David Enrich reports for MarketWatch that Morgan Stanley's "Discover credit- and debit-card unit racked up record profits in the second quarter. But a key driver of the results - the smaller amount that Discover set aside to cover possible bad loans - might not last."

Xign Corporation has announced Xign Network Insight that the company claims is "the first network-based benchmarking service for tracking and improving financial settlement performance."   » Continue Reading

The latest Nilson Report has arrived featuring an in-depth look at general purpose cards in Asia/Pacific (subscription only). Among other feature articles, this issue also has an article discussing credit card fraud in the US, merchant debit cards such as Debitman, web authentication from 41st Parameter, and a continuation from the last issue re: credit card debt sales.

US Bank has announced that it will purchase Schneider Payment Services (SPS), a division of Schneider National, Inc. The acquisition will in excess of $7 billion in freight payments to US Bank's PowerTrack portfolio, which the bank says will make its PowerTrack the "clear leader in freight payments."   » Continue Reading

The Asahi Shimbun reports from Japan on concerns among Japanese credit card companies that they stand to "lose billions of yen a year in revenue if the government goes ahead with plans to plug a legal loophole that allows them to charge nearly 30 percent interest per annum on consumer loans."

First Data Corp. has announced it has "renewed its agreement with the sixth-largest U.S. credit union, Golden 1, to provide STAR Network access and PIN-debit processing for its more than 280,000 U.S. cardholders and its 271 ATMs."   » Continue Reading

Brigid Delaney reports for the Sydney Morning Herald on the rapid increase in consumer credit card debt in Australia and increasing concerns that the "house of cards" may all come tumbling down.

A new report by IndexCreditCards.com concludes that credit card late fees are averaging $35 with the average over-the-limit fee being $32.24.   » Continue Reading

Andy Vuong reports for the Denver Post on details published by author Ron Susskind in his new book "The One Percent Doctrine" saying that First Data Corp. reportedly "gave the FBI and CIA unfettered access to data on millions of customers shortly after the Sept. 11, 2001, terrorist attacks". Yesterday's New York Times also reviewed Susskind's book and also mentioned Susskind's comments about First Data.

Ben Semmes writes for the Tri-Valley Herald about Pleasanton, CA-based Xign, a business to business payment processor founded by CEO Tom Glassanos.

• Universal Default: Bill meant to protect credit card holders sent to Pataki for signature
• Malaysia's Maybank launches mobile banking service
• EmigrantDirect Raises Savings Rate to 4.80 Percent; Reduces Minimum Time for Flexible 5 Percent CD to Three Months
• PayPal Mobile and MX Telecom to Present a Joint Case Study on Mobile Payments at MoMeMo June 26th in New York City
• Visa says ATM breach may have exposed data
• Business Signatures Rapidly Deployed Fraud Monitoring Alternative to Multi-Factor Authentication Enables Financial Firms to Achieve FFIEC Compliance
• Digital Insight Expands Internet Banking Relationships With Key Credit Union Clients
• Bank of America Names Mark Hogan President, Small Business Banking
• Experian Names Scott Wheeler CFO for Experian Americas