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June 07, 2008

Payments News - Weekly Wrap - June 7, 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! Looking for more? Checkout our Other Payments and Banking Blogs page.

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!

June 06, 2008

Revolving Consumer Credit Growth Slows Dramatically in April

The Federal Reserve has just published its monthly G.19 Consumer Credit report showing that revolving credit rose at an annual rate of 0.5 percent, slowing dramatically as compared to growth rates of 5.3 to 7.4 percent earlier this year.

Registration Now Open for October 15-16 Payments Boot Camp

If you can't make it to next week's Glenbrook Payments Boot Camp (being held June 11-12 in Santa Clara), you may want to sign up for our next one being held October 15-16 also in Santa Clara, California. Online registration for the October session just opened.

Resolving Credit Card Disputes

Business Week's cover story this week is titled "Banks vs. Consumers (Guess Who Wins)" - an article by Robert Berner and Brian Grow that takes a look into how credit card issuers in the US use arbitration to handle cardholder disputes saying it is "a system in which it is exceedingly difficult for individuals to prevail." The article focuses on the role played by National Arbitration Forum (NAF), a for-profit company based in Minneapolis.

Headline News - June 6, 2008

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.

June 05, 2008

Durbin Introduces Credit Card Fair Fee Act Legislation in US Senate

U.S. Senator Dick Durbin (D-IL) has introduced new legislation in the US Senate "to allow large and small businesses to negotiate directly with credit card companies to reduce the interchange fees that are charged on every credit card transaction." READ MORE »

AT&T, Citi Launch New Credit Card for Small Business Owners

AT&T and Citi have announced the launch of the AT&T Universal Business Rewards Card that rewards small business owners for their purchases and also provides them with a prescription drug benefits program and an around-the-clock personal business assistant. READ MORE »

An Interview with John Chaplin

Dave Birch interviews John Chaplin for his latest Digital Money Forum podcast. "John has worked with a number of major companies on their European payments business and he is currently serving as European Payments Adviser to First Data International where he is heavily involved in SEPA strategy."

Google Checkout Summer Savings

Google has announced that over 50 Google Checkout stores will be offering savings of $10 off purchases of $60 or more to buyers using Google Checkout through June 23rd.

June 04, 2008

Branded Gift Cards are the Preferred Gift Among Family and Friends

The Network Branded Prepaid Card Association (NBPCA) has announced that "a recent survey of 8,234 consumers uncovered high levels of enjoyment and personal connection to the branded gift cards experience." READ MORE »

CyberSource's Insider's Guide to ePayment Management

CyberSource has published a new "Insider's Guide to ePayment Management" that "details 30 ePayment management tactics leading online merchants are using to improve business results." READ MORE »

The Interdependencies of Payment and Settlement Systems

In a report published today by the Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements, "central bankers recommend a number of actions to address the risk-transmission channels brought by system interdependencies. The report, "The interdependencies of payment and settlement systems" icon_PDF_small.gif, raises concern that the speed and multiplicity of potential disruption channels across the global payment system are not adequately reflected in stress-tests, risk controls, contingency funding plans, and crisis management procedures." READ MORE »

Accertify Receives Funding from Intel Capital

Santa Clara, California-based Accertify, a provider of fraud prevention solutions to online retailers, has announced that it has received funding from Intel Capital, Intel's global investment organization. READ MORE »

American Express Updates Investor Community

Earlier today, American Express Chairman and Chief Executive Ken Chenault presented at the Keefe, Bruyette & Woods 2008 Diversified Financials Conference. A webcast, presentation slides, and talking points are available online.

5th Annual Identity Theft Aftermath Study

The Identity Theft Resource Center has today released its 5th Annual Identity Theft Aftermath Study discussing the impact of identity theft on victims. According to the center, the Aftermath is the only study of its kind. It reflects only the experiences of confirmed identity theft victims who have worked with the ITRC, and is not a census or general population-based study. The questions asked ranged from the emotional impact this crime has had on their lives all the way through to their ability to recover their good name. It includes the financial loss to the business community in goods and services. READ MORE »

Bill Me Later Now Available on Newly Launched Borders.com

Bill Me Later has announced that Borders has added its alternative payment functionality to its newly launched e-commerce site at Borders.com. "With Bill Me Later, Borders shoppers will be able to add to their book, movie and music collections online and via phone without sharing their credit card information." Borders.com is also offering customers no payments for 90 days on purchases of $99 or more with Bill Me Later. READ MORE »

Discover Updates US Spending Monitor for May

Discover has announced that its "Discover U.S. Spending Monitor rose 1.4 points in May to 86.8 as consumers braced for higher spending in the wake of record gas and food prices. The Monitor posted record high percentages of consumers who said they spent more in May than April (56 percent) and who expect to spend more next month (46 percent), both up by six points respectively. The upturns reflect a nation of consumers who are seeing spending for necessities grow and budgets for discretionary spending shrink." READ MORE »

Bank of America Leads $35 Million Financing in Yodlee

Yodlee has announced that Bank of America is the lead investor in Yodlee’s recent $35 million financing. Existing Yodlee investors, including Warburg Pincus, Accel Partners and Institutional Venture Partners also participated in the financing. READ MORE »

Chockstone Launches Meet & Greet Loyalty Functionality

Chockstone has announced the availability of the Chockstone Meet & Greet loyalty application - calling it "a unique offering that allows restaurant operators to personalize the customer experience from the moment a patron walks in the door. With one swipe of a customer's card, the Meet & Greet functionality provides restaurant managers, hosts and wait-staff with a full customer profile, immediately enabling a more personal experience within participating restaurants." READ MORE »

Payments Professionals Management Changes

We have received news of the following recent management changes:

  • Daniel Lane has been named chief technology officer at Merchant Link.

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.

June 03, 2008

Global Trends in Large-Value Payments

An upcoming article by Morten L. Bech, Christine Preisig, and Kimmo Soramäki in the Economic Policy Review from the Federal Reserve Bank of New York titled "Global Trends in Large-Value Payments" icon_PDF_small.gif is available now online. READ MORE »

FSTC Launches Mobile Technology Initiative

The Financial Services Technology Consortium (FSTC) has announced an initiative "to examine the various technology models supporting mobile payments today and to make recommendations on an approach that would facilitate an interoperable mobile payments infrastructure in the future." READ MORE »

New Orbitz Visa Credit Card Powered by Capital One Rewards

Orbitz Worldwide has introduced a new Orbitz Visa Credit Card powered by Capital One No Hassle Rewards, a new credit card that it says "makes it easy for travelers to earn triple Capital One No Hassle Rewards points by booking airfare, hotel accommodations and vacation packages on Orbitz.com." READ MORE »

Cisco Suggests Retailers Need to Focus on Mobile Commerce

A new Cisco study concludes that "mobile devices represent a major growth opportunity for the retail industry by providing a new purchasing channel for consumers. The company's third annual e-commerce study indicates that mobile devices are quickly joining physical stores, websites and catalogs as an important retail channel." READ MORE »

Payments Fraud: Perception versus Reality - Chicago Fed

Later this week (June 5-6), the Federal Reserve Bank of Chicago will be hosting its eighth annual payments conference - with this year's edition titled "Payments Fraud: Perception versus Reality". Glenbrook's Linda Elliott will be in Chicago for the conference.

IP Commerce Raises $17 Million in Series C Financing

Denver-based IP Commerce has announced it has raised $17 million in Series C financing led by Venrock with Total Technology Ventures also joining as a new investor. The Company’s existing investors, Meritage Funds, Appian Ventures and Iron Gate Capital also participated in the financing. READ MORE »

The Contactless Wave: A Case Study in Transit Payments

The Emerging Payments Research Group of the Federal Reserve Bank of Boston has published a new paper titled "The Contactless Wave: A Case Study in Transit Payments" icon_PDF_small.gif by Nasreen Quibria, Senior Payments Industry Consultant. READ MORE »

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