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News

January, 2013

  • 31 January

    In an Open Letter, Debit Networks Reject MasterCard’s EMV-Durbin Solution

      It took less than two weeks for the Secure Remote Payment Council (SRPc), a consortium of U.S. electronic funds transfer networks, to reject MasterCard Inc.’s offer for EFT networks to use its proprietary Maestro application identifier (AID) to allow processors to route EMV debit transactions according to network choices …

  • 31 January

    Eye on Acquisitions: ACI Snags Online Resources; FIS Swallows mFoundry

      Thursday, Jan. 31, 2013, will go down as one of the payments industry’s more notable days of the deal. First, payments-software developer ACI Worldwide Inc. announced plans to buy Online Resources Corp. in a deal that values the electronic bill-payment and presentment technology provider at $263 million. Then the big processor …

  • 30 January

    Entering the Faster P2P Fray, Co-Op Launches Sprig, a Wallet App for Credit Unions

      The effort to bring near-real-time person-to-person payments to the customers of smaller financial institutions took another step on Wednesday with the announcement the Sprig digital-wallet service from Co-Op Financial Services, a processor and network operator that links some 3,000 credit unions. The new service, available for both mobile devices …

  • 29 January

    First Data Names Labry As Interim CEO, Reports Mixed Quarterly Results

    First Data Corp. late on Monday named Ed Labry, president of the big processor’s North American unit, as interim chief executive officer to  replace current chief executive Jonathan J. Judge, who is retiring early for health reasons. The announcement came less than a day before First Data announced mixed fourth-quarter …

  • 28 January

    Casting a Shadow on Social Commerce, Payvment Shuts Down, Sells Itself to Intuit

      Intuit Inc. on Monday acquired the assets of Palo Alto, Calif.-based Payvment Inc., a 3-year-old vendor of shopping-cart and payment tools for merchants operating on social networks. Terms of the deal, which capped a series of developments that for some observers cast doubt on the market for so-called social …

  • 25 January

    NACHA’s Bill-Pay Council Puts the Finishing Touches on Its QR-Code Guidelines

    Mobile bill payments took a step forward Thursday when automated clearing house network overseer NACHA reported that its Council for Electronic Billing and Payment (CEBP) had developed final guidelines for consumers to use Quick Response (QR) codes on bills to facilitate electronic payments. The guidelines are voluntary for billers, banks …

  • 25 January

    Forecasters Predict Credit Card Surcharges Will Find Few Takers Come Jan. 27

    The surcharging provisions of the credit card interchange settlement announced last July will take effect on Sunday, but observers expect few merchants will take advantage of their new-found freedom to add a surcharge to Visa and MasterCard credit card sales. “I know of nobody” who plans to surcharge, says Mitch …

  • 24 January

    On the Rise, Mobile Bill Pay Could Spur More E-Bill Presentment, Card Usage

    U.S. consumers are rapidly turning to mobile devices to pay bills, and that trend in turn is likely to encourage more card usage for bill payment and more electronic bill presentment, according to a study released this week. Some 8% of households with an Internet connection paid at least one …

  • 24 January

    Will Apple Press Forward Or Take a Pass on Passbook Payments?

    n Passbook? The topic of Apple Inc.’s loyalty application didn’t come up Wednesday afternoon when the leading Silicon Valley tech company’s top brass discussed their latest quarterly results, which stock analysts found disappointing. But some smart-phone industry observers see evidence that Apple is laying the groundwork for a full-fledged mobile-payments …

  • 23 January

    New Assessment of Durbin’s Effects Warns Fixed Network Fees Could Crimp Competition

    A sweeping review by the Federal Reserve Bank of Kansas City of the Durbin Amendment’s effects warns that competition could be harmed if more payment card networks adopt fixed-pricing plans as they compete for merchant business in the newly regulated debit card environment. The new report is the first of …

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