News

November, 2010

• 17 November

  Once ‘Bearish,’ a Payments Researcher Smiles on Mobile Payments

  The rapid development of mobile payments in the U.S. is starting to make believers out of skeptics. Boston-based Aite Group LLC, a payments consulting and research firm, had been one of those skeptics, but it released a report on Wednesday predicting U.S. mobile payments of all kinds will total $214 …
• 16 November

  Wireless Carriers Unveil Isis, Their Mobile Payments Joint Venture

  In a move the payments industry had expected since early August, the nation’s largest wireless carriers on Tuesday announced they had formed a joint venture to run a point-of-sale mobile-payments network. The new company, known as Isis, will be headed by Michael Abbott, formerly an executive with GE Capital’s proprietary …
• 16 November

  Mitek Books a Profit As Mobile Demand Perks up

  Mobile remote deposit capture software provider Mitek Systems Inc. posted a profitable last quarter of fiscal 2010 as more resellers and financial institutions adopted its products for taking pictures of checks from smart phones. And while San Diego-based Mitek has big expectations for its flagship Mobile Deposit application, the company …
• 11 November

  NetSpend Vows to Diversify Beyond Troubled MetaBank

  With regulatory problems overshadowing its main issuing partner, prepaid card program manager NetSpend Holdings Inc. says it is optimistic that it will be able to form partnerships with other issuing banks. n NetSpend is looking at proposals from a number of regional and national banks to provide sponsorship services, chief …
• 11 November

  Consumer Groups, Banks Battle to Influence Fed’s Debit Rules

  Recent meetings between Federal Reserve staff members, consumer groups, and payments executives show just how divergent the views are as the Fed prepares the first-ever regulations on U.S. payment card interchange. Consumer groups are pushing for “at-par” debit card interchange—essentially, no interchange. A big regional bank, however, said the Fed …
• 10 November

  Gemalto Combines One-Time Codes, Payments in a Credit Card

  Gemalto, a maker of payment cards, said on Wednesday it had developed the first credit card that can generate one-time passwords and also function in point-of-sale devices. The product, which the company calls the Ezio card, is immediately available in commercial quantities in the U.S., though so far no domestic …
• 9 November

  In the Early Going, P2P Leads Banks’ Mobile-Payment Services

  Mobile payment is making headway among the nation’s top 100 financial institutions, according to a new study from First Annapolis Consulting Inc. The mobile offerings today, however, center on person-to-person payments, wire transfers, and remittances rather than the use of mobile devices as payment instruments at the point of sale. …
• 9 November

  Home Depot Launches a First—Videos for Virtual Gift Cards

  A new electronic gift card launched by The Home Depot Inc. that lets customers upload and send video images—apparently the first such card in the market—is performing reasonably well in the early going for the huge home-improvement chain. “It’s a little bit early, but it has met expectations so far,” …
• 8 November

  An ATM ISO Group Slams Network Surcharging Rules

  A trade group of ATM independent sales organizations says its study of the major EFT networks’ surcharging rules favor banks at the expense of non-bank ATM owners. The Atlanta-based National Association of ATM ISOs and Operators, which represents ISOs that own or operate 70,000 ATMs, says it is negotiating with …
• 4 November

  Accertify Will Become Part of AmEx in $150 Million Deal

  American Express Co. on Thursday announced it will pay approximately $150 million to buy a software startup in suburban Chicago whose product lets online merchants automate order screening for fraud. Founded in 2007, Accertify Inc. has built a client base that includes Barnes & Noble, Urban Outfitters, and 1800 Flowers …