Payments

LAKE BLUFF, Ill.-Opportunity is knocking for credit unions. That's the view of numerous analysts interviewed by Credit Union Journal who believe credit unions left a lot of bank business on the table following the CARD Act's implementation.

RALEIGH, N.C.-State Employees' CU here and Navy FCU say they have no plans now to make changes to address the new interchange cap.

The combined effects of tighter lender underwriting criteria and continued consumer discipline in keeping credit card accounts current drove the bankcard delinquency rate to new lows through the second quarter, according to data from the American Bankers Association.

In a move that MasterCard Worldwide says is helping to pave the way for contactless mobile payments in the U.S., the card company on Oct. 7 announced that 7,000 Subway restaurants will accept PayPass by the end of the first quarter of 2012. Subway follows McDonald’s Corp., which began taking PayPass in 2004 at its U.S. locations.

A Toronto-based payments gateway is providing consumers with a simpler way to make online purchases from mobile phones, and it is looking for independent sales organizations to promote the product to merchants.

Bank of America Corp., whose website has been down sporadically since Sept. 30, says the problem stemmed from technical hiccups, not a hack attack.

BEAVERTON, Ore. – Rivermark Community CU has signed with Fiserv’s ACCEL/Exchange to be the credit union’s exclusive PIN POS network, consolidating both its signature and PIN debit services with a single processor.

Mocapay Inc. has signed yogurt store Yumilicious to its mobile loyalty program in a move some observers say illustrates the future for loyalty and prepaid gift cards.

Steve Jobs spent his career more focused on personal computing than on personal banking, but under him Apple Computer still left a lasting mark on the world of finance.

On its sixth day of intermittent website outages that began on Friday, Bank of America Corp. acknowledged its website troubles but would not cite the cause.

A regional rural bank in India on Sept. 29 launched a trial to test a new mobile-based version of India’s Kisan credit card, which farmers use to buy equipment and products such as fertilizer and seeds at a lower interest rate.

New regulations that are sweeping across the banking industry, particularly the Durbin amendment to the Dodd/Frank Act, have financial institutions and other card issuers scrambling to find alternative ways to boost fee income as traditional revenue streams tighten over time.

Passengers traveling by bus or train in Frankfurt, Germany, will have more options to pay for tickets using their mobile phones if they are carrying a Blackberry device when using the Rhein-Main Verkehrsverbund transportation system.

The launch of Amazon.com Inc.’s Kindle Fire in late September stoked the flames of the tablet war raging among providers such as Hewlett-Packard Co., Apple Inc., Research in Motion Inc. and Amazon Inc.

ALEXANDRIA, Va. – Pentagon FCU, which has been aggressively cutting fees on its cards and mortgage programs over the past 12 months, on Tuesday said it is eliminating the foreign transaction fee from the remainder of its credit card programs currently available in its card portfolio.

Controversy brewed in the Android Marketplace last week when Bank of America Corp. began rolling out a person-to-person payment feature in its mobile-banking application.

Apple Inc. is taking a pass on mobile payments for now as its new iPhone lacks a Near Field Communication chip.

OfficeMax Inc. customers may tap and pay using the Google Wallet mobile phone payment application at new checkout terminals the retailer has placed in more than 100 of its stores, the office-supply company announced Oct. 3.

Apriva LLC has released the Apriva Secure Communication Suite, which its ISS division designed to help secure mobile communications, the Scottsdale, Ariz.-based company announced Oct. 3.

Many bank risk-management executives worry that credit card delinquency rates, which have been declining for more than two years, may begin to rise again soon if the economy does not improve, according to new FICO survey data.