Debit Cards

Now that Metavante Corp. has closed on its acquisition of the NYCE electronic funds network and First Data Corp. has put its acquisition and integration of Concord EFS Inc. and its Star Systems network behind it, look for competition among the remaining regional EFT networks to become even more intense, …

The Federal Reserve Banks announced today they plan to shutter check-processing operations at nine facilities during 2005 and early 2006. The Fed now plans to consolidate check operations in 23 remaining locations. In a statement, the Fed says the decision “respond[s] to the nation's increasing substitution of electronic payments for …

Metavante Corp. announced today it has closed its $610-million acquisition of the NYCE electronic funds transfer network. It also announced that Dennis F. Lynch, who has been president and chief executive of Montvale, N.J.-based NYCE since 1996, is leaving the network and will be replaced by Steven A. Rathgaber, currently …

Following its agreement earlier this year with Chase Merchant Services L.L.C. for transaction-processing services, Burger King Corp. announced today it is deploying high-speed-capable card terminals in its restaurants across the country. In the past four months, it has installed VeriFone Omni 3750 devices in some 2,000 of its restaurants in …

Carl F. Pascarella's decision to retire in September 2005 as chief executive of Visa USA is being greeted in the payments industry with expressions of praise for his leadership in transforming the San Francisco-based bank card network from a one-dimensional credit card company into a force to be reckoned with …

The rapid growth of the market for stored-value cards issued to employees in lieu of paychecks has prompted a wide array of consumer and labor groups to petition the Federal Reserve Board to extend to payroll cards the consumer protections of the Electronic Funds Transfer Act. In a letter sent …

Making transactions more efficient has long been a driving force behind the conversion of paper-based to electronic systems, but now a new report shows how efficiencies derived from electronically processed payments contribute to a national economy. The report, entitled “The Benefits of Electronic Payments in the Canadian Economy,” was released …

Today's announcement by Wal-Mart Stores Inc. that the chain will begin accepting MasterCard International's signature-based debit card again, effective immediately, could spark more interest in non-bank debit networks among small and mid-size retailers, according to some expert observers. Although Wal-Mart and MasterCard refused to disclose terms of their agreement, it …

Paymentech L.P. today won the entire credit and debit card processing business of five operating units of IAC/Interactive Corp., parent company of a number of online businesses. The multi-year deal includes Ticketmaster, Hotels.com, Expedia, HSN, and Match.com. Dallas-based Paymentech, which processed 7 billion electronic transactions in 2003, will not say …

The volume of checks processed by the Federal Reserve dove nearly 6% in the first quarter, reflecting the impact of various electronic payment methods on the nation's usage of paper checks. According to the latest data released by the Fed, the number of checks it cleared in the first quarter …