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July 29, 2010

Credit Card Data Portability

data_portability.pngDataPortability.org, the largest data portability group on the U.S., has recently embraced credit card data portability as one of its key initiative areas.
The Credit Card Data Portability Standard is supported by an opt-in community of electronic payment processing providers (service providers) that agree to provide credit card data and associated transaction information (sensitive data) to an existing merchant upon request in a PCI Compliant manner.

Guardian Analytics Launches Industry Roundtable Series

GuardianAnalytics_logo-150px.pngGuardian Analytics recently announced the formation of an industry roundtable created to drive information sharing among financial institutions, law enforcement and industry experts. At their first industry roundtable participants shared "trends in threats and fraud attacks against the online and mobile channels and discussed trends in the online and mobile channels, the need to balance security with customer convenience, and the use of customer data as they key to defending against new and emerging cyber attacks."

Internet Crooks Craft Creative Counterfeiting Scam

Check fraud seems so old fashioned these days. But as this story points out, "these hackers got the account information in an unusual way: They broke into three websites that specialize in a little-known type of business — archiving check images online."

July 28, 2010

Visa Reports Fiscal Third Quarter 2010 Financial Results

visa_logo-140px.jpgVisa has announced financial results for its fiscal third quarter 2010 ended June 30, 2010 with GAAP net operating revenue in the fiscal third quarter of 2010 of $2.0 billion, an increase of 23% over the prior year. According to Visa, revenue was "driven by strong contributions across all revenue categories, in particular data processing and international transaction revenues."

Some highlights:

  • Payments volume growth, on a constant dollar basis for the three months ended March 31, 2009 on which fiscal third quarter service revenue is recognized, was a positive 13% over the prior year at $745 billion.
  • Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2010, was a positive 14% over the prior year at $803 billion.
  • Cross border volume growth, on a constant dollar basis, was a positive 17% for the three months ended June 30, 2010.
  • Total processed transactions, which represent transactions processed by VisaNet, for the three months ended June 30, 2010 totaled 11.7 billion, were a positive 14% increase over the prior year.
A conference call replay, presentation and more detailed operational performance data are available online. READ MORE »

Cybercrime Fact or Fiction

Charles Jester has an interesting article in SC Magazine entitled "Cybercrime Fact or Fiction, Part 1: Banking Trojans and FinCEN Reporting" looking at the wide discrepancies in how payments fraud is reported. As Jester dryly points out "most statistics on cybercrime range from under $300 million lost per year to over $48 billion lost per year."

Amazon-Facebook Alliance to Make Shopping More Social

The New York Times has a short write up on the new Amazon-Facebook Alliance. When users link their Amazon and Facebook accounts, "They... see which of their Facebook friends have upcoming birthdays, and receive gift suggestions based on the music, books and movies those friends have said they like on Facebook and on their Amazon wish lists."

July 27, 2010

Open Identity Exchange and Kantara Initiative to Collaborate

OIX_logo-140px.pngOpen Identity Exchange (OIX) and Kantara Initiative recently announced that they will begin collaborating on digital trust framework development to build and promote adoption of a robust online trust ecosystem. Digital trust frameworks enable trust in transactions such as logins, registrations, and online eCommerce by allowing digital identity credentials produced by one site to be accepted at other sites.

OIX executive members include AT&T, CA, Equifax, Google, PayPal, VeriSign, and Verizon. READ MORE »

July 26, 2010

Boston Fed Policy Paper: Who Gains and Who Loses from Credit Card Payments? Theory and Calibations

The Federal Reserve Bank of Boston has published a Public Policy Discussion Paper entitled "Who Gains and Who Loses from Credit Card Payments? Theory and Calibrations". From the abstract:
Merchant fees and reward programs generate an implicit monetary transfer to credit card users from non-card (or “cash”) users because merchants generally do not set differential prices for card users to recoup the costs of fees and rewards. On average, each cash-using household pays $151 to card-using households and each card-using household receives $1,482 from cash users every year. Because credit card spending and rewards are positively correlated with household income, the payment instrument transfer also induces a regressive transfer from low-income to high-income households in general.
The paper is authored by Scott Schuh, Oz Shy, and Joanna Stavins.

MoneyGram Signs State Savings Bank of the Russian Federation

MoneyGram_logo-140px.pngMoneyGram announced it has added the Savings Bank of the Russian Federation (Sberbank) to its network. Sberbank is the oldest and largest bank in Russia and Eastern Europe and is expected to be MoneyGram’s largest agent in the region. The bank will introduce MoneyGram services initially in more than 7,000 locations.
Russia is the third largest send market in the world after the U.S. and Saudi Arabia. Countries that receive the most in remittances originating in Russia are: Uzbekistan, Tajikistan and Ukraine. Russia is also in the top 20 receive countries in remittances.
In related news, Western Union announced it will offer the Western Union® goCASH service across 6,500 Family Dollar store locations.

Survey Results: U.S. Market Contactless Terminal Penetration

Contactless_icon_140px.pngLast week, Glenbrook's Carol Coye Benson asked the Payments Views community about its perception of contactless POS reader deployment in the US.

The results are in and you can see them here.

New Opportunities on PaymentsJobs.com

Several new positions for payments professionals have recently been posted to Glenbrook's PaymentsJobs.com job board: PaymentsJobs_logo-140px.jpgIs your company hiring? Are you in the market for qualified payments professionals? You can reach the best candidates here! Post your job openings for payments professionals on PaymentsJobs.com!

Headline News - July 26, 2010

Headline News is brought to you by Glenbrook Partners:

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.

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