News

June, 2011

• 27 June

  S1, Fundtech Agree to Merge in Deal That Hinges on ‘Transaction Banking’

    n In the merger, Fundtech shareholders will receive 2.72 shares of S1 common stock for each Fundtech share, leaving S1 shareholders with a 55% stake in the combined entity. The new company will be rechristened Fundtech Corp. and will be based at S1’s headquarters in Atlanta. Reuven BenMenachem, chief …
• 24 June

  PCI Council Releases ‘First Step’ Guidelines on Mobile-Acceptance Apps

    The PCI Security Standards Council on Friday released its first guidelines on mobile-acceptance applications since announcing in November that it had stopped reviewing such products. The Wakefield, Mass.-based Council, which manages the Payment Card Industry data-security standard (PCI), also said it hopes to start forming a broad group of …
• 23 June

  Discover Chief Says Pulse Has Beefed up for Expected Durbin Volume

  With final debit card regulations at hand that will end exclusive partnerships between payment networks and debit card issuers, the head of Discover Financial Services says his company has added capacity to its Pulse electronic funds transfer network to handle anticipated new business. n Nelms was responding to a question …
• 22 June

  Issuers Eyeing Fees for Debit Can Expect Cardholder Backlash, Survey Shows

    Some 49% of debit card holders would either stop using their cards or use them less often if their issuers slapped a $1-to-$2 monthly fee on their checking accounts in return for unlimited usage, and another 25% would close their accounts altogether, according to consumer research released this week. …
• 21 June

  An Industry Divide over Durbin’s Impact on PIN Debit for E-Commerce

  While the payments industry awaits stringent new rules concerning debit card transactions, some processors and technology players are starting to exploit what they see as opportunities in the new regulations. Acculynk Inc., for example, released last week a statement calling on Internet merchants to sign up now for online PIN …
• 21 June

  Congress Again Considers Legalizing Online Gambling

    n U.S. Rep. Joe Barton, R-Texas, is drafting legislation that would legalize Internet poker, a spokesperson tells Digital Transactions News. “This is a poker-only bill,” the spokesperson says. “He [Barton] looks at poker as a game of skill, not a game of chance, and that’s why it should be …
• 21 June

  Visa Offered 35% Interchange Cut for Small Merchants on Eve of Tester-Corker Vote

    n That’s the gist of a June 8 letter purportedly from Visa Inc. chairman and chief executive Joseph W. Saunders to U.S. Sen. Joe Manchin, D-W. Va., a copy of which was obtained by Digital Transactions News. On June 8, an amendment to delay Durbin’s provisions for further study …
• 16 June

  Among Small Merchants, Acquirers Now Get 40% of Revenue from Fees, Study Shows

    n Merchant processors, banks, and independent sales organizations that process transactions for merchants with annual sales of less than $10 million—the vast majority of U.S. retailers—have added on a wide array of fees in recent years for items ranging from statements to monthly minimums to chargeback processing and authorizations. …
• 15 June

  Huntington Plans to Keep Upgrades Coming at a Fast Clip for New Mobile Service

    n Dennes, who joined Huntington in September after helping to launch a popular mobile-capture application at USAA Federal Savings Bank, says the bank has “interest” in a point-of-sale payments capability, likely based on near-field communication (NFC) chips. Visa Inc., MasterCard Inc., Google Inc., and a carrier-led joint venture called …
• 14 June

  PCI Council Issues Virtualization Guidelines, Still Crafting Mobile Rules

    n n n n n n n n n n