News

July, 2008

• 28 July

  With Eight Months to Go, Some Banks May Have to Scramble To Do IATs

  A significant minority of financial institutions may not be ready to implement a new application for international automated clearing house payments by next March, even though that's when all banks will have to start supporting it, according to research published this week. The new application, known as International ACH Transactions, …
• 23 July

  POP’s Still on a Roll a Year After BOC’s Debut

  Some observers speculated that the point-of-purchase, or POP, electronic-check code would go “pop” after the supposedly more merchant- and consumer-friendly back-office conversion (BOC) code debuted in March 2007, but the latest automated clearing house volume numbers show otherwise. POP posted 115.3 million transactions in the first quarter, up 48.7% from …
• 23 July

  A High-Tech Card Maker Aims for ‘Holy Grail’ of Transaction Cards

  Innovative Card Technologies Inc., a 15-year-old maker of high-tech bank cards, expects to have pilots under way with U.S. financial institutions by the end of September for its primary product, a credit-card-sized device that generates a one-time pass code for online transactions. Steven R. Delcarson, chief executive of the Los …
• 23 July

  Eye on Earnings: American Express, USA Technologies, Fifth Third

  Lending took a bit out of travel-and-entertainment card leader American Express Co.'s second-quarter profits, but discount revenue still grew. Meanwhile, Fifth Third Processing Solutions outperformed its struggling parent company, and USA Technologies Inc. reported that transactions on its network of unattended machines more than doubled while sales of contactless card-reading …
• 22 July

  An Impatient ISO Retools to Sell Emerging Transaction Technology

  International Merchant Services Inc., which has taken on all new senior management over the past 11 months, is launching a new marketing blitz this week whose underlying message might be characterized as impatience with the electronic transactions business. Hoping to accelerate the progress of promising payment technology that for a …
• 22 July

  Online Banking Grows at BofA and Chase, But Who Is Active?””

  Second-quarter earnings reports from Bank of America Corp. and JPMorgan Chase & Co. show strong online-banking growth at both giant institutions. BofA also reported today that its base of active bill-payment accounts is up nearly 15% from mid-2007. But subjectivity could be an element in the numbers as banks try …
• 22 July

  TNS Hopes Its Dial-up-to-IP Converter Will Draw Cost-Conscious Merchants

  With an estimated 11 million point-of-sale terminals still in place in the U.S. processing card transactions on dial-up connections, processors and merchants are seeking ways to convert these devices to broadband without taking on the costs of replacing them. The latest is Transaction Network Services Inc., a Reston, Va.-based company …
• 17 July

  With UIGEA Reform Stymied, a Web-Gambling Tax Bill Emerges

  The struggle over the controversial Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) continues. Late last month, H.R. 5767, which blocked implementation of the UIGEA, was defeated in the U.S. House Committee on Financial Services. Meanwhile, a new bill related to online gambling was introduced this week by U.S. Rep. …
• 16 July

  House Committee Passes Interchange Bill, But Scraps Panel of Judges

  The U.S. House Judiciary Committee passed the controversial Credit Card Fair Fee Act of 2008 on Wednesday on a 19-16 vote, but with a significant change. The marked-up bill no longer includes a provision that would have established a three-judge panel to arbitrate interchange pricing should merchants and the bank …
• 16 July

  New Merchants, Account Growth Propel PayPal’s Non-Auction Volume

  PayPal Inc.'s multiyear campaign to build up the share of transactions it processes from Internet merchants rather than auction sellers has paid off in a steady rise in non-auction volume to the point that online merchants now account for very nearly half of the processor's total volume, excluding its gateway …