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« January 5, 2014 - January 11, 2014 | Main | January 19, 2014 - January 25, 2014 »

January 17, 2014

Last Call: The 2014 PaymentsNews Reader Survey

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Our thanks go out to the many readers who have already shared their opinions and recommendations about PaymentsNews in our 2014 Reader Survey. If you haven't had a chance to participate, we'd love to have you take a minute or two to do so. Your opinions and comments are very important to us and will help us make PaymentsNews more useful to you.

Please take a moment to participate.  It’s quick and easy: https://www.surveymonkey.com/s/393MCB3  

Thanks again for participating! - we'll be closing the survey over the weekend.

Headline News from PaymentsNews.com - January 17, 2014

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

On the Web:

On the Wires:

  • Retailers Urge Appeals Court to Make Federal Reserve Follow the Law - The Merchants Payments Coalition, a group of merchants fighting for a more competitive and transparent bank-card industry, said today: “Judge Leon struck a blow for fairness with his original ruling. We think the evidence will also prove as compelling to the appeals court. We look forward to that court reaffirming the Durbin Amendment as passed and sending the Federal Reserve back to the drawing board to ensure it actually follows the law.”
  • "NRF Asks Appeals Court to Uphold Order for Lower Swipe Fee Cap - "The National Retail Federation today asked an appeals court to uphold a judge’s ruling that the Federal Reserve set its cap on debit card swipe fees far higher than intended by Congress and that the cap needs to be recalculated at a lower level."
  • Retailers Comment On The Data Security Act - "PIN-and-chip cards are widely used across the globe, and it’s time for the bankcard industry in the United States to adopt that technology to better protect our consumers. We must transition away from 1960s technology and adopt a 21st century system that will help reduce and prevent fraud and protect customers from the threat posed by sophisticated cybercriminals, hackers and data thieves."
  • U.S. Bank Announces Plan to Wind Down Checking Account Advance - "U.S. Bank will begin to wind down its short-term, small-dollar deposit advance product, Checking Account Advance, to align with final regulatory guidance issued by the Office of Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC)."
  • FinCapDev 2014 Opens Call for Proposals - “Mobile technology has the potential to expand access to critical financial services and support, improving consumer financial health,” said Jennifer Tescher, President & CEO of the Center for Financial Services Innovation. “That’s what FinCapDev is all about: leveraging that potential and enabling innovators to build products for consumers who want and need better access to high-quality tools and information.”
  • Acculynk Gains Ground in Europe with Secure PIN-Based Authentication Patent Grant - "Acculynk, the first global PIN-debit authentication gateway, announced today that the European Patent Office granted Acculynk patent protection for the company’s propriety process for PIN based authentication over the Internet."

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

January 16, 2014

EMVCo to Work on Payment Tokenization Standards

EMVco logo 140pxEMVCo - which is collectively owned by American Express, Discover, JCB, MasterCard, UnionPay and Visa - has announced that it is expanding its scope to lead the payments industry's work to standardize payment tokenization. EMVCo says that "the new specification will help provide the payments community with a consistent, secure and interoperable environment to make digital payments when using a mobile handset, tablet, personal computer or other smart device."

Tokenization is the process of replacing a traditional card account number with a unique payment token that is restricted in how it can be used with a specific device, merchant, transaction type or channel. When using tokenization, merchants and digital wallet operators do not need to store card account numbers; instead they are able to store payment tokens that can only be used for their designated purpose. The tokenization process happens in the background in a manner that is expected to be invisible to the consumer.

Key elements of EMVCo’s work include adding new data fields to provide richer industry information about the transaction, which will improve transaction efficiency and enhance the consumer and merchant payment experience by helping to prevent fraudulent card account use. EMVCo will also create a consistent approach to identify and verify the valid use of a token during payment processing including authorization, capture, clearing and settlement.

EMVCo’s announcement follows an earlier joint announcement from MasterCard, Visa and American Express that proposed an initial framework for industry collaboration to standardize payment tokenization. EMVCo says it will now build on this framework with collective input from all of its members and the industry as a whole.

Headline News from PaymentsNews.com - January 16, 2014

We’d love to have you participate in our 2014 PaymentsNews Reader Survey! Please take a moment to participate - it’s quick and easy to complete: https://www.surveymonkey.com/s/393MCB3

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

January 15, 2014

Headline News from PaymentsNews.com - January 15, 2014

We’d love to have you participate in our 2014 PaymentsNews Reader Survey! Please take a moment to participate - it’s quick and easy to complete: https://www.surveymonkey.com/s/393MCB3

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

January 14, 2014

Headline News from PaymentsNews.com - January 14, 2014

We’d love to have you participate in our 2014 PaymentsNews Reader Survey! Please take a moment to participate - it’s quick and easy to complete: https://www.surveymonkey.com/s/393MCB3

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

January 13, 2014

The PaymentsNews 2014 Reader Survey

PaymentsNews logo 140px

We’d love to have you participate in our 2014 PaymentsNews Reader Survey!   Your opinions and comments are very important to us and will help us make PaymentsNews more useful to you.

Please take a moment to participate.  It’s quick and easy: https://www.surveymonkey.com/s/393MCB3  

MasterCard Says Now Is the Time for EMV-Chip Card Migration in U.S.

MasterCard logo 140pxOn a blog post this afternoon titled "U.S. Banks and Merchants: Now Is the Time for EMV-Chip Card Migration", MasterCard "outlined the company’s commitment to maintaining the current timeline and liability shift milestones for the U.S. EMV-Chip migration."

A letter from MasterCard's Chris McWilton sent last week says "That is why we will keep our 2015 liability shift dates – to help maintain this momentum and address the larger fraud threat."

Vantiv, Microsoft Announce Omni-Channel Commerce Partnership

Vantiv logo 140pxVantiv and Microsoft have announced an agreement to deliver a new range of solutions for mobile POS and cloud-connected payments.

Vantiv is a leader in helping retailers implement omni-channel payments solutions, and we are pleased to partner with them to help businesses of all sizes create the personal, differentiated interactions that seamlessly connect them to their customers," said Wayne Morris, corporate vice president at Microsoft Business Solutions. "Vantiv's innovative, scalable integrated payment processing services and technology are a great addition to the Microsoft Dynamics business solution offering."

"Our partnership with Microsoft is a great example of how Vantiv is extending payment and POS innovation to our merchant partners," said Elizabeth Rector, senior vice president of eCommerce and mobile at Vantiv. "Microsoft Dynamics' POS leadership and reseller network combined with Vantiv's omni-channel payments platform and vast distribution channels enable an entirely new scale of mobile payment solutions, delivering a true 360 degree experience to mid-market and enterprise merchants across any vertical."

The companies say that "the combination of Microsoft's technology with Vantiv's processing services and support will make it easier for businesses to take full advantage of their most important asset - their people - to offer seamless best-in-class experiences."

The Age of Context and Security - on PaymentsViews.com

PaymentsViews logo 140pxGlenbrook's George Peabody has just posted "The Age of Context and Security" in which he explores a set of new technologies that he believes could, in combination, "produce a defense in depth that we have not enjoyed for some time."
Combining the smartphone and the cloud, five “Age of Context” technologies or ACTs as I’m calling them, will change how we live, interact, market, sell, and navigate through our daily and transactional lives, if they haven’t already. The many combinations and intersections of these technologies are raising expectations, and concerns, over what’s to come. Everyone has a stake in the outcome: consumers, retailers, major CPG brands, watchdog organizations, regulators, politicians, and the likes of Google, Apple, Microsoft, Amazon, eBay / PayPal, and the entire payments industry.
In this post, George explores some of these technologies and how they could be combined and used to enhance overall payment system security. He'd welcome your reactions and comments!

Visa Launches “Everywhere You Want to Be" Campaign

Visa 2014 logo 140x60Visa Inc. has announced the launch of "Everywhere you want to be" - calling it "a multi-stakeholder communications platform that reflects our ambition to deliver universal access to Visa’s secure, reliable and convenient digital payments."

The new theme is a slight modification of an earlier Visa tagline - “It’s everywhere you want to be”. With it, Visa says it is recommitting to these ideals and vision for consumers, merchants, governments, financial institutions and employees with a unified message tailored to each audience.

We recognized that, for the first time in Visa’s 55-year history ‘everywhere’ is now within reach of ‘everyone,’” said Antonio Lucio, Visa’s chief brand officer.

“New innovations, like mobile and e-commerce, are extending the value and reach of secure Visa payments to new people and places around the world. At this important inflection point in Visa’s history, connecting to our heritage and vision was a powerful and irresistible idea.”

“We will express our vision to each of our audiences in ways that are directly meaningful to them,” Lucio said. “This platform speaks to our dedication to change how we engage with all our partners, and helps underscore the defining characteristics of our business: convenience, reliability, security and access, that together deliver Visa’s true value.”

Visa notes that, "in the 21st century, “everywhere” transcends card usage at physical locations. It’s about realizing potential and achieving dreams. “Everywhere” now is relevant for a farmer in Rwanda paying school fees on his mobile phone, a jewelry designer in California selling to a global online customer base or a government official in Brazil rebuilding a village using a Visa prepaid card."

Headline News from PaymentsNews.com - January 13, 2014

We’d love to have you participate in our 2014 PaymentsNews Reader Survey! It’s quick and fast to complete: https://www.surveymonkey.com/s/393MCB3

Next Glenbrook Payments Boot Camps: Feb 4-5 in Palo Alto, CA; March 18-19 in New York City. Alternatively, you can request a private Payments Workshop held on-site at your location.

On the Web:

On the Wires:

Updates from Glenbrook:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

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