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« March 8, 2009 - March 14, 2009 | Main | March 22, 2009 - March 28, 2009 »

March 21, 2009

Comment Period on Overdraft Fee Changes to Reg E Closes 3/30

The Federal Reserve's proposed changes to Reg. E intended to provide consumers a choice regarding their institution's payment of overdrafts for ATM and one-time debit card transactions were announced last December.

Comments on the proposed changes can be submitted electronically on the Fed's web site. To date, the Fed has received over 1,600 comments.

House Subcommittee Hearing on Proposed Credit Card Changes

On Thursday, the House Subcommittee on Financial Institutions and Consumer Credit held a hearing on H.R. 627, the Credit Cardholders' Bill of Rights Act of 2009 and H.R. 1456, the Consumer Overdraft Protection Fair Practices Act of 2009. READ MORE »

March 20, 2009

Google Checkout Adds Subscriptions

Over on PaymentsViews.com, Glenbrook's Russ Jones takes a look at Google Checkout's beta version of subscription payments.

Carphone Warehouse, Monitise Partner for Mobile Financial Services

The Carphone Warehouse, one of Europe's mobile phone retailers, and Monitise have announced a partnership "that will bring mobile financial services to millions of people at a time when they most need it. The alliance covers a wide variety of initiatives ranging from the pre-seeding of Monitise’s patented mobile money application on leading handsets, to 'in store' and 'online' promotions and incentives for consumers to get linked up to their money 24/7." READ MORE »

TSYS Acquiring Solutions All-in-One Point-of-Sale Solutions

TSYS Acquiring Solutions has announced the availability of two new all-in-one point-of-sale (POS) solutions to help small- and mid-sized retailers integrate store operations with the point of purchase. Offered as a complete business-in-a-box, each solution includes hardware components and Microsoft software to help retailers manage every aspect of their business. READ MORE »

Headline News - March 20, 2009

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.

March 19, 2009

Visa Holds Global Security Summit

Visa chief enterprise risk officer Ellen Richey told security experts today that payment card data fraud rates remain near historic lows despite economic woes and high-profile compromises, and called for continued industry investment, collaboration and innovation, three key components in keeping the electronic payment system secure in the future. She made her comments to a gathering of business, government, academic and law enforcement officials at Visa's Global Security Summit, its third cross-functional symposium on payment security, held in Washington, DC. READ MORE »

MasterCard Announces Issuance of 50 Millionth PayPass Card

MasterCard Worldwide has announced the issuance of the 50 millionth MasterCard PayPass card or device. In the last year, the number of PayPass cards and devices more than doubled. According to MasterCard, "this significant PayPass momentum demonstrates not only the demand for simple solutions when it comes to payments, but also the continued secular shift toward electronic payments as validated by recent data1 that indicates 41 percent of consumers use cash less often today than they did two years ago." READ MORE »

Lending Club Closes $12 MM Series B Financing Round

LendingClub.com, a peer lending network that brings together investors and creditworthy borrowers, has announced that it has closed a $12 million Series B round of funding. Morgenthaler Ventures led the round and is joined by existing investors, Norwest Venture Partners and Canaan Partners. Rebecca Lynn, a Morgenthaler Principal, is joining Lending Club’s board of directors. READ MORE »

APACS Reports UK Card Fraud Statistics for 2008

UK card fraud loss figures released by APACS, the UK payments association, show that card fraud losses totalled £609.9m in 2008. The two main areas of fraud were on transactions not protected by chip and PIN: specifically internet, phone and mail order fraud; and fraud abroad - committed by criminals using stolen UK card details in countries yet to upgrade to chip and PIN - which has nearly doubled in two years. READ MORE »

Discover Financial Services Reports Financial Results

Discover Financial Services has reported its financial results for the fiscal quarter ending Feb. 28, 2009. Managed loans of $51 billion were essentially unchanged from the prior quarter and up 7% from the prior year; Discover Card sales volume declined 8% from the prior year to $21 billion. Total company expenses were down 7% from the prior year.

Headline News - March 19, 2009

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.

March 18, 2009

Intuit GoPayment - Card Acceptance for Merchants on the Move

Intuit has introduced Intuit GoPayment - saying it "enables business owners to accept credit and signature debit card payments using their mobile phone and a QuickBooks Merchant Services Account." The new service supports an optional Bluetooth mag stripe reader or reader/receipt printer along with Quickbooks integration of the payments processed.

Cubic Announces Exclusive Licensing Agreement with VIVOtech

Cubic Transportation Systems has announced it is providing new capabilities for the Cubic designed Tri-Reader® to enable an all-in-one reader that will process bank cards, prepaid cards and smart card-enabled mobile phones through an exclusive software development and licensing agreement with ViVOtech, a provider of point-of-sale (POS) readers for contactless and Near Field Communication (NFC) mobile phone payments. READ MORE »

Merchant E-Solutions Adds Bill Me Later

Merchant e-Solutions (MeS) has announced the integration of Bill Me Later into its payment gateway, processing platform and web-based reporting system. This added capability offers e-commerce merchants access to the Bill Me Later payment option, one of the fastest growing online payment alternatives. READ MORE »

First Bank of Delaware Announces Lending Product for Prepaid Cards

First Bank of Delaware, a provider of prepaid card programs, has announced a new loan product – Simply Credit that will provide a credit line to those individuals who traditionally have had limited or no access to credit. READ MORE »

Wesabe's New Personal Finance Platform for Credit Unions, Banks

Social personal finance website Wesabe has announced the launch of Wesabe SpringBoard - making available a web-services-based version of its money management tools and community features to banks and credit unions. READ MORE »

Economic Perspectives from the Federal Reserve Bank of Chicago

The latest issue of Economic Perspectives published by the Federal Reserve Bank of Chicago has been published. This issue presents selected papers based on the proceedings of the Federal Reserve Bank of Chicago's eighth annual Payments Conference, Payments Fraud: Perception Versus Reality, held on June 5–6, 2008.

US Noncash Person-to-Person Market Reaches $1.1 Trillion in 2008

New research from TowerGroup finds that the gross dollar volume (GDV) of the U.S. noncash person-to-person (P2P) market in 2008 was $1.1 trillion in over 3 billion transactions. Checks are in decline, but they remain the most significant person-to-person payment method, amounting to over $1 trillion of the noncash P2P payments volume. READ MORE »

Headline News - March 18, 2009

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.

March 17, 2009

March 16, 2009

American Express Reports Increased Credit Losses

American Express this afternoon reported February statistics for its US credit card portfolio which showed that the net chargeoff rate grew from 8.1% to 8.6% (managed basic) while the total amount outstanding continued to decline.

March 15, 2009

Please Take Our Social Media/Web 2.0 Survey!

Glenbrook's Scott Loftesness and Erin McCune are teaching a workshop on Web 2.0 and Financial Services this coming Thursday, March 19th.

In preparation, we'd like to gauge the level of social media and Web 2.0 participation in the Glenbrook community. There are only two questions and it won't take more than 2 minutes of your time (if that). Click here to take Glenbrook's Web 2.0 Survey

We'll share the results over on PaymentsViews.com later this week. Thank you!

Headline News - March 15, 2009

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.

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