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Clearing House Payments Company

Welcome to the News View for "Clearing House Payments Company".

Here, on these archive pages, you'll find all of the articles on Payments News for Clearing House Payments Company listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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October 23, 2014

Headline News from PaymentsNews.com - October 23, 2014

On the Web:

  • Considering Bitcoin as a Payment Network - PaymentsViews.com (Russ Jones) - "What sort of payment system is Bitcoin? I’d say it is most similar to an open loop payment system that uses the push model. It offers close to real-time processing between end-parties and uses real-time gross settlement to complete each transaction. ..."
  • Costs and Benefits of Building Faster Payment Systems: The U.K. Experience and Implications for the United States - Federal Reserve Bank of Boston - "This paper examines the economic cost-benefit analysis underlying the U.K. FPS investment decision and describes the subsequent diffusion and use of FPS through 2013. The paper also assesses the effects that FPS likely had on the rest of the U.K. payment system and highlights key unanswered questions for future research."
  • The Dawn of Diners Club, and the Credit Card - New York Times - "Diners Club initially charged a $5 annual fee to users (equivalent to $49 today) and a fee of 7 percent to 10 percent of the charge to the business accepting the card."
  • Better Your Business With Square App Marketplace - Square Blog - "Whether you’re looking for easy sales tax reporting and filing with TaxJar, a wireless kitchen display system with Fresh KDS, or a comprehensive view of your social and online marketing efforts alongside sales with SumAll, you can find business apps that sync seamlessly with your Square account."
  • Why America has been slow to adopt modern credit-card technology - Economist - "As the (probably apocryphal) Winston Churchill aphorism goes, you can always count on the Americans to do the right thing—after they have tried everything else."
  • Etsy Introduces Credit Card Reader to Go Beyond the Web - "With the launch, Etsy will for the first time start earning a cut of transactions that happen away from its digital platform."
  • The 12 Best Answers from Gavin Andresen's Reddit AMA - CoinDesk - "They should use the block chain as the world's most secure distributed ledger."
  • Apple Pay’s First TV Ad Is A World Series Spot From MasterCard And MLB - TechCrunch - "Remember, this is a MasterCard ad, not an Apple ad, meaning this is yet another sign that payments providers think Apple could be the company to make mobile payments really take off, and are investing resources and backing accordingly."
  • In Palo Alto, Even the Hummus Guy Has an E-Commerce Startup - Re/code.net - "His new app — Wondermall — is an iPad shopping play in which a user can scroll through a virtual mall populated with anchor stores like Macy’s and Banana Republic."
  • Tipalti lands $13M to become a bigger international payment platform - VentureBeat - “When you’re paying your supplier, there isn’t a simple, common denominator,” CEO and co-founder Chen Amit told VentureBeat.
  • Mobile Payments: Ready for Primetime - The Clearing House Banking Perspectives (Dave Fortney) - "The great consumer adoption fallacy is that consumers will use mobile payments simply because they’re new and cool. The opposite is more likely true; tech enthusiasts aside, most consumers are resistant to change and will only accept it if given a compelling reason. Consider it the human equivalent to Newton’s first law of motion: an object at rest tends to stay at rest unless acted upon by an outside force."

On the Wires:

  • The Clearing House to Undertake a Multi-Year Effort to Design and Develop a Secure, Real-Time Payment System - “The digital economy moves in real time and our customers expect us to keep pace,” said Richard Davis, Chairman, President, and CEO of U.S. Bank and Chairman of The Clearing House. “We will work with the industry to build a real-time payment infrastructure, which will enable consumers to pay and get paid securely and conveniently.”
  • U.S. Bank Launches Corporate Payments Mobile App for On-The-Go Account Access - “Mobile devices are blurring the line between corporate and consumer need,” said Dominic Venturo, chief innovation officer for U.S. Bank. “Customers want a consistent, familiar experience, whether they’re paying their mortgage at home or managing invoices at work. Tools must be simple, intuitive, and offer high-value, low-cost functionality."
  • Worldpay Supports Apple Pay - “Enabling our merchants to process Apple Pay payments is a natural extension of Worldpay’s secure payment offerings,” said Tony Catalfano, President and CEO of Worldpay US. “We are committed to ongoing improvements that enable our merchants to accept new methods of payment as they evolve and intersect with new technologies."

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!

October 15, 2014

Headline News from PaymentsNews.com - October 15, 2014

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!

October 01, 2013

MasterCard, Visa and American Express Propose New Global Standard to Make Online and Mobile Shopping Simpler and Safer

Visa, MasterCard and American Express have announced a proposed framework for a new global standard to enhance the security of digital payments and simplify the purchasing experience when shopping on a mobile phone, tablet, personal computer or other smart device.

According to the companies, "the proposed standard would allow the traditional account number to be replaced with a digital payment “token” for online and mobile transactions. With a token, consumers will no longer be required to enter an actual account number when shopping online or on a smart device. Tokens provide an additional layer of security and eliminate the need for merchants, digital wallet operators or others to store account numbers."

“For more than five decades, the payments industry has relied on standards to safely and consistently process payments,” said Jim McCarthy, Global Head of Innovation and Strategic Partnerships, Visa Inc. “As more consumers make purchases with mobile phones, tablets and PCs, we are committed to showing industry leadership in the development of new standards that offer the same interoperability, reliability and security as traditional card payments.”

“This continued transition from plastic cards to digital is all about providing consumers with the ability to easily and safely make a purchase. They would no longer need to store their actual card account number when shopping online or with a smart device; the token would serve as that stand-in,” said Ed McLaughlin, Chief Emerging Payments Officer, MasterCard. “This proposed global standard builds on our track record of working across the industry to deliver safe and secure payment products. What we're introducing today is comparable to how the industry came together to develop and use the magnetic stripe, EMV and NFC on a global scale.”

“By working together to form a common global standard for online and mobile shopping, we will be able to provide enhanced security, interoperability and consistency for all participants within the digital payments ecosystem,” said Mike Matan, Head of Global Network Business, American Express. “In addition, we will be able to drive the rapid adoption and expansion of digital payments, delivering innovative new products and services that will allow consumers to realize the full potential of digital commerce in today’s world.”

Key elements of the proposed standard include:

  • New data fields to provide richer information about the transaction, which can help improve fraud detection and expedite the approval process
  • Consistent methods to identify and verify a consumer before replacing the traditional card account number with a token
  • A common standard designed to simplify the process for merchants for contactless, online or other transactions

Once a standard is agreed to and implemented, issuers, merchants or digital wallet providers would be able to request a token so that when an account holder initiates an online or mobile transaction, the token – and not the traditional card account number – would be used to process, authorize, clear and settle the transaction in the same way traditional card payments are processed today. Tokens can be restricted in how they are used with a specific merchant, device, transaction or category of transactions.

The three companies say that the proposed framework has incorporated the input of many stakeholders, particularly card issuers and merchants. Over the coming weeks, the framework will also be presented to other partners and independent industry bodies, such as The Clearing House, PCI Security Standards Council and EMVCo, to align and further advance the standard.

We're reminded that The Clearing House announced a similar dynamic credentialing initiative earlier this year.

July 01, 2013

The Clearing House Announces Dynamic Credentialing Payments Initiative with Major Banks

The Clearing House 140pxThe Clearing House (TCH) has announced that it is working with its 22 member banks to develop an "industrywide dynamic credentialing solution to improve the safety and soundness of digital payments."

TCH says it is developing a pilot program to demonstrate a solution that would foster an open standard solution that aims to enhance customer account information
safeguards by reducing storage of sensitive information, such as a
customer’s card number, across multiple retailers, virtual wallet providers and
others. TCH says the initiative is designed to ensure that solutions in mobile and other digital payment channels scale in a consistently safe and sound manner.

“Financial institutions have always been the stewards of safe and sound payment systems,” said Richard K. Davis, Chairman, President and Chief Executive Officer, U.S. Bancorp and Chairman of The Clearing House.

“As an industry, we want to do what we can to ensure that privacy and fraud
protection are built into all types of digital payments.”

The pilot will test customers’ ability to use their mobile device to make a purchase within a mobile wallet and at the point of sale.

The customer’s actual account number will be replaced by the issuing bank with a randomly generated temporary number, or dynamic credential, for processing the transaction. This protects a customer’s account information behind bank firewalls and lowers the potential for fraud in digital payments.

Customer experience for payment transactions with mobile devices should not be impacted as the pilot is focused on the “behind the scenes” of a digital payment transaction.

“The development of an innovative, safe and sound solution for digital payments is a natural evolution for The Clearing House,” says The Clearing House President and CEO James Aramanda.

For 160 years The Clearing House has focused on the safety and security of payments for all Americans. First with the development of a central clearing house, then the paper check, followed by electronic payments and now it is ready to ensure digital payments safety and security for future generations.”

April 11, 2013

Headline News - April 11, 2013

On the web:

On the wires:

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated.

February 03, 2011

October 16, 2008

An Update on UPIC Payments

The Clearing House has announced that it is seeing accelerating usage of Universal Payment Identification Codes (UPICs) by public and private sector entities across the U.S. UPIC payments have grown to a record $4 billion in the third quarter of 2008, up 61% compared to the same period a year ago. A UPIC is used for credit payments only and thus lowers the possibility of unauthorized debits, checks and demand drafts. The UPIC was developed by the Electronic Payments Network (EPN), the ACH business of The Clearing House, in conjunction with the financial services industry. READ MORE »

August 28, 2008

James D. Aramanda Named CEO of The Clearing House

The Clearing House Board of Directors has announced that James D. Aramanda has been named the company's Chief Executive Officer effective September 8. He succeeds Jeffrey P. Neubert, who will retire from The Clearing House following a transition period. READ MORE »

May 13, 2008

Fedwire Funds Service, CHIPS Announce New Formats Support

The Federal Reserve Banks (FRBs) and The Clearing House Payments Company (TCH) have announced plans to implement enhanced message formats to accommodate both cover payments and payments containing business remittance information on their respective U.S. dollar wire transfer systems, the Fedwire® Funds Service and CHIPS. READ MORE »

September 26, 2007

Who's News - Payments Professionals Management Changes

We have received news of the following recent management changes:

  • The Clearing House Payments Company today announced that Senior Vice President Susan Long will manage both paper check and electronic check clearing services on Oct. 1 and that Senior Vice President Jerry Milano, head of SVPCO Check Services, will retire on March 31, 2008. Long, who joined The Clearing House 14 years ago, had been running SVPCO’s electronic check services.
Announce yourself! Have you recently taken on a new position in the payments industry? If you'd like to share the news with your colleagues, be sure to tell us about it. Are you looking for a new payments-related job? Or are you needing to find someone great? Checkout the Payments Jobs job board.

May 07, 2007

The Bank of New York Connects To SVPCO Image Payments Network

SVPCO - Electronic Clearing Services, the electronic check and check image exchange business of The Clearing House Payments Company, has announced that The Bank of New York is now participating in the SVPCO Image Payments Network.

READ MORE »

May 03, 2007

BITS Payments Initiatives Move to The Clearing House

The Clearing House and BITS have announced that member banks of BITS Payments Strategy Steering Committee (PSSC) have moved their payments initiatives to The Clearing House’s Strategic forum to create a single bank-driven focal point for payments issues for the financial services industry.

READ MORE »

April 18, 2007

Endpoint Exchange Links To SVPCO Image Payments Network

Endpoint Exchange LLC, a Metavante company, and SVPCO – Electronic Clearing Services, the electronic check and check image exchange business of The Clearing House Payments Company LLC, have announced that member financial institutions of both systems can now exchange check data and images.

READ MORE »

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