News

July, 2005

• 25 July

  AmEx: So Far So Good with MBNA, Though It’s Still Early in BofA Deal

  American Express Co. has so far seen no change in its relationship with MBNA Corp., which last year began issuing cards on AmEx's network in the U.S. but is now in the process of being acquired by Bank of America Corp. in a $35 billion deal that was announced late …
• 25 July

  Debitman Readies a Stored-Value Card for a Late ’05 Launch

  Debitman Inc., a non-bank PIN debit network linking tens of thousands of merchant locations, will launch a PIN-secured stored-value card by Sept. 30 that will bear merchant branding on the front, with Debitman's mark on the back. John K. Lannan, chief executive of the Chico, Calif.-based company, says heavy-duty marketing …
• 24 July

  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 …
• 24 July

  CyberSource Volume Jumps 47%, While Acquiring Expands Fast

  CyberSource Corp., a publicly held Internet gateway for online merchants, reports it processed 147.2 million transactions in the second quarter, up 47% over the year-ago period and 7% over the first quarter. The Mountain View, Calif.-based company, which reported the transaction figures as part of its second-quarter earnings release last …
• 21 July

  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 …
• 20 July

  Volume Growth Slows but Processing Efficiencies Rise at PayPal

  Transaction-volume growth slowed somewhat in the second quarter at online processor PayPal Inc., according to statistics released today by parent company eBay Inc., with the number of payments processed reaching 113.2 million, up 2.5% from the first quarter. This follows two consecutive quarters of double-digit growth, but improves on a …
• 19 July

  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 …
• 18 July

  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, …
• 18 July

  PayPal And eBay Tell Sellers They’ll Have to Take Card Payments

  Starting Aug. 19, sellers on eBay that accept payment through PayPal Inc.?as virtually all eBay sellers do–will have to accept all forms of funding, including credit card funding, eBay Inc. announced Friday. Currently, eBay sellers have the option of maintaining personal PayPal accounts on eBay, which allow them to refuse …
• 18 July

  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 …