Payment processing

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.

One place exists where Christopher Kenyon, chief information officer and executive vice president of systems and technology at Elavon Inc., does not want to see his company’s name: in a headline for a story about a data breach.

The recent changes in quarterly processing volume at Total System Services Inc. reflect the effects of an undulating global economy and market consolidation.

Merchant acquirers that fail to follow Visa Inc.’s safeguards to prevent processing certain high-risk merchants’ transactions face paying $100 per charge-back on top of regular penalty fees under a program Visa announced to its acquirers in March.

Efforts to create a common set of requirements for so-called “end-to-end” encryption moved forward last week when the Secure POS Vendor Alliance released its End-To-End Encryption Security Requirements.

Local governments, universities and charities in the United Kingdom may use First Data Corp. to manage their credit cards issued to employees now that the Atlanta-based company is an approved supplier to these types of organizations, First Data says.

A growing number of mobile payments companies are promoting systems that charge purchases to users' phone bills rather than credit or debit cards.

After undergoing several consumer pilots and tests with European banks, Visa Europe’s new CodeSure payment card is now available for commercial launch. The card provides cardholders additional security when making online purchases by generating single-use numeric codes.

Mega Cabs Pvt. Ltd. plans to begin accepting credit card payments in its fleet of taxicabs in India later this month, an official from the New Delhi-based cab operator tells PaymentsSource.

Total System Services Inc.’s TSYS Healthcare unit has inked an agreement with Lighthouse1 LLC that it says will enhance its offerings of consumer-directed health care payments, including enabling consolidation of consumer health care payments onto a single payment card.

VeriFone Systems Inc.’s taxi business is taking on increased importance for the point-of-sale terminal maker.

Deutsche Card Services GmbH this week signed an agreement to become the acquirer and service provider supporting Media-Saturn Holdings GmbH’s online commerce. The Germany-based electronics retailer says the deal will enable it to accept transactions online more securely.