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« February 14, 2010 - February 20, 2010 | Main | February 28, 2010 - March 6, 2010 »

February 26, 2010

What's Coming Up at Glenbrook!

Russ Jones will be conducting a Glenbrook Payments Essentials webinar on eCommerce Segmentation and Sizing for the U.S. Market this coming Thursday, March 4th, 10:30 - 11:30 PST. Russ will define the four key subsegments of the eCommerce market, describe their size and growth characteristics, and discuss how each segment's payments requirements and decisions differ. Register Now - Fee $249."

FFIEC Updates Retail Payment Systems Booklet

The Federal Financial Institutions Examination Council (FFIEC) has released an updated Retail Payment Systems Booklet that replaces the version issued in March 2004. The booklet is one of 12 that, in total, comprise the FFIEC IT Examination Handbook. The OCC commented: "The updated booklet incorporates developments in various aspects of retail payments activities since the first edition was issued and provides guidance on the risks and risk-management practices applicable to national banks. The booklet’s enterprise-wide perspective makes it a valuable tool to an entire organization in addition to an information technology department."

Green Dot Files S-1 Registration Statement for Initial Public Offering

Green Dot Corporation has filed an SEC Form S-1 Registration Statement for an initial public offering of its class A common stock.

Virtual Visa Debit Card Program Launched in Japan

Visa has announced the launch of the first virtual Visa Debit card program in Japan. Japan Net Bank’s (JNB) two million customers will be able to use a virtual Visa Debit card to make payments at any online merchant that accepts Visa globally. READ MORE »

Headline News - February 26, 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.

February 25, 2010

February 24, 2010

Boston Fed Policy Paper: Person-to-Person Electronic Funds Transfers

The Federal Reserve Bank of Boston has published a Public Policy Discussion Paper by Oz Shy titled "Person-to-Person Electronic Funds Transfers: Recent Developments and Policy Issues". Oz Shy is a senior economist at the Federal Reserve Bank of Boston and a member of the Consumer Payments Research Center in the research department.

From the abstract: "The paper investigates the reasons why person-to-person electronic funds transfers are still not very common in the United States compared with practices in many other countries. The paper also describes recent enhancements to online and mobile banking that provide account holders with low-cost interfaces to manage person-to-person electronic funds transfers via automated clearing house (ACH). On the theoretical side, the paper characterizes the critical mass levels needed for payment instruments to become widely adopted. Given the Fed's long-term heavy involvement in check clearing, the paper concludes with policy discussions of whether intervention is needed."

Headline News - February 24, 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.

February 23, 2010

Mobile Payment Service GoPayforit Is Now ImpulsePay in the UK

Payforit, he UK mobile payment service that provides a simple way for content owners to generate revenue by directly billing users mobile phones, has changed its name to ImpulsePay. According to the company, "the change marks a new stage for the company after the recent success of its service, based on Payforit, that offers an alternative to credit card and Premium SMS payments." READ MORE »

FICO Finds Consumers Defaulting on Mortgages Before Credit Cards

In a press release, FICO announced that it is finding that "mortgage default risk for consumers with high FICO scores now exceeds their credit card default risk, even though most credit cards are unsecured credit and mortgages are secured by real estate. The company observed a parallel rise in mortgage delinquencies for higher-scoring U.S. consumers." READ MORE »

A Look at Mocapay Payments at POS

In an article titled "NFC vs. Not-NFC, or “Why Put Card Data on the Phone?” A look at Mocapay" on our sister website, Glenbrook's Carol Coye Benson takes a look at Mocapay who earlier this morning announced their new secure mobile payments at POS solution.

She asks: "Instead of going through huge contortions to store [payment card] data securely on the phone – and possibly paying through the nose for it – why not simply avoid putting the card data on the phone?"

Mocapay Introduces Secure Mobile Payments at Merchant POS

Mocapay has introduced what it claims is "the only mobile solution in the marketplace that enables secure, hardware infrastructure agnostic, mobile payments regardless of tender type and transaction location." The company was issued patent US 7,657,489 B2 on February 2, 2010 for this solution. READ MORE »

Wednesday's Glenbrook Webinar on Chargeback Management

For eCommerce merchants and payments professionals that provide solutions for eCommerce merchants - register now to hear Glenbrook's Allen Weinberg and Jay DeWitt talk about New Approaches to Chargeback Management. The Glenbrook Payments Essentials Webinar is on Wednesday February 24th at 10:30-11:30PST. Fee $149.

Headline News - February 23, 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.

February 22, 2010

Frictionless - and Almost Free - Payments?

In an article titled "The Future of Money: It’s Flexible, Frictionless and (Almost) Free", Daniel Roth writes for about the world of electronic payments...

Moving money, once a function managed only by the biggest companies in the world, is now a feature available to any code jockey. Ivey is just one of hundreds of engineers and entrepreneurs who are attacking the payment ecosystem, seeking out ways small and large to tear down the stronghold the banks and credit card companies have built."

Payments Friction

Wired Magazine has published an article titled "From Credit Card to PayPal: 3 Ways to Move Money" that graphically depicts the payments process for a) credit cards, b) iTunes and c) PayPal. Can you guess who's most "frictionless" - according to Wired?

Fed Provides New Online Publication re: Overdraft Rules for Debit Cards

The Federal Reserve has provided a new online Federal Reserve Board publication titled What You Need to Know: New Overdraft Rules for Debit and ATM Cards intended to help consumers better understand rules that provide additional protection when a debit card or automated teller machine (ATM) transaction causes an account to be overdrawn. READ MORE »

A Look at Global eCommerce and Declining Fraud Rates

CyberSource reports that its 11th annual Online Fraud Report shows that among U.S./Canadian merchants accepting international orders, 21% of their online orders came from abroad, up from 17% the year before and 8% in 2005. According to the company, "this steady growth is supported by dramatic progress in meeting the increased fraud challenge of international orders, with 50% lower fraud rates and 30% lower order rejection rates." READ MORE »

Acculynk Forms Internet PIN Debit Advisory Council

Acculynk has announced an Internet PIN Debit Advisory Council to "establish the processes, procedures, rules and best practices around PaySecure for Internet PIN debit." The company says that the PIN debit networks ACCEL/Exchange, Alaska Option, Credit Union 24, PULSE and SHAZAM are participating in the Council. READ MORE »

Visa Appoints Bill Gajda as Head of Mobile

Visa has announced that Bill Gajda, currently Chief Commercial Officer at the GSMA, will join Visa as head of mobile. Visa said that Gajda’s position "is designed to further advance Visa’s mobile strategy, working in collaboration with the wireless and financial services industries to bring mobile payments and related services to consumers around the globe." READ MORE »

Headline News - February 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.

February 21, 2010

Roundup: Credit Card Accountability, Responsibility and Disclosure Act

On Monday, February 22, 2010 several new rules take effect regarding how credit cards are issued and how cardholders are treated by issuers. Here's a roundup of articles from across the country about the new rules:

Surging Growth in Credit Card Usage in China

In an article titled "Shoppers find plastic fantastic", Zhang Fengming writes for about the surging growth in credit cards and credit card transactions in China according to figures cited from China Unionpay.


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