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July 16, 2010

Headline News - July 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.

July 15, 2010

Congress Passes Financial Reform Legislation

congress_logo_140px.pngThe U.S. Senate gave final passage today to the long debated financial reform bill.

While there are many provisions in the bill affecting all aspects of financial services in this country, the most important for payments professionals is that the U.S. Federal Reserve will now be responsible for setting debit interchange rates that are “reasonable and proportional” to costs incurred. The Fed has nine months from the effective date (when signed by the President) to complete its work.

The legislation directs the Fed to consider functional similarity between debit cards and checks (i.e., checks having cleared at par for almost 100 years vs. debit cards having interchange fees), the distinction between incremental costs and other costs, and fraud prevention costs––including potential new steps to reduce fraud, and the fraud costs absorbed by various parties.

Relevant Links:

JP Morgan Chase - Card Services 2Q2010 Financial Results

Chase_logo-140px.jpgJP Morgan Chase has reported financial results for the second quarter 2010. For its Card Services unit, net income was $343mm, compared with a net loss of $672mm in the prior year. Credit costs of $2.2B include a reduction of $1.5B to the allowance for loan losses, reflecting a lower level of net charge-offs and lower estimated losses. End-of-period outstandings (excluding the WaMu portfolio) of $127.4B down 14% YoY and 4% QoQ. Sales volume (excluding the WaMu portfolio) of $75.4B was up 8% YoY and 13% QoQ.

Merchant processing volume was $117.1 billion on 5.0 billion total transactions processed.

Merchant Risk Council Unveils New Board

mrc_logo_140px.pngThe Merchant Risk Council (MRC), a merchant-led trade association focused on electronic commerce risk and payments globally, has announced the results of their 2010/2011 board elections. READ MORE »

Headline News - July 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.

July 14, 2010

PULSE Introduces PIN Debit for E-commerce Transactions

Pulse_logo-140px.pngPULSE has announced that it is "bringing the security, reliability and convenience of PIN debit to online shopping with the introduction of PULSE Internet PIN debit." The new payment solution, which uses Acculynk's PaySecure Internet PIN debit software, "reinforces the issuer and cardholder relationship by using a financial institution-branded graphical PIN pad." READ MORE »

Visa Releases Global Best Practices for Card Data Tokenization

visa_logo-140px.jpg Visa has announced global industry best practices for card data tokenization.

Based on Visa's experience working with the industry and also insights from data compromise investigations, the tokenization best practices are the latest in a series of guidance to help merchants reduce or eliminate sensitive card data from payment systems and simplify data security and compliance efforts. Tokenization is the process through which a credit or debit card's 16-digit primary account number (PAN) is replaced by proxy numbers.
In a related announcement, Visa is clarifying existing operating regulations to ensure that acquirers and issuers allow merchants to present a truncated, disguised or masked card number on a transaction receipt for dispute resolution in place of the full 16-digit card number.

Visa's Best Practices for Tokenization, Data Field Encryption, and PAN Storage and Truncation may be found online at www.visa.com/cisp. READ MORE »

Headline News - July 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.

July 13, 2010

Glenbrook's Jay DeWitt at Direct Response Forum 2010 Conference

Glenbrook's Jay DeWitt will be on hand at this year's Direct Response Forum (DRF) on August 10th to lead a session that explores business continuity best practices for CNP merchants. The session will evaluate, in a business context, where merchants should focus their energies and which activities probably "aren't worth the bother".

This years DRF conference is being held August 9-11 in Memphis. The full agenda is available online. If you're going to be at the conference, - he'd love to meet you!

Payday Loans Are a Better Deal for Consumers Than Overdraft Fees

Consumers who are frequent users of overdraft (OD) fees at banks and credit unions could save money by bridging their cash gap with a 14- day payday advance loan, rather than paying checking account OD fees, according to a recent national study by Moebs Services.

“The average amount overdrawn on checking accounts by about 70% of consumers, according to the General Accounting Office and the FDIC, is less than $100,” said Michael Moebs, economist and CEO of Moebs $ervices. “Consumers who use a payday advance loan for $100 or less will pay an average of $17.97, which is 33 percent less than the $27.01 it costs for an overdraft of that same amount from a checking account,” he explained.
READ MORE »

GXS Delivers B2B E-Commerce Analytics Service in the Cloud

gxs_logo_140px.pngGXS has announced that it has been testing a new service with Microsoft Windows Azure as an on-demand extension to GXS Trading Grid, with information securely federated between cloud platforms. Implemented on Windows Azure, GXS Trading Partner Analytics Beta gives customers greater insight into supply chain performance and the information flows of their B2B communities. READ MORE »

Headline News - July 13, 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.

July 12, 2010

MasterCard Releases Prepaid Market Sizing Report

MasterCardWW-small.jpgThe total value of the branded prepaid card opportunity in the United States is expected to surpass $440 billion by 2017, nearly quadrupling its estimated value of $120.2 billion in 2009, according to independent research commissioned by MasterCard.

“As the study findings demonstrate, there’s significant growth potential for prepaid in the U.S. and MasterCard is committed to aggressively resourcing the opportunity to expand our prepaid footprint both in the U.S. and worldwide,” said Laura Kelly, Group Executive, Global Prepaid Solutions, MasterCard Worldwide.
MasterCard-commissioned study, prepared by The Boston Consulting Group (BCG), shows U.S. market will remain the largest branded prepaid segment in the world, holding 53 percent of overall market share READ MORE »

First Data Releases June 2010 SpendTrend

FirstDataCorp_logo.jpgFirst Data has released its First Data SpendTrend™ analysis for the full month of June 2010 compared to June 2009.

Consumers remained cautious in June with dollar volume growth of 6.8% (6.7% excluding Gasoline Stations) compared to May’s growth of 9.2% (8.2% excluding Gasoline Stations). June’s transaction growth was 7.3% (7.2% excluding Gasoline Stations), a decline from May’s growth of 8.4% (8.1% excluding Gasoline Stations).
SpendTrend tracks same-store consumer spending via credit, signature debit, PIN debit and EBT cards at U.S. merchant locations. READ MORE »

MoneyGram International Implements State-of-the-Art Anti-Fraud Technology

MoneyGram_logo-140px.pngMoneyGram has introduced state-of-the-art technology to better protect its customers and agents from fraud.

According to the company, "The enhanced technologies, which layer in protection through identification of suspicious transactions, computer and behavioural authentication and anti-phishing capabilities, are already dramatically reducing third-party consumer fraud at agent locations and online."

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