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A faster-than-expected ramp-up in transaction volume is forcing the country's largest image-exchange network to refigure its growth projections. The Image Payments Network, operated by SVPCO, a unit of New York-based The Clearing House Payments Co. LLC., handled 35.2 million check images in April, up 20.6% from March, according to statistics …
Read More »NACHA Approves Back Office Conversion of Point-of-Sale Checks
NACHA announced today it has approved a new form of electronic check conversion that will allow retailers to turn bundles of checks into automated clearing house debits in a central location, or back office. Known as back-office conversion, the new application will take effect March 16, 2007, the Herndon, Va.-based …
Read More »Patent in Hand, Yahoo! Moves Toward a P2P Payments Product
Online search giant Yahoo! Inc. is developing what appears to be a person-to-person payment service and may be weeks away from introducing it, but details of the new service remain unclear. A spokesperson for Yahoo! told Digital Transactions News this week the Sunnyvale, Calif.-based company was “not ready to discuss” …
Read More »In Wake of Big PIN Breach, Visa Tightens Debit-Fraud Controls
At a time when debit card fraud is generating unwelcome headlines, Visa USA is taking two new steps to enhance its information about fraud involving payment cards that rely on personal identification numbers for security. With the goal of spotting fraud trends early and keeping overall fraud under control, Visa …
Read More »As Its IPO Awaits, MasterCard Logs Strong Results, Names Directors
With its long-expected initial public offering of stock fast approaching, MasterCard Inc. reported strong results for the first quarter and indicated it expects its stock to sell for between $40 and $43 per share. It also named six new directors who will join its board of directors after it becomes …
Read More »MX Telecom Looks for Rapid Growth in SMS-Based Mobile Payments
The recent launch of mobile-payment services based on short-message service (SMS) transmissions is casting a spotlight on specialist gateways that provide links from payment processors to wireless carriers. One, MX Telecom Inc., counts among its clients both PayPal Mobile, which PayPal Inc. launched earlier this month (Digital Transactions News, April …
Read More »Phishing Hits Record Levels As Malware, Redirectors Proliferate
Phishing hit an all-time high in March, with the number of reports of the online fraud reaching 18,480, according to the Anti-Phishing Working Group, which follows the trend. That's 603 more than the previous peak in January and more than 1,300 more than in February, the group reports. By way …
Read More »PCI’s POS Costs Slow Retailer Adoption, Terminal Exec Says
Reluctance by merchants and independent sales organizations to assume the added costs of compliant terminals is contributing to the apparently slow rate at which retailers are adopting the Payment Card Industry data-security standard, an executive with a major terminal maker says. According to recent data from Visa USA, one of …
Read More »First National Merchant Solutions Shifts Toward ISOs for Growth
Long quiet on the reseller front, First National Merchant Solutions is signing up independent sales organizations as part of a strategic shift mapped out by its new president, Diana M. Mehochko. The merchant-acquiring unit of First National Bank of Omaha signed up half a dozen ISOs last year and is …
Read More »PayPal Racks up Double-Digit Growth, But Still Relies Heavily on eBay
PayPal Inc, which earlier this month announced its foray into mobile payments based on short-message service transmissions (Digital Transactions News, April 6), continues to build transaction volume at double-digit rates in its core e-commerce business, though it remains dependent on parent eBay Inc. for the bulk of its traffic. In …
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