Digital Transactions Authoritative, insightful and timely information for payments professionals
n “The bankruptcy court in question agreed with our motion that the escrow account is for the consumer,” Trent Voigt, chief executive of JetPay LLC of Carrollton, Texas, told Digital Transactions News moments after a hearing ended in the case of Southern Sky Air & Tours LLC, doing business as …
March, 2012
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22 March
Vantiv Joins the Ranks of Publicly Traded Payment Processors
Vantiv Inc. began trading on the New York Stock Exchange on Thursday with the symbol VNTV, having priced its shares late on Wednesday at $17, the mid-point of its estimated opening range. The Cincinnati-based payment processor saw its initial offering of 29.4 million shares raise just shy of $500 million. …
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21 March
Phrased Out: Amazon Kills PayPhrase, Offers Businesses Multiuser Service
Amazon.com Inc. quietly killed its PayPhrase online-authentication service on Feb. 20, not quite two-and-a-half years after introducing the system. The PayPhrase credentials system allowed online shoppers to check out using only a word or phrase of their choosing and a PIN that they had registered with the Amazon Payments service. …
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21 March
Dwolla Readies Pilot for Near-Instant Funds Movement with 16 Financial Institutions
n The private beta, as Dwolla dubs its test, will open up to consumers within “ a couple of months,” Charise Flynn, the Des Moines, Iowa-based company’s chief operating officer, tells Digital Transactions News. n About 60 people are involved in the test currently, Flynn says, though most of …
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21 March
Payments Fraud at Companies Moderates, But Remains at High Levels, AFP Says
Payments fraud against companies moderated during 2011, with the share of companies experiencing payments fraud falling to the lowest level since 2004, according to the Association for Financial Professionals’ latest annual study of corporate payments fraud. Nevertheless, the level of fraud remained elevated, with the majority of organizations reporting attempted …
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19 March
Studies: Gift Cards Preferred to Higher-Value Gifts, While Many Prepaid Holders Are Banked
As the prepaid card market matures, more data are emerging about surprising consumer behavior regarding prepaid cards or that challenge the conventional wisdom. For example, research commissioned by big processor First Data Corp., a major player in the prepaid space, found that given a choice between taking a gift or …
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19 March
Bill Payments by Paper Check Fade As ACH Bill Pay Continues Its Growth Spurt
New data from automated clearing house governing body NACHA reaffirm the continuing gains of electronic bill payment and the long-term decline in consumer check writing to pay bills. NACHA’s report for 2011’s fourth quarter says that transactions under the so-called WEB standard entry class code for Internet bill-payment debits grew …
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15 March
PayPal Announces a Merchant-Acceptance App That Goes Beyond Cards
The news leaked earlier this week, but PayPal confirmed on Thursday it has created a mobile-acceptance product to compete with the myriad such services already on the market from hardware and software companies, as well as merchant processors. Still, PayPal’s product, called PayPal Here, may stand out from the crowd …
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15 March
Discover Releases an EMV Plan That Echoes Key Deadlines from Visa, MasterCard
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13 March
Banks Can Mine P2P for Big Revenue If They Can Get It Right, Networks Say
Financial institutions have much to gain from fees and cost savings if they offer person-to-person payments and get it right, according to representatives of three leading P2P networks who spoke on a panel at a banking conference on Monday. The keys to getting this relatively nascent payment form right lie …