Payments News from Glenbrook Partners
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« October 28, 2007 - November 3, 2007 | Main | November 11, 2007 - November 17, 2007 »

November 09, 2007

Visa Inc. Files for Proposed Initial Public Offering

Visa Inc. has announced that "it has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its class A common stock." A copy of Visa's Form S-1 Registration Statement is available on the SEC web site. The Wall St. Journal reports that the Visa IPO could be worth $10 billion.

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Intel Capital Invests $10 Million in iovation

Intel Capital has announced a $10 million investment in iovation, a Portland, Oregon-based company that provides online security and fraud protection services. The company says it provides "the first device reputation service aimed at protecting business on the Internet. The real-time service prevents online fraud including charge-backs, identity theft, phishing, click fraud and other abuses of online services."

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Another Look at Biometrics and Payments

In a post titled "Fingering Suspects", Dave Birch writes about the use of biometrics for payments - nothing that "the rapid acceptance of contactless payment cards by the incumbents essentially usurped the speed/convenience argument [of biometrics] away."

Headline News - November 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.

November 08, 2007

Payments News - To Go

Do you have your own web site where you'd like to include the latest headlines from Payments News? We've created a widget that you can install in a sidebar on your own page - you can find it here. The widget uses our RSS feed to provide the titles of the latest stories here on Payments News. You can see the widget in action on the Glenbrook home page.

Network Branded Gift Cards Earn Very High Satisfaction Ratings

The Network Branded Prepaid Card Association has announced results from a recent survey about gift cards that carry the American Express, Discover, MasterCard or Visa logo that finds that extremely high levels of consumer satisfaction are driving their triple-digit annual growth. The survey, conducted by Dan Horne, professor at Providence College, found that more than 93% of consumers who buy branded gift cards are satisfied with their purchase.

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American Express Offers Free Shipping on Holiday Gift Cards

American Express has announced free online shipping and discounts on rush orders when American Express Gift Cards are purchased before December 10, 2007.

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SunTrust, CheckFree Study Bank Profitability from Online Bill Payment

A new SunTrust Bank and CheckFree study "reveals a clear link between electronic billing and payment habits and higher account balances, customer loyalty and profitability."

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TransCard Provides Cards for Hotel Employee Payroll

Transcard has announced a strategic alliance with Choice Hotels International, a lodging franchisors with ten hotel brands operating in the United States and 37 countries and territories, to provide prepaid stored-value card solutions to hotel franchisees and their employee base. According to the company, "the cards enable Choice Hotels franchise owners to pay their employees electronically, and in turn potentially improve employee retention."

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PCI Security Standards Council Adds Payment Application-DSS

The PCI Security Standards Council has announced that it is adding a new standard for payment application software - called Payment Application Data Security Standard (PA-DSS) - that is based on Visa's Payment Application Best Practices (PABP).

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More on American Express, Visa Settlement

Eric Dash reports for the New York Times on yesterday's announcement of a settlement in the antitrust litigation between American Express and Visa. Dash notes that there is still pending litigation between American Express and MasterCard as well as between Discover and both MasterCard and Visa. Jane J. Kim reports on the settlement for the Wall St. Journal.

November 07, 2007

American Express Reaches $2.25 Billion Settlement with Visa

It's official - American Express has announced that "it has reached an agreement to drop Visa as a defendant in a lawsuit alleging that MasterCard, Visa and their member banks had illegally blocked American Express from the bank-issued card business in the United States. Under terms of the settlement agreement, Visa will pay a maximum amount of $2.25 billion to American Express. Individual banks named in the lawsuit will also be dropped as defendants. These include: J.P. Morgan Chase, Capital One, U.S. Bancorp, Wells Fargo and Providian. The agreement is subject to the approval of Visa’s member banks."

Separately, Visa Inc. announced the settlement - saying: "The member institutions of Visa USA - and not Visa Inc. - bear the responsibility for funding the settlement through the application of Visa's retrospective responsibility plan. The plan includes a multi-step mechanism to fund financial obligations of Visa USA and Visa International related to certain litigation, including the American Express case. Through this mechanism, any payments made by Visa Inc. as part of this settlement ultimately will be reimbursed by Visa USA member institutions."

Washington Mutual Investor Day

Washington Mutual held its 2007 Investor Day today - supporting materials are available online.

American Express, Visa Reportedly Settle Antitrust Case

Following up on a report earlier today on CNBC, Jane Kim and Nathan Koppel report for the Wall St. Journal that "American Express Co. and Visa USA Inc. agreed to settle an antitrust case for $2.25 billion, according to people familiar with the situation."

An Interview with Jason Hogg - CEO of Revolution Money

Computerworld's Jaikumar Vijayan has conducted an interview with Jason Hogg, CEO of Revolution Money - the company bringing Revolution Card and Revolution Money Exchange to market in the US.

Blackboard, Sony to Offer Contactless Cards in U.S. Education Market

Blackboard and Sony have announced "a partnership to support Sony FeliCa contactless technology in the Blackboard Commerce Suite, a family of applications supporting one-card transactions on-campus, off-campus and online and allowing for identification, payment and access."

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Glenbrook 2008 Payments Education Series - Registration Now Open

Glenbrook's 2008 Payments Education Series begins in February - and registration is now open for the following sessions (all to be held in the San Francisco Bay Area):

These events have been selling out early - so if you're thinking you want to attend, make sure you register as early as possible. For 2008, we're providing an early registration discount for registrations completed two months in advance.

For more information on Glenbrook's 2008 payments-focused courses, visit the Glenbrook Payments Education Program page or this detailed schedule.

Chase Paymentech Announces A-Claim Integrated Healthcare Payment Solution

Chase Paymentech and Preferred Health Technology have announced A-Claim - calling it "the first fully-integrated healthcare payment solution designed to reduce accounts receivables for physicians and simplify claims payments for patients."

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Borrowing to Make Ends Meet: the Rapid Growth of Credit Card Debt in America

Demos has published a new report titled "Borrowing to Make Ends Meet: the Rapid Growth of Credit Card Debt in America" icon_PDF_small.gif that says "American families are using credit cards to bridge the gaps created by stagnant wages and higher costs of living and balances have grown dramatically since 1989."

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Capital One Holds Annual Investor Conference

Capital One held its Annual Investor Conference yesterday. An audio replay along with accompanying slides are available online.

2007 Banking Identity Safety Scorecard

Javelin Strategy & Research has announced its 2007 Banking Identity Safety Scorecard, "an annual ranking and study of the top 25 U.S. banks in areas of identity fraud prevention, detection and resolution. This year, financial institutions showed strength in resolution practices, but vulnerability in prevention and detection."

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Euro Alliance of Payment Schemes Established

Six European card payment schemes have joined together to establish the "Euro Alliance of Payment Schemes s.c.r.l. (EAPS)". Based in Brussels, the new company will "facilitate pan-European transactions, effectively creating a new European card scheme, generating more choice in this market. Cardholders will be able to use their cards at more places throughout Europe, while retailers will gain more and better opportunities for card acceptance under the uniform EAPS acceptance mark."

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Gauging Battle-Readiness for a Post-Visa IPO World

Aite Group has published a new report titled "The Future of Card Networks: Gauging Battle-Readiness for a Post-Visa IPO World" that "considers how the world will look in a post-Visa IPO world, in which the four major card networks, Visa, MasterCard, American Express and Discover, are publicly traded companies."

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November 06, 2007

American Express, Clear Announce Strategic Marketing Partnership

Clear, a service provider of registered traveler security express lanes at U.S. airports, has announced a strategic marketing partnership with American Express enabling American Express corporate cardmembers to receive preferred pricing (14 months of membership for the price of 12) on Clear's annual membership and appointment enrollment privileges at Clear's network of off-airport city enrollment centers.

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PayPal's 2007 Holiday Promotions

PayPal has announced its 2007 holiday promotions program offering consumers 20 percent cash-back from PayPal on holiday purchases through select merchants, a daily shopping sweepstakes, and special offers, including free shipping, from PayPal merchants.

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Contactless in China

GlobalPlatform has announced that its core device specification – also known as the GPD/STIP Specification – has been deployed in China through the Blue Bamboo H50 Terminal in the recent launch of the Beijing transit card contactless micro-payments scheme.

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Five Strategies to Achieve PCI Compliance

Dennis Reedy, CTP, managing director, Treasury Operations, Indiana University and Walt Conway, Walter Conway Associates, have written an article titled "5 Strategies to Achieve PCI Compliance" icon_PDF_small.gif. "There are two things financial managers at every level in the organization need to understand about PCI DSS. The first is that the standard is mandatory—if you accept payment cards, you are subject to the standards. The second is that there can be significant costs if you are not compliant and your systems are breached, compromising sensitive cardholder data."

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