Bank technology

VeriFone Systems reported that its second-quarter net income dropped roughly 42%, to $14.5 million, from a year earlier as expenses rose.

Paul Galant, Citi's head of enterprise payments, shares the company's direction on the mobile wallet and B2B payments.

PayPal is done taking baby steps. It revealed 15 new national retailers that will eventually accept PayPal payments, as well as numerous agreements with terminal makers and other vendors to increase PayPal's presence as an option in brick-and-mortar stores.

Accepting payments on the go is taxing enough without having to worry about the government's cut. To address this pain point, Intuit added a geolocation feature to its GoPayment mobile card reader to determine where a payment is being accepted and apply the appropriate tax rate.

"The future is going to be no one company is going to own digital payments and digital commerce," says Dan Schulman, group president of enterprise growth at American Express, who has met with more than 300 mobile commerce companies in Silicon Valley. "It's going to be a combination of financial services companies, wireless companies, software companies, retailers coming together to think about, how do we offer a better experience for the consumer in this commerce lifecycle."

Amex has plans to converge its prepaid cards and its digital wallet. Dan Schulman, group president of enterprise growth, explains.

Waves were made in early August, when Google announced that its Wallet worked with all major credit cards and American Express counter-announced that no, it does not have an agreement with Google to work with its Wallet. Sean Sposito grills Dan Schulman, group president of enterprise growth at Amex, about this very public dispute.

It's a crowded mobile wallet market, with Google, PayPal, Isis and others strenuously pushing their products. Dan Schulman, group president of enterprise growth, shares what he believes are the strengths of American Express’s Serve digital wallet.

A closed loop can help eliminate spam and unwanted marketing messages, according to Dan Schulman, group president of enterprise growth.

American Express has ambitious plans for Serve, Dan Schulman, group president of enterprise growth explains.

Social engineering attacks — also known as phishing and spear-phishing — are on the rise against banks and their corporate customers. The stakes are high and rising for both.

The bank-led clearXchange payment consortium that launched last year has put its payment network in production.

As the card associations force merchants to accept EMV cards, merchant terminal providers stand to benefit from a flurry of hardware upgrades.

A European Union court Thursday rejected a legal challenge by MasterCard Inc. (MA) of a 2007 European Union ruling over its fees, in a case seen as a key test on the levies card companies can impose in Europe.

Bank has been adding 43,000 new active mobile customers a week.

New products are making paperless account openings and loans possible via tablets.

Target has once again proven to be a breeding ground for payment innovation. The retail giant, which gave an early boost to the Starbucks mobile payment app and the American Express low-fee prepaid card, has given shopkick the go-ahead for a nationwide rollout of the vendor's mobile rewards system at its stores.

A TowerGroup analyst has strong words for banks reluctant to get involved in mobile payment initiatives.

The payment processor wants to grow through acquisition and work directly with merchants.

Most banks don't have the IT infrastructure to support the flood of payments data that will come with mobile payments, analyst Brian Riley warned at a conference today.