FinanceAsia shares a perspective from Yahoo! and HSBC on the future of consumer electronic payments with specific examples from Yahoo! PayDirect.

J. Lynn Lunsford reports in today's Wall St. Journal (subscription required) on the impact of electronic check imaging on the current "freight dogs" who haul paper checks around the country every evening.

American Express earlier today reported earnings for 4Q 2003. For the full year 2003, revenues were up 9 percent compared to 2002. Merchant discount revenues grew 11 percent reflecting a 13 percent increase in cardholder spending.

Notes from CFO Gary Crittenden's earnings conference call (available online) include mention that he is confident of doing a network related deal with a US bank sometime in 2004.

Concord EFS put out a press release earlier today saying that the lawsuit filed by NYCE last week is without merit.

"Contrary to the claims made in the NYCE complaint, Concord is in full compliance with all provisions of the 1993 agreement with NYCE," said Ronald V. Congemi, president of Concord Network Services. "The STAR(SM) network routing rules were specifically amended to support the NYCE agreement when STAR was acquired by Concord in 2001. STAR's network rules, which are established by its member financial institutions, support an open and flexible business environment that allows for collaboration, cooperation, and the resolution of issues when conflicting network rules come into play. The NYCE complaint attempts to undermine these rules by improperly extending to the entire STAR network the terms of an agreement expressly limited to the small number of financial institutions who are members of both the MAC and NYCE networks."

Robert Scoble blogs his chance encounter airplane conversation with REI CEO Dennis Madsen.

New service they are working on? New gift registry. Connects online, instore. All 70 stores nationwide will have it. Took 18 months to develop. Turns on in two weeks.

The Economist takes a look at the explosive growth in online retailing happening in the UK. Generally high retail prices along with the relative inconvenience of retail shopping in the UK help make consumers appreciate the convenience of online shopping.

Amazon.com is seeking a Global Payments manager based in Seattle.

The successful candidate should have extensive experience in the payments processing world with in depth knowledge of payment systems both internationally and domestically; will have 10+ years in the payments industry, preferably with experience at one of the Card Companies or with a major bank or acquirer; and will have the ability to be effective in a highly dynamic environment.

InfoWorld has published its list of the top 25 CTO's -- including MasterCard's Jerry McElhatton and Visa USA CIO Scott Thompson. Other financial services technology executives named to the list included Citigroup CTO Tom Sanzone.

Lee Gomes writes in this morning's Wall St. Journal about weak web security (subscription required) -- in particular problems recently with the web sites of OpenTable.com and Saks Fifth Avenue.

The two sites' problems show something of the whack-a-mole nature of Web security. New worries always pop up. At first, the emphasis online was on preventing a hacker from snooping on the connection between a user and a Web site. Now, with that problem largely solved, sites are being forced to examine more-subtle issues, like how seemingly innocuous information given to trusted customers can be used for ill.

Update: Open Table has posted more information about the security problem last week on its web site.

Cyota has announced FraudAction, a suite of services designed to help financial institutions minimize the impact of phishing attacks on their clients.

FraudAction is the only solution geared specifically towards financial institution email fraud; the service assists banks to prepare for an attack before it occurs, to respond to an attack while it takes place, and to address all issues that arise following an attack.

Dean Anason reports in the the American Banker on the US Department of the Treasury's Michael A. Dawson and his concern that small banks must be just as vigilant as larger banks when it comes to security.

For that reason, the Treasury last month invested $2 million in the private-sector Financial Services Information Sharing and Analysis Center, or FS-ISAC. The center allows companies to anonymously share warnings of attacks in progress or potential ones, advice on defense, and fixes such as software patches. The Treasury money will help the center upgrade its technology and broaden its mission and membership.