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« July 25, 2004 - July 31, 2004 | Main | August 8, 2004 - August 14, 2004 »

August 06, 2004

Visa Information Source (VIS) Select

Visa USA has announced Visa Information Source (VIS) Select, a new, web-based small business financial reporting system. READ MORE »

Passport ID Technology Has High Error Rate

Jonathan Krim reports in today's Washington Post on State Department plans to proceed with embedding electronic identification chips in US passports containing facial images despite warnings that the technology is prone to a high rate of error. Industry expects claim that facial recognition technology has an unacceptably high error rate, with fingerprint recognition performing much better.

FTC Releases Consumer Fraud Survey

The Federal Trade Commission has released the results of a recent statistical survey that indicates that one in ten Americans have been victims of fraud during a twelve month period. The 170 page report (PDF) is available for downloading online. READ MORE »

August 05, 2004

Federal Reserve Seeks Comments on Disputed Consumer Information

The Federal Reserve Board has announced that it is conducting a study on the adequacy of investigations of disputed consumer information reports to consumer reporting agencies. The Board is also soliciting public comment on the issues.

NPC, ABN Amro Merchant Services

Mark Fellows writes in Business Directly Weekly about ABN Amro Merchant Services' which is jointly owned by NPC and LaSalle Bank, a US subsidiary of ABN Amro. According to regulatory filings, LaSalle must waive its right to purchase NPC's majority stake in AAMS in order for the Bank of America acquisition of NPC to occur.
"It would be in (LaSalle's) interest to waive the right and keep things going as usual," added David Fountain, NPC's chief financial officer. "It's one of those things that I think is going to be worked out."

MasterCard and Visa Co-Operate on PIN Device Requirements

MasterCard International and Visa International have announced that they are working together to align PIN entry device (PED) security requirements and approval procedures. MasterCard and Visa have agreed to standardize security requirements, testing methodologies, and procedures for approving PEDs. The organizations are also working towards reaching similar agreements with other key industry players in the near future. For more information, see Visa International's PIN website. READ MORE »

August 04, 2004

MasterCard Makes Merchant Rules Manual Available Online

MasterCard has recently made available online a new MasterCard Merchant Rules Manual (pdf) that contains excerpts of various MasterCard member publications in a form designed to be useful to MasterCard-accepting merchants. More information is available at MasterCard's merchant web site.

National City Stored Value Visa Debit Card

National City has announced a new Visa Stored Value Debit Card designed to be funded through deposits made by employers so that they can be used for payroll and incentive program payments, relocation, reimbursements, and insurance claims. READ MORE »

Mobile Commerce Market Forecast

Juniper Research has published a new report forecasting that the global mobile commerce market will be an $88 billion industry by 2009.
"Globally the m-commerce market will be fragmented mainly drawn up by continental boundaries. Each region is developing at a different pace and with different technologies in mind. There is no one global standard but this will both help and hinder m-commerce. A focus on local needs will probably help the technology develop more quickly but eventually we will be faced with a roaming problem between regions."

August 03, 2004

Fair Isaac Announces Falcon ID

Fair Isaac has announced Falcon ID, an enhanced identity fraud detection solution based upon the company's predictive analytics and multiple sources of identity-validating data. READ MORE »

KeyBank to Issue FSV Stored Value Cards

FSV Payment Systems has announced that KeyBank will begin issuing stored value cards for FSV.
"We have chosen to issue cards from FSV not only because they are a leader in the stored value industry, but also because their unique platform sets a true standard for processing flexibility," said Sarah Grotta, senior vice president for Key Consumer Payment Sales. "We look forward to exploring those possibilities with FSV in the future, so as to integrate our core competencies and expertise for expanded offerings to the stored-value marketplace."

Latest Monthly Phishing Report Available

Tumbleweed Communications and the Anti-Phishing Working Group have announced the release of the "Phishing Attack Trends Report" (PDF) for June 2004. 1,422 new unique phishing attacks were reported during the month, up by 19% from the number of attacks a month earlier.

TSYS Acquires Clarity Payment Solutions

Payment processor TSYS announced this morning the acquisition of Clarity Payment Solutions for $53 million in cash. TSYS will combine its prepaid products with Clarity's in a new unit to be called TSYS Prepaid, Inc. Clarity's CEO Anil Aggarwal will be CEO of the new unit. READ MORE »

EU Says Visa Broke Competition Rules

Reuters is reporting that the European Commission has accused Visa International of breaching EU competition rules by refusing to admit Morgan Stanley to its global network. The full text of the EU's press release is available online.

Why Use Debit Instead of Credit?

Jonathan Zinman of the Federal Reserve Bank of New York has published a new 50 page staff report: "Why Use Debit Instead of Credit - Consumer Choice in a Trillion Dollar Market". READ MORE »

August 02, 2004

Fed Reduces Check Processing Sites, Staff

Feeling the effects of a decline in check volume as payments continue to move to electronics, the US Federal Reserve announced today that it is reducing the number of check processing sites from 45 to 23 by early 2006. Earlier, the Fed had announced plans to reduced to 32 sites but the consolidation has been accelerated further. In addition, the Fed said that about 270 net employees will lose their jobs, a 6 per cent cutback from current levels. READ MORE »

Lightbridge CEO Resigns

Pamela D. A. Reeve, president and CEO of Lightbridge, Inc. announced her resignation this afternoon. Robert Donahue, a member of the company's board of directors, has been named interim president and CEO. Under Reeve's leadership, Lightbridge acquired payment processor Authorize.net on March 31, 2004.

Tower Group Forecasts "Micropayment" Market

The Tower Group has announced new research looking at the opportunities for mobile, Internet, and POS micropayment (less than $5) transactions including forecasting a market size of $11.5 billion in the US by 2009. READ MORE »

Expedia, GE Launch Corporate Travel Card

Expedia and GE Corporate Payment Solutions have announced the Expedia Corporate Travel Business MasterCard. READ MORE »

August 01, 2004

Business Week: Charge!

Charge!, this week's cover story in the new issue of Business Week, reports on American Express' CEO Ken Chenault and his plans to partner with banks in the US to issue American Express cards -- and other services. READ MORE »

Still Writing Checks?

Jonathan Decker reports on the Christian Science Monitor about using checks and being careful who you give them to.
"If you are unsure about the merchant, never use a check - use a credit card instead," says George Thomas, president of the Electronic Payments Network, a division of the Clearinghouse, the largest private check processing system, owned by many of the nation's largest banks. "That way, you can avoid the possibility of checking-account fraud down the road."

Electronic Money Changes Everything

The Taipei Times posts Yale University's Robert Shiller's commentary on the implications of electronic money.
Two benefits of electronic money stand out, and will likely contribute to its growth. Most important, it will have profound intellectual benefits by creating incentives for the active pursuit of ideas. Second, electronic money will advance globalization, expanding the scope and versatility of the Internet and making it easier for people to interact constructively with others around the world. Taken together, these two benefits will enable millions of minds to work together far more effectively than ever before.

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