Fintech

Fifth Third Processing Solutions has changed its name to Vantiv LLC, the company announced June 15.

Credit unions and banks are once again struggling to plug a data breach that is siphoning tens of thousands of dollars from debit cards through purchases at local retailers.

Merchant groups say a U.S. Justice Department settlement does not go far enough to prevent Visa Inc. and MasterCard Worldwide from engaging in anti-competitive practices.

CLEVELAND – Credit unions and banks are once again struggling to plug a data breach that is siphoning tens of thousands of dollars from debit cards through purchases at local retailers.

The Department of Justice filed papers yesterday to implement the settlement of its antitrust suit against Visa and MasterCard, which will prevent the two card networks from barring merchants from steering transactions to lower-cost cards.

When Congress threatened to cap the interchange fees that banks collect on debit card transactions, the industry argued that such a move would force it to kill off its own debit rewards programs. As it turns out, the demise of those programs might inconvenience consumers but it is unlikely to deal banks much of a financial blow.

Starbucks Corp. finally has an official mobile payment offering for Android smartphones.

Regions Financial Corp. may not be the only bank planning to buy back its credit card portfolio now that the worst of the recession’s damage is receding, according to one expert who tracks credit card portfolio sales.

PORTSMOUTH, N.H. – Service CU said yesterday it will acquire two branches along the state’s coast with a merger of $36 million Seacoast CU.

U.S. Senators. Charles Schumer , D-N.Y., and Joe Manchin, D-W.Va., are urging the U.S. Department of Justice Department to shut down an underground online drug-trade site called Silk Road, but in a June 6 open letter to the department the senators barely touched on the digital currency–Bitcoins–that fuels the site’s commerce.