Credit

ACH Federal, which offers Web-based electronic-payment processing services to community banks and small businesses, recently reported record growth in customer acquisition and in transactions it processes over the automated clearinghouse network.

American Express Co. and Starwood Hotels & Resorts Worldwide Inc. recently launched a cobranded credit card for United Kingdom business travelers that features points-based rewards for flights and hotels.

Global Payments Inc. is offering merchants in five new Asian countries the ability to accept China UnionPay cards.

Shares of Visa Inc. and MasterCard Inc. may rise as Senate Democrats struggle to muster votes for legislation that would help merchants cut credit card fees, according to a Bloomberg News report

An increase in data breaches and online fraud has security vendors betting that banks will embrace systems that use text messages, voice biometrics or secure browsers to better authenticate people and transactions.

Visa Inc. may soon test a system for making contactless payments with an Apple Inc. iPhone using a case with a chip in it, according to reports.

Chantilly, Va.-based Online Resources Corp. Wednesday reported a first quarter loss of $200,000, down from a $1.6 million loss for the same quarter last year.

Hypercom Corp. in the coming weeks will announce the first point-of-sale terminal produced under the company’s “joint development manufacturing model.” It plans to make the terminal available for sale later this summer, a spokesperson tells PaymentsSource.

First-quarter growth in transaction-processing volume and same-store sales reflect strengthening business conditions and contributed to improved quarterly earnings for Heartland Payment Systems Inc., the company announced May 6.

U.S. consumer confidence surged in April as the belief that economic conditions are improving grew, according to survey data Discover Financial Services released on May 5.

Improvements in the economy and continued strong growth in its MasterCard program helped boost Wright Express Corp.’s first-quarter performance, the South Portland, Maine-based fleet card issuer says.

Some 64 pay stations deployed at four major parking lots at Las Vegas’ McCarran International Airport now accept PayPass contactless payments, MasterCard Worldwide announced on May 5. McCarran is North America’s seventh-busiest airport. The parking lot pay stations also accept other contactless payment brands, including Visa Inc.’s payWave.

MasterCard Worldwide has promoted Ajay Banga, president and chief operating officer, to chief executive officer, effective July 1. Banga also was named a member of MasterCard’s board of directors. Banga succeeds Joseph W. Selander, who will become executive vice chairman until his retirement on Dec. 31. MasterCard also promoted Alfredo Gangotena to chief marketing officer from global products and solution lead for MasterCard in Europe. Gangotena replaces Lawrence Flanagan, who is retiring.

Nearly 30 years after the department store chain set out to become "the largest financial services entity," as its then-chairman put it, Sears is once again challenging banks.

The passage this week of a Vermont bill to let merchants set minimum amounts for card payments (see story) has refocused retailer groups' attention on similar federal proposals.

The economic downturn last year caused holders of American Express cards to cut spending sharply in such key categories as electronics, apparel and travel. However, cardholders increased their spending on education, pets, groceries, and medical or health-related activities, new customer-spending data American Express Co. released this week show.

The PCI Security Standards Council, which oversees data-security standards for the payments industry, is responding to inquiries from payments companies for more staff training by launching an internal security assessor certification program, a council spokesperson tells PaymentsSource.

Chantilly, Va.-based electronic biller Online Resource Corp last week announced it was granted a patent by the U.S. Patent and Trademark Office for a broad range of biller service provider bill payment transactions.

The Reserve Bank of India says Yes Bank Ltd. may proceed with plans to provide a mobile-phone based payment and funds-transfer service in association with handset-maker Nokia Corp., a spokesperson from the central bank confirms to PaymentsSource. The service enables bill payments and funds transfers for Yes Bank customers using Nokia handsets.

Major U.S. banks’ credit card-issuing units brought in billions in interest income during the fourth quarter of 2009, led by JPMorgan Chase & Co.’s Chase Bank USA, which earned $8.43 billion in credit card interest income during the period. Credit card interest income accounted for 87% of the unit’s total interest income of $9.7 billion, which also includes commercial, industrial, installment and some student loans. Mortgage loans are handled by another business unit.