Digital Transactions Authoritative, insightful and timely information for payments professionals
The National Football League’s Dallas Cowboys organization is lending its name recognition to a new merchant-services company, Blue Star Payment Solutions. Frisco, Texas-based Blue Star intends to build its brand based on its affiliation with the Dallas Cowboys as one of the companies owned by the Jones family, says Jerry …
January, 2015
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7 January
Latest Stats Show the ACH Growing Steadily As Players Mull Faster-Payments Proposal
Traffic on the automated clearing house network continues to climb at a steady clip as financial institutions and other users of the system mull over a proposal to speed up payments from next-day to same-day settlement. In the quarter ended Sept. 30, overall volume on the ACH grew 4.15% year …
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6 January
Bitcoin Exchange Bitstamp Shuts Down While It Sorts out Effects of a $5.2 Million Breach
A breach Jan. 4 at Bitcoin exchange Bitstamp resulted in the loss of approximately $5.2 million worth of the digital currency and caused the exchange to shut down while it sorts out the after-effects. That’s according to notes posted to Bitstamp’s Web site Monday and Tuesday. The breach targeted one …
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6 January
Rash of Chain Breaches Casts Spotlight on Unique Vulnerabilities of Franchised Businesses
News of a possible card-data breach at chicken-sandwich chain Chick-fil-A caps a year that saw a number of franchised businesses compromised and throws into relief what some experts say is the unique security vulnerability of the franchise business model. Franchised chains, in which so-called owner-operators run stores under a license …
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5 January
Wire-Transfer Provider Xoom Hit by $31 Million International Fraud Scam
Online wire-transfer provider Xoom Inc. reported Monday that it will take a $30.8 million one-time charge as a result of a scam in which the same amount of its cash was transferred abroad. Xoom also said that its chief financial officer had resigned. San Francisco-based Xoom declared in a regulatory …
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5 January
COMMENTARY: How 2015 Could Be a Watershed Year for Digital Banking
According to the 2014 World Retail Banking Report from Capgemini and Efma, less than 40% (a decrease from 41.6% in 2013 to 39.5% in 2014) of customers globally reported having positive customer experiences with their bank. The main reason for this dissatisfaction is the bank’s failure to develop a comprehensive …
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5 January
ISO Merchant Warehouse Rebrands as Cayan in Effort to Better Reflect New Business Focus
Merchant processor Merchant Warehouse announced Monday it has changed its name to Cayan LLC. The 17-year-old Boston-based company’s rebrand takes effect immediately and is reflected on a redesigned Web site that includes a new tag line, “The Payment Possibilities Company.” It will also be promoted at next week’s National Retail …
December, 2014
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31 December
The Tally of Payment Cards Compromised in Data Breaches Grew 38% in 2014
The number of credit and debit cards compromised in data breaches hit 64.4 million in 2014, up 38% from 46.6 million in 2013, according to preliminary figures from the Identity Theft Resource Center, a San Diego-based non-profit that tracks breaches. Some 133 of 2014’s breaches involved payment cards, up 39% …
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29 December
Google Becomes Latest Major Player to Sue Card Networks After Settlement Opt-Out
Two days before Christmas, Google Inc. quietly filed a federal lawsuit against Visa Inc. and MasterCard Inc., alleging the card networks violated antitrust law by setting “supracompetitive” interchange rates from 2004 to 2012. The unusually sparse, three-page suit, filed in U.S. District Court for the Eastern District of Texas, asks …
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29 December
Retail Groups Blast ‘Inaccuracies’ And ‘Misrepresentations’ in ICBA Release
Retailer organizations are lambasting an Independent Community Bankers of America survey that blamed retailers for breach costs that totaled $90 million at The Home Depot Inc. this year. In a letter to the ICBA and bearing Monday’s date, the chief executives of the Retail Industry Leaders Association, National Retail Federation, …