On the Web:
- 2013 Interchange Fee Revenue, Covered Issuer Costs, and Covered Issuer and Merchant Fraud Losses Related to Debit Card Transactions - Federal Reserve - "The Federal Reserve Board on Thursday published a report containing summary information on the volume and value, interchange fee revenue, certain issuer costs, and fraud losses related to debit card transactions in 2013. The report is the third in a series to be published every two years pursuant to section 920 of the Electronic Fund Transfer Act (EFTA)."
- Samsung is teaming with PayPal for mobile payments on a watch - GigaOm - "The payment system is reportedly aimed at the next generation of Samsung smartwatches since the current models don’t have fingerprint sensors."
- New ACH Return Rate Threshold on the Horizon - Portals and Rails Blog - "The NACHA Operating Rule amendment will reduce the threshold for returns of unauthorized debit entries from 1 percent to 0.5 percent, effective September 18, 2015. An originating depository financial institution will be subject to possible reporting and fines if they have an originator or third-party sender whose return rate for unauthorized debits exceeds the current threshold."
- Ex-Employees Say Home Depot Left Data Vulnerable - New York Times - "Several people who have worked in Home Depot’s security group in recent years said managers failed to take such threats as seriously as they should have."
- Citibank, Wells Fargo sending its customers an introduction to iPhone 6, Apple Pay - AppleInsider
- China’s big bank card network promotes online purchases from overseas retailers - Internet Retailer - "China UnionPay, the country’s bankcard network, last week launched an online shopping portal where Chinese shoppers can find products that they can purchase from foreign e-retail sites."
On the Wires:
- Citi Launches Citi Mobile Challenge to Fuel Digital Innovation - "Citi will provide developers with a suite of tools they can use to build solutions to benefit consumers either through mobile applications or the Internet of Things. Selected participants will present their concepts at demonstration events in Miami, New York and Silicon Valley and finalists will have the chance to take their technologies into production with the support of Citi."
- Bank of America Changes the Game With Preferred Rewards - “Preferred Rewards is the first program of its kind to offer clients benefits and rewards for everyday banking,” said Dean Athanasia, president of Preferred and Small Business Banking and co-head of Consumer Banking at Bank of America.
- U.S. Bank Encore Rewards Program for Small Businesses Blazes New Path for Industry - “This is the first time an American bank is giving small-business customers what they deserve: an easy way to earn rewards for combining their card purchasing and processing with one company,” said Cathi Stanton, head of small business credit cards at U.S. Bank.
- Ingenico Group further expands global partnership with Elavon - "...Elavon has now selected Ingenico Group to be a key partner in supporting its migration to EMV-based payment processing infrastructures in the U.S. In addition, it has chosen Ingenico Group to run Fanfare, Elavon’s omni-channel marketing and customer loyalty program for small-to-medium size U.S. customers."
- First Weekend Apple iPhone Sales Top 10 Million, Set New Record - “Sales for iPhone 6 and iPhone 6 Plus exceeded our expectations for the launch weekend, and we couldn’t be happier,” said Tim Cook, Apple’s CEO. “We would like to thank all of our customers for making this our best launch ever, shattering all previous sell-through records by a large margin. While our team managed the manufacturing ramp better than ever before, we could have sold many more iPhones with greater supply and we are working hard to fill orders as quickly as possible.”
- Synchrony Financial Launches New Brand and Advertising Campaign: Engage with Us - Margaret Keane, president and CEO of Synchrony Financial, said, “After conducting extensive research with key stakeholders, we are proud to launch a Synchrony Financial brand campaign that truly represents who we are as a company and the value proposition we offer to our stakeholders."
- New GSMA Report Sees North America Leading Mobile Investment and Innovation in the Developed World - “Our latest Mobile Economy report reveals how the widespread deployment of 4G networks in North America is creating a virtuous circle, stimulating adoption of new mobile technologies, applications and services that are unlocking new revenue streams for operators and enriching the mobile experience for consumers.”
- BitFury Forms Strategic Advisory Board With Technology and Venture Industry Leaders - "BitFury Group, the leading Bitcoin infrastructure provider and Bitcoin transaction processing company, formed its strategic advisory board with two key appointments: Silicon Valley investor Jonathan Teo and former UMC Chairman and CEO Dr. Jackson Hu. BitFury also brought on Bob Dykes, founder and president of Tanjarine and former CFO of VeriFone, to its board of directors."
Updates from Glenbrook:
- Join Elizabeth McQueery and Manfred Schuck for Glenbrook's Payments in Europe Workshop - Oct 9 in Palo Alto, CA
- Glenbrook Payments Boot Camps: Oct 7-8 in Palo Alto, CA.; Oct 21-22 in New York City; Dec 9-10 in Palo Alto, CA.
- Money20/20 has become the go-to event in payments. We'll be there in force... will you? Use this promo code to register "GLENBR20"
- The Kindle edition of our book "Payments Systems in the U.S. - Second Edition" - is now available in the Kindle Store as well as in an iBooks version for your iPad or Mac in the iBooks Store.
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