Credit

One hundred fifty credit unions have agreed to offer members a mobile banking service based on software from Fiserv Inc., including 84 that are already using it.

President Obama is expected to sign the financial reform bill on Wednesday, according to lobbyists and sources on Capitol Hill.

The Credit Card Accountability, Responsibility and Disclosure Act legislation, most of which went into effect in February, will cost Citigroup Inc. $400 million to $600 million in pretax revenue this year, John Gerspach, Citi chief financial officer, told analysts July 16 during a conference call to discuss second-quarter earnings.

Aptys Solutions LLC last week introduced Active Archive, a platform that enables financial institutions to manage all saved payments data in a single location. Active Archive supports automated clearinghouse transactions, mobile payments, wire funds transfers and check-image exchanges.

Sage Payment Solutions, a merchant-services company with more than 155,000 merchants, has renewed its processing deal with TSYS Acquiring Solutions, a unit of Total System Services Inc., a Columbus, Ga.-based payment processor, TSYS announced July 19.

Merchants unsure about which type of merchant account would be cheaper have another tool to use when deciding between a traditional merchant account, a Square Inc. mobile account and an online PayPal account.

Bank of America Corp. raised almost all the same questions as its fellow megabanks did last week and got no closer to resolving them.

Has Citigroup Inc. finally found a strategy to hang its hat on?

MasterCard Inc. said its issuers have agreed to the terms of a settlement agreement it reached with Heartland Payment Systems over the processor's 2008 data breach.

MasterCard Worldwide said July 15 that it received enough support from card issuers to proceed with a $41.4 million settlement in the Heartland Payments Systems breach, but dozens of credit unions and banks are still holding out as part of a class action lawsuit filed against Heartland.

Jacksonville (Fla.) University plans to the launch an upgraded version of its campus card program next month, enabling students and faculty members to use their campus identification cards to make purchases both on and off campus, according to a July 13 announcement.

India’s HDFC Bank thus far has migrated more than 200,000 of its credit cardholders to smart cards that comply with the EMV chip-and-PIN fraud-deterring technology, an official at the Mumbai-based bank tells PaymentsSource at the condition of anonymity.

The Bank of the Philippine Islands and Globe Telecom Inc. on July 14 launched a cashierless payment service to enable the Philippines-based telecommunication operator’s subscribers who also hold accounts at the bank to pay their Globe bills using the bank’s mobile and online-banking platforms

Visa Europe has launched a global information-management platform for its commercial cards called Visa IntelliLink Spend Management, the company announced July 15.

Bank of America Corp.’s Global Card Services Unit this morning reported an $806 million profit for the second quarter ended June 30; the unit reported a $1.59 billion net loss during the same period a year ago. The issuer attributed the turnaround to declining credit costs and continued improvement in the U.S. economy.

Credit card losses fell sharply at Bank of America Corp. in June, to the lowest level in more than a year, fresh data showed Thursday. The rate of delinquent loans also declined.

By offering a mobile service that addresses a common need, JPMorgan Chase & Co. might also get people to use their phones for a type of payment of which few people are even aware.

The Co-operative Group Ltd. and Barclaycard UK announced July 14 an agreement in which the grocery-store operator will become the first major United Kingdom food retailer to accept contactless payment.

U.S. Bankcard Services Inc., an Industry, Calif.-based independent sales organization, has added China UnionPay card acceptance to its list of merchant services.

JPMorgan Chase & Co. this morning reported second-quarter net income of $343 million for its Card Services unit; the unit experienced a $672 million net loss during the same period ended June 30 last year. Net revenue totaled $4.21 billion, down 13.6% from $4.87 billion.