Orbiscom said it expects recent broad security breaches involving credit card data to give a lift to its Controlled Payment Numbers technology aimed at securing online purchases. The product, known as ControlPay, enables credit and debit cardholders to generate a substitute number when making a 'card not present' purchase. The real card number is never revealed during the purchase and is never stored in the merchant's database. Orbiscom markets the product to several large card issuers under various brand names, including ShopSafe (MBNA); Discover Desktop (Discover); and Virtual Account Numbers (Citibank).
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The parent company of Heartland Bank and Trust plans to acquire a smaller bank based in Carlinville, Illinois. The acquisition would give the buyer added heft in Central Illinois, as well as the Chicago and St. Louis metro areas.
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Six trade groups warned the administration layoffs and funding freezes could dampen lending, threatening the administration's goal of economic growth.
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The Boston-based bank is the second bank in three months to face pressure to sell by the activist investor group HoldCo Asset Management.
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Comptroller of the Currency Jonathan Gould said in an interview with American Banker that his agency is looking at whether its own internal guidance may have contributed to a climate where banks feel the need to "cite everything" to avoid supervisory penalties.
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AlumniFi, the digital banking arm of Michigan State University's official credit union, is now an official bank partner for the NCAA's Big East conference.
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A failure at an Amazon Web Services data center in Virginia caused widespread outages, hitting services at several banks and fintechs.
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