Robert Schroeder reports for MarketWatch on a hearing held yesterday by the House Committee on Financial Services - Subcommittee on Financial Institutions and Consumer Credit titled "Bank Secrecy Act’s Impact on Money Services Businesses" where concerns were expressed about some banks ending their relationships with money-service businesses because of regulatory concerns. The prepared remarks from several speakers at yesterday's hearing are available from the Subcommittee's web site. The comments of Philip Milne (PDF), president and CEO of MoneyGram International, are particularly interesting to read - ..."Two months ago Bank of America informed MoneyGram that it would be terminating its long-term relationship with MoneyGram. This was not just a simple deposit account, but rather a global banking relationship that generated millions of dollars in fees annually for Bank of America."...

CrossCheck has announced CrossCheck Business Office Conversion Plus, a check conversion and guarantee service for consumer and business checks including accounts receivable checks.   » Continue Reading

Dave Friedlos reports from the UK on consumer reaction to pilots of Pay By Touch's biometric payment service where surveys report that 85 per cent of consumers said the technology is more convenient than chip-and-PIN and 75 per cent felt it is more secure. He also reports that there currently is "little enthusiasm among other major retailers for the system."

Maureen Kline reports for Business Week about Massimo Sarmi, CEO of Poste Italiane, the Italian postal service, and his very successful Postepay cards - a "prepaid, rechargeable Visa or MasterCard that is rapidly becoming the credit card surrogate of choice for Italians without plastic, credit ratings, or even bank accounts."

Experian has announced the acquisition of UK-based Eiger Systems, a provider of bank account validation and payment processing software.   » Continue Reading

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