Cards

Driven by a lower provision for credit losses, partially offset by lower net revenue, the Card Services unit at JPMorgan Chase & Co. generated fourth-quarter net income of $1.3 billion; it reported a $306 million loss during the same quarter ended Dec. 31 last year, Chase reported this morning.

Verifi Inc., which provides risk-management services for card-not-present merchants, has formed a partnership with Demandware Inc. to provide online merchants with fraud-prevention and risk-management services, Verifi announced Jan. 12.

The Treasury Department's plan to let tax filers receive their refunds on a prepaid card could boost revenue for Green Dot Corp., the program's manager, by as much as 10% in 2012.

First Data Corp.’s decision to consolidate its merchant and card-issuer processing operations could help the payments company trim costs and better seize opportunities stemming from pending debit card regulation, analysts said Jan. 13.

VeriFone Systems Inc. confirmed its plans to spin off Hypercom Corp.’s U.S business after its planned merger is completed in the second half of this year, according to regulatory filing Wednesday.

Compliance with Payment Card Industry data-security standards is a top concern among smaller merchants, but many remain unaware of the scope of their potential liability regarding data breaches and are unclear on specific requirements, new survey data released Jan. 12 suggest.

WASHINGTON – In a rulemaking process turned upside down, credit unions and community banks exempt from the Federal Reserve Board’s proposal limiting debit card interchange fees are dominating the comment process, while the big institutions coming under the rule have yet to weigh in (see story).

Pitney Bowes Inc., perhaps best known for manufacturing postage-meter machines, has created a free online bill-payment system designed to help consumers not only to receive, view and pay bills, but also to manage other important financial communications.

North American Bancard will use Partner Commerce Inc.’s advertising network to find prospective merchants to help drive account growth, the Troy, Mich.-based independent sales organization announced Jan. 6.

Mobile-banking access is one of several services financial institutions might start charging for if the Federal Reserve Board’s proposed new debit card interchange rules take affect, one analyst believes.

Consumers in the United Kingdom are using credit cards less to avoid debt, but issuers still have opportunities to increase card use by better conveying the benefits and value credit cards offer, new research suggests.

Global Payments Inc. will provide Caesars Entertainment Corp. with a credit and debit card cash advance service, the company announced Jan. 13.

The Treasury Department is expected to announce a pilot program Thursday for distributing 2010 tax refunds on a reloadable prepaid card.

MasterCard Worldwide has signed a six-year sponsorship deal with The Walt Disney Co. and Euro Disney Associés S.C.A. to create marketing opportunities and to do card-related promotions in Europe, the card brand announced Jan. 11.

More than half of corporations plan to increase spending this year on payment-security compliance, while the task of educating employees on the proper methods for handling cardholder data remains a pesky challenge, new survey data released Jan. 12 suggest.

Payment-services company Merchant Link LLC and point-of-sale terminal maker Pax Technology Ltd. have signed agreements to use Voltage Security Inc.’s advanced SecureData encryption service, the security technology company announced in separate news releases Jan. 11.

Mobile-banking applications are plentiful and easily available, but new research suggests consumer awareness of them is low despite the buzz surrounding the service.

An online version of US Dataworks Inc.’s Clearingworks payment service is now available to businesses looking to automate many of the nonelectronic payments they receive, the Houston-based company announced Jan. 11.

The Central Bank of Oman has launched a national ATM and point-of-sale PIN-debit switch called OmanNet, an official at the country’s top banking authority tells PaymentsSource.

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.