Digital Transactions Authoritative, insightful and timely information for payments professionals
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June, 2011
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29 June
Fed’s Final Durbin Rule Chops Interchange by More Than 40%, Extends Compliance Deadline
n The 5 basis points added by the Fed to the 21-cent cap is intended to capture some of the fraud losses issuers sustain, the central bank said in a staff memo released on Wednesday summarizing the final rule. The final rule also allows, on an interim basis, a …
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28 June
Intuit Buys Technology from Citi-SK Telecom Venture to Speed up Mobile Launches
n Intuit announced late on Monday that it had acquired the mobile Web platform developed by San Mateo, Calif.-based MMV, a joint venture formed in 2008 by Citigroup Inc. and SK Telecom, a major South Korean telecommunications company, to offer mobile-banking capability worldwide. Intuit, which had been licensing the …
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28 June
Regulators Update Online-Authentication Guidance, But What About Mobile?
Federal banking regulators on Tuesday updated their 2005 guidance about authentication for Internet banking. Officially a supplement to the original guidance, the new document addresses social media, malware, and other security issues that have cropped up in recent years. It also allows financial institutions about seven months to comply. …
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27 June
Why a Florist in Austin Could Portend a Rosy Outlook for Isis
n Mike Martinez, co-owner of Ben White Florist Inc. in Austin, Texas, says the lack of NFC-enabled smart phones in the U.S. is not an issue for him. He notes the rapid technological evolution of smart phones and the frequent upgrade cycles of consumers. “It will take some time, …
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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 …
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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 …
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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 …
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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. …