News

April, 2010

• 28 April

  Congress Breaks Its Silence on Interchange with a New Hearing

  After months of inactivity on interchange regulation, the U.S. House of Representatives judiciary committee on Wednesday held a hearing on one bill advocated by national merchant groups. And while the committee took no action, one merchant group views the hearing as a hopeful sign that legislation will be passed. The …
• 28 April

  As Its PayPal Program Unfolds, Star Zeroes in on Online PIN Debit

  Six months after announcing it will process online PIN-debit transactions through PayPal Inc., the Star electronic funds transfer network has signed a number of member banks for the new service, with “implementations in progress,” says Julie Saville, vice president for product management at Star. Despite the tie-up with PayPal, however, …
• 27 April

  NACHA Taps The Clearing House to Help Commercialize EBIDS

  Capping a process that began last fall, NACHA announced a partner on Monday to help commercialize a system it has been piloting that lets consumers receive and pay bills electronically through the automated clearing house network. The Clearing House Payments Co. LLC, a New York City-based company whose Electronic Payments …
• 27 April

  Square Founders Get Rock Star Welcome But Give Few Details

  The founders of the much-hyped Square Inc. payments system may have wowed a full-house crowd of bankers on Monday, but they added little to public understanding of how their product will actually work and how it will stack up competitively with similar offerings for mobile merchants. While polite and talkative …
• 22 April

  Ebay Chief Touts PayPal Innovation As Processor Logs Strong Results

  Online auctioneer eBay Inc. on Wednesday said its PayPal Inc. unit has generated more than $30 million in payments so far on the open platform it introduced in November. Thousands of developers have now written applications using application programming interfaces PayPal has introduced for the platform, eBay officials said, allowing …
• 22 April

  Mobile Capture’s Profile Rises As Smart Phone Adoption Climbs

  Remote deposit capture by means of smart phones, a technology that seemed futuristic only a year ago, is rapidly taking root, but questions remain about smart-phone adoption, security, and the type of financial institution for which it makes sense. Two recent studies, one of which was released this week, document …
• 22 April

  Apriva Challenges USA Technologies in Cashless-Vending Market

  The cashless vending machine payment market is about to get more competitive. Apriva Inc., a specialist in wireless payment technology, this week introduced its Apriva Vend system. With it, Scottsdale, Ariz.-based Apriva is throwing its hat into a ring dominated by USA Technologies Inc., which says it welcomes the new …
• 21 April

  Just Days After Its Debut, Square Changes Its Processing Fees

  Square Inc., the new payment system from Twitter co-founder Jack Dorsey, has adjusted its merchant pricing less than three weeks after its debut. Merchants will pay more on card-present transactions under $100 and less on bigger sales compared with the original plan. Card-not-present transactions, however, will cost more until a …
• 21 April

  Visa Deepens E-Commerce Roots with $2 Billion CyberSource Deal

  In a move calculated to expand its business in e-commerce and mobile transactions, Visa Inc. on Wednesday said it will buy CyberSource Corp., an online gateway and merchant acquirer, for $2 billion in cash. The deal, which is expected to close by Sept. 30, brings together the world's largest payment …
• 19 April

  Canada Will Enforce Its Payments Code with Regs, If Necessary

  After five months of discussion, the Canadian government is out with the final draft of its Code of Conduct for the payments industry. The merchant-friendly code is supposedly voluntary, but proposed legislation could force it upon payments companies that don't adopt it on their own by May 17. “Payment card …