Payment cards

Richard Davis, the top executive at U.S. Bancorp and chairman of the Financial Services Roundtable, told analysts April 19 it is a toss-up as to whether the Federal Reserve Board would press ahead with its proposed 12-cent cap on debit card interchange.

Richard Davis, the top executive at U.S. Bancorp and chairman of the Financial Services Roundtable, told analysts April 19 it is a toss-up as to whether the Federal Reserve Board would press ahead with its proposed 12-cent cap on debit card interchange.

Visa Europe is expressing dissatisfaction with last week’s General Court of the European Union’s decision to uphold the 10.2 million euro (US14.7 million or £8.7 million) fine imposed on the company for refusing to do business with a U.S. bank, saying it had already settled the dispute in 2006.

Corporation Bank Ltd. has launched a mobile wallet to enable its customers to make purchases with their mobile handsets, a spokesperson for the Mangalore-based bank tells PaymentsSource.

Jeroo Inc. said it is testing a mobile payment technology called Scan&Ship Enterprise.

Minnesota’s TCF Bank filed a an expedited appeal request April 14 with the U.S. Court of Appeals for the Eighth Circuit asking the court to overturn a lower court’s ruling and to block the Federal Reserve’s pending implementation of the Durbin amendment’s debit fee caps.

WASHINGTON – A major technology group comprised of some of the biggest corporations shifted its position on the proposed delay in debit rules a week after expressing support for the delay.

Momentum for the EMV smart card security standard, common in many European countries, grew this week with JPMorgan Chase & Co. and Wells Fargo & Co. announcing plans to start issuing EMV cards to U.S. customers this summer.

For the major card brands, emerging global markets that broadly lack access to financial services likely will represent the greatest earnings potential for mobile-payments initiatives, concludes a report from Macquarie Equities Research Group.

A Malaysian national, arrested in October hours after flying into Kennedy International Airport, pleaded guilty in New York April 13 to hacking into the Federal Reserve’s computer system and to illegally possessing hundreds of thousands of card account numbers and other account information.

A Woodlands, Texas-based independent sales organization has added a processing platform and is growing into a super ISO with fewer but higher-producing partners, company executives say.

The Chinese Ministry of Commerce on April 12 published guidelines for online third-party payment providers in an attempt to regulate the fast-developing business-to-consumer e-commerce market.

WASHINGTON – Sen. Jon Tester opened debate on delaying the controversial interchange rule this morning insisting the proposed cuts in debit fees will cause unintended harm to rural banks and credit unions, even as the Senator and his allies desperately search for a bill to attach their delay measure to.

The Bank of Tanzania and the Tanzania Communication Regulatory Authority have agreed to jointly oversee of the country’s mobile-payments market, an official at the central bank confirms to PaymentsSource.

ATM and kiosk manufacturer Itautec S.A. has begun selling its roster of Adattis ATMs, cash dispensers and kiosks to U.S. credit unions and community banks, the Brazilian company announced Feb.16.

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.

Affinity Solutions Inc. is partnering with Sovereign Bank to launch a mobile, merchant-funded rewards program for the bank’s debit cardholders, the New York-based marketing and loyalty program provider announced Dec. 3.

Commerce Bank will be the first to sign on with the Syncada open supply chain processing network owned by Visa Inc. and U.S. Bancorp.

The more than 350 independent sales organizations that work with National Processing Co. should anticipate work as usual once Fifth Third Processing Solutions LLC completes its acquisition of the Louisville, Ky.-based merchant processor.