Payment processing

Moneris Solutions Corp., Canada’s largest debit and credit card processor based on annual transactions, will adopt Canada’s voluntary code of conduct for the country’s debit and credit card industry. Moneris’ top executive announced the company’s decision May 13.

After years of trying, Sen. Richard Durbin, D-Ill., finally succeeded Thursday in passing a measure that would restrict interchange fees.

Marathon Oil Corp. is linking its 4,000 petroleum stations to Visa Inc.’s ReadyLink prepaid card reload network, Houston-based Marathon announced today.

With fierce competition for merchants and slim margins in the U.S. acquiring market, more ISOs are expressing interest in penetrating the largely unsaturated Canadian market, according to Federated Payments, an ISO with operations in the U.S. and Canada.

Merchant acquirers should be as concerned as the card brands over proposed legislation that would alter merchant fees, according to the Electronic Transactions Association, a Washington, D.C.-based trade group representing the acquiring industry.

Against long odds, EMV cards are finally coming to the United States.

The PIN Transaction Security standard consolidates three formerly separate requirements for PIN-entry devices in an update released today by the Payment Card Industry Security Standards Council.

Yespay International Ltd.’s Emboss platform has become Canada’s first EMV chip-and-PIN card-acceptance service fully certified by Chase Paymentech Solutions LLC, according to the London-based payment-services provider.

Heartland Payment Systems Inc. intends to roughly double its sales force in the next 18 months to increase its presence in the restaurant, lodging and health care industries, according to the Princeton, N.J.-based merchant processor.

Emirates NBD PJSC may sell a partial stake in its credit card-processing unit, according to local media reports, which say the Dubai-based financial group has hired a firm to advise it on the valuation of its Network International LLC subsidiary.

Heartland Payment Systems Inc. experienced more merchant losses during the first quarter compared with previous quarters in part because of sustained economic weakness, the discontinuation of large individual merchants and shoddy management oversight of risk, according to Robert Baldwin, president and chief financial officer of the Princeton, N.J.-based processor.

Hypercom Corp.’s newest point-of-sale products could help the company improve its profit margins, some analysts predict.

Monett, Mo.-based Jack Henry & Associates announced this morning it has agreed to acquire iPay Technologies, the largest independent electronic bill pay provider in the U.S., from venture firms Spectrum Equity Investors and Bain Capital Ventures, for $300 million in cash.

Global Payments Inc. is offering merchants in five new Asian countries the ability to accept China UnionPay cards.

Chantilly, Va.-based Online Resources Corp. Wednesday reported a first quarter loss of $200,000, down from a $1.6 million loss for the same quarter last year.

First-quarter growth in transaction-processing volume and same-store sales reflect strengthening business conditions and contributed to improved quarterly earnings for Heartland Payment Systems Inc., the company announced May 6.

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.

The passage this week of a Vermont bill to let merchants set minimum amounts for card payments (see story) has refocused retailer groups' attention on similar federal proposals.

David Leppek has an opportunity that many in the ISO and acquiring business encounter infrequently in their careers. He has the chance to design his ISO, Transaction Services LLC, without having to use years old legacy technology.

Citing a desire to remain competitive and drive issuer participation and innovation in its network, Visa Inc. in April increased the interchange rate it applies to purchases switched through its Interlink PIN-debit electronic funds transfer network.