Digital Transactions Authoritative, insightful and timely information for payments professionals
In an unsurprising ruling, a three-judge panel on the federal appeals court in Washington, D.C., upheld the Federal Reserve Board’s controversial rule implementing the Durbin Amendment’s debit card provisions in 2010’s Dodd-Frank Act. A federal district judge last July overturned the rule, saying the Fed hadn’t followed Congress’s intent. Judges …
March, 2014
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20 March
Burger King Has Its Way With a New Mobile-Payments and Loyalty App
It may perennially trail McDonald’s Corp. among the leading U.S. hamburger chains, but Burger King Worldwide Inc. is on track to take the lead in mobile payments. Miami-based Burger King this week said it plans to roll out a smart phone app offering mobile payments and digital-coupons beginning in April. …
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20 March
A Smart Phone in Hand Could Mean Cash in Pocket From an ATM
Security and convenience-conscious consumers wielding smart phones may one day have a safer and easier way to get cash from ATMs. ATM maker Diebold Inc. is testing a cash-dispensing-only ATM that relies on a mobile wallet to authenticate the consumer, eschewing a PIN pad and card reader. The ATM, …
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19 March
Tokenization for E-Commerce Takes Key Step Forward with CardinalCommerce Patent
At a time when both banks and retailers are reeling from a rash of payment-data breaches, a technology company that has developed a system some believe could stop these breeches has announced that it has secured new patent protection for its technology. Mentor, Ohio-based CardinalCommerce Corp. said this week it …
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19 March
NACHA’s Latest Gambit for Faster Payments Stirs Cautious Optimism Mixed with Wariness
A fresh proposal to introduce a same-day settlement capability for the automated clearing house network is encountering cautious optimism mixed with a healthy dose of skepticism among expert observers. But NACHA officials clearly see the new proposal not only as a blueprint for speedier payments but also as a first …
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19 March
Smucker’s Hacked E-Commerce Site To Reopen Soon; Sally Beauty Confirms Breach
The J.M. Smucker Co.’s online store is expected to reopen next week, nearly a month after the jam-and-jelly producer closed it after discovering that hackers had broken into its computer system and stolen payment card data and other personal information on up to 23,000 customers. In other data-security news, beauty …
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18 March
Fiserv’s Accel Debit Network Now Supports Visa’s Common AID in Addition to MasterCard’s
Hard on the heels of its announcement last week that it will support MasterCard Inc.’s so-called common application identifier (AID) on chip debit cards, processor Fiserv Inc. followed up on Monday by disclosing that its Accel network also will support Visa Inc.’s AID. The news means that Accel is the …
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13 March
2Checkout Ditches ‘Archaic, Slow’ System for a Speedier Merchant-Approval Process
Patience is not an online virtue for consumers, and, it appears, for merchants waiting for online approval of their payment-processing account applications. At least that’s the assessment of Tom Dailey, chief executive of 2Checkout, a Columbus, Ohio-based e-commerce payment-services company, which announced this week it has revised its underwriting …
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13 March
Hopes for a Battered Bitcoin Buoyed by Major Merchant Announcements
Despite Bitcoin’s recent travails, the fledgling digital currency has begun to win support from some of the nation’s best-known merchants. This week came news that department-store chain Lord & Taylor will start accepting Bitcoin through a mobile app called Pounce. The news followed upbeat Bitcoin results released by online retailing …
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12 March
Bowing to EMV’s Urgency, Accel Adopts MasterCard’s Common Debit Solution
Fiserv Inc. on Wednesday said its Accel debit network will license a critical EMV solution from MasterCard Inc. The move follows a decision by First Data Corp.’s Star network late last month to adopt similar technology from Visa Inc. and indicates the national-brand networks may be winning over the regional …