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« March 12, 2006 - March 18, 2006 | Main | March 26, 2006 - April 1, 2006 »

March 25, 2006

ANZ Everyday Visa Debit

ANZ Everyday DebitThe Sydney Morning Herald reports on ANZ's launch of the ANZ Everyday Visa Debit card, the first debit card issued by any of the big four banks in Australia.

Interestingly, ANZ is charging A$6 per month for the new debit card. Click here to see ANZ's web page on the card.

Credit Card Interest Rates - Fixed Vs. Variable

In an article titled 'The Credit-Card Catapault", Wall St. Journal writer Jane Kim reports on credit card issuers shifting larger portions of their portfolios from fixed to variable interest rates.

American Express 2005 Annual Report And 10-K

American Express has published its 2005 Annual Report (PDF) and its 10-K for 2005 (PDF). In his letter to shareholders in the Annual Report, Chairman and CEO Ken Chenault addressed the perception that the market for cards in the US is fully mature.

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March 24, 2006

Payment Card Chargebacks: It Pays To Put Up A Fight!

To better understand how eCommerce merchants are responding to the chargeback challenge, Glenbrook recently undertook a comprehensive study of its eCommerce clients to determine the true cost of payment card chargebacks.

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More About NACHA's "Credit Push" Initiative

As a follow-up to last week's NACHA announcement, Glenbrook's Carol Coye Benson spoke with Samantha Carrier, NACHA's project manager on the ACH "Credit Push" initiative.

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Convenience Fees Slow Use Of Credit Cards For Tax Payments

American taxpayers are still hesitant to embrace the option to pay their taxes with credit cards, according to a study of 1,001 American adults conducted by global market research firm Ipsos Insight.

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MasterCard Discloses PrivaSys Litigation Re: PayPass In Revised S-1

One of the new items in MasterCard's updated S-1 Registration Statement filed yesterday with the SEC is a new disclosure (on page 94 of the new filing) of litigation underway between MasterCard and PrivaSys, Inc. involving alleged misappropriation of PrivaSys trade secrets by MasterCard and related issues involving MasterCard's PayPass product. MasterCard has countersued and filed additional counterclaims. Hosie McArthur LLP (representing PrivaSys) has a brief description of the litigation on their web site.

March 23, 2006

MasterCard Announces Spring Debit Promotion

MasterCard has announced its spring debit promotion entitled the "MasterCard Monthly Bonus Sweepstakes" "Targeting women, this promotion offers MasterCard debit cardholders in the U.S. the chance to win a $1,000 monthly bonus over the course of 10 years."

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MasterCard Files Amended S-1 With SEC

MasterCard has updated its S-1 Registration Statement with the SEC. Today's filing is the third amendment to the initial filing made last September. Earlier, MasterCard had indicated that it expected its initial public offering to be completed in the second quarter of 2006.

EUFISERV Takes Next Step Towards The Single Euro Payment Area

EUFISERV has announced that its board of directors has taken decisions necessary for the EUFISERV ATM card scheme to become compliant with the SEPA Cards Framework (SCF). This will allow the scheme to continue to be a part of the European payment system landscape after the launch of SEPA in 2008.

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HSBC Enhances North American Payments, Cash Management Services

HSBC's Global Transaction Banking Services has announced it will provide clients a centralized-secure payment service across Canada, the United States and Mexico. The payment service is geared toward clients that need to make payments to trading partners within North American Free Trade Agreement (NAFTA) countries.

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Entrust Sues Addison Avenue Federal Credit Union Over Patent

Entrust has announced filing a patent infringement lawsuit against Palo Alto-based Addison Avenue Federal Credit Union related to an authentication solution for the credit union is using with its customers which Entrust considers an infringement on its grid authentication patent.

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Critics Call House Bill A Step In Erosion Of Consumer Laws

Edward Epstein reports for the San Francisco Chronicle on legislation pending in the House that would mandate certain uniform national standards for consumer notifications in the event of breaches of personal financial data, thereby pre-empting various state laws that are in effect dealing with notification requirements.

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Debit Card Theft Investigators Eye Software Flaw

Bob Sulllivan reports for MSNBC.com that "U.S. retailers are being warned that software they use at checkout counters may store too much customer information — including customer debit card PIN numbers that are supposed to be immediately erased or encrypted."

Headline News - Thursday, March 23, 2006

  • Info Touch announces new bill payment program
  • Charlotte Observer: Car-rental shift calls for caution Note: Throughout the day, as Payments News happens, this post is updated.
  • March 22, 2006

    ING Direct Eyes US Growth, New Products

    Nicolas Parasie writes for the Dow Jones Newswires about plans by ING Direct to expand its presence in the US market and potentially offer "e-orange", a checking account without paper checks.

    PayPal Mobile Soft Launch, Includes New Text To Buy Feature

    Click here for the article "PayPal in the Air" containing more analysis and details on PayPal Mobile.

    Guy Brighton has posted an item to the blog PSFK.com reporting that PayPal has soft launched a new PayPal Mobile offering. MobileTracker.com has more about PayPal Mobile including activation instructions. PayPal has posted a new user agreement/policy for mobile payments. READ MORE »

    JP Morgan Chase's Jamie Dimon - The Contender

    In a cover story in the latest issue, Fortune senior writer Shawn Tully looks behind the scenes at JP Morgan Chase's new CEO, Jamie Dimon.

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    Peppercoin Demonstrates Contactless Transit Payments

    Peppercoin has announced the demonstration of a prototype of a first-of-its-kind contactless mass transit fare collection system that enables consumers to use their existing credit or debit card as their transit pass for the first time.

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    Regulators Seek Input On Accuracy of Consumer Credit Reports

    The federal financial institution regulatory agencies and the Federal Trade Commission have jointly issued for comment an Advance Notice of Proposed Rulemaking on section 312 of the Fair and Accurate Credit Transactions Act (FACT Act).

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    First Data, Retail Decisions To Offer Card-Not-Present Fraud Solutions

    First Data Corp. has announced an affiliation with Retail Decisions to provide an enhanced fraud detection solution for First Data's global online merchants.

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    American Express, Sovereign Bank To Issue Business Cards

    OPEN from American Express and Sovereign Bank have announced that Sovereign will offer American Express Business Cards to its small business customers throughout the Northeast. The agreement calls for the companies to jointly market small business charge and credit cards that carry the Sovereign Bank and American Express brands.

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    Bank of America, China Construction Bank Link ATM Networks

    Beginning April 1, 2006, Bank of America customers traveling to China will have free access when using debit or ATM cards to withdraw cash from more than 11,000 foreign-enabled China Construction Bank ATMs. CCB's "Happy Investor" cardholders will enjoy the same benefit when using one of nearly 17,000 Bank of America ATMs in the United
    States.

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    A Peek Inside The ATM Industry

    Tracy Kitten writes for ATMmarketplace.com about last weeks annual Palm Desert National Bank partner conference and some of the initiatives - like prepaid debit - that the bank is pursuing.

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    A Peek Inside Sears' Credit Card Unit

    Susan Chandler reports for the Chicago Tribune on what happened at Sears back in 2002 when CEO Alan Lacy walked in and fired Sears Credit head Kevin Keleghan. At the time, Sears Credit contributed about 10 percent of Sears' revenue but provided the majority of its operating profit. "Sears was really a finance company with a retail empire attached."

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