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« March 22, 2009 - March 28, 2009 | Main | April 5, 2009 - April 11, 2009 »

April 03, 2009

Fitch's US Credit Card Index Shows Chargeoffs Up to a Record 8.41%

Credit card delinquencies and chargeoffs breached record levels last month as consumer credit quality deteriorated further in the worsening economic environment according to the latest Fitch Credit Card Index results. Despite the results, portfolio yields increased and excess spread levels remained robust, as remedial actions by credit card issuers are providing investors with a cushion against future losses and early amortization. READ MORE »

Headline News - April 3, 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.

April 02, 2009

New Articles on Glenbrook's PaymentsViews.com

A couple of new posts from your friends at Glenbrook over on PaymentsViews.com:

  • The Problem with B2B Payments - Glenbrook's Carol Coye Benson laments the slow progress in B2B payments - and her view of some of the myths and realities about why movement is slow.

    In particular, she asks "Why can’t you just look up ACME Widget Co. and find out what kind of electronic payments ACME supports, and how to pay them electronically?"

  • What Does Payments as a Service (PaaS) Mean to You? - Recently a number of ecommerce merchants and traditional companies have asked us, “Can I just outsource ALL of my payment processing? I’ve had it!”

    Glenbrook's Erin McCune explores the issue - and asks If you were to buy Payments as a Service - which processes, services, and/or functions would be included in your dream solution?

Got more ideas or comments? Post them over on PaymentsViews.com! You can also sign up for PV's daily email distribution or subscribe to its RSS feed.

SBE Council Report on Credit Cards and Small Business

The Small Business & Entrepreneurship Council (SBE Council) has released a report titled "Credit Cards and Small Business: Benefits, Opportunities and Policy Debate" icon_PDF_small.gif that looks at the importance of credit cards to the small business community, and explains the "ill effects of increased government regulation on the industry." READ MORE »

Cash-Ticket Provides Another Cash Option for Online Purchases

paysafecard group has announced the launch of Cash-Ticket, enabling payments for consumers of all ages as it requires no bank details or personal information and allows businesses to serve consumers who were previously unable, or simply didn’t want to make purchases online. READ MORE »

Fiserv Introduces New ACH Outsourcing Service

Fiserv has announced a new outsourcing service to help large and mid-tier financial institutions reduce Automated Clearing House (ACH) processing costs and gain quicker time to market with new ACH services and NACHA Rule updates. According to the company, "ACH Outsourcing from Fiserv will enable financial institutions to move from a variable cost structure of in-house processing to a more predictable, volume-based cost model, built with the NACHA Rule updates included. The move to outsourcing could help banks gain immediate operational and IT cost savings, such as the elimination of ACH mainframe expense, software maintenance and upgrade costs." READ MORE »

MasterCard's European Interchange Fee Methodology

In remarks given to a press conference yesterday, Neelie Kroes, European Commissioner for Competition Policy, noted that with MasterCard's changes to its interchange fees in Europe, "the aim of the new MIFs to be applied by MasterCard is that a merchant's costs in accepting card payments should be no higher than the benefits from avoiding receiving cash." Yesterday, MasterCard announced new interchange fees for cross-border transactions on consumer credit card transactions at 0.3% and at 0.2% for its consumer debit card transactions.

Ukash, UATP Partner for Cash Payments for Airlines

Ukash has announced an agreement with UATP which will make it possible for consumers to pay for flights over the Internet using cash, it was announced at the annual Airline Distribution conference today. READ MORE »

April 01, 2009

Reading Payments News on an Apple iPhone or an iPod touch?

If you're an iPhone or iPod touch user, here's a reminder - we've put together a custom version of our main Payments News page for easy viewing on the iPhone and iPod touch. Trust me, it does look really good!

To view the iPhone-optimized page, open Safari on your iPhone or iPod touch and go to the following URL: http://paymentsnews.com/m.

You can then save it as an icon to your home screen for easy re-opening. (Note: If you're curious what was involved in creating the iPhone version, see this article on my personal blog.)

NBPCA's Consumer Tips for Using Unemployment Benefits Cards

Following some recent press coverage of fees associated with the use of unemployment benefits cards in some states, the Network Branded Prepaid Card Association (NBPCA), a non-profit, inter-industry trade association created to advance the success of branded prepaid cards, (cards usable wherever American Express, Discover, MasterCard or Visa cards are accepted), has issued consumer tips for having a positive experience with unemployment benefits cards. READ MORE »

JCB International Appoints New President and Chief Operating Officer

JCB has announced the appointment of Mr. Koremitsu Sannomiya as President and Chief Operating Officer at its annual shareholders' meeting in Tokyo. Mr. Sannomiya succeeds Mr. Kenji Seto, who has served in the position since June 2007. Mr. Sannomiya will report to Mr. Tamio Takakura, Chairman and Chief Executive Officer. READ MORE »

Online Bill Payment Results in More Profitable, Loyal Bank Customers

A new study sponsored by Fiserv has found that "consumers who pay bills online are more profitable and loyal to their financial institution due to their use of online bill pay services. Customers who began using online bill payment during the course of the study delivered 15 to 20 percent more profit to their financial institution when compared to similar customers who did not adopt the online service. Further, customers who paid bills online were 76 percent less likely to churn or leave the financial institution." READ MORE »

Fidelity National to Acquire Metavante Technologies

Fidelity National Information Services (FIS) and Metavante Technologies have announced that the boards of directors of both companies have approved a definitive agreement under which FIS will acquire Metavante. Under the terms of the agreement, Metavante shareholders will receive a fixed exchange ratio of 1.35 shares of FIS common stock for each share of Metavante common stock they own. The pro forma enterprise value of the combined company is approximately US$10 billion. A webcast and slide presentation are available online. READ MORE »

MasterCard Europe Reaches Interchange Understanding with European Commission

MasterCard Europe has announced that it had reached an understanding with the European Commission on interim interchange fees for cross-border consumer payments within the European Economic Area (EEA). New interchange fees will be set for these transactions while the company pursues its appeal of the Commission’s December 2007 decision regarding interchange. MasterCard Europe had temporarily reduced these fees to zero in June 2008 in order to ensure its conformity with the decision. READ MORE »

March 31, 2009

Do the Payment Card Industry Data Standards Reduce Cybercrime?

The US House of Representatives Subcommittee on Emerging Threats, Cybersecurity and Science and Technology is holding a hearing today on the subject: "Do the Payment Card Industry Data Standards Reduce Cybercrime?". Witnesses include representatives from the US Department of Justice, the Payment Card Industry Data Security Standards Council, Visa Inc., Michaels Stores, and the National Retail Federation. A webcast is available.

FICO Introduces New Bankcard and Auto Credit Scores

FICO has announced the release of its newest FICO scores targeted specifically to the automobile lending and bankcard industries. TransUnion is making the scores available to lenders and issuers under the names FICO® Risk Score, Classic Auto 08 and FICO® Risk Score, Classic Bankcard 08. READ MORE »

Sen. Chris Dodd: The Moment for Credit Card Reform

In an article titled "The Moment for Credit Card Reform", US Senator Chris Dodd, chairman of the Senate Banking Committe, writes for the Huffington Post that today the Senate Banking Committee passed the Credit Card Accountability, Responsibility and Disclosure Act. He goes on to say that "2009 may well prove a watershed moment for credit card reform."

US Senate Banking Committee Approves Credit Card Bill of Rights

Bloomberg is reporting that the US Senate Banking Committee, on a 12-11 vote, has approved new restrictions on credit card issuer practices. The House Financial Services Committee is scheduled to consider the legislation tomorrow.

VeriSign Releases VIP Mobile Credential Application for iPhone

VeriSign has announced its VIP Access for Mobile application is now available in the Apple iTunes App Store. The application turns the iPhone into a dynamic VIP one-time-password (OTP) credential that can be used in conjunction with a username and password to strengthen the security of online accounts. See Glenn Fleishman's review on TidBITS. READ MORE »

First Data, INSIDE Contactless Launch Go-Tag Sticker Partnership

INSIDE Contactless and First Data have announced signing a three-year agreement to develop contactless payment stickers, which First Data will market as GO-Tag products. According to the companies, INSIDE will supply MicroPass payment sticker prelams exclusively to First Data-qualified card manufacturers for production. READ MORE »

Link2Gov Launches BusinessTaxPayment.com for Tax Payments

Link2Gov has announced the availability of businesstaxpayment.com, Link2Gov’s new consolidated business tax payment site. At businesstaxpayment.com, businesses can use credit and debit cards to pay the federal business tax types — multiple variations of Forms 940, 941, 943, 944 and 945 — that have been designated by the Internal Revenue Service as eligible for card-based payments. READ MORE »

hiten Prepaid MasterCard Launches in UK

In the UK, White Eagle (Europe) Plc and hiten have announced the launch of the hiten Prepaid MasterCard - calling it "a card that enables users to effectively and securely manage their money." READ MORE »

Fiserv Names Lance Drummond Executive Vice President

Fiserv has announced that Lance Drummond will join the company as Executive Vice President leading several strategic growth initiatives and reporting to the CEO. According to the company, Lance's new role is "to accelerate the development of certain business line extensions in areas including data analytics, consulting and wealth management." READ MORE »

House Subcommittee to Consider Credit Card Legislation on April 1

Rep. Barney Frank (D-MA), chairman of the House Committee on Financial Services, has announced that the Subcommittee on Financial Institutions and Consumer Credit will meet on Wednesday, April 1, to consider H.R. 627, the “Credit Cardholders' Bill of Rights Act of 2009.” READ MORE »

Guardian Analytics Appoints Terry Austin CEO

Guardian Analytics, a provider of online account fraud prevention software for financial services institutions, has announced the appointment of Terry Austin to chief executive officer, effective immediately. Austin succeeds company founder Tom Miltonberger, who will focus on the future direction of Guardian Analytics’ products. The company also announced today that security industry veteran Irfan Salim, president and CEO of MarkMonitor, has joined the Guardian Analytics board of directors. READ MORE »

Headline News - March 31, 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 30, 2009

CreditCards.com Launches MerchantAccountGuide.com

CreditCards.com has announced the launch of its latest site, MerchantAccountGuide.com, saying it offers "a unique and vital service to the small business community in the United States. The website allows small business owners to compare merchant processing services, which facilitate the acceptance of credit cards for customer payments." READ MORE »

Blackbaud, PayPal Offer New, Low-Cost Web Tools for Nonprofits

Blackbaud, a provider of software and services designed specifically for nonprofit organizations, and PayPal have announced the availability of BlackbaudNow - calling it "an affordable solution to help new and growing nonprofits reach their fundraising goals. BlackbaudNow offers nonprofits a point-and-click website builder with secure donation processing and the ability to send emails and record donors’ giving histories." READ MORE »

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