News

September, 2003

• 29 September

  Recruiting Bill Payment for Internet Transactions

  A new online payment system has been rolled out by a Canadian company that relies on existing bank bill payment services to allow consumers to pay for Internet purchases. Developed by Ottawa, Ont.-based MODAPay, the service has been piloted by all of the top banks in Canada and now is …
• 29 September

  Seeking Security in an Insecure World

  The recent hack attacks and assorted computer worms and viruses have transaction executives thinking a lot these days about software security, a subject some experts say is likely to remain vexed. Software, after all, is simply the product of human code-writing. “There’s no such thing as secure software,” declares John …
• 25 September

  Visa and MasterCard: Doing What Competitors Do?

  Does the motion filed last week by MasterCard in federal court against Visa signal a new era of real competition between the two card companies? The answer seems to be yes, but the question is whether it’s healthy competition. The motion seeks to stop Visa from enacting a “settlement fee” …
• 25 September

  Banks May Like What Big Blue and Discover Could Offer

  Expect some unique credit card offerings in the next six to nine months now that a three-judge panel of the Second U.S. Circuit Court of Appeals has upheld an October 2001 U.S. District Court ruling allowing banks to issue American Express and Discover cards. American Express has already issued a …
• 24 September

  First Data Sets Vote on Concord Acquisition

  First Data Corp. has announced that a shareholder vote on its proposed merger with Concord EFS Inc. will take place Oct. 28 in Englewood, Colo., where the giant transaction-processing company is based. First Data announced its proposed all-stock acquisition of Concord EFS, a major electronic-funds-transfer processor and operator of the …
• 22 September

  Vital’s New Market Push

  Transaction processor Vital, a joint venture owned by Visa USA and TSYS, is pushing on multiple fronts into new markets. The Tempe, Ariz.-based company is gearing up to grab a chunk of the market for PIN-based debit, in part by demonstrating to merchants how the money they now save on …
• 22 September

  How the Wal-Mart Settlement Could Pay for PIN Pads

  This spring’s settlement between the bank-owned card associations and retailers led by Wal-Mart Stores Inc. has been widely interpreted as a blow to the fortunes of so-called PIN-based debit, or debit card transactions effected by a consumer’s personal identification number rather than his signature. That’s because the settlement terms required …
• 22 September

  New Regional ISO Group

  A new regional association for independent sales organizations will be unveiled later this month. Following on the heels of similar groups serving ISOs in the Northeast, Southeast, and Midwest regions, the new group will be called the Western United States Acquiring Association and will cover U.S. territory west of Colorado. …
• 22 September

  Investor Interest Boosting Industry Valuations

  One of the electronic transactions industry’s most active buyers of independent sales organizations and other transaction-services firms says the steady flow of transaction revenue these businesses generate is attracting increasing interest from pension funds and private-equity players, thus driving up valuations. TransFirst, a Dallas-based processor that has grown from 2.5 …