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June 14, 2008

Payments News - Weekly Wrap - June 14, 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 13, 2008

Mobile Banking and Payments: Making Waves, Moving Toward a Flood

TowerGroup will be holding a complementary webinar on mobile banking and payments on Thursday, June 19, from 12 Noon to 1 PM Eastern led by Charul Vyas, Analyst, Emerging Technologies.

OCC Survey Finds Bank Underwriting Standards Tighten

The Office of the Comptroller of the Currency has released its 14th annual Survey of Credit Underwriting Practices icon_PDF_small.gif and reported that commercial and retail underwriting standards tightened after four consecutive years of eased underwriting standards. READ MORE »

Mobile Payments in India - Operative Guidelines for Banks

The Reserve Bank of India has published a "Draft Operating Guidelines for Mobile Payments in India".

"With the rapid growth in the number of mobile phone subscribers in India banks have been exploring the feasibility of using mobile phones as an alternative channel of delivery of banking services. A few banks have started offering information based services like balance enquiry, stop payment instruction of cheques, record of last five transactions, location of nearest ATM/branch etc. Acceptance of transfer of funds instruction for credit to beneficiaries of same/or another bank in favour of pre-registered beneficiaries have also commenced in a few banks. Considering that the technology is relatively new and due care needs to be taken on security of financial transactions, the Reserve Bank of India has felt the need for a set of operating guidelines that can be adopted by banks. "

Read more about the new mobile banking guidelines in this article in India's Economic Times.

Smart Card Alliance Introduces Online Smart Card Training

The Smart Card Alliance has begun offering a new online course titled "Fundamentals of Smart Card Technology". The online training course takes about six hours to complete and costs $99 per participant.

eBay to Fight ACCC PayPal Ruling in Australia

Stephen Hutcheon writes for the Sydney Morning Herald that eBay intends to "challenge the Australian competition watchdog's ruling to block a plan to force its users onto a PayPal-only payments system." Yesterday, the Australian Competition and Consumer Commission announced a draft notice proposing to prevent eBay from implementing a PayPal-only policy in Australia.

June 12, 2008

MasterCard's Temporary Repeal of Intra-EEA Interchange Fees

MasterCard Europe (MCE) has announced that "as of June 21, 2008 MasterCard is temporarily repealing its current MasterCard and Maestro intra-EEA cross-border consumer card interchange fees in conformity with the European Commission's December 19, 2007 decision. MCE said it will continue its dialogue with the Commission services about an interchange fee methodology that the Commission services believe is consistent with the decision. MCE also said it will continue to pursue its appeal of the decision to the European Court of First Instance, which it filed on March 1." READ MORE »

9 MM U.S. Mobile Users Have Used Mobile Phones to Pay

Nielsen Mobile reports that commerce over mobile devices such as cell phones is accelerating in the US. According to Nielsen, "9 million US mobile subscribers say they have used their mobile phone to pay for goods or services, and half of all data users (49 percent) say they expect to participate in mobile commerce in the future." READ MORE »

Javien's Supports New Visa Micropayment Guidelines

Javien has announced that Javien Micropay now helps merchants meet Visa’s new guidelines for online micropayment transactions of Visa credit, debit or prepaid cards. Additionally, Javien says Micropay provides an auditable, provable method of managing online micropayment aggregations that conforms to Visa’s new rules. READ MORE »

Virgin Atlantic American Express Card Issued by Bank of America

Virgin Atlantic Airways has launched a new rewards credit card, the Virgin Atlantic American Express Card issued by Bank of America which earns 3 miles for every $1 spent on Virgin Atlantic purchases and also offers "the opportunity to redeem points for exclusive rewards such as a trip into space." READ MORE »

Banking in 2050: How Big Will the Emerging Markets Get?

The UK member firm of PricewaterhouseCoopers, with input from its banking partners around the world, has published "Banking in 2050: How Big Will the Emerging Markets Get?" icon_PDF_small.gif The paper examines "the possible changes in the scale of the banking sector between now and 2050; our proxy was the relative growth of domestic credit markets. The results are thought provoking; they highlight the pace of change and provide some scale to the size of the opportunity and challenge."

A Look at US Consumer Credit Card Debt and Federal Preemption

Yesterday, the US Senate Committee on the Judiciary held a hearing on the subject of ""Short-Change for Consumers and Short-Shrift for Congress? the Supreme Court's Treatment of Laws That Protect Americans".

Among those testifying was Robert Lawless, Professor of Law and the Galowich-Huizenga Faculty Scholar at the University of Illinois College of Law. (Lawless is also one of the active bloggers on the Credit Slips blog.) In his prepared testimony for yesterday's hearing, he discusses the Supreme Court’s decision in Marquette National Bank v. First of Omaha Serv. Corp. - noting that national consumer lenders in the US operate in an environment that is free of usury restrictions because of the Marquette decision.

An 2004 paper by Mark Furletti titled "The Debate Over the National Bank Act and the Preemption of State Efforts to Regulate Credit Cards" icon_PDF_small.gif and published by the Payments Card Center at the Federal Reserve Bank of Philadelphia provides more background on the federal pre-emption issue.

ACCC Proposes to Revoke Immunity For eBay's PayPal-only Policy

The Australian Competition and Consumer Commission has announced is has issued a draft notice icon_PDF_small.gif proposing to revoke a notification by eBay International on 11 April 2008. Under the notification, eBay proposes to mandate the use of PayPal for almost all transactions on the eBay site. READ MORE »

June 11, 2008

Protecting Consumers in the Credit Marketplace

Federal Reserve Governor Randall S. Kroszner gave a speech earlier today titled "Protecting Consumers in the Credit Marketplace" at the Federal Reserve Bank of Cleveland Community Development Policy Summit in which he spoke to the Fed's activities with respect to better information disclosure to consumers about credit card terms as well as preventing certain "abusive practices" by credit card issuers.

Obama Speaks Out on Credit Cards

In a speech given today by Barack Obama in Chicago, he commented on the credit card industry: "But many more Americans aren’t falling into debt because they made an irresponsible decision; they’re falling into debt because credit card companies are pushing them over the edge. For too long, credit card companies have been using unfair and deceptive practices to trick Americans into signing agreements they can’t afford."

Credit Card Interchange Fees: Debunking Six Myths

In a paper titled "Credit Card Interchange Fees: Debunking Six Myths" icon_PDF_small.gif, Steven Semeraro, Associate Professor of Law and Associate Dean at the Thomas Jefferson School of Law in San Diego, writes about credit card interchange fees. READ MORE »

The iPhone as Money?

In an article titled "The iPhone as Money", Christopher Breen writes for Macworld about two new features in the iPhone 3G: support for new communications protocols and GPS. He says "there’s incredible power in a device that knows where it is and that can purchase stuff based on its location."

A Look at Data Breaches - and How to Prevent Them

Verizon Business has announced a comprehensive report on data breaches icon_PDF_small.gif concluding that "nearly nine in 10 corporate data breaches could have been prevented had reasonable security measures been in place." The study also provides key recommendations to help businesses protect themselves and urges them to be proactive. READ MORE »

What Should Bankers Do about Banking on Apple's iPhone?

Jim Bruene writes on NetBanker about Apple's announcement on Monday of the new Apple iPhone 3G - and what banks should be thinking about in terms of the implications for their customers. Jim's advice: "Since there is NO COST to list your app in Apple's App Store, financial services companies should rush to get their app loaded as close to the July 11 launch date as possible." (Note: Apple does not charge for free applications distributed through its App Store. For applications where developers want to charge a fee, Apple takes a 30 percent share of the price of the application. Apple also announced a new way for enterprises to distribute applications to run only on iPhones within their particular enterprise.)

Are Current Authentication & Identification Methods Good Enough?

Chris Skinner blogs about the results of a discussion earlier this week at the Financial Services Club in London on the question of whether current authentication and identification methods are good enough.

RSA Introduces SecurID Cards for Multi-Factor Authentication

RSA has announced the worldwide availability of the RSA SecurID 1100 Display Card, "an event-based, one-time password (OTP) authenticator in a flexible card form-factor designed to help financial institutions and their customers secure online accounts and transactions with two-factor authentication." READ MORE »

Bank of America's One Million Active Mobile Banking Customers

Bank of America has announced that it has surpassed one million unique active mobile banking customers. "Mobile Banking allows customers to check balances, pay bills, transfer funds, view posted and pending transactions and even locate banking centers and ATMs, accompanied by maps and directions. The service was introduced nationwide in May 2007 as part of Bank of America's suite of Online Banking services. Nearly 25 million consumers bank online with Bank of America." READ MORE »

June 10, 2008

Visa Updates Commercial Card Best Practices Study

Visa has released an updated commercial payment card best practices study that it says "reveals procure-to-pay (P2P) automation is among leading factors contributing to more efficient business processes and cost savings at today’s companies across the globe." READ MORE »

Equifax, Fair Isaac Partner for Analytics, Scoring Solutions

Equifax and Fair Isaac have announced a partnership "to develop and sell advanced analytics and scoring solutions for businesses and consumers. Under the agreement, the two companies will leverage Equifax's consumer credit data and Fair Isaac's scoring technology, and will jointly market and sell new FICO analytic products." READ MORE »

Wells Fargo Enhances CEO Mobile Service for Businesses

Wells Fargo -- saying it is "the only provider of browser-based mobile banking for commercial customers" -- has announced the addition of wire transfer services and image positive pay functionality to its CEO Mobile service. READ MORE »

Unisys Finds Consumers Worry About Mobile Banking and Payments

Unisys has announced results of a recent study of 13,296 consumers worldwide that found that "71 percent of all consumers surveyed in 14 countries will not consider using a mobile device to bank or shop online." READ MORE »

InComm to Distribute Poni Cards in North America

InComm has announced a relationship with American Cash Exchange, Inc., a personal payment solutions provider and creator of the Poni Card, a US-to-Mexico money remittance card sold in peso values. Under the terms of the agreement, InComm will exclusively process and distribute Poni Cards throughout North America. READ MORE »

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