Fintech

DES MOINES – The Members Group has hired Shazia Manus, the CEO of $275 million Greater Iowa CU, as new president.

DENVER – Westerra CU said it signed with CO-OP Financial Services for credit card transaction processing.

WALL STREET – Visa and MasterCard shares soared yesterday after the Federal Reserve lifted the air of uncertainty over the debit card market and passed new rules that will mean more revenues for the two card networks.

WASHINGTON — The Federal Reserve Board on Wednesday suggested raising the debit interchange fee cap to 21 cents per transaction, but it gave banks a little bit of leeway to charge even more if they meet certain fraud prevention standards.

VeriFone Systems Inc. continues to gain momentum in the contactless-terminal market for taxis is the Asia-Pacific region, signing a contract to supply 15,600 contactless payment terminals to the largest taxi fleet in Singapore.

In a move that could increase competition in Taiwan’s mobile-payments market, telecommunication operator Far EasTone Telecommunications Co. has declared plans to begin offering payment services by the end of this year.

Federal regulators on June 28 released updated guidance on how banks should guard against cyber-security threats.

Yet another mobile-commerce venture is being formed, and this one could have some staying power, according to an analyst familiar with the deal.

Mobile-payment initiatives from Google Inc., Isis and PayPal Inc. appear to be motivating investment firms to take a closer look at the companies that will help enable such transactions at brick-and-mortar locations.

Mobile-payments startup Square Inc.’s $100 million venture-capital avalanche announced June 29 could mean that the company’s transaction volume is gaining significant momentum despite its lack of profits, one analyst contends.