Payment processing

The Treasury Department has proposed a rule designed to seal off the U.S. financial system from Liberty Reserve, the digital currency issuer authorities charged Tuesday with laundering more than $6 billion for criminal groups.

Retailers and the major card brands are throwing more legal punches at each other over the controversial proposed $7.25 billion swipe-fee settlement in a years-long anti-trust case.

New York City's newest public-transit option, which allows commuters to rent bicycles to get to work, got its first real road test today. Citigroup is contributing $41 million to be the chief sponsor and namesake, and MasterCard Inc. is behind the program's $6.5 million payment system.

In an increasingly crowded mobile card reader market, American Express Co. and Groupon have given a double-digit million euro investment to SumUp.

Vesta Corp. wants to provide the wallet that mobile operators would use to offer core financial services to underbanked customers through their prepaid mobile phones.

Heartland Payment Systems has named Tony Capucille chief sales officer.

Google is adding a Chrome Wallet App to allow payments within apps that run in Google's Chrome browser.

Former Elavon president and CEO Mike Passilla will be JPMorgan Chase's new CEO of merchant services, a new role created to lead the financial institution's expanding payments and merchant services business, including Chase Paymentech.

Because Bitcoin transactions are virtually instant, free and near-anonymous, charitable organizations are collecting and distributing donations in bitcoin.

Liberty Reserve SA and seven individuals were indicted in what federal prosecutors in New York called an international money-laundering conspiracy.

Bitcoin has had as much bad publicity as good in recent months. But even its setbacks have served to strengthen the community that supports the fledgling alternative currency.

Visa Inc. and MasterCard Inc. sued trade groups and retailers that rejected a $7.25 billion settlement in a price-fixing suit and asked a court to rule that the card companies' fee practices weren't illegal.

IP Commerce Inc., a startup backed by Venrock Inc. and Intel Corp.'s venture-capital arm, is shutting its key business, which handles credit-card processing for companies including Groupon Inc., citing competition.

Phillips 66 has joined the retailer-driven Merchant Customer Exchange mobile payments and commerce initiative, the Houston-based gas station chain announced May 23. Phillips 66 also operates Conoco stations. The company joins MCX only two weeks after the mobile payment venture added another petroleum provider, Pacific Convenience & Fuels LLC.

Charge Anywhere LLC will have gateway software available when small U.S. merchants need to accept EMV-chip card payments with their smartphones.

Youth payments company Virtual Piggy is adding elements of gaming to its product mix via a partnership with JumpStart.

Blaze Mobile is developing a new Near Field Communication mobile phone attachment that attempts to build a more open mobile wallet by allowing consumers to choose from a series of payment accounts.

The most challenging and frustrating aspect of the Single Euro Payments Area project, according to a major German acquirer, is its goal of establishing common payment standards throughout Europe.

ZooZ is one several companies building new technology that attempts to improve the integration between marketing and mobile payments.

Target Corp., Macy’s Inc. and other companies sued Visa Inc. and MasterCard Inc. over credit-card and debit-card fees after retailers objected to a multibillion-dollar settlement of a similar suit.