Payment processing

PHOENIX–Credit and debit card fraud leads all other types of fraud at most U.S. banks and credit unions, but most institutions are fighting illegal account access with constrained budgets and relatively small teams averaging one to five workers, regardless of institution size, new survey data from ISMG Corp.’s BankInfoSecurity.com suggest.

Many consumers still are not familiar with the Credit Card Accountability, Responsibility and Disclosure Act and believe it has not had any effect on them, new research suggests.

“No dogs, no bare feet … no community bank debit cards”?

Aptys Solutions has enhanced the automated clearinghouse functionality of its PayLogics processing platform by adding its Active Archive service, the company reported March 7.

Merchants whose customers buy multiple prepaid cards contained within one pack would be able to save time by activating the cards all at once, and not individually, under a patent the U.S Patent and Trademark Office recently issued to First Data Corp., the Atlanta-based payment processor announced March 7.

Credit-union and bank groups plan to file a brief as early as March 7 asking a federal court to block implementation of the debit-interchange fee provisions of the Dodd-Frank Financial Reform Act.

Secure Vault Payments, NACHA’s alternative payment system that enables consumers to make online purchases directly from their bank accounts, may gain new prominence from a test it is running with a sizeable client.

Debit card networks could lose $1.7 billion in revenue from fees they charge banks stemming from the Federal Reserve Board’s proposed debit-interchange caps, according to an analyst.

Heartland Payment Systems Inc. of Princeton, N.J., has added an automated clearinghouse feature to its Express Funds remote deposit service.

Nearly half of consumers around the world are concerned about card fraud, yet many fail to take precautions to prevent it, suggesting banks should do more to educate consumers to reduce their susceptibility to fraud, recently released survey data show.

Proposed and recently enacted state and federal regulations regarding debit and reloadable prepaid cards have put card programs used for disbursing unemployment, Social Security and other benefits in serious jeopardy, a JPMorgan Chase & Co. executive tells PaymentsSource.

MUMBAI, INDIA–A company that enables India’s banking customers to conduct instant interbank mobile funds transfers is planning to extend the service to enable them to also pay for purchases at merchant locations, the firm’s chief executive told PaymentsSource here March 3 at a technology summit organized by the Indian Banks’ Association.

AT&T Inc. has added WorldPay US Inc. as a processor for the mobile-merchant payment initiative the telecommunication company launched last year, according to an entry posted March 1 on WorldPay’s blog.

Tee-On Golf System Inc.’s announced partnership earlier this week with Yespay International Ltd. will enable Canadian golf courses using Tee-On’s tee-time booking software to accept EMV chip-and-PIN payment cards, according to London-based Yespay.

As banks join forces with prepaid-card companies, reputational risks loom.

Despite naming its product Virtual Wallet, PNC Financial Services Group Inc. has decided that its Web-centric bank account should be firmly grounded in the real world.

Western Union Co. has introduced a mobile Web version of its foreign-exchange payment service that enables small and midsize businesses with international ties to conduct transactions using smartphones, the company announced March 2.

ATM independent sales organizations are worried about declining interchange rates, rising costs and pending legislation, but the majority are still looking to expand their businesses within the next year, the results of a recent survey suggest.

Having cornered the mobile remote deposit capture market with its software, Mitek Systems Inc. is pushing a new service it says helps companies enroll their customers’ bank accounts by snapping a picture of blank check with a smartphone.

Citizens Financial Group Inc. said Wednesday that it will offer its commercial card customers a spending control service from MasterCard Inc., the banking company said Wednesday.