TCF National Bank’s federal lawsuit against the controls on debit card interchange contained in the Dodd-Frank financial reform law draws scant sympathy from retailers who have been battling against card interchange, including a merchant and entrepreneur who has been leading a crusade against the pricing mechanism for years. “It’s nonsense,” …

TCF National Bank, a top 10 debit card issuer, on Tuesday filed a federal lawsuit challenging the constitutionality of the so-called Durbin Amendment, which, as part of the Dodd-Frank financial reform bill Congress passed in July, will regulate debit card interchange beginning next year. TCF alleges the debit card provisions …

Payments-industry observers who have been frustrated by the slow progress of near-field communication (NFC) technology for point-of-sale mobile payments may find an alternative in a new mobile application called MobilePay USA. The service surfaced last week when it won an award at a conference sponsored by TechCrunch, a technology blog. …

Merchants are most likely to remain compliant with the Payment Card Industry Data Security Standards and avoid data breaches if they adopt security as a lifestyle, according to a study released earlier this week by Verizon Business. Verizon Business provides audits and other PCI-related services. When we've seen people be …

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 …

With end-to-end encryption of payment card data rapidly spreading throughout the credit and debit card industry and calls for the U.S. to replace magnetic-stripe cards with so-called EMV chip-and-PIN cards, the card industry’s security overseer is attempting to ensure that security standards change with the times. The PCI Security Standards …

The U.S. Department of Justice and seven states on Monday sued Visa Inc., MasterCard Inc., and American Express Co. over their merchant-acceptance policies, especially those that restrict discounting for other cards or payment forms. Visa and MasterCard immediately announced a settlement, but AmEx said it would fight. The antitrust lawsuit …

Mobile payments are barely out of the starting gate, but fraudsters are quickly discovering the new channel’s potential for making a dishonest buck, according to new research from LexisNexis Risk Solutions. Fraud losses from mobile payments as a percentage of total revenue were 1.13% compared with 0.83% for online-only merchants …

Many financial institutions that have jumped into remote deposit capture to reap fee income, or have shied away from it out of fear of risk, may be missing the point, according to experts who spoke this week at a conference on the subject. Instead, banks and credit unions should focus …

With 5,100 small and mid-sized businesses already using its E3 end-to-end encryption terminals, Heartland Payment Systems Inc. early next month will roll out its E3 magnetic-stripe reader for PC-based payment applications. The E3 wedge is a small, mag-stripe-reading wedge that plugs into the USB port of a personal computer or …