Payment processing

Jack Henry & Associates Inc. said Friday that the president of its Symitar division, which serves credit unions, would step down in October.

The Payment Card Industry Security Standards Council has removed two Ingenico S.A. PIN pads from the list of approved PIN-entry devices following reports they are susceptible to breaches.

To better compete in the Single Euro Payment Area market, transaction processors Sermepa SAU and Redes y Procesos SA have agreed to merge their bankcard processing units, forming a new company called RedSys, the two Spain-based companies announced earlier this week.

The rise of small card-not-present transactions for virtual goods and other online services is helping to fertilize runaway growth of micropayment-based card-fraud schemes, at least one consultant contends.

Two payments companies, BluePay Processing LLC and Trustwave, separately last week announced new encryption services for merchants.

The Federal Trade Commission on June 28 asked a federal court to halt an international identity-fraud scheme that it says generated more than $10 million in fraudulent micropayment charges on U.S. consumers’ credit and debit cards.

Small-business owners’ overall confidence fell slightly in June as concerns about temporary cash flow increased, the results of a survey Discover Financial Services released June 28 suggest.

MasterCard Worldwide has promoted Ajay Banga, president and chief operating officer, to chief executive officer, effective July 1. Banga also was named a member of MasterCard’s board of directors. Banga succeeds Joseph W. Selander, who will become executive vice chairman until his retirement on Dec. 31. MasterCard also promoted Alfredo Gangotena to chief marketing officer from global products and solution lead for MasterCard in Europe. Gangotena replaces Lawrence Flanagan, who is retiring.

Visa Inc. says it intends to work with merchants that fail to meet two July 1 payment-security deadlines.

RBS WorldPay Inc. recently selected GDS Link LLC’s technology with the goal of improving portfolio segmentation and helping identify fraudulent merchant fraud identification, Dallas-based GDS Link announced.

National Australia Bank Ltd. plans to roll out software technology first introduced by its subsidiary Bank of New Zealand Ltd. that is designed to reduce card fraud. The technology works by changing numbers on a card's magnetic stripe each time a transaction occurs at an ATM.

The move to a three-year cycle for updating the Payment Card Industry Security Standards Council’s three data-security standards will benefit merchants and the payments industry, says Bob Russo, council general manager.

Global Payments Inc. will lose its bank sponsorship to process Visa payment card transactions for merchants in Canada when its contract with the Canadian Imperial Bank of Commerce expires in March 2011, Atlanta-based Global Payments disclosed Friday in a U.S. Securities and Exchange Commission document.

PayPal Inc. is beginning its second contest to encourage third-party software developers to create applications that tie into its payment system.

The outcome of a recent simulated cyberattack against financial-services companies, government organizations, retailers and payment processors illustrates the need for a concerted effort to spurn would-be attackers.

North American Bancard LLC took a big step into the government and utility-payments markets with its purchase earlier this week of Point and Pay, a Haines City, Fla.-based recurring-billing company.

First Data Corp. said Thursday that The Bankers Bank of Oklahoma City will use its Internet banking technology.

(This story was corrected and updated on 6/21/10 a 9 a.m. CDT)

MIAMI — Jack Dorsey wants to give the taco trucks of the world an easier way to serve card-carrying consumers. But the founder of the payments software provider Square Inc. has his sights set on big-box retailers as well.

In urging Congress to delete the interchange amendment from the pending bank reform bill credit union executives were put in an unusual position of arguing that an exemption – a so-called carve-out – from the amendment that they have sought in other bills is unworkable and impracticable.