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Pittsburgh-based PNC Bank said today it will reimburse its customers for ATM fees they incur when they use other banks' ATMs anywhere in the world. The program, which begins Sept. 1, means the bank's 2 million retail-banking customers will receive rebates for ATM surcharges as well as the so-called foreign …
Read More »PayPal Exec Says eBay Ban Against Google Checkout Is ‘Overplayed’
When online auction giant eBay Inc. barred Google Checkout from its marketplace, the move led to widespread industry speculation that eBay, which owns rival online payment processor PayPal, was discriminating against the weeks-old Google Inc. payment product. But a PayPal executive tells Digital Transactions News eBay's action had nothing to …
Read More »Eyeing Gift-Card Popularity, the OCC Issues Disclosure Rules
Responding to the rapid build-up in popularity of gift cards, a federal banking regulator has issued guidelines telling banks what information they should disclose?and how they should disclose it?to both the buyers and ultimate users of the prepaid plastic. The new rules, which bear on matters such as expiration dates, …
Read More »Shut out of New Markets, PIN Debit Faces Big Growth Challenges
While PIN debit transactions at the point of sale are growing at a torrid pace, the payment application faces major hurdles when it comes to future growth, according to a research report released this week. PIN debit has registered annual growth rates between 35% and 38% since 2003, outpacing the …
Read More »Now Hot, Remote Capture Will Get Hotter with Move ‘Down Market’
Merchants and other businesses that accept checks are adopting electronic truncation?also known as remote deposit capture?so quickly that one expert observer expects the number of installed systems to more than double next year. Indeed, says Bob Meara, a senior analyst at Boston-based researcher Celent LLC, demand for remote capture is …
Read More »Partisans Square off Again As the Interchange War Moves to the Senate
The simmering battle over card interchange, which up to now has been fought mostly in the courts, found a new battlefield in the U.S. Senate Wednesday as opponents and supporters of the controversial fee testified before that body's Judiciary Committee. The occasion was a hearing dubbed, “Credit Card Interchange Rates: …
Read More »Image Volume Mounts Steadily for SVPCO As It Courts Smaller Banks
In a sign that check image exchange continues to make steady progress, SVPCO has reported its national network processed 56.5 million items in June, an 11.1% increase over May's volume. Total dollar volume for the month reached $157 billion, up 4% over May. Daily average items, a keenly watched indicator, …
Read More »BidPay Re-launches with New Pricing, Chargeback Policy
BidPay.com Inc., an online auction-payment processor that was shut down in December by owner First Data Corp., went live again this week with new pricing, international sales support, and a strategy to appeal to sellers by offering protection against certain chargebacks. The re-launch follows the March 2006 acquisition of BidPay …
Read More »Merchants Hit MasterCard IPO on Anticompetitive Grounds
A law firm co-leading the merchant class-action interchange lawsuit against Visa USA, MasterCard Inc. and a number of their large members yesterday filed a supplemental complaint in federal court asserting that MasterCard's imminent initial public offering of stock is an attempt to shield itself from antitrust liability for past interchange …
Read More »Tiny LendingTools.com Has Big Ambitions for National Image Exchange
A small Wichita, Kan.-based software company is getting set to take a big step in bringing image exchange to small financial institutions around the country. Starting with the north central region of the U.S., LendingTools.com Inc., a provider of Web-based systems for image processing and origination of automated clearing house …
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