Transaction Processing

Dwolla Corp. announced this week that Veridian Credit Union, Waterloo, Iowa, will be the first financial institution to use a system for real-time funds transfer that Dwolla has been working on for months and testing since earlier this year. A Dwolla spokesman says more financial institutions around the country are …

U.S. Sen. Richard Durbin, author of the now-famous amendment bearing his name that upended the debit card industry, made a figurative trip to court this week to show his support for retailers challenging the Federal Reserve Board’s final rule implementing his provision in 2010’s Dodd-Frank Act. In a friend of …

MasterCard Inc. on Wednesday posted continued strong growth in debit cards during the first quarter, including in fee revenue. The No. 2 U.S. card network also took issue with the findings of a Federal Reserve report released on Tuesday showing interchange for regulated card issuers has plunged since the Durbin …

Microsoft Corp. used a trio of legal tools last month to raid an alleged cybercrime operation that had been using the infamous Zeus virus to steal funds and data from the financial-services industry, the software giant disclosed on Monday. The raids, which Microsoft and partner organizations first announced March 25, …

Tougher restrictions by banks are creating a business opportunity for Global eTelecom, a Fort Walton Beach, Fla.-based processor of automated clearing house transactions. While the 14-year-old company has traditionally relied on reseller agreements with independent sales organizations for new business, it’s now also pursuing deals to handle volume for other, …

  In the wake of an unusual public outburst by a top security officer at software giant Oracle Corp., the Payment Card Industry (PCI) Security Standards Council issued a statement on Thursday to Digital Transactions News defending a little-known rule that requires vendors to disclose security holes in their software. …

Merchant processor Global Payments Inc. says it believes fewer than 1.5 million card numbers were taken from its processing system in a data breach disclosed on Friday. Meanwhile, Visa Inc. has removed Global from its list of merchant processors compliant with the Payment Card Industry data-security standard (PCI), but Global …

Merchant processor Global Payments Inc. confirmed late Friday afternoon that it sustained a data breach following press accounts earlier in the day of a breach variously reported as affecting 50,000 to potentially millions of payment cards. In a press release, Atlanta-based Global “announced it identified and self-reported unauthorized access into …

Vantiv Inc. began trading on the New York Stock Exchange on Thursday with the symbol VNTV, having priced its shares late on Wednesday at $17, the mid-point of its estimated opening range. The Cincinnati-based payment processor saw its initial offering of 29.4 million shares raise just shy of $500 million. …

  n The private beta, as Dwolla dubs its test, will open up to consumers within “ a couple of months,” Charise Flynn, the Des Moines, Iowa-based company’s chief operating officer, tells Digital Transactions News. n About 60 people are involved in the test currently, Flynn says, though most of …