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« August 18, 2002 - August 24, 2002 | Main | September 1, 2002 - September 7, 2002 »

August 30, 2002

San Francisco Chronicle: Financial privacy measure on its last legs

Christian Berthelsen reports that the California Assembly may not bring the Financial Information Privacy Act up for a vote before the end of the legislative session midnight Saturday. A group called Californians for Privacy Now has been formed to place an initiative on the ballot in the event the legislature fails to act. Craig Newmark of craigslist.org also speaks out on the issue.
Like Mr. Ed, I never speak, unless I have something to say ... and I happen to know a few things about forthcoming financial privacy legislation, so here goes.

San Jose Mercury News: Wal-Mart muscling in on banks' turf?

Deborah Lohse reports on Wal-Mart's plan to buy Franklin Bank of California. Legislation is pending in California to prevent the purchase.
But opponents fear Wal-Mart wants Franklin as a toehold to build a network of branches offering personal and business loans nationwide -- wiping out small lenders the way some gripe it has underpriced groceries, pharmacies and other small competitors in many local areas. Others fear Wal-Mart could use its future banking clout to deny loans to would-be competitors, coerce consumers to use only its own credit cards, or share private consumer data with its new financial-services arm.

August 29, 2002

Phil Windley: Credit card fees and eGovernment

Phil Windley, CIO of the State of Utah, provides an insider's view of credit card fees for government services.
The biggest challenge we face is that most of the revenue collected through fees is already appropriated, so an agency like the Tax Commission isn't free to use some of the oney they collect for licensing a vehicle to pay the credit card company. They have to get that money somewhere else. The somewhere else is a special "online fee."

Meredien Research: Visa's Online Authentication - Take Two

Meredien Research is out with a new report on Visa's 3D Secure.
Visa‚s 3D Secure is the latest protocol for online cardholder authentication, and it is one that has a great chance of success. Marketed globally under the Verified by Visa brand, this protocol and concurrent rule changes by both Visa and MasterCard are the right approach to battle online card fraud. If successful, 3D Secure will effectively bar the introduction of alternative payment mechanisms to settle traditional online shopping transactions. This report examines the genesis of 3D Secure, how success will be measured, the impact on participants, how adoption patterns will differ globally, and how online shopping will be impacted. Predictions of future chargeback rates and online shopping growth are included.
The Executive Summary notes that with card issuers and merchants largely on board, the big remaining question is consumer adoption.

August 28, 2002

Trintech reports 41% decline in revenues

Trintech is out today with its quarterly earnings report.
Revenue for the second quarter, FY 2003 was $10.9 million compared with $18.4 million for the corresponding quarter of the previous year. This was a decrease of 41%. The first half fiscal year decrease in revenue over the prior year resulted from the ongoing fragile state of the global economy. This resulted in slower payment infrastructure investment decisions that lead to a weak demand for Trintech's secure payment infrastructure solutions.

American Banker: Aussie test: will public pay price for card use?

David Breitkopf reports on yesterday's announcement of credit card reforms by the Reserve Bank of Australia. READ MORE »

CNET: E-wallets get a boost from Amazon

Margaret Kane reports on the use of Amazon's OneClick "wallet" across multiple stores.
In allowing customers using the same account to shop at multiple stores, Amazon has in effect created an e-commerce wallet. It's something companies from Microsoft to America Online to Yahoo have tried to do--with little success so far. But Amazon and technology providers are coming at the wallet game from two different points. Companies such as Microsoft are building the technology and hoping consumers will come. Amazon is counting on its huge customer base being attracted to its wallet feature, and it is using that popularity to pitch partnerships with key retailers.
The article doesn't mention that Apple has also licensed 1-Click from Amazon and uses it for the Apple Store -- although I don't believe that the wallets are integrated between the Amazon and Apple sites.

August 27, 2002

Dan Gillmor: Financial Institutions pretend to support privacy

Dan Gillmor comments on the Financial Services Privacy Coalition.
Don't fall for this.
The San Francisco Chronicle reported this morning on the industry's advertising initiative.

Reserve Bank of Australia: Reform of credit card schemes in Australia

The Reserve Bank of Australia has released its final reforms to credit card schemes in Australia. READ MORE »

American Banker: Amex wants to make ID standard a reality

Steve Bills reports on American Express' view of the Liberty Alliance efforts.
"We hope the Liberty Alliance will help solve the religious war," Mr. Salow said. The alliance - which also includes Bank of America Corp., Citigroup Inc., and a range of nonfinancial companies - is promoting a standard for online identity that he said could untangle today's confusing system of multiple log-ins and passwords.

August 26, 2002

The first week of PayBITS

Adam Engst reports on week one of PayBITS, a new honor-system payment approach to compensating authors for digital content.

CNET: Expert demonstrates Microsoft hack

Software security widely used for Internet banking and e-commerce can be easily circumvented, and customer accounts at several of Sweden's largest banks remain at risk as a result, a computer expert said Monday.

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