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June 08, 2007

MasterCard Wins in Debit Lawsuit Against Visa

MasterCard has announced that "Federal Judge Barbara Jones ruled yesterday that Visa's Settlement Service Fee ("SSF"), implemented in the wake of the settlement of the merchant lawsuit in 2003, was unlawful and must be repealed." Dow Jones reports that Visa says it may appeal the decision.


I4 Commerce Using VantageScore from Equifax

Equifax has announced that several banking, retail and technology customers are incorporating VantageScore into their decisioning processes - including I4 Commerce which has begun utilizing VantageScore within its underwriting process.


Maxed Out - The Movie - Now Out on DVD

Maxed Out, the movie version of James Scurlock's book by the same name, has just come out on DVD. One reviewer says "this is a documentary that must be seen by every teenager BEFORE they're offered a credit card." The DVD and the book are both now available in the Payments News Store - along with all of the other books we recommend on our Payments Boot Camp reading list.

Paying With Plastic Abroad

Selena Maranjian writes for Motley Fool about using credit cards abroad - and highlights Capital One's approach of not surcharging international transactions.

Accretive Commerce Selects CyberSource as Global Payment Processor

Accretive Commerce, a business process outsourcer of direct-to-customer commerce services, has announced a strategic alliance with CyberSource to offer CyberSource's payment management services - enabling online credit card, debit card, eCheck, PayPal, and Bill Me Later transactions - to Accretive Commerce's clients.


Presentations from Chicago Fed's 2007 Payments Conference

The presentations from the Federal Reserve Bank of Chicago's 2007 Payments Conference are now available online. The conference, held in mid-May, had the theme "Competitive Forces Shaping the Payments Environment: What's Next?". Glenbrook's Carol Coye Benson attended and filed this earlier conference report for Payments News.

Report from MasterCard's Annual Meeting

Jay Loomis reports for the Westchester County, NY Journal News about MasterCard's annual meeting yesterday and comments made by CEO Robert W. Selander - who "listed China, India, Brazil and Mexico as key markets for the company in coming years as consumers embrace credit card transactions in these developing markets."

A Look at Ecommerce 2.0 - It's Happening Now

Jeremy Liew of Lightspeed Venture Partners blogs about his observations on eCommerce 2.0 following his attendance at this week's Internet Retailer conference in San Jose. Jeremy says he's "interested in hearing from merchants who have passed the $10m sales mark, see real sales momentum, and are looking to raise capital to accelerate growth and address large market opportunities, as well as vendors looking to address a common pain point for etailers." Dave McClure adds his own perspective.

US Bank Selected for GSA's SmartPay 2 Program

U.S. Bank Government Services has announced that it is one of four issuers selected to participate in the General Services Administration (GSA) SmartPay 2 program for commercial charge cards and related payment services.


Headline News - June 8, 2007

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

June 07, 2007

Retailers Fume Over PCI Security Rules

Marc Songini reports for Computerworld about retailer comments about PCI-DSS at this week's annual ERIexchange retail event in Boston where they complained about having to " carry an unfair burden in securing credit card data."

HSBC and CVS/pharmacy Launch Tempo Network Loyalty Rewards Card

HSBC Finance Corporation’s card and retail services business and CVS/pharmacy have announced they have entered into an agreement to offer a new CVS-branded Tempo Payment Network loyalty rewards payment card. Planned for a mid-2007 pilot launch at the retailer’s 141 Indianapolis-area stores, the CVS ExtraCare Plus card will provide CVS/pharmacy customers with a convenient and secure multipurpose rewards and payment solution that links the cardholder’s existing checking account to their existing ExtraCare account.


More on Today's House Credit Card Practices Hearing

Earlier today, the US House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing on the subject of "Improving Credit Card Consumer Protection: Recent Industry and Regulatory Initiatives". To make it easy for you to review today's testimony from both the financial regulators as well as the industry participants, we've put together a zipped archive of all of today's testimony. It makes for great "airplane reading".

US Revolving Credit Declines in April

The Federal Reserve's latest G.19 report on Consumer Credit in the US reports that revolving credit outstanding declined at an annual rate 0f -0.5% during April to $887.2 billion.

Citibank Introduces Remote Electronic Deposit Service for Business Clients

Citibank has announced a new electronic deposit service for its commercial business clients, Citibank Remote Check Deposit, that allows them to deposit checks into their bank accounts without taking them to a branch or mailing in the items.


Are Mobile Payments the Smart Cards of the Aughts?

In a Chicago Fed Letter titled "Are Mobile Payments the Smart Cards of the Aughts?" (PDF), research specialist Katy Jacob compares the much anticipated but ultimately stalled smart card revolution of the 1990s with the current expansion of mobile payment platforms, and asks how mobile payments fit into the larger payment system.

Problems with Rewards Cards

In an article titled 'Rewards Cards Can Also Provide Problems", the AP's Eileen Alt Powell reports that, while rewards cards are growing in popularity, they're often complicated to understand, may be burdened with fees, and subject to issuers changing the rules at any time.

PULSE EFT Association Encourages Electronic Payment Security Practices

The PULSE EFT Association has launched its annual nationwide effort encouraging consumers to review and practice safety tips when using their ATM/debit cards. New to the network’s ATM/Debit Card Safety Awareness Month campaign this June is an increased focus on privacy and fraud protection.


Remote Deposit Capture - Crossing the Chasm

Celent has published a new report titled "State of Remote Deposit Capture: Entering the Mainstream" saying that , among financial institutions, RDC adoption has been astonishing—even faster than the Internet banking gold rush. In just two years, nearly a third of all US banks have adopted RDC solutions. Over 2,900 financial institutions have implemented (or are implementing) RDC through March 2007, corresponding to some 112,000 scanners. Based on aggregate vendor activity, Celent expects over 4,000 institutions will have solutions deploying nearly 250,000 devices by year end 2007.

Improving Credit Card Consumer Protection

The US House Financial Services Subcommittee on Financial Institutions and Consumer Credit is holding a hearing today on the subject of "Improving Credit Card Consumer Protection: Recent Industry and Regulatory Initiatives". The subcommittee will hear from card issuers, consumer groups, and regulators. Chair Rep. Carolyn Maloney (NY-14) said the hearing "will examine recent industry and regulatory initiatives, including the Federal Reserve’s recent revision of Reg Z, to help identify ways to improve credit protections for consumers." Separately, Consumer Union issued a press release this morning titled "Bank of America's Education Campaign Can't Repair Harm From Excessive Fees" in which it said "Bank of America's new campaign to simplify its disclosures of bank and credit card fees fails to mitigate the burden of excessive penalties imposed on customers."

NetSpend's Natonal Saving Program

Financial Services Centers of America (FiSCA), a trade association representing more than 6,500 neighborhood financial service providers, has announced that more than 63,000 FiSCA customers have opened savings accounts through the NetSpend National Saving Program. This savings program offers an interest-bearing, federally-insured savings account linked to a NetSpend prepaid Visa/MasterCard debit card.


GE Money, Yahoo! Telemundo Focus on Hispanic Financial Education

GE Money and Yahoo! Telemundo have announced the launch of ‘Soluciones Financieras’, an online financial education solution that features Spanish-language personal finance tools and information designed to empower Hispanics to succeed in their financial lives. According to the two companies, "U.S. Hispanics are projected to spend over $926 billion this year; however, research shows they have less understanding and experience managing personal financial matters compared to the average non-Hispanic consumer."


More on the Wal-Mart MoneyCard

Here's the web site for Wal-Mart's MoneyCard, a Visa Prepaid debit card. The web site indicates the card is issued by GE Money Bank with card services being provided by Green Dot. Kathy Chu and Jayne O'Donnell write about the product in today's USA Today.

June 06, 2007

American Express Incentive Services, Givex Licensing Agreement

American Express Incentive Services and Givex have announced they have entered into a licensing agreement under which Givex will license two AEIS patents (U.S. Patent Numbers 5,689,100 and 5,956,695) that enable AEIS’ patented merchant acceptance feature, DirectSpend, to strategically direct cardholder spend to selected merchants.


Chase Card Services Expands Clear & Simple Plan

Chase Card Services has announced "the expansion of Chase Clear & Simple, an ongoing program designed to help Chase customers better understand and manage their accounts, with 10 consumer-friendly initiatives. In addition, Chase is launching an online site, that will feature tools and information to empower customers."


A Google Checkout Success Story - Ritz Interactive

Google Checkout has posted a success story describing how Ritz Interactive grew its Q4 2006 revenues by using Google Checkout's promotions. "After implementing Google Checkout, site traffic increased more than 40% and overall cart conversion rates improved 35%."

Visa Introduces Small Business Spend Insights Quarterly

Visa USA has announced a new small business spending report titled "Visa Small Business Spend Insights" that concludes that, while small businesses remain relatively bullish about revenue growth, increasing expenditures on energy, healthcare and taxes are pressing concerns for small business owners. Visa will be publishing the report on a quarterly basis to provide a "comprehensive view of the U.S. small business climate by combining a poll of U.S. small businesses with the most current Visa spending data on small business cards."


Bank of America Emphasizes Simple Ways to Manage Money

Bank of America has announced it has launched an effort to "arm customers with integrated tools and resources to stay ahead of their accounts, keep tabs on their balances and better manage their financial lives." The bank has launched an online advertising campaign with the theme "A Little Knowledge Is a Powerful Thing" to help educate consumers about tools available to provide them with more information about their accounts.


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