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June 18, 2010

Center for Financial Services Innovation Asks for Prepaid Card Exclusions

The Center for Financial Services Innovation (CFSI) has written to Rep. Barney Frank and Senator Chris Dodd asking that prepaid cards – including government benefits cards, general purpose prepaid cards, payroll cards – be exempt from the fee determination set by the Federal Reserve Board under pending legislation. In its letter, CFSI said that "prepaid cards and, more importantly, the underbanked consumers using these products would be substantially harmed if the products were subject to interchange fee limits. The product structure, which makes them a viable option for consumers to use and for providers to offer, distinguishes them from other debit card products." READ MORE »

Headline News - June 18, 2010

Headline News is brought to you by Glenbrook Partners and our PaymentsJobs.com job board - the best place to post your position openings for payments professionals!

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers seeking to hire payments professionals can post their job openings there as well.

June 17, 2010

USA Today Looks at Both Sides of Interchange Fee Reform

In an editorial titled "Our view on financial reform: 'Swipe fees' boost your costs at the register", USA Today writes in support of congressional reform of interchange fees. They write:

Whether this violates antitrust law is in dispute. One thing that is not disputable, however, is that this system has allowed banks to, in essence, set up toll plazas on the highways of commerce."

As a counter-balance, they run an op-ed titled "Opposing view on financial reform: Fee system provides value" written by Edward L. Yingling, president and CEO of the American Bankers Association, who writes:

There is still an opportunity for Congress to do the right thing for consumers, and we urge members to eliminate this harmful amendment from the financial reform bill.

Interac Launches Flash - Adding Contactless to Canadian Debit Cards

InteracInterac Association has announced it has "successfully carried out a series of contactless debit transactions using Scotiabank debit cards and TD Merchant Services’ point-of-sale terminals. The new contactless enhancement of Interac® Direct Payment, called Interac Flash, increases the functionality of Interac branded debit cards by leveraging dual interface chips that give cardholders the ability to carry out a point-of-sale debit transaction using the contact or contactless feature of the card." READ MORE »

Mobey Forum Releases White Paper on Remote Mobile Payments

The Mobey Forum has released a white paper titled "Mobile Remote Payments General Guidelines for Ecosystem" specifying implementer guidelines for mobile remote payments. According to the organization, "the white paper will be of particular interest to senior decision-makers at financial institutions, and informs readers on how mobile remote payment technology can effectively be delivered to end-users by leveraging existing systems and establishing an open infrastructure." READ MORE »

Headline News - June 17, 2010

Headline News is brought to you by Glenbrook Partners and our PaymentsJobs.com job board - the best place to post your position openings for payments professionals!

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers seeking to hire payments professionals can post their job openings there as well.

June 16, 2010

Fiserv Signs Over 100 FIs for ZashPay Person-to-Person Payments Service

FiservFiserv has announced that more than 100 financial institutions have already committed to offer its ZashPay person-to-person (P2P) payments service. Fiserv says that "banks and credit unions across the United States, ranging in size from small community institutions to top 50 banks, have signed up to offer the service, with continued interest and signings expected throughout the summer." READ MORE »

Valley National Bank Offers Mobile Payments via Bling Nation

Lamar, Colorado-based Valley National Bank has announced it is now offering mobile payments to its customers and community using Bling Nation's tap-and-pay for purchases at the point of sale. READ MORE »

Acculynk Announces Agreement with Jeanie for Internet PIN Debit

AcculynkAcculynk has announced that is has entered into an agreement with Fifth Third Processing Solutions' Jeanie Network to offer Acculynk's Internet PIN debit solution, PaySecure, to Jeanie participants this year. READ MORE »

Headline News - June 16, 2010

Headline News is brought to you by Glenbrook Partners and our PaymentsJobs.com job board - the best place to post your position openings for payments professionals!

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers seeking to hire payments professionals can post their job openings there as well.

June 15, 2010

A Look at FaceCash

In an article titled "FaceCash hopes to bring mobile payments mainstream", VentureBeat profiles Aaron Greenspan's recently launched FaceCash mobile payment service.

New on PaymentsJobs.com - Payments and Billing Manager @ Facebook

PaymentsJobs.comEarlier today, Facebook posted a new position for payments professionals on Glenbrook's PaymentsJobs.com job board:

Is your company hiring? Are you in the market for qualified payments professionals? You can reach the best candidates here! Post your openings for payments professionals on PaymentsJobs.com! Got multiple job openings to post? Contact me for a special discount!

Apple Introduces Apple Store Application for iPhone

Apple has introduced a new Apple Store iPhone application that provides a new interface to buying from the online Apple Store. In addition to shopping from the application, it provides the location and directions to the nearest Apple retail store, allows scheduling of Personal Shopping, Genius Bar, and One to One appointments, and sign up for workshops and events at local Apple Stores. [Editor's note: I used the new Apple Store app to reserve my new iPhone 4 for pickup next week!]

A Look at the Cost of Payments Acceptance by UK Merchants

Earlier today, the British Retail Consortium published its Cost of Payment Collection Survey 2009. The survey, based on data covering 53% of total UK retail sales, found that debit cards are the most used form of payment representing 44% of UK retail sales. Cash represents 32% of sales - but 58% of transactions - while credit cards represent 21% of sales. Cheques acceptance is minimal - only 1% of sales.

In terms of costs per transaction, debit cards were 8.5 pence, cash 2.1 pence, credit cards 33.3 pence, charge cards 50.3 pence and cheques 38.6 pence. The weighted average costs across all tender types was 8 pence.

In a separate press release also issued today, the BRC asked for the UK Government to intervene the reduce the fees retailers pay to banks for card acceptance.

Federal Reserve Approves Final Rule to Protect Credit Card Users

Federal ReserveThe Federal Reserve Board has announced it has approved "a final rule to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider interest rate increases imposed since the beginning of last year." Click here to read the Federal Register item.

"The new rules require that late payment and other penalty fees be assessed in a way that is fairer and generally less costly for consumers," said Federal Reserve Governor Elizabeth A. Duke. "Card issuers must also reevaluate recent interest rate increases and, if appropriate, reduce the rate." READ MORE »

CoreLogic Credco Introduces OneCheck for Merchant Verification

CoreLogic CredcoCoreLogic Credco has announced the introduction of OneCheck, a suite of merchant verification and risk mitigation products, provided through a newly established merchant services division. According to the company, "OneCheck is the industry’s most flexible and competitively priced suite of merchant verification solutions available. It instantly collects, sorts and combines hundreds of decisioning data elements into an easy-to-read comprehensive report – all in a single transaction. The result is a consolidated one-source solution for fast, reliable risk mitigation and merchant prequalification." READ MORE »

Citi Cards Introduces Citi Shopper for Mobile Users

CitiCiti Cards has announced a new location-based mobile application called Citi Shopper that delivers "local offers and deals, compares prices, provides maps to nearby retailers, as well as reminds Citi cardmembers of offers and benefits specific to their Citi credit cards." The application was built by GPShopper and is available on the iPhone, Blackberry, Android and via browser.

In addition, Citi is making available MasterCard PayPass stickers that can be affixed to the back of mobile phones for contactless payments - and will also be providing a PayPass locator application to help cardholders find PayPass-accepting merchants. READ MORE »

British Retail Consortium Demands UK Government Action on Interchange Fees

The British Retail Consortium (BRC) said in a press release today that, "as part of its promised clampdown on irresponsible banking behaviour, the new Government should intervene to cut the excessive charges banks levy on retailers for accepting plastic. The combination of unjustifiably high card charges and growth of non-cash payment methods promises big windfalls for banks and a financial blow for shops and customers." READ MORE »

Headline News - June 15, 2010

Headline News is brought to you by Glenbrook Partners and our PaymentsJobs.com job board - the best place to post your position openings for payments professionals!

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers seeking to hire payments professionals can post their job openings there as well.

June 14, 2010

PayPal Issues Call for Papers for 2010 PayPal X Developers Conference

PayPalPayPal has issued a call for papers for presentation at its 2010 PayPal X Developers Conference to be held in San Francisco on October 26-27, 2010.

"We are looking for session proposals from developers and members of the PayPal X Developer Network who have created unique solutions. We'd love it if you built them using the PayPal X Platform or APIs. This can include anything from IPN to PayPal Adaptive Payments to mobile and anything in between." Details here.

Getting Real About Durbin

In a post on PaymentsViews.com titled "Getting Real About Durbin", Glenbrook's Bryan Derman writes about the Durbin amendment that could affect debit card interchange fees if it remains in the final consumer financial reform legislation currently being negotiated in conference committee in Washington.

Celent Shares Learnings from Japan's Mobile Payments Market

Celent has published a new report titled "Lessons from the Mobile Payments Leader: What the World Can Learn from the Japanese Market" that identifies ways for the US and other countries to learn how to lay the groundwork for faster, more successful implementations of mobile NFC payment solutions - based upon the experience in Japan. From the abstract:

Within industry pundits' persistent predictions about the imminent advent of mobile near-field communication (NFC) contactless payments, the Japanese market is frequently cited as proof that such payments have a future. However, Japanese market reality is not as much of a straightforward success as many believe. Based on primary research with leading mobile carriers, banks, payment services/brands, and technology vendors, Celent estimates that there are 28 million registered mobile payments accounts in Japan . Furthermore, Celent estimates that there are about 20 million active mobile payments accounts. Respectively, these constitute 24% and 17% of all contactless payment accounts.

READ MORE »

Chicago Fed 2010 Payments Conference - Presentations Now Available

In May, the Federal Reserve Bank of Chicago held its annual payments conference - themed this year as "Payment Innovations in the Wake of the Financial Crisis". See the agenda page for a list of topics, speakers, and, where available, downloadable versions of their presentations. Glenbrook's Bryan Derman moderated a panel at the session on the topic of "Transformative Technology" that included a panel of speakers from Citigroup, USAA and Bling Nation.

PULSE Finds Consumers Increasingly Prefer Debit Cards Over Cash

PULSEPULSE has announced findings from its 2010 Debit Issuer Study that "the debit market remained robust during the second year of the economic downturn and is projected to grow strongly in 2010. The study finds that much of the growth in debit use is in small-ticket transactions, suggesting that more consumers prefer debit over cash."

PULSE also reported that "the 2010 Debit Issuer Study found that debit card penetration – the percentage of eligible accounts that can be accessed by a debit card – has remained steady at 73 percent since 2007. Sixty-four percent of consumer debit cards are active, largely unchanged from 66 percent in 2008."

With respect to fraud losses borne by issuers, PULSE found that "average signature POS fraud losses increased 43 percent last year from 5.2 basis points (bps) to 7.5 bps, and PIN POS fraud losses rose by 24 percent from 0.8 bps to 1.0 bps." READ MORE »

Jack Stephenson Joins JP Morgan Chase to Focus on Mobile, eCommerce

ChaseJPMorgan Chase has announced that Jack Stephenson is joining the firm as Director of Mobile, E-Commerce and Payments. According to Chase, Stephenson, most recently Senior Vice President of Strategy, Partnerships, Analytics and New Ventures at PayPal, "will lead the continuing evolution and implementation of a company-wide strategy for mobile devices and internet payments." READ MORE »

Headline News - June 14, 2010

Headline News is brought to you by Glenbrook Partners and our PaymentsJobs.com job board - the best place to post your position openings for payments professionals!

Note: Throughout the day, as Payments News happens, this post is updated. For job opportunities available for payments professionals, visit PaymentsJobs.com. Employers seeking to hire payments professionals can post their job openings there as well.

June 13, 2010

New Opportunities on PaymentsJobs.com

PaymentsJobs.comSeveral new positions for payments professionals have recently been posted to Glenbrook's PaymentsJobs.com job board:

Is your company hiring? Are you in the market for qualified payments professionals? You can reach the best candidates here! Post your openings for payments professionals on PaymentsJobs.com! Got multiple job openings to post? Contact me for a special discount!

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