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« August 3, 2008 - August 9, 2008 | Main | August 17, 2008 - August 23, 2008 »

August 16, 2008

Payments News - Weekly Wrap - Saturday, August 16, 2008

Here's a review of this week's top stories on Payments News. Back to the future!: for fun, click for this same week's activity a year ago here on Payments News!

Looking for more payments-related reading? Checkout our Other Payments and Banking Blogs page for more from the blogosphere about the worlds of payments and banking.

Quote of the week: From Virginia Garcia of TowerGroup: "The inevitable convergence of remittances and mobility offers new opportunities for banks to grow this market by making payments faster, more convenient, more secure, and more accessible to a greater number of senders and recipients.”


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 share on how we can improve the Weekly Wrap!

August 15, 2008

Secure Vault Payments - A Bank-Centric Alternative Payment System

Glenbrook's Russ Jones recently met with Ken Myles of NACHA to get an update on NACHA's Secure Vault Payments initiative. Read on for Russ' insights and reactions to what he learned. READ MORE »

Headline News - August 15, 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.

August 14, 2008

PayPal Wants to Double Down Staff in Austin

In an article titled "PayPal wants to double its employment in Austin", Kirk Ladendorf writes for the Austin American-Statesman about PayPal's plans to double its current 200 person software development organization in Austin. He writes: "The company is entrusting some of its most important work — software for new payment products, fraud detection and help-desk assistance —to the Austin technical team."

A Look at Billeo and Online Bill Payment in the US

Glenbrook's Carol Coye Benson recently interviewed Murali Subbarao, CEO of Billeo, about the status of the online bill payment marketplace in the US. Read on for her full interview . READ MORE »

Fair Isaac Launches Fraud Alert Network Forum

Fair Isaac has introduced the Fraud Alert Network Forum, an online community in which financial professionals share tips, techniques and experiences in dealing with increasingly sophisticated fraud schemes. The new forum, previously known as the CardAlert Fraud Forum, originally launched in 2002. READ MORE »

First Data Reports Second Quarter 2008 Revenue Growth of 10%

First Data Corp. has reported its financial results for the second quarter of 2008. Consolidated revenues were up 10% to $2.2 billion. The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were up 7% to $653 million.

"Our focus on investment in product development is starting to pay off with significant customer wins in multiple segments," said Michael Capellas, Chairman and Chief Executive Officer of First Data. "Despite difficult economic conditions, we continued to grow revenue and improve profitability."

August 13, 2008

A Look at Mobile Remittances and Mobile Banking

TowerGroup has released a new report titled “Disruptive Technology Spawns Market Revolution: The Ascent of Mobile Remittances into the Mainstream” finding the "accelerating investments being made in ubiquitous mobile payment platforms will be a disruptive industry force. As a consequence TowerGroup believes the emerging revolution occurring for sending and receiving remittances may well undercut existing fee structures and traffic volume of incumbent brick-and-mortar money transfer operators, which already appear to be under pressure in this current economic climate." READ MORE »

A Look at Possible Debit Card PIN Hacking

In a Red Tape Chronicle's column titled "DID PIN THIEVES GRAB HACKING'S HOLY GRAIL?", MSNBC's Bob Sullivan writes about last week's indictments of eleven alleged international computer hackers and the news that "at at least one retail chain, the indictments accuse the group of swiping encrypted versions of debit card PINs, decrypting them, then using the information to print debit cards and get cash from ATMs."

JPMorgan Introduces Workers Compensation Debit Card

JPMorgan has announced that it is "the first major financial institution to enable insurance companies to use prepaid debit cards to deliver workers compensation benefits to injured or disabled workers. The Chase Workers Compensation Card, issued by JPMorgan, provides insurance companies with an alternative method for paying injured workers and improves the benefits payment process by reducing the costs and time associated with paper-based check distribution. Cardholders benefit from efficient, economical and reliable access to insurance payments without having to wait for a check to arrive in the mail." READ MORE »

TrialPay Tops 10 Million Users of Its Online Payment Platform

TrialPay has announced that, In less than two years, it now has more than 10 million users with more than 5,000 premier merchants having adopted its unique payment platform.

According to TrialPay, "unlike regular options such as Visa, MasterCard, PayPal, Google Checkout and Bill Me Later, TrialPay actually increases a customer's willingness to pay by giving a 2-for-1 with every purchase. In just its second year, TrialPay counts 18 million visitors each month and 40,000 new users every day from around the globe to rival that of other top-tier online payment companies." READ MORE »

August 12, 2008

First Data Wins Nordstrom Card Business

First Data Corp. has announced that it has entered into a new payment processing agreement with Nordstrom fsb, a wholly owned subsidiary of Nordstrom, Inc. and a federally chartered thrift savings bank.

"The seven-year agreement calls for First Data to provide card processing, call center and back office automation tools, fraud and risk management, customer analytics as well as e-statements and email alerts for Nordstrom's entire card portfolio including Nordstrom Visa, private label credit and debit cards and commercial cards for Nordstrom employees. The portfolio totals about 4.5 million card accounts on file. Financial terms of the agreement were not disclosed. READ MORE »

A Look at Card Fraud

In an article titled "Global Trail of an Online Crime Ring", Brad Stone writes for the New York Times about the investigation leading up to last weeks announcement by the Department of Justice and other agencies about the indictments of 11 people involved in compromising millions of credit and debit card accounts.

August 11, 2008

Credit Cards

Several articles of note have recently appeared "slamming" the credit card - including various credit card issuer business practices, etc. Below are some highlights:

Do you know of any other similar recent articles? If so, please post a comment linking to them or email us Feedback by clicking on the link in the top toolbar on this page.

CyberSource, Trustwave Partner to Secure ePayment Data

CyberSource and Trustwave have announced a partnership to provide payment security solutions to Trustwave and CyberSource merchants in the United States and Europe. The solutions "will help merchants streamline compliance validation with the Payment Card Industry Data Security Standard (PCI DSS), providing a complete set of payment security services for merchants." READ MORE »

Visa Reports Olympic Games Opening Day Spending

Visa has announced that the "international tourists who have joined the more than 11,000 athletes from 204 participating National Olympic Committees in China for the Beijing 2008 Olympic Games have had an immediate impact on the nation’s economy, including nearly US$10 million spent on Visa cards on the opening day of the Games. The money spent by tourists on their Visa credit, debit and prepaid cards on 8 August 2008 showed an increase of 11 percent over last year (8 August 2007). Opening Day’s biggest Visa spenders were from USA, followed by Japan, Hong Kong SAR, South Korea and the United Kingdom. Visitors from these five locations accounted for more than half of all Visa card spend on 8 August 2008." READ MORE »

August 10, 2008

Payments News - Weekly Wrap - Saturday, August 9, 2008

Here's a review of this week's top stories on Payments News. Back to the future!: for fun, click for this same week's activity a year ago here on Payments News!

Looking for more payments-related reading? Checkout our Other Payments and Banking Blogs page for more from the blogosphere about the worlds of payments and banking.

Quote of the week:: From Tom Wills, Senior Analyst, Security and Fraud, at Javelin Strategy and Research: "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.


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 share on how we can improve the Weekly Wrap!

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