Fintech

Wells Fargo & Co. likely is about to experience a flood of customer complaints as it starts to experiment with debit card fees to offset revenue losses it expects from the Federal Reserve Board’s interchange-rate cut, observes one analyst.

It made headlines in Europe, but this week’s announcement that three major telecommunication companies in Germany have joined forces to bypass supporting banks in handling Mpass mobile-payment transactions is a concept not likely to quickly take hold in other countries, one industry observer says.

BillMyParents appears to be promoting the concept that “mother knows best.”

Eager to exploit new growth opportunities in a sluggish economy, certain payments-industry technology suppliers already are positioning themselves to capitalize on opportunities Visa Inc.’s U.S. EMV chip card initiative may trigger as participants upgrade systems and equipment, observers say.

The recent turmoil in the financial markets has not yet altered banks’ immediate technology spending plans, Jack Henry & Associates Inc.’s top executive says.

Bank of America Corp.’s deal on Aug. 15 to its sell its unwanted Canadian card assets is the latest example of how smaller acquisitions are fueling a slow revival in the credit card portfolio sales market.

Acknowledging that community banks and credit unions also can have “big bank” ATM security and reliability, NCR Corp. is seeking to expand its ties with smaller financial institutions by offering them an affordable version of its ATM services major banks use, the company announced Aug. 16.

ALEXANDRIA, Va. – Pentagon FCU said it has become the “exclusive, preferred financial services provider for credit cards, vehicle loans and mortgages” for the Navy League of the United States.

Cardtronics Inc.’s acquisition of Access To Money Inc. continues to keep the ATM independent sales organization on the path it set for itself when the company went public in 2007, notes one observer.

Prepaid card marketing is on the rise as the major card brands set their sights on new markets and opportunities for growth to counter legislative and regulatory changes constraining their ability to grow their more traditional debit and credit card products.