Technology

Leveraged loan issuance slumped in the third quarter, but the amount funded by deposit-rich banks held up and investment grade volume was healthy. Now, dollar shortages at European banks are adding a new dimension to the turmoil.

Participants in a large international credit card-skimming ring allegedly stole credit card data from thousands of U.S. and European consumers over a 16-month period, resulting in at least $13 million in losses, the Queens, N.Y. district attorney’s office announced Oct. 7.

The combined effects of tighter lender underwriting criteria and continued consumer discipline in keeping credit card accounts current drove the bankcard delinquency rate to new lows through the second quarter, according to data from the American Bankers Association.

In a move that MasterCard Worldwide says is helping to pave the way for contactless mobile payments in the U.S., the card company on Oct. 7 announced that 7,000 Subway restaurants will accept PayPass by the end of the first quarter of 2012. Subway follows McDonald’s Corp., which began taking PayPass in 2004 at its U.S. locations.

A Toronto-based payments gateway is providing consumers with a simpler way to make online purchases from mobile phones, and it is looking for independent sales organizations to promote the product to merchants.

In an effort to thwart fraud attempts at the earliest stage of the online ticket-purchasing process, Turkish Airlines Inc. has opted to link its website to CyberSource Corp.’s fraud-monitoring services.

Bank of America Corp., whose website has been down sporadically since Sept. 30, says the problem stemmed from technical hiccups, not a hack attack.

The combined effects of tighter lender underwriting criteria and continued consumer discipline in keeping credit card accounts current drove the bankcard delinquency rate to new lows through the second quarter, according to new data from the American Bankers Association.

Though it established a two-tier rate structure to accommodate issuers exempt from new caps on debit card interchange established by the Federal Reserve Board, Visa Inc. made only minor changes to the rates acquirers use to determine how much they pay card issuers with less than $10 billion in assets.

Mocapay Inc. has signed yogurt store Yumilicious to its mobile loyalty program in a move some observers say illustrates the future for loyalty and prepaid gift cards.