Payments News - Weekly Wrap - May 17, 2008
Here's a review of this week's top stories on Payments News. If you missed it, last week's Weekly Wrap is here. Back to the future!: for fun, click for this same week's activity a year ago here on Payments News!
- ACH News
- Wells Fargo and Bank of America have announced the formation of a joint venture called Pariter Solutions LLC to operate a single, combined automated clearinghouse (ACH) platform for both companies and their clients. Pariter Solutions will be the country's largest processor of ACH payments.(See more ACH, Bank of American, Pariter Solutions and Wells Fargo news.)
- NACHA named Janet O. Estep, most recently an executive vice president with U.S. Bank, to succeed Elliott McEntee, who will retire as president and chief executive officer at the end of 2008. (See more NACHA news.)
- American Express News
- Universal Studios has announced it has entered into a multi-year marketing and financial services alliance with GE Money and American Express. (See more American Express and GE Money news.)
- Chase News
- Chase announced a Chase Payroll Card with daily deposit of payroll. (See more Chase Card Services and Payroll Card news.)
- Chase announced the Colorado Automated Payment card for state benefit payments. (See more Chase Card Services and Government Payments news.)
- Contactless Payments News
- The Federal Trade Commission and the Technology Law and Public Policy clinic at the University of Washington Law School have announced they will be holding a one-day Town Hall meeting entitled “Pay on the Go: Consumers and Contactless Payment" to be held July 24 in Seattle to explore emerging uses of contactless payment devices and their implications for consumer protection policy. (See more Contactless, NFC and Mobile Payments news.)
- INSIDE Contactless announced it has shipped over 50 million of its Micropass contactless payment chips. (See more Contactless news.)
- Credit Card News
- Cards&Payments has released the results of its Annual Bankcard Profitability Study finding that credit card issuers in 2007 generated a sizeable profit, though down slightly from the previous year. (See more Card Issuers and Credit Card news.)
- The Government Accountability Office (GAO) has issued a new report titled "Credit and Debit Cards: Federal Entities Are Taking Actions to Limit Their Interchange Fees, but Additional Revenue Collection Cost Savings May Exist". (See more Credit Card news.)
- Debit Card News
- Bank of America announced that its debit card-based Keep the Change savings program has helped its customers save more than one billion dollars in customer round-ups and bank-matching funds. (See more Bank of America, Card Rewards Programs, and news.)
- First Data Corp. News
- First Data Corp. disclosed more information about its previously announced acquisition of InComm saying it was paying approximately $980 million plus contingent future payments of up to $250 million over a three-year performance period. (See more First Data Corp. and InComm news).
- First Data Corp. reported its financial results for the first quarter of 2008. (See more First Data Corp. news).
- Interchange Fee News
- The US House of Representatives Judiciary Committee held a hearing on Thursday regarding credit card interchange fees and new legislation intended to reduce the fees. (See more Interchange Fee news).
- Mobile Payments News
- Nortel released results of a study into hyperconnectivity finding that many consumers find their mobile phones are more important than wallets or keys. (See more Mobile Payments news).
- PayPal News
- In Australia, eBay's plans to require that sellers use PayPal continue to be very controversial. (See more Australia and PayPal news.)
- PCI Compliance News
- The PCI Security Standards Council announced the timeline for the release of PCI DSS version 1.2, scheduled for availability in October 2008. (See more PCI Compliance and PCI Security Standards Council news.)
- In a couple of Payments News posts, we continued to explore estimates of what the total industry cost of PCI compliance might be. (See more PCI Compliance news.)
- Visa News
- Visa Inc. has made available its various regional Operating Regulations on its corporate web site - except for Visa Europe which remains and separate entity. (See more Visa news.)
- Visa Inc. has announced the Visa Meetings card, the newest member in its suite of commercial payment solutions to help businesses more strategically manage this expense category. (See more Visa news.)
- Open Job Listings on PaymentsJobs.com
- Open Sales Position E-Commerce Company at preCharge.com (New York)
- Vice President and Program Manager at Skylight Financial (Atlanta, Georgia)
- Payments Attorney at a stealth start up (San Francisco/Bay Area)
- Director - Chargebacks & Disputes Policy at American Express (Phoenix, Arizona)
- Sales Executive at Online Resources (Atlanta, GA)
- Account Relationship Manager at Skylight Financial (Atlanta, GA)
- Product Manager at Skylight Financial (Atlanta, GA)
- Upcoming Glenbrook Payments Education Offerings
- Workshop on The Structure of the Merchant Payments Marketplace - San Francisco Bay Area - June 10
- Glenbrook Payments Boot Camp - San Francisco Bay Area - June 11-12
You can find all of our Weekly Wrap summaries in the Payments News Weekly Wrap Archive. They're published every Saturday and look back at the highlights of the week's news. Please send us on how we can improve the Weekly Wrap!
