Fintech

Public fallout from the data breaches that have affected Citigroup and other large enterprises in and out of finance in recent weeks has reached the political push back stage, with both Sen. Patrick Leahy (D-Vt.) and Rep. Mary Bono Mack (R-Calif.) hoping the events will breathe new life into data protection legislation that’s failed in the past.

WASHINGTON – The Obama administration's push to create a national standard for when and how banks and other companies must notify customers of a data breach appears to be gaining momentum.

Many banks subject to the Durbin amendment are convinced debit interchange cuts will make free checking or rewards programs impossible to support. What they are not so sure about is what Durbin would mean in the fight against fraud.

Fiserv's upgrades to key processing software could remove another roadblock in the way of the many banks that want to speed up their ACH payments.

American Express Co.'s latest play at the less affluent, its nearly fee-free prepaid card, looks less complementary to its digital wallet, Serve, and more cannibalistic.

WASHINGTON – The leader in the effort to delay the cap on debit fees called on the Federal Reserve last week to include all costs available, including fraud, in setting a final cap, which is expected to issue its rule any day now.

WASHINGTON – NAFCU called on Senate leaders yesterday to heed the spreading threats posed by new data security breaches and proceed with legislation that would protect consumers and card issuers from breaches.

As credit card use slows in certain sectors because of tightened budgets and risk avoidance, issuers are beginning to step up efforts to keep customers threatening to leave. But many issuers lack consistent retention strategies, a new study from Celent LLC contends.

A new, joint prepaid debit card-marketing campaign involving MasterCard Worldwide and Univision Communications Inc. illustrates the companies’ ongoing efforts to bring more Hispanic consumers into the financial mainstream.

Joining the growing raft of processors rolling out advanced data-encryption services to help protect cardholders at the point of sale, Elavon Inc. on June 20 announced a portfolio of products and services dubbed Safe-T Suite.