News

March, 2011

• 9 March

  TCF Tells Court Durbin Could Force It To Lay off Thousands

  Big debit card issuer TCF Financial Corp. might need to lay off more than 2,000 employees to offset potential revenue losses if the Federal Reserve Board’s most draconian debit interchange price-control proposal takes effect, TCF said in recent court filings. Wayzata, Minn.-based TCF also said that its annual revenue loss …
• 8 March

  Bankers Tout Mobile-Capture Success, Warn Others to Jump in Soon

  Only a year or so ago, allowing consumers to deposit checks using a smart-phone application seemed cutting-edge. Now, some financial institutions that have the most experience with offering mobile remote deposit capture are not only touting the success of the product, they are also warning their peers that the window …
• 7 March

  Durbin Will Hurt, But It’s No Apocalypse for Debit, McKinsey Expert Says

  There may be some good news for large banks and card networks fretting over the looming effective date for the Durbin Amendment and its restrictions on debit card income. While the amendment, part of the Dodd-Frank Wall Street reform legislation signed into law last summer, will severely compress debit card …
• 3 March

  Apple’s New iPad Could Be Even More Suitable for Payments Than the Old One

  The debut on Wednesday of Apple Inc.’s iPad 2 ushers in a thinner, lighter version of a tablet computer that debuted a year ago to considerable fanfare both generally and in the payments business. Like its sister product, the iPhone, the iPad won adoption by some merchants looking for ways …
• 3 March

  Interchange Cuts, Legislation, And Dwindling Volume Top ATM ISOs’ Concerns

  ATM network changes and legislation rank as the top worries of ATM independent sales organizations, while declining transaction volumes also keep many ATM ISO executives up at night, according to newly released survey results. Kahuna ATM Solutions, a Bloomington, Ill.-based ATM ISO that services smaller ISOs, commissioned the survey, which …
• 3 March

  Merchants Move To Counter Growing Opposition to Debit Regulation

  With opposition to looming debit card interchange regulations growing, merchant groups that would benefit from regulation by way of lower payment card acceptance costs are making a case to prevent the Federal Reserve Board’s planned rules from being delayed or scuttled. Much of the questioning about the Dodd-Frank financial-reform law’s …
• 2 March

  Petroleum Sales, Security Upgrades, Services Help Buoy Results for VeriFone

  Supposedly mature North America lately is sporting growth rates befitting a green-field market for leading point-of-sale terminal maker VeriFone Systems Inc. VeriFone, which is moving ahead with plans to buy rival Hypercom Corp., late Tuesday reported that North American revenues increased 43% in its first fiscal 2011 quarter ended Jan. …
• 1 March

  Fiserv Deals Propel It Deeper into Mobile Products And Prepaid

  Banking processor Fiserv Inc. announced a trio of acquisitions in a 24-hour period that included picking up Atlanta-based mobile-banking technology provider Mobile Commerce Ltd., known as M-Com.  Brookfield, Wis.-based Fiserv also announced it is acquiring Maverick Network Solutions Inc., a Wilmington, Del.-based prepaid card processor, and Credit Union On-Line Inc., …

February, 2011

• 28 February

  Cumbersome Paperwork Rule Will Go Away in April for Visa Fraud Chargebacks

  Continuing a chargeback-streamlining process that began back in 2004, Visa Inc. in April will no longer require card issuers to obtain signed paper documentation in disputes involving transactions the cardholder claims are fraudulent. Instead, issuers may submit the required documentation electronically. Visa is not mandating that issuers eliminate signed documentation, …
• 24 February

  One Payments Company, At Least, Shows How Consumers Could Gain from Durbin

  Merchants and other proponents of the Dodd-Frank Act’s Durbin Amendment, which will regulate debit card interchange rates starting this summer, argue that the law will benefit consumers by allowing retailers to pass on lower transaction costs to their customers. While banks and other critics say this is unlikely, an alternative-payments …