Fintech

A new system lets consumers deactivate debit and ATM cards from a mobile device, reactivating them only as needed.

BUFFALO, N.Y. – State regulators approved the conversion of Buffalo Service CU to a state charter, allowing the $41 million credit union to serve the 900,000 residents of Erie County, N.Y.

The debit card likely will not go the way of the paper check, but its days as a single-purpose product are looking increasingly numbered.

A new mobile credit card reader to be offered in the United States by a European startup will accept magnetic stripe cards for payment, but the company is not concerned the U.S. move to EMV cards will affect merchant interest in the device.

Fifth Third Bancorp is offering a payment card that enables users to pay from either a credit or debit account.

Financial institutions that are not exempt from the Federal Reserve Board’s reduction in debit card interchange might find themselves pushing Internet PIN-debit technology as a way to reduce fraud and maximize revenue, an electronic funds transfer network executive contends.

The prospect of American consumers becoming regular users of EMV smart cards in the not-too-distant future means financial institutions and ATM manufacturers should already be addressing the extensive work needed to ensure the migration goes smoothly for consumers, ATM company executives say.

Marketing to underbanked consumers is not easy. Selling to them is even more difficult.

Visa Inc.’s announcement that it expects old, static PINs to eventually be “eliminated entirely” in favor of dynamic authentication is facing resistance–in particular because many are not convinced that the PIN is past its prime.

Financial institutions that serve military personnel, including USAA and Navy Federal Credit Union, are pressured to provide a wide range of remote access beyond that of traditional branch-heavy banks because the Web and mobile phone are often the only access points that consumers who are stationed overseas have to their financial institution.