Digital Transactions Authoritative, insightful and timely information for payments professionals
NACHA, the rules-setting body for the automated clearing house network, this week announced membership approval of a rule amendment that will raise fines for unauthorized transactions and cut off ACH access for companies that enter too many such payments into the network. NACHA has also issued a rules clarification that …
Read More »An EFT Summit Helps Costco Weigh Options for Web-Based PIN Debit
In a development that could lend considerable momentum to efforts to bring PIN debit to the Internet, Costco Wholesale Corp. is investigating at least three technologies that would allow the retailing giant to accept PIN debit cards for payment on its Web site, according to sources familiar with the matter. …
Read More »With Plug-In, PayPal Looks for Expanded E-Commerce Reach
PayPal Inc. on Tuesday will make available to its entire account base a so-called virtual debit card it has been testing with a large number of account holders for nearly 18 months. The new product, which PayPal has dubbed Plug-In, carries a MasterCard Worldwide brand and allows users to buy …
Read More »Though Still Shaky, a Smaller TRM Gets Closer to Profitability
Still financially challenged but claiming to be on the mend, TRM Corp., operator of the nation's second-largest non-bank ATM network, reduced its loss in the third quarter as it culled underperforming machines and cut expenses. The Portland, Ore.-based firm on Friday reported a net loss of $4.89 million compared with …
Read More »Its Overhaul Complete, Visa Shoots for the Moon with Its Pending IPO
Visa Inc. late Friday said it aims to raise $10 billion in its upcoming initial public offering of stock. The figure, while preliminary, is four times the $2.4 billion MasterCard Inc. grossed in its May 2006 IPO, the first chance the market had to value a bank card network. A …
Read More »A Bill Offers Relief to Merchants Besieged by Suits over Receipts
Few people would deny that a law Congress enacted in 2003 mandating payment card receipt truncation had a noble aim?to prevent criminals from getting enough data when they obtained other people's transaction receipts to steal identities or commit card fraud. But some merchants, while complying with the truncation provision that …
Read More »The Bell Is About To Ring for an Independent Metavante
A representative of Metavante Corp. will ring the opening bell Friday at the New York Stock Exchange in a ceremony that will cap seven months of work since Marshall & Ilsley Corp., the bank-holding company that founded Metavante in 1964, announced in April the banking services and payment processor's planned …
Read More »Upon Further Review, Accounts Exposed in TJX Breach Double
Sources reached by Digital Transactions News aren't surprised at the news that the number of credit and debit card accounts affected in the TJX Cos. breach has doubled, as disclosed by court filings and reported this week by The Boston Globe. Although the off-price retailing chain reported in March that …
Read More »Report: Debit Card Outlook Bright, But Banks Failing on Activation
Debit cards remain the fastest-growing payment devices and they seem likely to endure a possible economic slowdown better than credit cards, according to a new report from TowerGroup Inc. Nevertheless, financial institutions have a propensity to pump out many more debit cards than consumers want. According to the report, “Crediting …
Read More »With Volumes Rising, Pulse Joins Trend to Upgrade Fraud Detection
As fear of fraud climbs at electronic-funds transfer networks along with PIN debit traffic counts, the networks are adopting a variety of technologies to detect fishy transactions. The latest is Pulse EFT Association LP, a Houston-based unit of Discover Financial Services Inc. Pulse on Tuesday announced it is rolling out …
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