Payment processing

Lawyers for the Federal Reserve told a federal appeals court Friday in South Dakota that expectations by Minnesota’s TCF Bank for a continued revenue stream from debit transactions are not dependent on the free market but on card giant Visa, which paid the bank $100 million in debit fees last year.

A duo of Michigan retirees continued to assault the federal courts with suits claiming lack of proper ATM disclosures, filing three more suits against credit unions in New Mexico last week – all on the same day.

Danal Inc.'s BilltoMobile is launching a payment service for e-commerce sites to route payments through the phone bills of more than 200 mobile carriers across 60 countries.

The prepaid card industry has an image problem.

PayPal Inc. is now connected to Microsoft Corp.’s Xbox 360 game consoles, a move that could spur growth in digital-game sales similar to what PayPal did for parent eBay Inc.’s marketplace a decade ago.

In concert with the release of new data indicating 40% of all payment cards and 71% of terminals worldwide now support the EMV standard, EMVCo LLC, the organization managing the EMV specifications, on May 20 released a new guide to help expand adoption of the chip-and-PIN technology.

CHICAGO–Evolving mobile technology is leading payment companies to develop new business models to capture revenue in a market many observers believe soon will offer enormous opportunities, executives said here May 20 during a panel discussion at the Federal Reserve Bank of Chicago’s annual conference.

U.S. banks and payments companies are attracted to China’s explosive population growth and surging economy, but the country’s regulatory climate makes the market a wild card.

The amount of online payment fraud occurring in the airline-booking industry is dropping, new research suggests.

WASHINGTON — Although Senate leaders have confirmed they will allow a floor vote soon on delaying interchange fee restrictions, the timing, outcome and vehicle for suspending the proposed cap are still anyone's guesses.

State Bank of India Ltd. has signed an agreement with Diebold Inc. that will expand the bank’s ATM network in the country, the companies announced May 16.

The investigation continues into how thieves managed to steal funds from consumers’ debit card accounts by tampering with PIN-pad terminals at 80 outlets of Michaels Stores Inc., but payment-security experts say many merchants’ terminals probably remain exposed to similar sophisticated attacks.

CHICAGO–Traditional U.S. payments players should adjust their industry approach to address evolving consumer preferences that are causing dramatic market changes to occur, an executive from the Federal Reserve Bank of Atlanta told attendees here May 19 during a panel discussion at the Federal Reserve Bank of Chicago’s annual conference.

PayPal Inc. has added the ability for users of Android smartphones to fund their accounts by taking a picture of a paper check.

WASHINGTON – Responding to progress credit unions and banks have made in Congress to delay or derail new interchange caps that are included in the Durbin Amendment to the Dodd-Frank Act, the National Retail Federation is rolling out a major, nationwide, 60-day lobbying, grassroots and media campaign aimed at ensuring that the law goes into effect as scheduled.

VeriFone Systems Inc. is supplying a Turkish gasoline retailer with unattended pay-at-the-pump payment terminals, VeriFone announced May 18.

VersaPay Corp. will provide credit card processing services to Flight Network, a major online travel site in Canada, under a deal the companies announced May 18.

Mechanics Bank of Richmond, Calif., has chosen fraud-protection product from VSoft Corp., the vendor announced May 18.

WASHINGTON — Although Senate leaders have confirmed they will allow a floor vote soon on delaying interchange fee restrictions, the timing, outcome and vehicle for suspending the proposed cap are still anyone's guesses.

Dramatic reductions in credit card bad-debt and total expenses, plus gains in customer use of private-label cards within its stores driven by a 5% rewards discount launched in October, helped boost fiscal first quarter profitability within Target Corp.’s Credit Card segment.