at any time. “It's in response to our customers' wants,” Steve Clark, …
Read More »With 1.4 Million Employees, Wal-Mart Puts Payroll Cards on the Map
In yet another move that could shake up the financial world and boost electronic payroll cards, Wal-Mart Stores Inc. is eliminating paper checks for employees. Under the new payroll program, employees who don't have direct deposit will be issued a MasterCard-branded payroll card through the First Data Money Network Payroll …
Read More »With Pulse Deal, Interac Expands Its Cross-Border Utility
Canada's Interac Association PIN-debit network this week announced a deal with the Houston-based Pulse network that will let holders of Pulse, Discover, and Diners Club cards withdraw cash at Canadian ATMs. More such deals with other networks are likely as Interac seeks to let foreigners use their cards while visiting …
Read More »Debt, Accounting Issues, Recession Led Cynergy Data to Bankruptcy
With $83 million in debt added since 2007, accounting errors, and finally the recession, the big independent sales organization Cynergy Data LLC concluded late this summer that it needed bankruptcy-court protection, according to an emerging picture of the company as it seeks to sell its assets to a private-equity firm. …
Read More »Citing Debt Load, Cynergy Data Declares Bankruptcy And Seeks Sale
Citing the weak economy and “an unsustainable debt load,” the big independent sales organization Cynergy Data filed for Chapter 11 protection Tuesday in U.S. Bankruptcy Court in Delaware. The Long Island City, N.Y.-based processor also said it planned to sell its assets to The ComVest Group, a private-equity firm with …
Read More »Nokia’s Mobile-Payments Gambit Could Give a Boost to Obopay
The announcement on Wednesday by Nokia, the world's largest cell-phone maker, that it will launch a mobile-payments service is likely to give a competitive leg-up to Obopay Inc., the Redwood City, Calif.-based mobile-payments processor that developed the software for the new venture, called Nokia Money. Four-year-old Obopay, in which Nokia …
Read More »Moneta’s Bank-Centric Strategy Gives It a Lift with Online Retailers
Alternative-payments processor Moneta Corp. this week announced the addition of three online merchants to its roster of clients and next week will sign a major Internet housewares retailer, says Guido F. Sacchi, chief executive of the Atlanta-based company. In all, some 20 merchants will be signed by month's end, he …
Read More »