Regulation

Police in the of Jakarta have ordered banks operating in Indonesia’s capital city to beef up their ATM security, a spokesperson for the department tells PaymentsSource.

WASHINGTON – The banking lobby is rejecting Visa Inc.’s proposal for a dual system on debit card interchange, saying such a system would only force merchants to migrate to lower-cost cards as mandated for the biggest issuers.

WASHINGTON — A Financial Crimes Enforcement Network plan to require banks to report all international wire transfers to the government is fundamentally flawed and must be significantly scaled back or withdrawn, according to several banks and their representatives.

WASHINGTON – Lawmakers are having second thoughts on a provision creating price controls on debit card interchange they easily approved during last year’s debate on the Dodd-Frank Financial Reform Act.

Qatar Airways Ltd. and DataFlight Europe AS are collaborating to enable authorized bankcard acceptance onboard flights for duty-free purchases, the Doha-based airline announced last month.

New York Gov. Andrew Cuomo, in his first State of the State address, this week recommended the creation of a Department of Financial Regulation that would merge the state's Banking Department, Insurance Department and Consumer Protection Board.

After another year in which legislators and regulators rewrote the rules of the game in the payments industry, equity markets have rendered provisional judgments on which companies face the worst handicaps.

A proposed policy by the European Commission, the European Union’s executive arm, that would hasten migration to a Single Euro Area Payments system also may ban direct debit fees in 2012.

The top banking authority in India has issued a new regulation designed to further protect cardholders from fraudulent transactions made at ATMs.

Meta Financial Group Inc.’s escalating regulatory problems could foreshadow broader scrutiny for prepaid card companies.