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Feb 24th, 2012
Edition #292
New to NewsFilter? Click here to subscribe. In this Issue In Other News This Day in History 1836 Alamo Defenders Call for Help On this day in 1836, in San Antonio, Texas, Colonel William Travis issues a call for help on behalf of the Texan troops defending the Alamo, an old Spanish mission and fortress under attack by the Mexican army. A native of Alabama, Travis moved to the Mexican state of Texas in 1831. He soon became a leader of the growing movement to overthrow the Mexican government and establish an independent Texan republic. When the Texas revolution began in 1835, Travis became a lieutenant-colonel in the revolutionary army and was given command of troops in the recently captured city of San Antonio de Bexar (now San Antonio). On February 23, 1836, a large Mexican force commanded by General Antonio Lopez de Santa Ana arrived suddenly in San Antonio. Travis and his troops took shelter in the Alamo, where they were soon joined by a volunteer force led by Colonel James Bowie. Though Santa Ana's 5,000 troops heavily outnumbered the several hundred Texans, Travis and his men determined not to give up. On February 24, they answered Santa Ana's call for surrender with a bold shot from the Alamo's cannon. Furious, the Mexican general ordered his forces to launch a siege. Click here to read more.
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MasterCard To Charge New Acquirer, Processor Fees 
2/24/12 ISO & Agent MasterCard Worldwide will start charging a new acquirer licensing fee in July, the company confirmed on Feb. 23. The new fee, along with a new third-party processor registration fee, was mentioned in a Barclays note to investors earlier on Feb. 23. MasterCard spokesperson Seth Eisen did not immediately confirm the processor-registration fee. The move comes ahead of a new rule prohibiting network routing exclusivity on debit cards, as part of the Durbin amendment to the Dodd-Frank law. That rule, which requires more than one network's point-of-sale PIN-debit brand to appear on cards, is slated to go into effect April 1. Visa to Launch New Acquirer Fee in April That Could Run up To Big Numbers
2/23/12 Digital Transactions The bank card networks will introduce new fees for merchant acquirers in April, according to information obtained by Digital Transactions News. The most significant fee is Visa Inc.’s new Fixed Acquirer Network Fee (FANF), a key component of a revamped pricing strategy the No. 1 payment card network announced last summer to defend its debit business in the face of new federal regulations that could move volume off of its networks and onto competing networks. MasterCard Inc., meanwhile, is adding two new network fees and is expected to introduce a new debit interchange rate in the controversial small-ticket sector. 
2/22/12 MarketWatch There were several important developments in the fortunes of U.S. credit card companies in 2011, according to the annual special report on General Purpose Credit Cards, published in the most recent issue of The Nilson Report, a respected trade newsletter on the payments industry. American Express overtook MasterCard to gain second place among credit card brands in the U.S., based on spending at merchants. "This is the first time since MasterCard was known as MasterCharge back in the 1960s, that American Express has experienced more purchase volume." Bank of America, JPMorgan Face More Overdraft Pain
2/23/12 The Street Bank fee income, already under pressure from a host of new regulations, might be further threatened by the Consumer Financial Protection Bureau's latest probe into overdraft practices. "Overdraft practices have the capacity to inflict serious economic harm on the people who can least afford it," CFPB director Richard Cordray said in a statement on Wednesday. "We want to learn how consumers are affected, and how well they are able to anticipate and avoid paying penalty fees." Why Debit-Card Overdraft Fees Are Under Scrutiny Again
2/23/12 Businessweek Today the new Consumer Financial Protection Bureau said it is going to take a look at debit-card overdraft fees. If it feels like deja vu, it kinda is. It’s been a year and a half since new rules changed how banks can charge for overdrafts, but the fees definitely haven’t gone away. Let us explain. In November 2009, the Federal Reserve moved to rein in the high fees that banks charged consumers who overdrew their accounts when making debit-card purchases or withdrawing cash from an ATM. Group Claims Consumers Don’t Expect Retailers to Pass on Durbin Savings
2/21/12 EPC According to an Ipsos Public Affairs survey recently released, only seven percent of respondents believe most retailers are passing their savings on to consumers now that the government has lowered the amount retailers pay to accept debit cards. Moreover, only six percent believe that retailers ever intended to pass on savings from lower debit card fees to consumers. The survey of more than 1,000 U.S. adults aged 18 and older was conducted January 14-15, 2012.
2/23/12 The New York Times The Federal Reserve has great power in modern American society, including the ability to move the economy and, at least indirectly, to create or destroy fortunes. Its powers operate in two ways: through control over monetary policy, meaning interest rates and credit conditions more broadly, and through its influence over how the financial system is regulated generally and how specific large banks are treated. The secrecy of our central bank has long been a source of controversy. Facebook Fast-Tracks Its Payments Business
2/21/12 BTN "It all starts with having a large number of users and a large number of merchants and connectivity between the two — and certainly Facebook has that," says Philip Philliou, a payments consultant. "When you think about … products such as prepaid, global money transfer [and] person-to-person money transfer, these are all achievable products for them." Though Facebook Credits are nowhere near as useful or flexible as the dollar, Facebook's decision to pursue licensing has industry watchers comparing it to another company that transformed digital money: eBay Inc.'s PayPal. CARD Act May Have Cost Consumers Billions
2/21/12 Forbes The CARD act went into effect two years ago tomorrow. What’s changed since then? Back in 2009, the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act was signed to great fanfare, with the White House lauding it as a “turning point for American consumers.” The question is, which way have things turned for consumers? By at least one measure, the CARD Act may have been a multi-billion dollar turn in the wrong direction. Breached Card Details Threaten Privacy
2/20/12 Bank Info Security Data breaches tied to credit and debit cards accounted for more than 25 percent of all breaches in 2011, according to a new report - a disturbing trend that puts the onus on banking institutions and merchants to bolster payment card security. While breach numbers overall have declined, with breaches in the financial-services sector accounting for less than 4 percent of all breaches tracked, compromises linked to payments cards still need attention. Coming Soon to a Taxi Near You: Square Wants to Replace Taxi TVs with iPads and Apps
2/21/12 BetaBeat What if instead of a squawking box, capable only of blaring at you from the partition, Taxi TVs looked more like your smartphone and came stocked with apps like Foursquare? Square, the mobile payment company headed by Jack Dorsey, is trying again with a daring proposal for the Taxi and Limousine Commission: a pilot program that would replace Taxi TVs in 50 cabs with iPads or other tablets. TLC chairman David Yassky said the tablets would also enable the commission to test out Square’s mobile payment technology “and swipe a credit card at any point in the trip.” Female Trail Blazers Share Insights for Maximizing Visibility and Opportunity in a "Virtual" World
2/22/12 WNET Women’s Network in Electronic Transactions (W.net) announced today that the 2012 Super LINC event will be held on Tuesday, April 17 from 1:00 - 4:30 p.m. at the Mandalay Bay Hotel, Las Vegas, host hotel to the ETA Annual Meeting. The theme of the meeting, Networking in a Digital World will focus on the vast changes and opportunities the virtual world presents and how to manage these changes successfully. MasterCard and Telefonica's Joint Venture Unveils Brand Name
2/23/12 iStockAnalyst MasterCard and Telefónica’s joint venture, created to lead the development of mobile financial solutions in 12 markets in Latin America, unveiled today its new corporate and consumer brand, Wanda, and the team that will lead this initiative. Wanda will provide mobile payment solutions to the over 87 million Movistar customers in the 12 markets where it will operate.
2/23/12 4-Traders JPMorgan Chase & Co. announced today that it has invested in GoPago, Inc., a provider of emerging mobile payments technology. GoPago has developed a free smartphone application that allows consumers to browse, order, and pay for local goods and services. The investment, in the form of GoPago's Series A preferred stock, will support the company's expansion into mobile payment services by helping brick and mortar businesses modernize to better compete with online businesses. FTNI Supports Proxibid and Auction Payment Network’s Industry Leading On-Line Auction Needs
2/21/12 FTNI Financial Transmission Network Inc. (“FTNI”), announced it has activated over 400 Proxibid affiliated Auction Houses through its award winning ETran Receivables Management platform. Proxibid’s online bidding solution enables auction companies to connect with bidders located anywhere in the world with an Internet connection. The company provides live auction webcasting and online-only auctions, ensuring auction companies and bidders everywhere can participate online. Visa Shows Off Olympics NFC M-Payments App
2/24/12 Finextra The two companies, both official London 2012 sponsors, first outlined plans for a special Games NFC payments handset last March and have since brought Lloyds TSB on board. With the Olympics opening ceremony now just five months away, the pair will show off the technology at Mobile World Congress in Barcelona next week. The app, based on Visa's payWave technology, enables users to make payments of up to £15 by holding their phone in front of a contactless reader at the point of purchase. Merchant Warehouse Scores Record Revenue, Awards in 2011
2/22/12 The GreenSheet Merchant Warehouse®, the industry’s leading innovator in payment processing solutions and merchant account services, today announced that a significant percentage of individuals within the company have attained the designation of Certified Payment Professional ™ by the Electronic Transactions Association, providing sales agents and payments industry professionals with the distinction of having extensive industry knowledge and skills in electronic transactions. WorldPay Offers BOKU as a Mobile Payment Method to Its Global Merchant Network
2/22/12 BusinessWire BOKU, Inc., announced today that leading Payment Service Provider (PSP) WorldPay has selected BOKU as its global mobile payments partner, integrating BOKU’s payments platform into its payment network. WorldPay’s merchants can now enable their customers to make a purchase and pay directly via their mobile operator bill. This partnership demonstrates that mobile payments are becoming a mainstream payment vehicle that allows merchants to acquire new customers. PULSE and Obopay Collaborate to Provide Real-time Payment Solution
2/23/12 Yahoo! Finance PULSE and Obopay have agreed to enable real-time money transfer capabilities for PULSE financial institution participants. As a result of the PULSE and Obopay agreement, issuers on the PULSE network can offer real-time person-to-person (P2P) and account-to-account transfer (A2A) services based on the Mobile Money for Banks and Credit Unions offering from Obopay. Participants’ account holders also can receive funds from other institutions to their debit card accounts instantly.
2/23/12 CardWare It started with a rumor that Visa was backing away on their chip and pin commitment and press release. Big news if they are Visa is not back peddling on chip and pin, merely clarifying assumptions, along with misinterpretation of their communication. Briefly, chip and pin is considered two-part authentication in some payment cultures. The pin is also viewed as secondary authentication to real time authentication via the chip. Jobless Claims Hold at Four-Year Low
2/23/12 The New York Times The number of people seeking unemployment aid was unchanged last week and the four-week average of applications fell to its lowest point in four years, the Labor Department reported Thursday. The figures are the latest evidence that the job market is improving. The Labor Department said 351,000 laid-off workers sought unemployment aid last week. That's the fewest number of people seeking unemployment assistance since March 2008. Facebook Retail Sites Dying, And For Very Good Reasons
2/23/12 StorefrontBacktalk When stories hit last week pointing out that several major chains—including JCPenney, Nordstrom and Gap—had killed their Facebook sites due to insufficient new revenue, some started questioning the value of Facebook and social media in general. Those Facebook sites died because they were based on a flawed understanding of what social media is all about. It’s not about creating a storefront or a virtual watering hole where customers gather to sing your praises. Those retailers already have that: It’s called a Web site. Economists Don't Like Some of Obama's Corporate Tax Plan
2/23/12 USA Today Cutting corporate tax rates and deleting loopholes is just what most economists prescribe for the tangled U.S. tax code. So why isn't everyone cheering the plan President Barack unveiled Tuesday to slash the top corporate tax rate and end breaks that let some companies pay little or nothing in taxes? Economists note that Obama's plan would carve up the very playing field the administration says it wants to level. |
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