Digital Transactions Authoritative, insightful and timely information for payments professionals
New York-based SVPCO, architect of an image-exchange network serving some of the nation's largest banks, this week switched on a new service that allows users of its network to clear check images automatically. The new automated settlement function, which comes about a year after the network began flowing images, effectively …
Read More »Top Australian Bank Regulator Defends Interchange Regulation
In testimony today before a committee of the Australian house of representatives, the governor of the Reserve Bank of Australia stoutly defended the RBA's action last year to regulate credit card interchange rates in that country, claiming it has saved merchants some $447 million (US) in the past year and …
Read More »FDC May Emerge As Bigger Winner in Merchant Deal with Citi
Citigroup Inc.'s decision to bail out of the merchant-acquiring business, which was announced yesterday, could benefit both the banking kingpin and the buyer of the 15,000-location portfolio, processing giant First Data Corp. But Denver-based FDC may emerge as the bigger winner, some observers say, now that Citi has decided to …
Read More »Wal-Mart’s Bank Creates Uncertainty for Banks As Well As Processors
The disclosure by Wal-Mart Stores Inc. in late July that it plans to charter an industrial bank in Utah to acquire its own payment transactions is creating more questions than answers about current relationships between the world's largest retailer and the payments entities with whom it currently works. Bentonville, Ark.-based …
Read More »Hacking Incidents Are a Boon for Payment-Industry Gumshoes
The increase in thefts of personal and financial information from databases, highlighted by the recent security breach at payment processor CardSystems Solutions Inc., is causing other processing entities to enhance security efforts beyond just fortifying computers and telecommunications links. For instance, Vital Processing Services LLC, a big merchant processor based …
Read More »iPayment Board Rejects $38-Per-Share Offer from CEO As Undervalued
An offer from Gregory S. Daily, chief executive of Nashville, Tenn.-based processor iPayment Inc., to buy the company has been rejected by the company as too low. A special committee of iPayment's board of directors announced Friday that Daily's offer to buy all outstanding stock for $38 per share, which …
Read More »Rivals Look to Gain New Merchants in Fallout from CardSystems Case
The fallout from the largest data-security breach yet in the electronic payments business continues, with rival processors looking to pick up new merchants now that both Visa U.S.A. and American Express Co. have said they are terminating CardSystems Solutions Inc. as a processor on their networks. CardSystems' list of clients …
Read More »Visa Terminates CardSystems, Move Could Kill Processor
In a move that apparently took troubled processor CardSystems Solutions Inc. by surprise and is likely to cripple the company, Visa U.S.A. has terminated CardSystems as a processor and agent on its network, effective Oct. 31. In a statement issued yesterday, Visa says it is taking the action because the …
Read More »Small Fry, Such as Credit Unions, Now Increasingly Hijacked by Phishers
Smaller financial institutions, including credit unions, are increasingly coming under attack by phishing fraudsters, according to the latest report from the Anti-Phishing Working Group. The report says the number of brands “hijacked” by fraudsters jumped to 107 in May, up from 79 in April and 64 in January. The group, …
Read More »Iron Triangle’s Wimsett Succeeds Higgins at Retriever
Retriever Payment Systems Inc., a Houston-based independent sales organization, announced today its longtime president and chief executive, William H. Higgins, is stepping down and will be replaced by Thomas A. Wimsett, chief executive of Iron Triangle Payment Systems. Iron Triangle, Louisville, Ky., acquired Retriever earlier this year. Higgins will remain …
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