Technology

Bank of America Corp. and Wells Fargo & Co. are ending a joint venture they formed three years ago to develop a system to process automated clearing house payments, spokespeople for the banks said June 6.

Linking online bill pay to a bank’s rewards program is one way financial institutions could revitalize their customers’ use of online banking, suggests a new report.

Mobile banking and payments provider Clairmail Inc. has hired a new chief financial officer and a new chief technology officer.

In a move backing its plan to showcase mobile payments at the London Summer Olympics and Paralympics Games in 2012, Visa Inc. says it will roll out a Near Field Communication-based mobile phone for payments linked to prepaid accounts from British bank Lloyds TSB.

Google Inc. is eliminating the Checkout icon next to ads it displays for merchants that use its alternative payment system.

Seeking to further standardize payment card functions and security within the Single Euro Payments Area, the European Payments Council on June 6 released its latest technology requirements.

To speed up checkout times for small-ticket transactions, a pilot under way at Australian retail chain Coles Supermarkets is enabling holders of EMV Chip-and-PIN credit cards to make purchases without having to enter a PIN.

EMerchants Ltd. on May 20 won a three-year contract to provide prepaid cards for Telechoice, the largest dealer for mobile operator Optus Ltd. in Australia.

Michaels Stores Inc. claims in mid-May it was partway through the process of upgrading the payment terminals in its stores to new, tamper-resistant models when a series of fraudulent debit card transactions pointed to criminals tampering with PIN pads at its stores.

Mitek Systems said June 6 it has been granted four new patents from the U.S. Patent and Trademark Office for its popular “Point, Shoot and Deposit” mobile deposit technology.