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« September 21, 2008 - September 27, 2008 | Main | October 5, 2008 - October 11, 2008 »

October 03, 2008

Walmart.com Now Accepts PayPal

PayPal's Mary Anne Gillespie, vice president of sales for PayPal’s merchant services division, has announced that Walmart.com, the online division of the world’s largest retailer, is now accepting PayPal.

Wells Fargo, Wachovia Agree to Merge

In a move that trumps the previously announced Citigroup acquisition of the banking operations of Wachovia, Wells Fargo and Wachovia this morning have announced "they have signed a definitive agreement for the merger of the two companies including all of Wachovia’s banking operations in a whole company transaction requiring no financial assistance from the Federal Deposit Insurance Corporation (FDIC) or any other government agency." [Update: Wells Fargo has posted a presentation icon_PDF_small.gif on the deal along with a webcast scheduled for 6:30 AM PDT this morning.] READ MORE »

Headline News - October 3, 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.

October 02, 2008

Visa Releases New Commercial Card Survey Findings

Visa has released results of a global survey finding that "74 percent of respondents are satisfied with their commercial payment card programs. Currently, 50 percent of respondents currently use commercial payment cards to make payments as part of their overall cash management strategies. In the next 12 – 18 months, 52 percent of survey respondents intend to reduce reliance on checks and 45 percent plan to increase their use of commercial card programs." READ MORE »

Ecount Now Renamed to Citi Prepaid Services

Ecount has announced a name change to Citi Prepaid Services - saying the "strategic renaming comes as a final chapter in Ecount's successful integration with Citi, which acquired the Conshohocken-based company in March 2007. The acquisition was a part of a core strategy to enhance Citi's cash management platform for corporations, financial institutions and governments worldwide." READ MORE »

Kount Receives US Patent for Proxy Piercing Technology

Kount Inc. has announced that it has received a US patent for its proxy piercing technology that "determines the accurate geolocation of computers being used to initiate online transactions, providing methods for determining the true physical location of the customer's computer, even if an anonymous proxy is being used." READ MORE »

Actimize ATM, Debit Fraud Prevention Used by MasterCard

Actimize has announced that "MasterCard is using the Actimize technology to augment its ATM and Debit fraud detection capabilities for issuers." READ MORE »

Headline News - October 2, 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.

October 01, 2008

PCI-DSS Version 1.2 Released

The PCI Security Standards Council (PCI SSC) has announced the general availability of version 1.2 of the Payment Card Industry Data Security Standard (PCI DSS). According to the Council, "this latest version is the culmination of two years of feedback and suggestions from its industry stakeholders and is designed to clarify and ease implementation of the foremost standard for cardholder account security. Version 1.2 is effective immediately and version 1.1 of the standard will sunset on Dec. 31, 2008. The updated standard and supporting documentation is available on the Council’s Web site at https://www.pcisecuritystandards.org/security_standards/pci_dss.shtml." READ MORE »

Mitek Launches Mobile Deposit Application for Apple iPhone

Mitek Systems has announced it has developed a version of its ImageNet Mobile Deposit application for the Apple iPhone. According to the company, its ImageNet Mobile Deposit is "the first mobile banking software that allows banks to accept paper check deposits from merchants and mobile professionals via camera-equipped mobile phones." READ MORE »

AFP: Main Street at Risk from Frozen Credit Markets

The Association for Financial Professionals late yesterday released findings from its latest 2008 AFP Short-Term Credit Access Survey indicating that "short-term credit markets have effectively seized up in recent weeks, causing companies to hoard cash and take defensive actions, including reducing capital spending, freezing hiring, considering layoffs, and delaying payments to their suppliers." READ MORE »

UK: APACS Announces Latest Card Fraud Losses

APACS has released its latest summary of card fraud statistics showing that total card fraud losses increased by 14 per cent in the six months to June 2008 compared with the first half of 2007. Total card fraud losses for this period were £301.7m, of which more than 40 per cent was the result of fraud outside the UK - which typically involves criminals using stolen UK card details at cash machines and retailers in countries that have yet to upgrade to chip and PIN. READ MORE »

September 30, 2008

Understanding Risk Management in Emerging Retail Payments

The latest issue of the Economic Policy Review from the Federal Reserve Bank of New York includes the article "Understanding Risk Management in Emerging Retail Payments" by Michele Braun, James McAndrews, William Roberds, and Richard Sullivan. READ MORE »

Intuit's Digital Insight Releases FinanceWorks

Intuit's Digital Insight unit has announced the availability of its FinanceWorks online financial management solutions for banks that "makes it possible for consumers to manage accounts across more than 5,000 financial institutions and credit card sites, ensure bills are paid on time regardless of the method they use to pay them, and see where their money is going, including future transactions. All this within the financial institution’s Web site." READ MORE »

September 29, 2008

Focusing on the Customer

A couple of points reflecting on today's carnage.

First, the Innovest webcast this morning - before the failed vote in Congress - describing their analysis of credit card issuers and forecasting serious issues ahead for those credit card issuers who live for their delinquency oriented business models and exploitation of their cardholders vs. those issuers who are serious about having a repayment business model and work with their customers accordingly.

Second, Thad Peterson's "What Now?" post tonight on his Banking on Customers blog. Thad reminds us that as "A.P. Giannini, the founder of Bank of America said, 'If an institution becomes great, it is usually by the consent of the people it serves.' At this time, in this place, truer words were never spoken."

What do you think? Post a comment!

Canada: RBC's Mobex Mobile Payment Service

Last week, RBC Royal Bank announced that it is testing a new service, RBC Mobex Mobile Payment Service, that "allows users to easily and securely send and receive money instantly using a text message on their mobile phone."

RBC is doing several smart things here - announcing a new person-to-person service that's incrementally useful - not the "be all, end all" mobile payments service. They're making it easy to participate and doing some smart adaptive risk management too. The technology for the new service is being provided by paybox, a German mobile payments solutions company. Read on for details. READ MORE »

Analyst Forecast: Credit Cards to "Implode"

John Partridge writes for the Globe and Mail about a forecast by analysts at the research firm Innovest Strategic Advisors about credit card charge-offs ahead. Here's a link to the webcast on this subject on the Innovest web site.

Blackhawk Network Expands Gift Card Malls into Staples Stores

Blackhawk Network has announced an "exclusive relationship with Staples, Inc., the world's largest office products company. Staples’ U.S. stores will now carry Blackhawk’s signature Gift Card Mall™ currently found in grocery stores such as Safeway. Blackhawk’s Gift Card Mall™ features over 300 of the best branded gift cards across a number of different categories including fashion, tickets, electronics, home and sports." READ MORE »

Consumers Trust Online Payment Providers More Than Banks

Cisco's Internet Business Solutions Group has announced results of a survey finding that "important consumer segments such as baby boomers trust online payment providers more than they trust traditional banks." READ MORE »

Discover's Small Business Watch: Economic Confidence Falls Sharply

Discover Financial Services has announced that its Discover Small Business Watch fell to 74.6 in September, down 12.3 points from August. "Economic confidence among small business owners declined sharply in September amid rising concerns about economic conditions for their businesses and a bleak vision of where the economy is headed."

Firethorn Announces Reseller Relationship With Fifth Third

Firethorn Holdings has announced that "it has entered into an agreement with Fifth Third Processing Solutions to bring mobile banking services to its 2,880 financial institutions. As part of the relationship, Fifth Third Processing Solutions will offer Firethorn's products to its processing financial institution clients, leveraging existing integration and connectivity to deploy Firethorn's mobile application. Fifth Third Processing Solutions plans to make the service available to its financial institutions before the end of the year." READ MORE »

Citigroup Inc. to Acquire Banking Operations of Wachovia

The FDIC has announced that "Citigroup Inc. will acquire the banking operations of Wachovia Corporation; Charlotte, North Carolina, in a transaction facilitated by the Federal Deposit Insurance Corporation and concurred with by the Board of Governors of the Federal Reserve and the Secretary of the Treasury in consultation with the President."

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