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August 08, 2008

Credit Card Consumerism

In an article titled "The End of Credit Card Consumerism", Kimberly Palmer writes for US News & World Report: "A sharp slowdown, record-high gas prices, high consumer debt levels, a plunging real estate market, and the growing green movement all seem to be conspiring to dethrone King Consumer and transform the economy and the American way of life for years to come."

New York Times Editorial on Reform of Credit Card Practices

Earlier this week in an editorial titled "Listen to the 56,000", the New York Times said: "Federal Reserve should swiftly adopt its proposed rules against unfair or deceptive credit card practices. But the real burden to curb these abuses falls on Congress."

Headline News - August 8, 2008

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit Employers looking to hire payments professionals can post their job openings there as well.

August 07, 2008

Federal Reserve Releases Consumer Credit Data for June

The Federal Reserve provided its G.19 monthly update on consumer credit in the US - reporting that revolving credit grew at 6.8 percent annual rate during June as compared to declining 7.6 percent in May.

Citi Cards, Green Dot Sign Strategic Agreement for Prepaid

Citi and Green Dot have announced "a strategic alliance to provide Citi-issued general purpose gift cards and reloadable prepaid debit cards to consumers. In addition, Citi Cards’ retail business partners will have the opportunity to offer co-branded versions of these prepaid products to their customers. With this partnership, Green Dot further expands its national retail distribution of prepaid products." READ MORE »

Mobile Payments - All About Business Models, Not Technology

In an article titled "There's money to be made in micropayments", Colin Gibbs writes for RCR Wireless about last week's Mobile Financial Services Conference in Denver. He writes: "Hardware, software, high-speed networks, uptake … it seems all the pieces are in place for mobile commerce to take off. Well, all the pieces except maybe a viable business model or two."

Taco Bueno Adds Contactless Payments

MasterCard Worldwide has announced that U.S.-based Mexican quick-service restaurant chain, Taco Bueno, is now accepting MasterCard PayPass contactless payments at all of its 161 corporate store locations. READ MORE »

American Express Financial Community Meeting

American Express held a financial community meeting yesterday. A webcast is available online along with the slide presentations and speech text by Amex executives Ken Chenault, Al Kelly and Ed Gilligan. Al Kelly's presentation, in particular, is worth viewing/reading for his insights and the data he shares about the current state of the US economy and the impacts on US consumers.

Headline News - August 7, 2008

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit Employers looking to hire payments professionals can post their job openings there as well.

August 06, 2008

Learn More About the Prospects for Contactless Payments

Dave Birch's latest Digital Money Forum podcast features an interview with James McDonald, head of Contactless Payments for Barclays Business in the UK. His focus in 2008 is to roll out contactless payments nationally, and in this podcast McDonald talks about the state of the current contactless roll out in London and where the business might move in the future. If you're interested in the "on the ground" perspective regarding contactless, be sure to find 30 minutes for a listen. Highly Recommended!

An Interview with Pariter Solutions CEO Stephanie Sturgis-Griffin

Glenbrook’s Carol Coye Benson recently interviewed Stephanie Sturgis-Griffin, the newly named CEO of Pariter Solutions, the Wells Fargo and Bank of America joint venture for ACH processing announced in May. According to the announcement press release, Pariter will be “the country’s largest processor of ACH payments." READ MORE »

Obopay, Grameen Solutions for Mobile Banking, Payments

Obopay and Grameen Solutions have announced what they're calling "a unique, first-of-its-kind alliance to use mobile technology to deliver banking services to a billion of the world’s poorest people by 2018. The Grameen-Obopay Bank A Billion Initiative will provide access to affordable financial services, including cross-border remittances, money transfer, payments, savings and credit accounts. By empowering life and work endeavors with mobile technology that is ubiquitous even in the most impoverished and remote corners of the world, Grameen-Obopay are bringing the full power of banking to those who need it most." READ MORE »

Deloitte: Building Consumer Trust in Retail Payments

Deloitte's Center for Banking Solutions has published a new paper titled "Building Consumer Trust in Retail Payments" icon_PDF_small.gif.

PayPal's August Wednesday Webinars Start Today

PayPal's beginning its series of August Wednesday webinars today (11 AM Pacific) on the topic of "Capturing the voice of your customer to drive ROI." Participating will be Mark McWeeny, Executive Vice President and General Manager, SmartBargains and Patti Freeman Evans, Research Director, Jupiter Research.

Consumer Authentication for Retail Banking

Tom Wills, Senior Analyst, Security and Fraud, at Javelin Strategy and Research has published a new report titled "Consumer Authentication for Retail Banking: Compliance Does Not Equal Security".

"With the majority of financial institutions in compliance after the frenzied rush to meet the authentication requirements of the 2005 FFIEC Guidance, a number of financial institutions have relaxed into a satisfied mode. Compliance is not security, however, and complacency increases risk. Weaknesses have already been proven for widely adopted methods such as mutual authentication and device recognition." READ MORE »

Headline News - August 6, 2008

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit Employers looking to hire payments professionals can post their job openings there as well.

August 05, 2008

Retail Credit/Debit Card Hacking Ring Arrested

The US Department of Justice has announced that "eleven perpetrators allegedly involved in the hacking of nine major U.S. retailers and the theft and sale of more than 40 million credit and debit card numbers have been charged with numerous crimes, including conspiracy, computer intrusion, fraud and identity theft, Attorney General Michael B. Mukasey, U.S. Attorney for the District of Massachusetts Michael J. Sullivan, U.S. Attorney for the Southern District of California Karen P. Hewitt, U.S. Attorney for the Eastern District of New York Benton J. Campbell and U.S. Secret Service Director Mark Sullivan announced today. The scheme is believed to constitute the largest hacking and identity theft case ever prosecuted by the Department of Justice." READ MORE »

Fundtech, Firethorn to Provide Mobile Corporate Cash Mgmt

Fundtech and Firethorn Holdings have announced that the two companies will work together to add mobile connectivity to Fundtech's CASHplus cash management system. "As demand for mobile financial services grows, financial institutions have begun to realize the untapped opportunities to remain competitive and increase customer loyalty through mobile commerce." READ MORE »

Public Comments to Fed Credit Card, Overdraft Proposals

The Federal Reserve's public comment site for its proposed credit card and overdraft fee regulation changes now lists 15,775 comments - along with a consolidated list of over 27,000 "form letters" that it has not individually posted to the site.

Among the most extensive comments received are those of Bank of America icon_PDF_small.gif filed by executives Lance Weaver and Susan Faulkner in a 50+ page filing. They begin: "The proposal would substantially reinvent the business of credit card lending and deposit taking. ... This proposal will have a broad impact on the economy both at the retail level and in highly complex securitization markets, slowing growth and limiting access to financing."

Levin Urges Fed to Strengthen Proposed Credit Card Regulation

Sen. Carl Levin, D-Mich., has announced that he has "urged the Federal Reserve to strengthen its proposed regulation aimed at unfair or deceptive credit card practices" - describing the credit card industry as “rife with unfair, deceptive, and predatory practices.” In a 13-page letter icon_PDF_small.gif , Levin, chairman of the Senate Permanent Subcommittee on Investigations, detailed several abusive practices used by credit card issuers he believes need to be ended. READ MORE »

August 04, 2008

Wells Fargo Jewelry Advantage Credit Card

Wells Fargo Financial National Bank, a subsidiary of Wells Fargo & Company, has launched a new revolving consumer credit card program for the jewelry industry called Wells Fargo Jewelry Advantage. The new credit card program offers "jewelry retailers prompt, automated decisions and easy-to-use online processing and reporting." READ MORE »

PayPal Announces Back-to-School Deals

PayPal has announced results of a survey finding that "more than half of the parents surveyed said they will wait for sales before buying for their teens this fall. Forty percent will give their teens a budget and let them decide how to spend the money while only eight percent of parents said they will buy their teens whatever they want. In order to help parents and kids find clothing and supplies that fit their budgets, PayPal has launched a back-to-school Web site with the season’s hottest deals and styles. READ MORE »

PayPal's August Wednesday Webinar Series

On the PayPal Blog, Jim Hunt, senior director of PayPal merchant services, discusses a series of webinars he'll be hosting along with analysts from JupiterResearch during August - Wednesdays at 11 AM Pacific. They'll be discussing issues facing e-commerce companies and best practices for building a successful business on the web.

Heartland Enhances Remote Deposit Capture

Heartland Payment Systems has announced it has integrated alphanumeric remittance ID tagging into its remote deposit capture solution – making it even easier for businesses to efficiently handle check payments. READ MORE »

Headline News - August 4, 2008

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit Employers looking to hire payments professionals can post their job openings there as well.

Payments Professionals Management Changes

We have received news of the following recent management changes:

  • Rebecca Kalogeris has been named head of Product Marketing at eCommLink. Cathryn Kennedy has been named Controller at eCommLink.

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.


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