Fintech

Merchants whose customers buy multiple prepaid cards contained within one pack would be able to save time by activating the cards all at once, and not individually, under a patent the U.S Patent and Trademark Office recently issued to First Data Corp., the Atlanta-based payment processor announced March 7.

Credit-union and bank groups plan to file a brief as early as March 7 asking a federal court to block implementation of the debit-interchange fee provisions of the Dodd-Frank Financial Reform Act.

WASHINGTON – Credit unions and banks are urging the Federal Reserve to exclude ATMs transactions from the new rules setting price caps on debit fees.

PIERRE, S.D. – Credit union and bank groups will file a brief as early as today asking a federal court to block implementation of the debit interchange fee provisions of the Dodd-Frank Financial Reform Act. The so-called friend of the court brief by CUNA, NAFCU the American Bankers Association, and the Independent Community Bankers of America, will be filed as part of a suit by TCF Bank challenging provisions of the Durbin amendment that will set caps on interchange fees collected by financial institutions. The amicus brief cites problems with the Durbin amendment, including the directive that the Federal Reserve set “reasonable and proportional rates” on interchange, that the language does not allow for all reasonable costs incurred in setting the allowable fees and that the requirements on routing and exclusivity are problematic, according to Mary Dunn, senior regulatory lobbyist for CUNA. TCF, in a suit filed last October, claims the Durbin amendment illegally interferes with the $18 billion bank’s activities in a market that has been competitive and open by imposing unconstitutional limitations on the ability of TCF and other financial institutions to recover their costs for providing a service crucial to bank depository customers today. TCF is Minnesota’s second largest bank holding company but filed the suit in South Dakota where it is incorporated.PIERRE, S.D. – Credit union and bank groups will file a brief as early as today asking a federal court to block implementation of the debit interchange fee provisions of the Dodd-Frank Financial Reform Act.

Secure Vault Payments, NACHA’s alternative payment system that enables consumers to make online purchases directly from their bank accounts, may gain new prominence from a test it is running with a sizeable client.

The legal volleying in TCF Financial Corp.'s lawsuit to block the Durbin amendment continued Friday with the Wayzata, Minn., banking company filing documents in federal court to counter regulators' opposition.

Debit card networks could lose $1.7 billion in revenue from fees they charge banks stemming from the Federal Reserve Board’s proposed debit-interchange caps, according to an analyst.

Heartland Payment Systems Inc. of Princeton, N.J., has added an automated clearinghouse feature to its Express Funds remote deposit service.

Nearly half of consumers around the world are concerned about card fraud, yet many fail to take precautions to prevent it, suggesting banks should do more to educate consumers to reduce their susceptibility to fraud, recently released survey data show.

Proposed and recently enacted state and federal regulations regarding debit and reloadable prepaid cards have put card programs used for disbursing unemployment, Social Security and other benefits in serious jeopardy, a JPMorgan Chase & Co. executive tells PaymentsSource.