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Debitman Card is announcing Tuesday that it's got a new company name - Tempo Payments, Inc. - and will also be announcing a new agreement with Fiserv EFT to provide access to the Tempo Payment Network in Q1 2007. A new Tempo web site carries these announcements tonight. » Continue Reading
The Federal Reserve Board has announced its approval of a final rule regarding consumer authorization requirements when a person, such as a merchant, seeks to electronically collect a fee for checks or other items that are returned unpaid. The final rule clarifies that the requirement to obtain the consumer's authorization applies to the person seeking to electronically collect the returned item fee. The rule contains additional provisions related to the consumer's authorization and the content of notices that must be given to the consumer.
In a separate action, the Board requested public comment on a proposed rule to exempt transactions of $15 or less from Regulation E's requirement that receipts be made available to consumers for transactions initiated at an electronic terminal. The proposed exception is intended to facilitate the ability of consumers to use debit cards in retail environments where the receipt requirement may not be practical or cost-effective.
Somebody had to do it - and John Battelle has - posting on his blog a deep dive into the Google Checkout Terms of Service (and associated Privacy Policies, etc.) In particular, Battelle notes that Google Checkout collects information about each transaction "including ... a description provided by the seller of the goods or services being purchased..."
The latest Nilson Report has arrived featuring a mid-year look at global general purpose cards (subscription only). The issue also has articles discussing Citibank's card rewards, a look at smart card suppliers worldwide, and private label, non-bank money transfers.
The latest issue of the Online Banking Report has arrived featuring an in-depth look at what bankers should be taking away all of the "communications techniques, design guidelines, and attitudes" of successful Web 2.0 companies. Included is a list of the top tactics that OBR believes banks should consider to evolve their online banking efforts from Bank 1.0 to Bank 2.0.
Mobile Payments World Magazine and Edgar, Dunn & Company have announced the Fall 2006 Mobile Financial Services Study to be based upon the results of an online survey. According to the companies, "the objective of the survey is to garner insights from thought leaders in mobile technology and financial services."
Earlier this month, Firethorn announced a partnership with CheckFree to deliver mobile banking and bill payment services to financial institutions. Subsequently, Firethorn announced it was teaming with Cingular Wireless for its service and announced Synovus as its initial financial institution customer. In this article, we take a quick look at Firethorn's new mobile banking service based on the information on the company's web site and from its press releases. » Continue Reading
West Conshohocken, Pennsylvania-based Sapphire Mobile Systems has posted some information on its web site about its SMS-based mobile payment solution - called "Phire". In this article, we take a quick look at some of its features based upon the information the company has posted about this new service. » Continue Reading
TowerGroup reports that, "in 2007 and beyond, the global financial services industry will increasingly grapple with three major strategic shifts: reinventing financial services at its core; repurposing financial services relative to the global diversity of a changing customer base; and helping restore confidence in an uncertain world." » Continue Reading
Erika Brown reports for Forbes on Bill Me Later - saying that I4 Commerce CEO Gary Marino certainly knows "how to pick a fight." Brown reports on one of the basic tenets of payments innovation - the amount of capital and time required for success - as experienced by Bill Me Later saying "so far it has taken him five years and $100 million in venture backing to persuade 2 million shoppers and 300 online retailers to try him out." Brown points out one important advantage that Bill Me Later brings to merchants - the ability to provide promotional financing combined with payment.
Bruce Mohl reported last week for the Boston Globe that the City of Boston has discontinued the acceptance of Visa and MasterCard cards at newly installed multispace parking meters - because they were requiring card users to purchase a minimum of 2 hours of parking time for $2, in violation of credit card rules prohibiting card accepting merchants from requiring minimum payments on card transactions.
Bruce Schneier blogs about why the focus in fighting online banking fraud needs to be on the transactions themselves, not solely on authenticating the user's logon.
It's Cyber Monday today - when everybody supposedly does their holiday shopping while at the office. Google Checkout has launched its Cyber Monday page of holiday offers where you can receive "$10 off purchases of $30 or more, or $20 off purchases of $50 or more, depending on the merchant." PayPal is offering free shipping and more from its holiday shopping page. Wal-Mart.com is also offering 5 days of super specials available only online - beginning today.
Jeana Wong reports from Singapore for Channel NewsAsia about Near Field Communication - saying "it can allow consumers, for example, to receive discount coupons via mobile phones in real-time when they pass by their favourite retail store. However, market watchers say coming up with a feasible business model remains a key challenge."
The Financial Action Task Force of the OECD has issued a 40-page report studying "new payment methods" (PDF) - defined as including "prepaid cards, Internet payment systems, mobile payments, and digital precious metals." The FATF is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing. The study summary says that it "found there is a legitimate market demand served by each of the payment methods analysed, yet potential money laundering and terrorist financing vulnerabilities do exist. Specifically, offshore providers of new payment methods may pose additional money laundering and terrorist financing risks compared with service providers operating within a jurisdiction."
Gartner reports that, while ecommerce sales have experienced consistent growth, "recent security breaches (online and offline) are having a significant impact on buying patterns of U.S. adults. Due to consumer’s concerns about the security of the Internet, nearly $2 billion in U.S. e-commerce sales will be lost in 2006," according to Gartner. » Continue Reading
Jim Fuquay writes for the Star-Telegram about the rapid growth in remote deposit capture of paper checks by businesses. According to one banker, he "thinks remote deposit will allow him to pitch his bank to a customer outside his principal market."
[Editor's note: Twenty years ago, it was the availability of the POS electronic draft capture terminal that turned merchant card acquiring from being a local, paper-based business to a national, scale-driven business. This growth in remote deposit capture feels like the beginning of a similar shift - except that it'll likely be offset by the ongoing reduction in the sheer number of checks being written for business payments.]
Experian and First Manhattan Consulting Group have announced the launch of Financial Personalities, a segmentation and scoring system for specific types of financial services, including credit card, home equity and mortgage. According to the companies, "Financial Personalities provides marketers of lending products with a unique set of tools to improve customer and prospect targeting, better align products and offers and tailor messaging to appeal to prospects. » Continue Reading
comScore Networks has released its most recent data on consumer online non-travel (retail) spending at U.S. sites during the 2006 holiday season, which began November 1, 2006. According to comScore, "during the first 24 days of November this year, total online retail spending reached $8.31 billion, marking a 23 percent increase versus the corresponding days in 2005. Black Friday, known for being one of the busier offline consumer shopping days of the year, saw particularly high online sales with $434 million spent, up 42 percent versus last year." » Continue Reading
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