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Banks are getting set to unveil revamped fleets of ATMs equipped with the latest technology and able to perform a wide range of advanced transaction functions, such as truncation of check deposits. That's according to a new report from Needham, Mass.-based consultancy TowerGroup, which says large banks in the U.S. …
Read More »With AmEx Deal, 7-Eleven Becomes an ATM Networking Power
7-Eleven Inc., the nation's largest convenience-store chain, has acquired the ATM network deployed in its stores from American Express Co. for $44 million. The network connects some 5,483 machines in stores owned, franchised, and licensed by Dallas-based 7-Eleven. The acquisition positions the chain as a major player in electronic funds …
Read More »Keynote Will Test Credit Card Sites as Cardholders Move Online
With an increasing number of consumers checking credit card statements and paying bills online at credit card issuers' Web sites, Keynote Systems Inc., San Mateo, Calif., announced it will begin measuring the speed and reliability of nine sites as part of a benchmarking index. The company, which specializes in measuring …
Read More »NYCE’s New President Optimistic Despite Fierce EFT Competition
As he prepares to take the reins from Dennis F. Lynch as president of the NYCE electronic funds network, Steven A. Rathgaber says the Montvale, N.J.-based network's acquisition by Milwaukee-based Metavante Corp. will help it weather what is probably the fiercest competition the online debit business has ever faced. “Dennis …
Read More »Interchange Fair Payment for Value, Visa and Others Contend
Defenders of interchange for electronic credit and debit transactions argue merchants are losing sight of the value interchange pays for. The subject of interchange has become hotly contested in the wake of lawsuits by retailers challenging it or aspects of it, and following recent interchange hikes by the bank card …
Read More »Visa Sees First Fruits of a New Sales Push for Verified by Visa
Visa U.S.A.'s consumer authentication system for Internet transactions, Verified by Visa, will see its merchant base expand by 50% in the next few days as online-shopping aggregator 2checkout.com switches on 10,000 Web retailers for the service. It's a significant lift for VbyV, and represents the first fruits of a new …
Read More »MobileLime Eyes a National Market for M-Commerce
A Boston-based mobile-transaction processor that has signed up a local taxicab company and a number of other merchants is hoping this week's Democratic National Convention will help propel the fledgling service into national prominence. Vayusa Inc., which offers the cell-phone-based service under the name MobileLime, has recruited 50 merchant locations …
Read More »AmEx: Higher Merchant Revenue, Lower Discount Fee
Worldwide discount-fee income jumped 18% for American Express Co. on sharply higher cardholder spending in the second quarter, though the card network's average discount rate drifted slightly downward. The company's U.S. card billings hit $75.7 billion in the quarter, a 17% increase over the year-ago period. Even faster card spending …
Read More »Piggly Wiggly Switches on First Stores for In-Lane Biometric Payments
Piggly Wiggly Carolina Co., a Charleston, S.C.-based supermarket chain, today switched on an in-lane biometric payment system in four stores on the way to a planned rollout of the fingerprint authentication system to all 116 stores in the chain. The system, from San Francisco-based Pay By Touch, allows customers to …
Read More »Despite Strong Results, FDC Faces a Barrage of Questions
While First Data Corp. reported strong financial results today for its second quarter, its chief executive fielded a barrage of questions on concerns that have emerged recently for the company, including J.P. Morgan Chase & Co.'s decision to switch its account processing from FDC to rival TSYS Inc., with the …
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