Bank technology

IMGCAP(1)]

Banks and credit unions collected $23.7 billion in overdraft fees in 2008, up 35.4% from 2006, according to a study published this month by the Center for Responsible Lending.

Rapadev LLC has expanded its mobile payment acceptance software to work with Research in Motion Ltd.'s BlackBerry devices.

Charging fees for security-related services or noncompliance with the Payment Card Industry Security Standards Council's data security standards can motivate reluctant merchants to become compliant, according to some payments executives.

The Redwood City, Calif., company said Wednesday that people who want to make purchases within online game systems can enroll their Obopay accounts to facilitate the transactions without leaving the gaming sites.

Fiserv's debit transactions have climbed sharply this year as consumers shift away from credit cards, and the payments company says its bank customers are issuing more debit cards.

TSYS recorded a drop in profit for the third quarter but came in above Wall Street's consensus figures for sales and improved from the second quarter.

Fiserv Inc. reported Tuesday that its net income grew 47% in the third quarter, to $115 million, though revenue fell 5%, to $992 million, compared to a year earlier.

IMGCAP(1)]

Hypercom Corp. announced a new unit Tuesday to promote the use of encryption technology within the payments industry. Its rival, VeriFone Holdings Inc., announced a partnership the same day with the processor Chase Paymentech LLC to offer its own encryption product to Paymentech's merchant clients.

Fraudsters taking advantage of the weakest links: small and midsize businesses; Virginia v. watchdog website in online protected free speech debate; Nigerian scammers feeling the heat; and more.

ING Group NV plans to spin off its U.S. direct banking operation under a restructuring plan that would enable it to seek European Union approval for a taxpayer-funded bailout.

IMGCAP(1)]

Mobile financial services vendor Monitise Americas LLC announced Monday that 50 financial institutions have now signed up for its full-service offering and 100 more have signed up for its text-only service.

The credit bureau TransUnion LLC is using the on-demand Vindicia CashBox service for its online billing management, the vendor, Vindicia Inc. of Redwood City, Calif., announced.

As financial companies develop more tools to make their online banking services more interactive, some payments executives are realizing that consumers are still concerned with security, proactive communication and more personalized experiences.

IMGCAP(1)]

MasterCard Inc. has introduced in India a virtual prepaid card that can be used with mobile phones.

VeriFone Holding and Heartland Payment Systems are embroiled in a legal dispute that was triggered by still-in-development encryption technologies and has led to charges of unfair competition, patent infringement and xenophobia.