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May 11, 2007

Glenbrook's Report from the Chicago Fed's 2007 Payments Conference

Glenbrook's Carol Coye Benson attended The Federal Reserve Bank of Chicago's sold-out 2007 Payments Conference this week. The theme of this year's conference was "Competitive Forces Shaping the Payments Environment: What's Next?." Click here to read Carol's full report.

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Debit, Credit Card Use Will Boost Retail Sales This Mothers Day, Survey Says

"Pointing to a recent survey that found 21 million Americans will purchase more on Mother's Day
because they pay with a debit or credit card, the Electronic Payments Coalition today reaffirmed its core message that payment card options are increasingly preferred by consumers and an important part of retailer sales."

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EU Banks Reported in Secret Debit Card Talks

Reuters is reporting that it received a document that indicates a "group of European banks are in secret talks to set up a pan-European debit card to challenge MasterCard and Visa Europe in cross-border business."

Headline News - May 11, 2007

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

May 10, 2007

Next Week at CardTech/SecureTech

Reminder: Glenbrook's Allen Weinberg will be conducting an afternoon workshop on May 15 titled "Point Of Sale Impact: Preparing for the Merchant and Online Payments Revolution" at the CardTech/SecureTech conference next week in San Francisco. More details here.

The Future of Payments - Challenges and Opportunities

Federal Reserve Governor Randall S. Kroszner spoke today at the 2007 Payments Conference at the Federal Reserve Bank of Chicago, Chicago, Illinois. In his talk, titled "The Future of Payments: Challenges and Opportunities", he commented on the future of electronic check clearing: "Perhaps the greatest current opportunity in the retail payments system is for the banking industry to move rapidly to the electronic clearing of checks. As envisioned by Congress, Check 21 has created a strategic vision for moving the U.S. check clearing system into the new century. The historic infrastructure for paper check clearing is consolidating rapidly. Banks are changing their internal systems so they can accept deposits and collect checks electronically and are increasingly accepting their check presentments electronically."

Solving the Micropayment Problem, Online and at the Point of Sale

Mercator Advisory Group has announced its latest report, Solving the Micropayment Problem, Online and at the Point of Sale, that reviews "both the history and challenges of electronic micropayments and examines how the existing rails have evolved to address under $5 electronic payments at both the point of sale and for online transactions."

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Arriva Card Rewards Casinos with Cash for Delivering New Cardholders

The Arriva Card, the first credit card designed specifically for use in casinos, has initiated a “Bounty Program” that rewards casinos for each approved Arriva application that results directly from casino activity. Launched less than a year ago, Arriva has already extended over $40 million of credit to responsible gaming patrons. Arriva Cardholders use the card to get better terms for in-casino cash advances – and to receive points for cash back and other valuable rewards.

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Deposit Holds on Checks

Péralte C. Paul writes for the Atlanta Journal-Constitution about whether banks should give depositors access to their own money faster. "The money strides out of your bank account, but it strolls in," said Jean Ann Fox, director of consumer protection at the Consumer Federation of America, a Washington-based advocacy group.

Debit Cards Uplift Church Budgets

Alyson Ward writes for the Ft. Worth Star-Telegram about Secure Give, a company that provides card accepting kiosks for churches.

PCI Security Standards Council Steps Up Collaboration for Data Security Standards

The PCI Security Standards Council (PCI SSC), an independent industry standards body providing management of the Payment Card Industry Data Security Standard (DSS) on a global basis, has announced that it has implemented formal channels for stakeholders to contribute to the organization and development of data security standards.

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PayPal Expands to 190 Markets Worldwide

PayPal has announced that customers in 87 new markets can send money online with PayPal. In addition, customers using PayPal.com will now be able to view the site in Spanish, French and simplified Chinese.

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Headline News - May 10, 2007

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

Who's News - Payments Professionals Management Changes

We have received news of the following recent management changes:

  • Dan Tierney has been named senior vice president, sales, at Chockstone.
Announce yourself! Have you recently taken on a new position in the payments industry? If you'd like to share the news with your colleagues, be sure to tell us about it. Are you looking for a new payments-related job? Or are you needing to find someone great? Checkout the Payments Jobs job board.

May 09, 2007

Nonbanks in the Payments System

The Federal Reserve Bank of Kansas City last week hosted "Nonbanks in the Payments System: Innovation, Competition, and Risk," May 2-4 in Santa Fe, N.M. This conference brought together three principal audiences -- industry participants, academics, and public authorities -- for an exchange of views and thoughts around the topic of nonbanks' increasing prominence in payments systems around the world. Preliminary copies of the papers presented at this conference are available online.

Cards&Payments Releases 2007 Annual Bankcard Profitability Study

SourceMedia's Cards&Payments' annual Bankcard Profitability Study and Annual Report has been released - concluding that U.S. issuers of Visa and MasterCard credit cards in 2006 experienced a big reduction in charge-off expenses that helped boost bankcard issuers' profits to a collective after-tax return on assets of $18.37 billion, or 2.97% of average outstandings, up 45% from $12.67 billion and 2.09% in 2005.

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M-Payments & M-Banking - The Rise of Mobile Financial Services

The PELORUS Group has announced "M-Payments & M-Banking: The Rise of Mobile Financial Services" being held June 27 & 28, 2007 at Caesars Atlantic City. "Dedicated to defining the sweeping changes that will be triggered as mobile financial services take hold, the event will focus on why mobile payments and banking services will become entrenched so quickly, and what banks, retailers, credit card issuers and other vested concerns should be doing to prepare for - and indeed capitalize on - the phenomenon."

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First Data Outlines Data Center Consolidation Plans

First Data Corp. filed a 10-Q quarterly report yesterday with the SEC that includes some information about its plans for data center consolidation scheduled over the next two and a half years.

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MasterCard Reports 15.2% 1Q07 Growth in European Gross Dollar Volume

MasterCard Worldwide has announced a 15.2% increase in gross dollar volume (GDV) for Europe in the first quarter of 2007 to $141 billion . The rise in GDV was accompanied by a 15.9% rise in European purchase volume to $104 billion, driven by increasing cardholder spending on a growing number of MasterCard cards.

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MasterCard Launches Europe’s First Watch Equipped with PayPass Technology

MasterCard Worldwide has announced the launch of Europe’s first watch equipped with MasterCard PayPass contactless technology, in partnership with Garanti Bank in Turkey.

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Gemalto Receives CAP 2007 Certification For Its Two-Factor Authentication Device

Gemalto has announced it is the "first company to achieve the MasterCard and Visa Chip Authentication Program (CAP) 2007 certification of its Pocket reader, designed to secure authentication of cardholders for remote banking and e-commerce."

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Headline News - May 9, 2007

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

May 08, 2007

eCommLink, First Bank Partner on Prepaid Card Mobile Payments System

eCommLink and issuer First Bank & Trust in Brookings, South Dakota have announced a partnership with mCASH and its technical arm telSPACE, a mobile virtual network enabler (MVNE), to create a mobile phone and branded virtual payment card solution for wireless carriers, banks and merchants.

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American Express Launches New Corporate Purchasing Solutions

American Express has begun marketing two new corporate purchasing solutions as part of its expanding S2S (Source-to-Settle) product suite. The company has announced S2S Contract Audit & Recovery and S2S Catalog Pro, which it says are "designed to help companies optimize performance, drive savings and increase control and compliance in their supply chains."

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Let the Phone Pick Up the Tab

Business Week takes a look at mobile banking and payments - including Citibank's pilot with Obopay, PayPal Mobile, Firethorn and First Data's efforts including last week's investment in VIVOtech.

US Revolving Credit Jumps in March

The Federal Reserve released its latest monthly G.19 Consumer Credit statistics yesterday showing that US consumer revolving debt (primarily credit card-related) great at an annual pace of 9.2 percent to $888.2 billion.

Headline News - May 8, 2007

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers looking to hire payments professionals can post their job openings there as well.

May 07, 2007

Green Dot, CardinalCommerce Partner on eCommerce

Green Dot Corporation has announced an agreement with CardinalCommerce to "enable eCommerce merchants for the first time to receive online payments from a largely untapped consumer segment: the financially underserved community of more than 80 million "cash consumers" nationwide who do not have access to traditional bank accounts, credit cards or other financial tools."

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MasterCard, TRX to Develop a Proprietary Travel Dashboard

MasterCard Worldwide and TRX have announced an agreement to develop the MasterCard Travel Dashboard, a web-based business intelligence tool that will enable companies to evaluate, analyze and optimize travel programs. According to the companies, "the proprietary tool will leverage detailed information from MasterCard's corporate card program and TRX's advanced travel data reporting tools to provide greater visibility into the performance and compliance of travel programs."

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