Payment processing

In the interval before the U.S. broadly adopts the EMV chip card standard or devises more-secure online card-payment technologies, certain vendors are hoping to make some hay.

Total System Services Inc., or TSYS, has come to terms with the Royal Bank of Scotland for a long-term agreement to continue providing payment processing and related services for the bank’s consumer credit and commercial businesses, the Columbus, Ga.-based processor announced April 23.

For Bank of Montreal, the road to rolling out EMV payment cards in the U.S. is already mostly paved.

As banks, card issuers, processors, terminal makers and others involved in electronic transactions are well aware, many new software engineers would rather work for Google Inc. or a hot new start-up than enter the payments or banking industries.

Smaller payment card issuers would provide the strongest data security and enable their customers to shop anywhere in the world by opting to add chip-and-PIN EMV technology to their magnetic stripe cards as the U.S. moves toward full smart card adoption, a new report suggests.

Catalyst Corporate Federal Credit Union filed a preemptive lawsuit in federal court April 19 against a local patent troll that has threatened to sue the $4 billion corporate credit union on behalf of an anonymous patent holder for patent infringement on electronic processing technologies.

Citing a number of “unusual items” in Fifth Third Bancorp’s first-quarter earnings report, Dan Poston, the bank’s chief financial officer, assured industry analysts the quarter was “not as noisy as it might seem.”

Debit card interchange-rate reductions that took effect Oct. 1 triggered a big reduction in Fifth Third Bancorp’s first-quarter card and processing revenue compared with the same period last year, the company reported April 19.

Citi Philippines, a unit of Citigroup Inc. is working with Planet Payment to provide the currency processor's services to Citi's merchant clients in the Philippines.

As soon as the pain subsides from enduring a punch in the stomach from another data breach, the payments industry often is ripe for a change in behavior. Or at least it’s willing to learn more about how to avoid future mishaps.

Global Payments Inc.'s recent data breach is causing many payments-industry participants, including hundreds of small U.S. processors, to recheck their security, one security expert contends.

WASHINGTON – Lawmakers are calling for immediate action to pass long-stalled data-security legislation in the face of last week’s news of a massive data breach at cards processor Global Payments Inc. (see story).

A technical problem affecting the Visa network barred consumers from using their credit and debit cards for about 45 minutes on Sunday, the cards company said.

This is an updated version of an article posted earlier on March 30.

An international coalition is attempting to create due-diligence tools, testing and standards that will help firms determine whether cloud providers are addressing common concerns such as accessibility and security adequately.

Life at Fiserv Inc., it seems, is good. And others increasingly are reaping the rewards.

In a move to open the e-commerce market between Taiwan and China, Taipei-based E. Sun Commercial Bank Ltd. has entered into a partnership with Alipay Inc., China’s leading online payment service provider.

Premier Health Exchange Inc. has formed a business division to deliver electronic payments to health care providers upon settlement of valid and payable medical claims and reconciliation, the provider of health care cost management services announced March 19.

Delivering the perfect marketing pitch via mobile or Web at the point of sale is one of the primary upselling goals of mobile banking, one which requires sales pitches and marketing campaigns to be delivered faster, and with more user-appropriate content.

Mark Hurd, president of Oracle Corp., recently told a group of financial services executives an anecdote about a large bank customer that required 9,000 applications to keep its old core system running.