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Discover Financial Services now has more than 100 bank card merchant acquirers booking small to medium-sized merchants for its network, the company reported today at an investor presentation in New York City. Discover predicts that those acquirers will enable Discover acceptance in 97% of their new merchant sales in 2010's …
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First Data: Embrace of SD Cards Won’t Weaken Sticker Commitment
First Data Corp., which for the past couple of years has been pushing its Go Tag contactless-sticker technology, announced on Tuesday it will promote a new contactless technology for mobile phones based on Secure Digital memory cards. But the massive Atlanta-based processor says the move will have no impact on …
Read More »The NRF Wants Dodd To Carry the Interchange-Regulation Torch
Interchange regulation of the kind being advocated by national merchant groups just isn't getting much traction on Capitol Hill. In the latest example, the National Retail Federation on Monday issued a statement saying it was disappointed that U.S. Senate Banking Committee Chairman Christopher Dodd's much-awaited proposal for regulatory reform in …
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 »Capellas Leaves First Data As Hints of Recovery Appear on the Horizon
Michael D. Capellas, the former Compaq Computer Corp. and MCI chief executive who became chairman and chief executive at First Data Corp. in September 2007 when private-equity firm Kohlberg Kravis Roberts & Co. took the huge processor private, is taking a new position at KKR. Replacing him as chairman and …
Read More »In Prepaid, Issuers And Networks Will See Fastest Revenue Growth
The continuing boom in general-purpose prepaid cards will lift all providers' boats, but some industry players will see revenues grow faster than others, according to new report from Aite Group LLC. The Boston-based research firm estimates that the total revenue pie of the so-called network-branded prepaid card industry will grow …
Read More »Phishers Are Zeroing in on Executives with Treasury Responsibility
Online criminals are broadcasting fewer scam e-mails but are zeroing in on more individuals who have substantial assets to protect or who have access to companies' or financial institutions' money-movement capability, according to the latest report on phishing from the Anti-Phishing Working Group. The report also indicates that merchants, banks, …
Read More »Mitek-NetDeposit Deal Lends More Impetus to Mobile Capture
NetDeposit LLC, which this week announced it will support a mobile remote deposit capture product from San Diego-based Mitek Systems Inc., expects to have the service ready for financial-institution clients “some time” in the third quarter, says Chris Styga, executive vice president of the financial-service solutions group for the Salt …
Read More »Remote Mobile Capture Is Ready for Prime Time, Researcher Argues
Remote deposit capture by mobile phone, a recent technology still considered experimental by many bankers, has proven itself in deployments so far, a banking researcher said on Monday. “The technology is demonstrably ready for broad adoption,” Robert Meara, a senior analyst at Celent LLC, told attendees at a banking conference. …
Read More »TSYS Changes Course, Forms Joint Venture with First National of Omaha
The joint merchant-acquiring venture announced Monday by Total System Services Inc. (TSYS) and First National Bank of Omaha marks a major change in strategy by both companies. The deal, scheduled to close April 1, marks the first time TSYS is taking an ownership interest in a merchant portfolio. And for …
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