Payments

ATLANTA-First Data Corp.'s decision to support Acculynk Inc.'s PaySecure Internet PIN-debit payment system could give debit payments a boost at a time when financial institutions have doubts about the future of debit cards.

WASHINGTON-Federal Reserve Chairman Ben Bernanke expressed doubt last week on the workability of exemptions for credit unions and small banks from the debit interchange price controls required under the Dodd-Frank Financial Reform Act.

TAMPA, Fla.-Credit unions are being urged to become more active in developing strategies to grow credit and debit rewards programs, despite what doomsayers are predicting.

RANCHO CUCAMONGA, Calif.-Credit unions should enjoy the short window of time remaining for debit transaction income to be unaffected by the Durbin amendment to the Dodd-Frank Financial Reform Act, because that window is closing.

ST. PETERSBURG, Fla.-If interchange income from debit cards is reduced, Tom Gandre foresees credit cards-and credit card rewards programs-taking on increasing importance.

DES MOINES, Iowa-Credit and debit rewards programs are not going to disappear because they remain effective tools and serve as differentiators.

WILMINGTON, N.C.-Credit unions and banks will find debit and credit rewards are more important in the wake of the Durbin Amendment rules and not less, according to Bob Giltner.

RALEIGH, N.C. – North Carolina State Employees’ CU is the latest credit union to add EMV microchip technology to its debit card portfolio, making it one of the first financial institutions in the country to add the microchips for increased transaction security over traditional magnetic stripe cards.

WASHINGTON – A governor for the Federal Reserve told lawmakers yesterday that any attempt to amend or delay the controversial rule on debit interchange is out of the Fed’s hands and must start with Congress.

Mobile-network operators NTT Docomo Inc. of Japan and KT Corp. of South Korea have inked a deal to support Near Field Communication payments for smartphones in the two countries that use Google Inc.’s Android operating system.

Financial institutions and consumers will be able to more quickly detect and respond to fraudulent transactions and suspicious bank-account activity using a mobile-based fraud-management service ClairMail Inc. has developed, the San Rafael, Calif.-based company announced Feb. 17.

WASHINGTON – NCUA on Wednesday called on the Federal Reserve to extend the Dodd-Frank Act’s protections for smaller institutions to protect credit unions from the network exclusivity and routing restrictions included in the bill’s debit interchange provisions.

Better-than-expected merchant reaction to Intuit Inc.’s offer of free card readers and no monthly service fees to small merchants using its GoPayment mobile-payments service has prompted the company to extend the offer indefinitely, the Mountain View, Calif.-based company announced Feb. 16.

JPMorgan Chase & Co.’s mobile check-deposit service stood out to the financial services industry as one of the few to make it to market without technology from Mitek Systems Inc. But now even Chase counts itself among Mitek’s growing list of customers.

TEMPE, Ariz. – TruWest CU said yesterday it has signed with PSCU Financial Services to process its 22,000 credit and 48,000 debit card accounts.

LAS VEGAS – A glance at fraud statistics would seem to yield an obvious answer: the United States needs to catch up with the rest of the world and upgrade old-school magnetic stripe cards to modern chip and PIN models.

WASHINGTON – Revenues earned by credit unions from debit card interchange is far more than was previously thought – an estimated $2.6 billion for 2010 – according to CUNA, which is preparing testimony for tomorrow’s Congressional hearing on interchange legislation.

TUKWILA, Wash. – BECU and the University of Washington produced a YouTube video featuring world-famous saxophone player Kenny G, Bill Gates, Sr., TV star Richard Karn of the hit sitcom Home Improvement, and other famous UW Alumni singing the university’s fight song, “Bow Down to Washington,” to introduce the new BECU/UW MasterCard Gold Debit Card yesterday.

Visa Inc. has joined forces with Starbucks Corp. in what may be one of the emerging mobile-payment industry’s first national promotions designed to improve a payment brand’s status within a mobile wallet.

VeriFone Systems Inc. has turned its PayWare Mobile point-of-sale service into the equivalent of a multipurpose Swiss Army knife for payment acceptance, a necessary step to introduce the device to a global audience, according to the San Jose, Calif.-based payment-terminal maker.