News

September, 2004

• 8 September

  Way Systems Heats up the Market for Wireless Transactions

  The market for wireless point-of-sale credit and debit card transactions is about to heat up. Founded in 2002, Boston-based Way Systems Inc. is introducing a point-to-point processing system that includes mobile phones equipped with card swipes, security and transaction programming, and keypads for personal identification numbers. The swipe, keypad, and …
• 7 September

  Kryptosima Banks on a New Network, New Money, and ISOs

  A Hampton, Ga.-based processor that has tried for four years to bring to market a system to enable on the Internet debit card transactions linked to personal identification numbers may be close to signing an additional network for access to PIN debit accounts. Kryptosima, a unit of InstaPay Systems Inc., …
• 3 September

  Canadian PIN Debit Holders Set to Start Using NYCE POS in the U.S.

  An arrangement hammered out last spring between Toronto-based Acxsys Corp. and the NYCE electronic funds network, Montvale, N.J., to allow Canadians holding Interac cards to use their cards at all NYCE-linked merchants in the U.S. will switch on next month. The program, dubbed “Cross Border Debit,” is the first extension …
• 2 September

  SVPCo.’s Image Exchange Goes Live with KeyBank, Chase

  A network built by New York-based Small Value Payments Co. (SVPCo.) to allow banks to exchange check images has begun operations with exchanges between KeyBank and J.P. Morgan Chase. The network began with volume at a “controlled” level to allow each bank to test operations, according to an announcement from …
• 1 September

  Canadian Banks Will Launch PIN Debit for the Web Next Spring

  Canada's five major banks next spring will roll out a service that will allow consumers to pay for goods and services on the Internet with debit cards linked to personal identification numbers. The service, called iDebit, has been at least 18 months in the making and is expected to be …

August, 2004

• 31 August

  Challenged by 3D Secure, Orbiscom Touts Proxy Numbers

  Despite widespread industry perceptions that 3D Secure technologies are rendering proxy payment numbers obsolete, the primary vendor of such single-use-number technology says its system remains highly attractive to card issuers looking for ways to encourage customers to spend on the Internet. “I feel very bullish about our product,” says Diane …
• 30 August

  Nine EFT Networks Approve a Triple-DES Retrofit for ATMs

  Nine electronic funds transfer networks have now approved a $1,600 retrofit kit from a Cincinnati-based ATM refurbisher and servicer for use in ATMs on their systems. The kit, called 3DESPlus, allows ATM owners to upgrade existing machines to make them comply with new security requirements from the bank card companies …
• 27 August

  Websnare Helps, But Internet Fraud Fight Is Far from Over

  The arrests announced yesterday by the federal government in an operation directed against e-commerce fraud is cause for optimism, but there's still plenty to keep online merchants up at night, according to a key executive who helped carry out the latest law-enforcement action. The government's Operation Websnare led to the …
• 26 August

  FDC Hires a Telecom Veteran to Expand ISO Sales Programs

  John Barrett, a 16-year veteran of MCI Corp., has joined First Data Corp. to run the processor's merchant-sales operations through independent sales organizations and sales agents. In his position as senior vice president for FDC's third-party sales channel, Barrett will have responsibility for all merchant-sales efforts through third parties at …
• 26 August

  POS Experts Raise Questions About IFX

  Proposals to extend a transaction-messaging protocol based on extensible markup language (XML) to the retail point of sale are meeting some skepticism among current and former POS terminal executives. The protocol, known as interactive financial exchange (IFX), relies on the flexibility of XML, an Internet language, to simplify messaging across …