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« January 10, 2010 - January 16, 2010 | Main | January 24, 2010 - January 30, 2010 »

January 22, 2010

American Express Launches LoyaltyEdge

American Express has announced the launch of LoyaltyEdge - a new line of business that will "work with strategic business partners and merchants to create, implement, and/or enhance their customer loyalty programs in order to help attract and retain customers, thus driving incremental business growth. Long-time strategic partner, Delta Air Lines, is the first to utilize the services of LoyaltyEdge." READ MORE »

Headline News - January 22, 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.

January 21, 2010

Leading the Charge: Mobile Check Deposit Capture

Torrance Community Credit Union (TCCU) of Torrance, California has announced that it will enable its members to "deposit checks directly to their accounts through their iPhone camera devices, effective immediately. Checks will be processed electronically, end-to-end, through the credit union’s partnerships with Eastern Corporate Federal Credit Union (EasCorp) of Burlington, Massachusetts and Innovative Technology, Inc. (INTECH) of Omaha, Nebraska. Torrance Community CU becomes one of the first financial institutions in the United States to offer this service." READ MORE »

American Express Reports 4Q2009 Financial Results

American Express has announced financial results for the fourth quarter of 2009. Amex reported billed business on its cards grew 8% globally to $172.6 billion in the quarter with most of that growth occuring outside the US. Average cardmember spending increased 15% to $3,209. Total cards in force declined 5% to 87.9 million. The average merchant discount rate declined from 2.53% to 2.51%.

Javelin Study: End-to-End Encryption, Tokenization, and EMV in the US

Javelin has announced a new report titled "End-to-End Encryption, Tokenization, and EMV in the US: Vendor Analysis of Emerging Technologies and Best Hybrid Solutions" that "assesses the capabilities of end-to-end encryption, tokenization, virtual terminals, magnetic-stripe security and the EMV standard as solutions to combat payment-related data breaches." READ MORE »

Heartland Payment Systems: Lessons Learned from a Data Breach

The Payment Cards Center of the Federal Reserve Bank of Philadelphia has published a discussion paper titled "Heartland Payment Systems: Lessons Learned from a Data Breach" by Julia S. Cheney.

From the abstract: "This paper summarizes discussions from a workshop hosted by the Payment Cards Center on August 13, 2009. The workshop examined the changing nature of data security in consumer electronic payments. The center invited the chairman and CEO of Heartland Payment Systems (HPS), Robert Carr, to lead this discussion and to share his experiences stemming from the data breach at his company in late 2008 and, as important, to discuss lessons learned as a result of this event. The former director of the Payment Cards Center, Peter Burns, who is acting as a senior payments advisor to HPS, also joined the discussion to outline HPS's post-breach efforts aimed at improving information-sharing and data security within the consumer payments industry."

Snapshots - Consumer Credit and Consumer Payments

The Payment Cards Center of the Federal Reserve Bank of Philadelphia has created a new section on its website providing easy access to a variety of statistics concerning consumer credit and consumer payments. The data come from a number of sources including the Federal Reserve, the U.S. Census Bureau, and industry sources.

Citi Cards Adds Citi Mobile for the iPhone

Citi has announced that "millions of Citi credit card customers in the U.S. can now manage their card accounts via the downloadable Citi Mobile application for the iPhone device." READ MORE »

January 20, 2010

A Look at PayPal's 4Q2009 Financial Results

PayPal's parent eBay announced financial results for the fourth quarter 2009 today.

eBay's Payments segment (including PayPal and BillMeLater) revenue was $795.6 million in revenue for the quarter, an increase of 28% year over year. Net total payment volume (TPV) for the quarter was $21.4 billion, an increase of 34% year over year. Active registered accounts reached 81.0 MM, up 15% year over year. PayPal's revenue ("transaction revenue rate") was 3.54% with a transaction processing expense rate at 1.14% and a transaction loss rate of 0.20%.

Bill Me Later's volume for the quarter was 1% of the total Payments segment payment volume. Net chargeoffs in the BML portfolio were 11.14%, down from 11.53% in the prior quarter.

Fed Announces Plans Update to Payments Study

The Federal Reserve Banks have announced plans to conduct another series of studies to determine the current volume and composition of check and electronic payments in the United States. These studies will build on information gained from similar studies conducted by the Reserve Banks in 2001, 2004 and 2007. READ MORE »

The Future of Everyday Payments in Europe - Visa Europe

Visa Europe has published a new white paper titled "The Future of Everyday Payments in Europe - Who Cares?".

From the introduction: "Our overriding contention is that, to enable and accelerate further development everyday payments, more innovation will be essential. But we use the term “innovation” in its broadest sense. In some instances a big, sweeping change may be necessary. More often, a small tweak or a minor calibration can pay huge dividends."

Bank of America Reports 4Q2009 Financial Results

Bank of America has announced its financial results for the fourth quarter of 2009. For its Global Card Services business, BofA reported a net loss of $1 billion for the quarter, the same as in 3Q2009. It reported that total retail volume increased 4% from 3Q09 and 2% compared to 4Q08. Retail credit card volume was up 3% from 3Q09 and down 3% from 4Q08 while debit card volume was up 4% from 3Q09 and 8% from 4Q08.

Glenbrook at Merchant Risk Council's Annual e-Commerce Risk Conference

The Merchant Risk Council's annual e-Commerce Payments and Risk Conference is being held this year on March 16th-18th in Las Vegas. Glenbrook's Allen Weinberg and Carol Coye Benson are teaching a special workshop on eCommerce Payments Management on the afternoon of March 16th. The workshop fee is $189 for MRC Members and $400 for non-members . Registration and other information is available at the conference website.

Thales, Voltage Security Announce Partnership for Payments Security

Thales and Voltage Security have announced a "technology integration and partnership centered around delivering end-to-end encryption and key management solutions for the payments industry and broader enterprise security applications. Through the partnership, the two companies have worked together to integrate Voltage SecureData technology with Thales hardware security modules (HSMs) for customers, Heartland Payment Systems being an example." READ MORE »

Headline News - January 20, 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.

January 19, 2010

Merchant e-Solutions Adds Online PIN Debit Support for eCommerce

Merchant e-Solutions has announced that merchants using its eCommerce platform can now offer their customers online PIN debit as an additional payment choice. According to the company, it is "utilizing Acculynk’s PaySecure® software-only service for online PIN debit transactions. PaySecure is now available through a single interface into the Merchant e-Solutions payment platform, or to any merchant as a standalone payment method." READ MORE »

BOKU Closes $25MM Series C Financing for Mobile Payments Business

BOKU has announced that it has raised $25 million in series C capital led by DAG Ventures with continued participation from Benchmark Capital, Index Ventures and Khosla Ventures. The company says that "this round of capital builds on the strong success and momentum BOKU has experienced in the last year and stands as a strong vote of confidence for the company’s future." READ MORE »

January 18, 2010

New Glenbrook Payments Essentials Webinars Announced

Glenbrook is announcing the next seven sessions of our Payments Essentials webinar series:

All webinars are scheduled at 10:30 Pacific and run for one hour. More detail on the topic of each session - as well as information on fees and links to online registration - are on the Glenbrook website.

mophie and FeliCa Contactless Payments for Japan

mophie, a provider of "intelligent case solutions for the iPhone and other Apple devices", has announced a collaboration with Flight System Consulting and Focal Point Computer to develop a mobile payment solution for FeliCa technology that will allow users to "instantly read and write electronic money card information using only the iPhone device and marketplace FeliCa App." READ MORE »

Headline News - January 18, 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.

January 17, 2010

Coming In Through the Window!

In an article titled "Credit Cards and Reluctant Regulators", Gretchen Morgenson writes for the New York Times about the upcoming changes in the credit card rules going into effect next month. Earlier last week, the Federal Reserve published its final changes to the rules affecting credit cards - and launched a new web page for consumers outlining the changes.

In her article, Morgenson expresses her frustration that new fees are already beginning to be implemented - for example, charging consumers a $1 monthly fee to receive credit card statements by mail. Say writes "Proof, yet again, that if you close the door, they will come in through the window. And if you close the window, they blow through the door."


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