Digital Transactions Authoritative, insightful and timely information for payments professionals
As the electronic exchange of check images grows, so too does membership in the Electronic Check Clearing House Organization, or ECCHO, a Dallas-based nonprofit banking-industry group that develops rules for image exchange and electronic check presentment. ECCHO president and chief executive David Walker tells Digital Transactions News that membership more …
January, 2008
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3 January
A Big BOC Processor Looks for Big Growth for the E-Check in 2008
Introduced only last March, the back-office conversion (BOC) e-check application is poised for a big year in 2008, according to a check-services vendor that is processing more than one-third of all BOC volume. “We think there's going to be big growth for BOC in 2008, and we're going to be …
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1 January
EC Ruling on MasterCard Interchange Could Foster Regulation in the U.S.
A European Commission ruling that MasterCard Worldwide's interchange-fee structure is illegal in that region will affect relatively few transactions in Europe but could encourage regulators?including those in the U.S.?to act on interchange, among other bleak implications for bank and network executives. “On balance, the EC decision is negative,” says Eric …
December, 2007
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28 December
Eye on Gift Cards: A First Data Glitch Strikes the Day After Christmas
A day-after-Christmas processing glitch at First Data Corp.'s ValueLink unit, a processor of prepaid card transactions, delayed gift card authorizations at some stores belonging to Wal-Mart Stores Inc. and other, unnamed merchants. While statements released by both Wal-Mart and First Data indicate the problem was fixed Wednesday, the snafu couldn't …
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27 December
Some Pay By Touch Owners Are Also Among Its Largest Creditors
The bankruptcy petition Solidus Networks Inc., which does business as Pay By Touch, filed this month shows that a number of the biometric technology provider's largest unsecured creditors also have equity interests in the company, and, in the case of three individuals, weren't paid when Pay By Touch bought their …
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26 December
Online Sales Surge During a Lukewarm ’07 Holiday Shopping Season
While holiday-season shopping activity overall for 2007 may have seen only a lukewarm increase compared to last year, purchases online surged ahead, reaching their peak a week before Christmas. On Dec. 18, online sales for 10 of the 30 largest e-commerce merchants hit $169 million on more than 3 million …
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20 December
Free of E-Wallets, ECHO Goes to the Altar with Intuit Once Again
Intuit Inc.'s agreement to buy Electronic Check Clearing House Inc. (ECHO) for $131 million in cash, announced on Wednesday, came about largely because of ECHO's move to shed its gambling-related electronic-wallet business earlier this year, an Intuit executive tells Digital Transactions News. It was that business, in which ECHO processed …
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19 December
TJX Settles with Financial Plaintiffs in Breach Case?with One Holdout
TJX Cos. Inc. late on Tuesday said it has settled with three banking associations and three individual banks that sued the off-price retailer in the wake of a data breach that potentially compromised nearly 100 million credit and debit card numbers. That leaves just one Alabama community bank still in …
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18 December
HomeATM Aims to Bring PIN Debit, Card Present Rates to the Web
A small engineering company in Montreal has struck a deal with Universal Air Travel Plan Inc., a Washington, D.C.-based switch for some 220 airlines and travel agencies around the world, to enable air carriers to accept PIN debit and credit cards on their Web sites with card-swipe authentication. In addition, …
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18 December
Survey: Consumers Lost $3.2 Billion to Phishing Attacks in 2007
Some 3.6 million U.S. adults were victims of phishing attacks in the 12 months ending in August, losing an average of $886 apiece for an estimated total of $3.2 billion, according to a survey of more than 4,500 online users sponsored by Gartner Inc. Gartner, a technology research firm based …