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March 03, 2010

The Ultimate ACH Panel

In a post on titled "ACH and the Future of Electronic Payments: BAI Convenes the Ultimate ACH Panel", Glenbrook's Erin McCune describes the "dream panel" that discussed ACH at the BAI Payments Connect conference in Orlando this week. The panelists were: Jan Estep (CEO NACHA), Rich Oliver (EVP Retail Product Manager, Federal Reserve), Rossana Salaris (SVP Payments Products, The Clearing House), and Stephanie Sturgis-Griffin (CEO Pariter Solutions); the moderator was Fred Brothers of eCom Advisors.

Fed Proposes Reg Z Changes to Protect Credit Card Users from Fees

The Federal Reserve Board has proposed a rule amending Regulation Z (Truth in Lending) to "protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider increases in interest rates."

"This proposal addresses two key costs of using a credit card--fees and interest rates," said Federal Reserve Governor Elizabeth A. Duke. "The rule would prevent credit card issuers from charging large penalty fees for small missteps by consumers and would require issuers to reevaluate rate increases imposed since the beginning of last year." READ MORE »

Chase Enhances Cash Back Rewards on Chase Freedom Card

Chase Card Services has announced it is increasing the cash back rate on its Chase Freedom credit card to 5 percent on popular seasonal spending categories, like home improvement, gas and department stores. READ MORE »

TSYS Acquiring Solutions Names Mark D. Pyke as President

TSYS has announced that Mark D. Pyke has been named president of TSYS Acquiring Solutions. Prior to joining TSYS Acquiring Solutions, Pyke served as president of Bank of America Merchant Services in Louisville, KY.

Glenbrook's Erin McCune at BAI’s Payments Connect Conference

Glenbrook's Erin McCune is attending BAI's Payments Connect Conference in Orlando this week. You can follow Erin's tweets in real-time on Twitter - and read her coverage on of yesterday's panel discussion exploring the most pressing issues in e-payments. She'll be posting more articles from the conference soon!

Open Identity Exchange Provides New Online Trust Framework

OIX_logo-140px.pngGoogle, PayPal, Equifax, VeriSign, Verizon, CA, and Booz Allen Hamilton have announced the formation of the Open Identity Exchange (OIX), a non-profit organization they say is "dedicated to building trust in the exchange of online identity credentials across public and private sectors. With initial grants from the OpenID (OIDF) and Information Card Foundation (ICF), OIX has been approved as a trust framework provider by the United States Government to certify online identity management providers to U.S. federal standards for identity assurance." READ MORE »

EMVCo Seeks Broader Industry Participation With New Framework

EMVCo, the industry organization that manages the EMV Integrated Circuit Card Specifications, has announced a new participation framework that it says "will allow all payment industry stakeholders to play a more active role in guiding the organisation’s strategic and technical direction. This new framework creates unique opportunities for interested organizations, including payment card issuers, acquirers, merchants, processors, card and terminal vendors, networks and their representative associations, to provide input into the enhancement of existing and creation of future EMV Specifications for payment technologies." READ MORE »

USAA Teams with VeriSign for Mobile Authentication

USAA has announced that it is giving its mobile users "faster, more secure mobile logon access to their banking, insurance and investment accounts through its new quick logon and authentication security software." Instead of a three-step process of username, password and PIN, USAA members will be able to access their accounts through a secure four-digit PIN. To enable the capability in its USAA Mobile App, it has teamed with VeriSign to use VeriSign's Identity Protection Service (VIP) for authentication. READ MORE »

Edgar, Dunn White Paper on Citi Tap and Pay Mobile NFC Pilot in India

Edgar, Dunn & Company has announced the release of "Citi Tap and Pay mobile NFC proximity payments pilot - Bengaluru, Results & Findings" by Samee Zafar and Pascal Burg. The white paper discusses the Citi Tap and Pay pilot service launched in Bengaluru, India in July 2009. According to the company, "with over 3000 customers, 250 merchant locations and nearly 50,000 purchases made, the recently concluded 26-week pilot is one of the world's largest and most comprehensive next-generation contactless credit card payments pilot ever undertaken based on Near Field Communications technology." READ MORE »

Zoompass Launches Contactless Mobile Payments Trial in Canada

Zoompass-sticker-Photo-17425-140px.jpgEnStream LP has announced a wireless payment sticker trial based upon the Zoompass Tag, a wireless payment device designed in the form of a sticker that can be attached to a mobile phone. Enstream says that "the Zoompass Tag ushers in the future of mobile payments by allowing consumers to tap their phones at checkout to make purchases at retail stores."

Last year, EnStream launched the Zoompass mobile application and began offering Canadians a mobile wallet. Available at and accessible on most mobile phones in Canada, Zoompass allows users to send money to friends and family from their mobile handsets.


Headline News - March 3, 2010

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.


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