
Fed announces final debit Interchange rules (7/7/2011) |
At the Federal Reserve meeting today the final debit card rules where
announced and the debit Interchange cap has been raised to 21 cents
plus 5 basis points per transaction (not to exceed a sum of these two
components). .. Read More |
TCF Drops Suit Against the Fed (7/5/2011) |
Just a day after the Federal Reserve Board issued its final rules governing debit card swipe fees, TCF bank withdrew its lawsuit challenging the Fed and the underlying Durbin amendment language that required those rules. .. Read More |
Fed Adopts Swipe Fee Rule, But Raises Fee Cap and Extends Compliance Deadline (7/5/2011) |
The Federal Reserve Board on
Wednesday adopted the final debit swipe fee rule required by the Durbin
amendment to the Dodd-Frank financial reform law, but nearly doubled the
allowable swipte fee for most card transactions and extended key
compliance deadlines to October 1. .. Read More |
PayPal head predicts mobile payment will replace wallets entirely (7/5/2011) |
The president of online payment processor PayPal recently announced
that the company had surpassed 100 million active accounts, taking the
time to also forecast the death of the wallet. .. Read More |
Merchants angry over swipe fee changes (7/5/2011) |
Retailers who process payments via point-of-sale terminals will not
be seeing as much savings on swipe fees as the Durbin Amendment
originally promised. .. Read More |
AmEx launches YourBuzz for small businesses (7/1/2011) |
New York, June 30, 2011 -- American Express OPEN today launched
YourBuzz, a free tool to help small businesses manage their online
presence, learn what is being said about them and their competitors, and
connect with customers in the places where they are most vocal—social
media. YourBuzz aggregates conversations across highly influential
review sites such as Yelp and CitySearch, and social networks such as
Facebook, Foursquare and Twitter, to ensure listings are accurate, build
customer relationships, and mitigate the damage that can be done from
poor reviews. .. Read More |
$100 million for Square means change for low-end payments (7/1/2011) |
Square Inc. received a $100 million shot in the financial arm from the venture capital firm Kleiner Perkins Caufield & Byers and investment manager Tiger Global Management LLC. Square is a startup mobile payment technology firm that allows any Google Inc. Android device or Apple Inc. iPhone or iPad to accept card payments. .. Read More |
The 25 most dangerous software errors in 2011 (6/30/2011) |
Department of Homeland Security officials joined the Systems
Administration, Networking and Security (SANS) Institute and the MITRE
Corp's. Common Weakness Enumeration to release the 2011 list of most
widespread, critical errors found in software, which itemizes the 25
most common programming errors that are used to breach critical stored
data. .. Read More |
Federal Reserve sets debit interchange at 21 cents (6/30/2011) |
A reasonable and proportional interchange transaction fee is 21 cents,
plus 1 cent for fraud prevention costs, and a multiplier of 0.05
percentage-points on the cost of every transaction to pay for fraud
losses, according to a June 29, 2011, unanimous vote of the Federal
Reserve Board of Governors. Twenty-one cents is a dramatic turn around
for financial institutions that fought vigorously against the proposed
new transaction fee cap. .. Read More |
PCI Council: Validation of Some Mobile Payment Acceptance Apps Now Possible (6/28/2011) |
We recognize that merchants have been eagerly awaiting an update
from the PCI Security Standards Council on how they can be sure the
mobile payment applications they're deploying can accept and process
payment cards securely. A list of all PA-DSS validated payment
acceptance applications is available on the Council's website. .. Read More |
PCI Council Releases ‘First Step’ Guidelines on Mobile-Acceptance Apps (6/28/2011) |
The PCI Security Standards Council on Friday released its first guidelines on mobile-acceptance applications since announcing in November that it had stopped reviewing such products.
The Wakefield, Mass.-based Council, which manages the Payment Card
Industry data-security standard (PCI), also said it hopes to start
forming a broad group of mobile-payments experts next month to help
formulate further rules for acceptance apps. .. Read More |
Criminals out to 'swipe' your money (6/28/2011) |
Tribune review of federal records shows wide range of debit card skimming.. Read More |
Visa to update forecast after Fed sets debit interchange (6/28/2011) |
Visa Inc. said it will update its 2011 financial forecast on July 6, one
week after the Federal Reserve Board discloses its final determination
of debit interchange rate limits. The Wall Street Reform and Consumer
Protection Act of 2010 carries in it an amendment promoted by Sen. Dick
Durbin, D-Ill., that requires the Federal Reserve to set interchange
rates that are "reasonable and proportional' to costs. .. Read More |
Tester Amendment fails to get 60 votes to study Interchange regulations (6/27/2011) |
Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.) offered an
amendment to the Economic Development Reauthorization bill to delay by
15 months the implementation of the Federal Reserve’s rule regulating
debit interchange fees and the vote this afternoon was a close one. They
needed 60 votes to avoid a Senate filibuster but only garnered 54
votes. .. Read More |
Verifone Survey Says Discounts, Coupons, Loyalty Will Drive Mobile Payments (6/27/2011) |
While it confirms that only a fifth of smart phone owners are interested in using their phones to pay for retail purchases, a new survey sponsored by Verifone says that twice that number (41%) said they would use mobile payments if they were connected to discounts or coupons. .. Read More |
Mobile Commerce Predicted to Grow 39% Per Year Through 2016 (6/27/2011) |
While there are plenty of doubts
that consumers are ready right now to step and begin using smart phones
to pay for merchandise in stores, most observers are convinced that two
developments will help change those attitudes — mobile promotions
(coupons) and mobile commerce. .. Read More |
Washington getting serious about cyber privacy (6/25/2011) |
The bipartisanship of the cyber security bills proposed in Washington demonstrates the move to tighten security on the Internet is gaining momentum. Separate bills addressing cyber security concerns were introduced in June 2011 by Sen. Patrick Leahy, D-Vt.; Sen. Al Franken, D-Minn.; Sen. Ron Wyden, D-Ore.; Rep. Jason Chaffetz, R-Utah; and Rep. Mary Bono Mack, R-Calif. .. Read More |
Privacy in legislative spotlight (6/25/2011) |
Congress has deated issues involving consumer privacy, generally, and financial privacy, in particular, for generations. Debate has intensified in recent years, however, because rapidly evolving technologies - such as the Internet and mobile communications - are creating new vulnerabilities. .. Read More |
Protecting consumer data in a mobile world (6/25/2011) |
Since ISOs and merchant level salespeople (MLSs) have direct relationships with merchants, they play an important role in ensuring consumer payment data remains secure. .. Read More |
Federal Reserve to talk interchange fees (6/25/2011) |
A long anticipated final new rule capping debit card interchange fees is
imminent. The Federal Reserve Board's discussion of the final rule will
take place Wed., June 29, 2011, at 3:30 p.m. EDT. Under discussion at
the meeting will be the Fed's proposed rule governing debit card
interchange fees, the fraud prevention adjustment proposed in the new
rate, the exclusivity restrictions and other related matters. .. Read More |
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