Person-to-Person Payments

• Vantiv Inc. has agreed to provide processing services to McCoy Federal Credit Union in central Florida. Services include ATM, debit, and credit card processing as well as MobiMoney, a feature that lets customers use their mobile device to turn cards on and off and receive alerts. • The U.S. …

By John Stewart @DTPaymentNews For years, pundits have said consumers trust banks more than any other entity when it comes to payments options, but that doesn’t mean financial institutions are always delivering the most innovative services. Now a review of mobile-banking and -payments offerings indicates even the nation’s biggest banks …

By John Stewart @DTPaymentNews With Citigroup Inc.’s decision to join the network, the bank-controlled clearXchange person-to-person payments service has dramatically expanded its reach at a crucial time—just as it faces increasing competition from nonbank P2P rivals and in advance of a major rebranding set to take effect next year. The …

• The Clearing House Payments Co. LLC selected IBM Corp.’s Power8 system for its real-time payments service, expected to go live next year. The IBM system will run software from VocaLink Holdings Ltd., which TCH selected last year as a vendor for its project. VocaLink is being acquired by MasterCard …

• USA Technologies Inc., a provider of wireless payment services for vending machines and other unattended merchant locations, reported $169 million in purchase volume on its 429,000-location network in the fourth quarter of fiscal 2016 ended June 30, up 50% from a year earlier. Transaction volume hit 89 million, up …

By John Stewart @DTPaymentNews For years, payments providers have struggled to make money on person-to-person payments, and now Square Inc. is taking a swing at the problem. Starting now, Square is offering to make instant transfers of Square Cash funds into users’ bank accounts if they pony up a 1% …

By Jim Daly@DTPaymentNews Nearly three-quarters of mobile-phone owners have made some sort of payment with their devices, but in-app, bill, and person-to-person payments all exceed in-store payments, according to new findings from First Annapolis Consulting Inc. The Annapolis, Md.-based consulting and research firm says 74% of mobile-phone-using consumers reported in …

• E-commerce services provider Digital River Inc. released a white paper, “The Subscriptions Generation,” which offers guidance for e-commerce decision-makers and product marketers considering online subscription-based business models. • The Western Union Co. announced it is offering free money transfers from agent locations in most countries to more than 450 agent …

By John Stewart@DTPaymentNews The big banks that run clearXchange are getting around to slapping a brand name on the peer-to-peer payments network, five years after founding it. The new name is going to be Zelle, confirms a spokesperson for Early Warning Services LLC, the Scottsdale, Ariz.-based fraud-management company that real-time …

• The clearXchange peer-to-peer payments network will be renamed Zelle, according to a report in The Wall Street Journal. The service is operated by Early Warning Services LLC, which is owned by some of the nation’s biggest banks. • Samsung Electronics Co. Ltd. marked the first anniversary of its Samsung …