BusinessWeek takes a look at the Supreme Court's rejection of Visa and MasterCard's antitrust case appeal.

"It's the beginning of a seismic change in the credit- and debit-card market," says Attorney David Balto, an antitrust partner with Robins, Kaplan, Miller & Ciresi in Washington, D.C.

Following announcement earlier today of the US Supreme Court's refusal to hear an appeal in the US anti-trust decision against Visa and MasterCard, Discover Financial Services announced that it has filed a federal lawsuit against both associations seeking damages "for harm caused by anticompetitive business practices of the two associations."

CNN reports that the US Supreme Court let stand a an earlier ruling that the Visa and MasterCard credit card associations violated Federal antitrust law by barring their member banks from issuing cards on rival networks.

In a speech (PDF) today to the American Bankers Association, Comptroller of the Currency John Hawke, Jr. challenged the credit card industry to reform its practices -- or face "massive government regulation."

Shane Kite writes in Bank Technology News about making payments using your cellphone.

Cyota has announced that its FraudAction service has been selected and deployed by Barclays Bank and Barclaycard in the UK.

Susan Tompor writes about electronic check conversion in the the Detroit Free Press.