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With competition heating up in the market for person-to-person payments, Fiserv Inc. reports its 3-month-old ZashPay service is making headway with client financial institutions. The service now claims some 400,000 registered users, while more than 400 banks and credit unions have signed on to offer it, with 100 of those …
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Shazam Attacks Online PIN Debit with a Trio of Solutions
If one PIN-debit system for Internet payments is good, three are even better in the eyes of the Shazam electronic funds transfer network. The network on Wednesday announced it has become the first network client of a new online PIN-debit platform from e-commerce systems provider CardinalCommerce Corp. Shazam now has …
Read More »Thanks to Tempo, Discover Enters Decoupled Debit
In relaunching a debit rewards card for the QuikTrip Corp. convenience-store chain this week with a new issuer and new payment card network, specialty debit processor Tempo Payments Inc. plugged Discover Financial Services into the decoupled-debit market. And after concentrating on non-profits for the past year, Tempo says more Discover-branded …
Read More »MasterCard Aims for Faster Authorizations, More Message Data
While Visa Inc. and MasterCard Inc. are shelling out big bucks for the loyalties of card issuers and merchants (Digital Transactions News, April 29), they’re also adding technological muscle to attract more transaction volume to their networks. In the latest example, MasterCard on Monday announced a host of upgrades to …
Read More »BofA’s Move on Debit Card Overdrafts Could Herald Big Revenue Drain
Bank of America Corp.'s decision to stop offering overdraft protection on debit card transactions casts a spotlight on billions of dollars in fee revenue issuers earn from cardholders that could drain away if the bank's move becomes a trend. It could also be a harbinger of a move by consumers …
Read More »Accel/Exchange Plans a Big Acquiring Push for Online PIN Debit
The Accel/Exchange electronic funds transfer network, which on Nov. 9 became the first EFT network to roll out online PIN debit to consumers, is pleased with results so far and has plans to begin a major recruitment drive to sign up merchant acquirers for the program next year, says Michael …
Read More »As More Banks Fight ID Fraud, Many Still Lag in Alerts, Report Says
U.S. financial institutions have made considerable progress in fighting identity fraud, but still lag in their use of one of the most potent weapons in their arsenal: putting anti-fraud controls in the hands of the consumer. That's according to research released on Tuesday by Javelin Strategy & Research. The Pleasanton, …
Read More »New Products Could Spur Holdouts to Jump into Image Exchange
Viewpointe Archive Services LLC this week introduced two products that, the company says, respond to rising volumes of imaged checks and could smooth the way for more financial institutions to participate in end-to-end image exchange. One of the products catches mismatches between check images and the data contained in associated …
Read More »Schools And State Agencies Eye NACHA’s Online Payment System
Secure Vault Payments, the online payment system that NACHA has been piloting since last spring, is catching on as a bill-payment alternative among colleges and state agencies, says Kendall Myles, the executive who is heading up SVP merchant recruitment for NACHA, the regulatory body for the automated clearing house network. …
Read More »PayPal’s Chief Proposes Direct Links Between Banks And PayPal
Often viewed by retail banking officials as public enemy No. 1, PayPal Inc. sent its top executive to a major banking-technology exhibition on Thursday to propose closer collaboration between banks and the San Jose, Calif.-based non-bank e-commerce payments processor. Indeed, PayPal president Scott Thompson suggested banks and PayPal create direct …
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