Cards

American Express Co. is trying to take prepaid debit cards, typically targeted at underbanked consumers, up market.

WASHINGTON — In a nail-biting conclusion after weeks of fierce lobbying by bankers and retailers, the Senate defeated a bill Wednesday that would have delayed the Federal Reserve Board's proposal to cap interchange fees for debit cards.

WASHINGTON – Credit unions and banks turned their focus to the courts this afternoon after the Senate narrowly voted down a proposal that would have delayed cuts in debit fees being enacted by the Federal Reserve.

WASHINGTON — Just hours before the Senate votes on the biggest post-Dodd-Frank bill for the industry, no one in Washington knows what the outcome will be.

WASHINGTON – The credit union and banking lobbies were pulling out all the stops last night to round up a few more votes for their bid to delay cuts in debit fees, but the effort was still a handful of votes short.

Bling Nation, the mobile payments and loyalty company, has shut down its service in a move it insists is only temporary.

NEW ORLEANS — Banks intent on bringing mobile payments to a wide swath of customers will soon have to make difficult decisions about devices, partnerships, vendor management and employee training.

WASHINGTON–Banks appeared to be gaining the upper hand in their battle against retailers to delay pending interchange fee caps, but the fight was far from over.

All merchant acquirers and card issuers in India would have to establish adequate risk-management systems and processes to help prevent card fraud within the next 12 months under proposals outlined in a central bank working group report released June 2.

Heartland Payment Systems Inc. is attempting to capture some coin in what it views as one of the final frontiers of micropayments–commercial laundry machines.

WASHINGTON — A sponsor of legislation to ease the impact of interchange rules on banks announced another revision Tuesday as lawmakers prepare for a vote later this week.

WASHINGTON – Waiving a debit card issued by Congressional FCU, where he is a long-time member, Illinois Senator Richard Durbin urged Senate colleagues this afternoon to wait to see the details of the Federal Reserve’s final rule on debit fees before they vote to amend the rule.

WASHINGTON – A chief sponsor of the bid to delay debit fee cuts conceded this afternoon his proposal doesn’t have enough votes to pass and he moved instead to change the debit fee proposal to allow the Federal Reserve to consider additional costs, like fraud losses, in its final rule.

WASHINGTON – Chief sponsors of a bill to delay the cuts in debit fees were still searching for a compromise this morning as they appeared to be short of the 60 Senate votes necessary to pass the delay.

WASHINGTON – Chief sponsors of a bill to delay the cuts in debit fees were still searching for a compromise this morning as they appeared to be short of the 60 Senate votes necessary to pass the delay.

About 200 banks and credit unions are using Fiserv Inc.'s Mobile Money software, more than double the number that were live with the service a year ago, the Brookfield, Wis., vendor said June 6.

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.

Most credit card industry professionals believe social media will become a “significant factor” in customer service, with Twitter and Facebook outpacing blogs as the most popular methods for card brands to connect with consumers, suggest the results of a survey Firstsource Solutions conducted recently.

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.