News

February, 2011

• 24 February

  It’s Regulated by Durbin, But SECU Is Going Ahead with EMV Conversion

  With $21.5 billion in assets, enough to rank it the second-largest credit union in the country, Raleigh, N.C.-based State Employees Credit Union will sustain a substantial loss of debit card interchange income when the Durbin Amendment to the Dodd Frank Act takes effect this summer. But that isn’t stopping the …
• 24 February

  Moneris and Merchants Reach a Deal That Could Keep Canada’s Voluntary Code Voluntary

  A small-business trade group and Canada’s leading merchant acquirer reached a deal on Thursday that seemingly ends a dispute that, had it continued on its original course, might have transformed Canada’s seemingly voluntary code of conduct for payments companies into a mandatory one. At issue was a Dec. 30 letter …
• 23 February

  How Parking Payments Are Going High-Tech

  The prospect of combining on one contactless card payments for parking and transit fares would seem like a winner for hundreds of thousands of commuters who drive each morning to transit parking lots and then hop on a train or bus to the office. That was one idea floated last …
• 22 February

  As the Curtain Falls, Durbin Comments to the Fed Show a Sharp Divide

  Tuesday is the final day for commentators to submit their opinions to the Federal Reserve Board about the board’s proposed rules to implement the interchange regulations and other debit card provisions of the Dodd-Frank financial-reform law’s Durbin Amendment. Samples from the approximately 2,700 comments that have rolled in over the …
• 22 February

  With a One-Two Punch, Discover Endorses Alternative Payments, E-Bills

  Discover Financial Services on Tuesday found itself at the center of two announcements signaling increasing interest in the payments industry in alternative payments and electronic billing. Ebillme, an online-payments service offered by Rye Brook, N.Y.-based ModaSolutions Corp., said online merchants that accept Discover cards will be able to accept eBillme …
• 17 February

  With Signed Merchants Onboard, Isis Looks at Transit, Fast Food, Groceries

  The new Isis mobile-payments venture has recruited some merchants as it builds the acceptance side of its network, the Isis executive overseeing the merchant effort said on Wednesday. “We do have signed merchants at this point,” Jim Stapleton, head of sales and account management at Isis and a veteran of …
• 17 February

  A House Panel Takes Conflicting Testimony on a Durbin ‘Moratorium’

  Congress heard conflicting testimony Thursday on whether implementation of new debit card restrictions should be delayed. The rules, which were proposed by the Federal Reserve in December as directed by the Durbin Amendment to the Dodd-Frank Act, came under attack in House of Representatives subcommittee testimony from financial-institution and network …
• 17 February

  Android’s Popularity Could Boost New NFC Smart Phone Software

  The rocketing popularity of Google Inc.’s Android operating system for smart phones could also propel near-field communication (NFC) technology for mobile financial services now that NXP Semiconductor and Giesecke & Devrient have introduced NFC software for Android phones. The open-source code, announced this week at a major telecom conference in …
• 15 February

  In a Major Endorsement, Chase Adopts Mobile-Capture Technology from Mitek

  JPMorgan Chase & Co. plans to use Mitek Systems Inc.’s Mobile Deposit software in future versions of its QuickDeposit service for mobile remote deposit capture across multiple smart-phone operating platforms. The announcement furthered Mitek’s lead as the top vendor in the fast-growing mobile-capture niche. Citing confidentiality agreements with customers, Mitek …
• 14 February

  Small Banks Envision a Slew of New And Higher Fees in Durbin’s Wake

  Despite being exempt from pending debit card interchange regulations, small banks seem to be convinced that their revenues are about to take a hit and are planning to raise account fees or reduce access to debit cards to compensate, according to survey results from the Independent Community Bankers of America. …