"Consumers are not afraid to pay for things - they do it everyday," said Mr Law. "Those of you sitting on the side lines - don't intellectualise about it. Just dive in and do something!"
First Data Corp. announced this morning the appointment of James L. Schoedinger, 45, as president of its Card Issuing Services business unit.
The company serves 90,000 small merchants across the country. The average processed transaction is $75, with each merchant typically creating less than $250,000 a year in charge volume.
“It’s not an annoyance, it’s a threat [to businesses]. It is real loss,” says David Jevans, chairman of the U.S.-based Anti-Phishing Working Group (APWG), a consortium of more than 60 banks, retailers, and security firms that have joined forces since last fall to tackle the issue.
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.
"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."
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.