Digital Transactions Authoritative, insightful and timely information for payments professionals
Two milestones announced this week indicate the rapidly growing adoption of image exchange for check processing. SVPCO, which handles paper checks and runs an image exchange network as part of the New York-based The Clearing House Payments Co. LLC, announced on Tuesday that imaged items exceeded paper checks in both …
Read More »Less Hype, More Substance Now Behind M-Banking, M-Payments
Unlike efforts during the dotcom boom to introduce mobile payments and banking?efforts that turned out to be more about hype than substance?initiatives emerging now to deliver financial services via mobile phones will find a ready and willing market, according to executives with a major wireless carrier and bank card network …
Read More »First Data Plans To Cut 12 Data Centers Down to Three by Mid ’09
As part of its efforts to rationalize its operations, First Data Corp. plans to consolidate its 12 U.S. data centers into three over a two-year period starting in the second quarter, according to a quarterly report the processing giant filed this week with the Securities and Exchange Commission. The total …
Read More »Approached by Suitors, eFunds Starts a ‘Strategic Review’
Processor eFunds Corp. today gave further momentum to a financial transformation of the transaction-processing business by announcing that it has hired investment bank Goldman Sachs & Co. to explore what it calls “strategic alternatives” that could result in a merger. The eFunds disclosure comes just over a month after announcements …
Read More »How BOC’s Costs Create Opportunities for Check Processors
The back-office conversion e-check code has been live for nearly two months now, and, as many predicted with its March 16 debut, it came in like a lamb. There have been few, if any, high-profile product launches or other splashy events associated with the new automated clearing house payment option. …
Read More »Eye on Image Exchange: Volume Quintuples, SVPCO Gains in April
Total image-exchange volume quintupled in the 12 months through March, while the percentage of items clearing at paying banks as images rather than as paper substitute checks grew to 64% from 36%, according to the most recent statistics compiled by the Electronic Check Clearing House Organization. In a further sign …
Read More »First Data’s ViVOtech Stake Could Pay off for Both Companies
ViVOtech Inc., the Santa Clara, Calif.-based maker of contactless point-of-sale card readers and mobile-wallet applications, is raising $20 million in its third round of venture-capital funding. The lead investor in this latest round announced this week is none other than First Data Corp., the No. 1 payment-card processor. ViVOtech, First …
Read More »Supreme Court Patent Ruling Won’t Affect Us, DataTreasury Says
A U.S. Supreme Court ruling that appears to rein in the ability of certain technology patent holders to press their claims against alleged infringers is likely to have little or no impact on what has been a highly effective enforcement campaign by a company that holds patents bearing on check …
Read More »Banks Are Starting To Go Mobile, But Consumers Are Ho-Hum
Just as banks are starting to jump back into the mobile-banking market, a research report has emerged to indicate consumers may still not be ready to use their handsets for transaction services. Only 8% of online users who own a cell phone say they are interested in using the device …
Read More »Tempo Boosts Merchant Base with Its Chase Paymentech Deal
Fledgling PIN-debit network Tempo Payments Inc. this week reported that Chase Paymentech Solutions LLC, the nation's largest merchant acquirer, is now offering Tempo acceptance. With Chase processing for more than 500,000 merchants, the agreement opens a huge new acceptance base to San Mateo, Calif.-based Tempo, though whether that potential is …
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