Payment processing

Lost in the drama–and it was drama, as the payments technology world goes–of Fundtech Ltd.’s cancellation of its merger with S1 Corp. was an answer to the most important question: why?

Members at BECU, formerly Boeing Employees Credit Union, and hundreds of credit unions had their cards rejected at Co-op Financial ATMs on Sept. 16 because of a disruption in the system at processor Fidelity National Information Systems.

PHILADELPHIA — In his first speech since taking over for Elizabeth Warren as the public face of the Consumer Financial Protection Bureau, Raj Date warned that the agency will take a firm stance when it identifies practices that are harmful for consumers.

The board of the payments technology vendor Fundtech Ltd. plans to halt its intended merger with S1 Corp. after receiving a separate offer from the private equity firm GTCR.

S1 Corp.'s board advised the company's shareholders not to accept the exchange offer ACI Worldwide Inc. made in its hostile bid for the Norcross, Ga., bank technology vendor.

Fraudsters are increasingly using alternative payment methods to make bogus transactions, in many cases moving away from debit cards and checks, merchants report.

Acculynk Inc. is beginning to test the international market with PaySecure, its Internet PIN-debit product, and has inked an agreement with Evertec Inc. in Puerto Rico.

An agreement with CRE Secure Payments LLC may help Global Payments Inc.’s online merchants cut Card Payment Industry Data Security Standard compliance processes and costs, the Atlanta, Ga.-based companies announced Sept. 12.

The online payment provider eLayaway Inc. said on Monday that it would join the Secure Vault Payments network and offer the service to its customers in the fourth quarter.

With membership expanding from 11 companies to 16 companies in the last 60 days, the North American Merchant Cash Advance Association is becoming the voice of the emerging industry, its leader says.

S1 Corp. has postponed the shareholder meeting it scheduled to vote on its planned merger with Fundtech Ltd.

The Indian government reportedly has approved plans to establish a single electronic-payments gateway to accommodate the processing of all state and central government services by the end of the fiscal year.

A new bulletin from Visa indicates that it is increasingly concerned about point of sale terminals being adapted to steal card data over Bluetooth connections.

In an effort to make the technical aspects of credit card security compliance easier for its small-business customers, Century Payments Inc. will put Trustwave fraud-protection programs in place within three months, the company said Sept. 7.

Andrews FCU on Wednesday announced it is rolling out a Globe Trek Visa Rewards credit card with both magnetic strip and the Europay, MasterCard and Visa EMV technology, also known as Chip and PIN.

Amid a resurgence of interest in issuing private-label credit cards and noteworthy behavioral shifts affecting consumer creditworthiness, First Data Corp. is adopting a new instant-credit decisioning and underwriting system from Zoot Enterprises Inc., the two companies announced Sept. 7.

Total System Services Inc., or TSYS, has signed a long-term agreement with Clearent LLC to extend their merchant services processing relationship, TSYS announced Sept. 7.

ACI Worldwide Inc. and Fundtech Ltd. are squaring off in a protracted and very public tug of war over a combination with S1 Corp., and the prize could go to either company.

Following recommendations from India’s central bank urging the country’s financial institutions to issue chip cards, ICICI Bank Ltd. has begun to issue its first EMV-compliant credit card, the issuer announced Sept. 5.

Growth in merchant accounts that translated into more credit card transaction-processing fees helped Canadian merchant processor VersaPay Corp. boost second-quarter revenue.