Fintech

CLEVELAND – Firefighters Community CU has launched a campaign to save residents $1 million in loan and credit card interest in 2011 with its “Dare 2 Compare Challenge.”

The delay some lawmakers are seeking in implementing proposed new debit-interchange rules would represent a “huge handout” to large banks that do not deserve another bailout by consumers and businesses, Sen. Dick Durbin, D-Ill., told reporters March 24 during a teleconference outlining his opposition to a delay.

Union Bank of India Ltd. is partnering with Nokia India Pvt. Ltd. to launch a mobile-based payment service, a spokesperson for the Mumbai-based bank tells PaymentsSource.

Alexandria, Va.-based Pentagon Federal Credit Union said it is providing members with 5% cash back on every gas purchase paid for at the pump and 1% cash back on all other purchases with the use of its PenFed Visa Platinum Cash Rewards Card.

Experian unveiled an income model this week to help lenders comply with the Federal Reserve’s amendment to Regulation Z (Truth in Lending) of the CARD Act. The amendment requires credit card issuers to judge borrowers’ ability to pay individually rather than relying on household income.

Federal Reserve Board Chairman Ben Bernanke assured community bankers Wednesday that the central bank will attempt to protect them as it finalizes its rule capping debit interchange fees.

Spotting an opportunity to help hospitals improve patient-payment collection systems and to expand its relationships with commercial customers, Wells Fargo & Co. this month is rolling out an online health care payment product that integrates various functions.

Hewlett-Packard Co. wants it known that its business interests extend beyond personal computers and printers. They also touch the payments industry in a significant way.

Lloyds TSB Bank PLC later this year will begin issuing Visa-branded contactless debit cards to its accountholders within the greater London area, the Scotland-based bank announced March 23.

Payments-software company ACI Worldwide Inc. has acquired payments-software provider ISD Corp. for an undisclosed amount, a move that adds 140 retailers to ACI’s client base, Carolyn Homberger, ACI vice president of programs and operations, tells PaymentsSource.