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« October 14, 2007 - October 20, 2007 | Main | October 28, 2007 - November 3, 2007 »

October 27, 2007

An Update on Google Checkout

Earlier this month, during its review of quarterly financial results, Google's management was asked about the progress of Google Checkout. Jonathan Rosenberg responded:

"I think the real story that is important there is that many of the advertisers that we are working with, such as Jockey, are reporting much, much higher click-through rates. They achieved as much as 60% higher with Checkout and they decreased the cost-per-click by over 31% with Google AdWords and Google Checkout. So we are seeing much more significant volumes in terms of some of these advertisers and the performance with the advertisers."

TSYS Plans to Expand After Spinoff

Péralte C. Paul writes for the Atlanta Journal-Constitution about TSYS' plans based upon an interview with Philip W. Tomlinson, chairman and chief executive of the Columbus, Georgia-based payments processor. Earlier this week, TSYS announced it was being spun out of parent Synovus Financial to become an independent public company.

Credit Card 2.0 - Revolution Card from Revolution Money

Kris Hundley writes for the St. Petersburg Times about hometown company Revolution Money - saying that "the company's two products, a PayPal competitor called Revolution MoneyExchange and a PIN-based credit card called Revolution Card, are ready to take on the MasterCards and Visas of the world."

The Merchant Acquiring Side of the Payment Card Industry

The Payment Cards Center of the Federal Reserve Bank of Philadelphia has published a new discussion paper titled "The Merchant-Acquiring Side of the Payment Card Industry: Structure, Operations, and Challenges" icon_PDF_small.gif.

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October 26, 2007

Citi, mChek Expand Mobile Services in India

Aniruddha Ghosh writes for India's Economic Times about the work Citi India and mChek are doing in India that enables a variety of services using the mobile phone as a remote customer signature device. "To ensure security, users of such services have a unique passcode which will prevent misuse even if their phone is lost. These transactions operate on a ‘remote signature’ principle, and are validated by one-time PINs generated separately for each transaction."

Obopay Video Profile

Tony Russomanno reports for San Francisco's CBS5.com about Obopay - and using its person to person money transfer service instead of Western Union. Although currently US only, Russomanno reports the company plans international support for moving money.

TSYS to Spin-Off from Synovus, Become Independent

TSYS has announced that "it has entered into an agreement and plan of distribution with Synovus, under which Synovus plans to distribute all of its shares of TSYS common stock in a spin-off to Synovus shareholders. Under the terms and conditions of the agreement, TSYS will become a fully independent company."

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European Mobile Banking

In a report titled "European Mobile Banking: An Inconvenient Truth", Forrester's Benjamin Ensor writes about adoption of mobile banking in Europe - saying that "although most leading European retail banks offer mobile banking services based on SMS and mobile Internet to everyone with a capable phone, only 5% of Net users use them today. Those who do tend to be young, technology-savvy males with above-average incomes who already bank online."

Headline News - October 26, 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.

October 25, 2007

U.S. Bank Issues Its 20 Millionth Gift Card

U.S. Bank has announced that it has issued its 20 millionth gift card this week, remaining the top Visa gift card issuer in the US. U.S. Bank reached the 10 millionth gift card milestone in July 2006, doubling the size of its gift card program in just over a year.

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More Details Emerge on TJX Breach

Ross Kerber writes for the Boston Globe about more filings in the TJX litigation now underway in Boston - including a review by Joel Lisker, a former MasterCard security executive.

Incentive Gift Cards Motivate Consumers to Buy

First Data Prepaid Services reports on a study of the use of gift cards as consumer incentives - saying it's "a growing trend to which consumers are responding positively."

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Nearly Two-Thirds of Largest U.S. Merchants Now PCI Compliant

Visa has announced that 65 percent of the largest U.S. merchants (those processing six million or more Visa transactions annually) have now validated their compliance with the Payment Card Industry Data Security Standard (PCI DSS), up from 36 percent in December 2006. Among medium-sized merchants (those processing one to six million Visa transactions annually), compliance grew from 15 percent in December 2006 to 43 percent as of September 30, 2007. The merchants that comprise these two categories account for approximately two-thirds of Visa's U.S. transaction volume.

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October 24, 2007

A Video Look at Revolution Card

Tampa's Fox 13 TV has a video story about the new Revolution Card from Revolution Money. The video emphasizes the lower cost of Revolution Card acceptance for merchants vs. Visa, MasterCard, etc.

Mobile Banking Security

Aite Group has published a new report titled "Mobile Banking Security: The Black Cloud Attached to the Silver Lining" that it says "investigates security vulnerabilities for mobile banking, both now and in the near future, focusing on the methods that are being deployed to mitigate risk over this emerging channel."

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TJX Card Compromise Now Estimated at 94 Million Accounts

Ross Kerber reports for the Boston Globe that recent court filings by a group of banks suing TJX over its breach of payment card data say that about 65 million Visa account numbers and about 29 million MasterCard account numbers were compromised. Fraud losses were estimated to range between $68 million and $83 million.

mFoundry Closes $15 Million in Series C Financing

mFoundry has announced completion of a $15 million Series C round of financing led by Motorola Ventures, the strategic venture capital arm of Motorola, Inc. PayPal, NCR Corporation and a "leading wireless operator" also joined the round along with existing investors.

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October 23, 2007

Alternative Payments Moving the Needle

We're starting to see some pretty mainstream adoption of alternative payments (i.e., non-bank card-based) - what with PayPal's march through the skies with the airlines, Bill Me Later's very effective use of promotional financing, etc. PayPal recently reported that 44% of its payment volume was coming from its Merchant Services business (i.e., non-auction related).

Yesterday, drugstore.com reported third quarter financial results - and they included the following snippet regarding the value to a merchant of accepting alternative payments:

"...almost 10% of OTC transactions in recent weeks have migrated to alternative payment options since the completion of our roll-out of Bill Me Later, Google Checkout and PayPal."

Here's a real-life example of an ecommerce merchant who didn't fool around trying to decide which alternative payment type to implement - they just implemented all three of the majors!

Decoupled Debit Presents Threats, Opportunities to Banks

Maria Bruno-Britz writes for Bank Systems & Technology about decoupled debit - and whether it's a threat or an opportunity for banks.

ACI Worldwide's Mobile Banking Solution

ACI Worldwide has announced that it will offer enhanced mobile banking capabilities to its online banking customers. "ACI’s business and consumer online banking customers will be able to use their cell phones, wireless handheld devices, or other handset devices to view information and perform online functions. Banks will be able to offer mobile access as an alternate channel while leveraging investment in Enterprise Banker data, entitlements and authentication."

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An Update on NACHA Topics from AFP Boston

Glenbrook's Carol Coye Benson filed an update on NACHA-related topics this morning from this week's Association for Financial Professionals conference in Boston.

RBS Lynk Offers eBillme's Online Banking Payments to Merchants

RBS Lynk has announced it is now offering its merchants a way to reach online banking users who want to pay cash at eCommerce checkouts by offering MODASolutions eBillme payment option. eBillme provides consumers with "the ability to safely and securely pay cash using their online banking bill pay service."

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Commercial Cards and Financial Compliance

Visa has released a new white paper - “Commercial Cards and Financial Complianceicon_PDF_small.gif - "to help organizations meet financial accountability requirements in many countries around the world. The paper identifies best practices in electronic payment programs for the travel and entertainment (T&E) management process and Procure-to-Pay function deployed by companies worldwide to help satisfy compliance requirements and achieve more control and visibility over spending."

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October 22, 2007

American Express Reports 3Q07 Results

American Express has announced financial results for the third quarter - reporting that "third quarter diluted EPS from continuing operations" increased 18% over last year. Worldwide billed business grew 16% to $162.5 billion, worldwide cards in force great 11% to 84.7 million, and worldwide average spending per proprietary card increased 8% to $3,006 in the quarter.

Identity Fraud Trends and Patterns

Utica College’s Center for Identity Management and Information Protection has published the results of what it is calling "a landmark study of closed U.S. Secret Service cases involving identify theft."

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This Week's AFP Conference in Boston

Glenbrook's Carol Coye Benson is attending this weeks Association of Financial Professionals (AFP) conference in Boston. She filed her first report from the conference earlier this morning.

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