Credit

Processors, not independent sales organizations, likely will bear the brunt of a law that takes effect next January requiring acquirers to report merchant credit and debit card transactions to the Internal Revenue Service, says Henry Helgeson, co-CEO of Merchant Warehouse Inc., a Boston-based ISO.

Dozens of credit unions are walking away from the $60 million payment Visa issuers will get for the costs they incurred for the massive credit card breach at Heartland Payments System.

In today’s economy, merchants still want to know how much credit and debit card processing is going to cost, but independent sales organizations say price is only one part of the sales pitch. Listening to what the merchant says it needs can be equally as important in securing the deal.

Electronic-payment services provider Network for Electronic Transfers (Singapore) Pte. Ltd., known as NETS, has launched a mobile-payment option for its cashless-payment service iNETS, according to a company statement. The service will enable consumers in Singapore to pay bills, make purchases and book tickets using their mobile phones.

Industrial Bank Co. is working with the China Beijing Environment Exchange to launch a China UnionPay-branded, “low-carbon” credit card, an official from the Fuji-based bank tells PaymentsSource.

Citigroup Inc. is said to be switching its entire North American banking operations to a core processing application from Fidelity National Information Services Inc.

From the January/February 2010 issue of ISO&Agent.

From the January/February 2010 issue of ISO&Agent.

Discover Financial Services is responding to a growing trend to give consumers greater flexibility to choose the services they want with a new online tool called CardBuilder, which enables card applicants to set card terms based on preference.

Hypercom Corp. will provide more than 12,000 PIN pads with EMV contactless card readers to European retailer Carrefour, the Scottsdale, Ariz.-based point-of-sale terminal maker announced Thursday.

The city of Jakarta soon plans to deploy a prepaid electronic-ticketing system called JakCard for its bus and train networks, an official from the Indonesian city’s transport authority tells PaymentsSource. The Jakarta Transportation Agency says it developed the contactless smart card system in collaboriation with Jakarta-based Bank DKI, bus operator BLU Transjakarta and PT KAI Commuter Jabodetabek.

Indian Banks increasingly are offering defaulters on their credit cards lower-interest loans to pay off their card debts.

Automated clearinghouse transaction processor ACH Federal LLC, is introducing a merchant-referral partner program for independent sales organizations in the hopes of expanding its client base, according to the Chattanooga, Tenn.-based company.

A growing number of financial companies are trying to foster creativity with in-house innovation labs.

MoneyGram International Inc. said earnings fell in the fourth quarter despite increased transfer volume in several crucial regions.

Equifax Inc.'s fourth-quarter profit fell as solid international revenue could not completely offset lower U.S. revenue, reports Dow Jones.

Citing the continued clamp down on consumer spending caused by the recession, MasterCard today reported healthier global purchase volume for the fourth quarter ended Dec. 31, while U.S. credit card volume fell.

Buoyed by improving economic trends around the world, Visa Inc. on Wednesday reported purchase-volume growth in all categories except U.S. credit for the quarter ended Dec. 31. Visa also for the first time reported its operational performance data and financial results simultaneously for the same quarter. It previously reported operational data a quarter later than its earnings.

North American Bancard’s decision to hire Deutsche Bank Securities is to “explore the opportunity to strategically align ourselves with financial partners to pursue any opportunities,” Marc Gardner, the independent sales organization’s president, tells PaymentsSource. North American Bancard earlier this week announced the Deutsche Bank hiring.

Six Pay S.A. plans to target merchant-processing opportunities in Eastern Europe as part of an effort to expand its operations, the Luxembourg-based payment-services company says.