Electronic Payments Coalition Issues Statement on Interchange Fee Settlement

The U.S. District Court for the Eastern District of New York approved a settlement in the legal dispute between retailers, payment networks and nine major card issuers over interchange fees and rules. The Electronic Payments Coalition subsequently issued the following statement:

“The long political conflict over interchange fees is finally over, settled by a well-established legal process, which brought together retailers and the card industry for a negotiated resolution. After years of mediation, dozens of meetings, and millions of pages of evidence, the parties involved have willingly agreed to settle their dispute. This settlement is in the best interest of all involved parties and that has been proven today with the court’s final approval.”

Tieto wins United Financial Corporation contract

United Financial Corporation (UFC) has switched to a new type of support services – Platinum support, ensuring highest quality support of Tieto Card Suite software, as well as additional value added services. The program now includes technical and operational audits, dedicated specialist visits, training, and other activities aimed at improving UFC’s internal processes. UFC’s goal was to establish a stable platform and bring innovative and reliable interbank processing services to the market. Since the start of using Tieto’s Platinum services in 2012, multiple audits have been conducted providing UFC with recommendations from technical as well as business point of view. New efficient change and problem management procedures have been established, and UFC have also enhanced their expert skills.

TSYS Releases Importance of 3D Secure with EMV

TSYS released its white paper titled “EMV is Not Enough: Considerations for Implementing 3D Secure.” The paper considers the impending U.S. migration to Europay, MasterCard, and Visa (EMV) chip to combat fraud, but concludes that there are additional steps issuers must consider to mitigate fraud risk. This report concludes that there are clear lessons to be learned in the U.S. from the UK’s introduction of EMV ” and the resulting rise in card-not-present fraud. The paper discusses how the increase in card-not-present fraud coupled with the growth of e-commerce should lead issuers to consider deploying a risk-based authentication on the 3D Secure protocol. 3D Secure, the paper indicates, is a robust and effective method for providing information to issuers and online merchants to combat fraud while simultaneously providing a smooth and interruption-free shopping experience to cardholders.

LogRhythm Announces Latest PCI Compliance Client

LogRhythm announced Noodles & Company deployed its Security Intelligence Platform to meet PCI-DSS compliance requirements, which require very close monitoring and control over credit card information and auditing to prove that such data is protected. LogRhythm’s Security Intelligence Platform stands apart from first-generation log management and SIEM solutions by fully integrating log management, SIEM, file integrity monitoring, host forensics and network forensics with advanced analytics. The solution enables organizations to harness the wealth of security-related information embedded within everyday systems, applications and network log data.


This holiday season, WIRED, a Condé Nast brand, is bringing a unique retail experience to New York City. The annual WIRED Store features SpotPay(TM) in addition to the hottest electronics, rare objects d’ art, apparel and accessories, musical instruments, kitchen gadgets, adventure gear, and much more. Located in the heart of the Meatpacking District, at 353 West 14th Street, the Store will run from December 4th through December 22nd, on Tuesday-Sunday from 12 p.m. to 8 p.m.


Delinquency for bank credit cards has declined to its lowest level in more than 20 years. After peaking at its highest level during the credit crisis of 2008-2009, bank credit card delinquency has decreased by more than 400 basis points to 2.45% in the third quarter, according to the Federal Reserve. RAM Research projects a further decline in the fourth quarter to 2.35%. Citibank reported credit card accounts 30 days to 89 days past due declined 13% from one-year ago to 0.94% in the third quarter.

First Data Analysis Shows November DVG Up 4.4%

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] First Data released its SpendTrend analysis for Oct. 31, 2013 through Dec. 2, 2013 compared to Nov. 1 through Dec. 3, 2012, tracking same-store POS data by credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks at U.S. merchant locations. November dollar volume growth of 4.4% marked a downtick…

MasterCard Introduces Payroll Card Standards

MasterCard released new standards designed to help employees take full advantage of the benefits of having their paycheck electronically deposited onto payroll cards. The payroll card standards require employers and payroll card providers to offer cardholders greater insight on how to access their pay through educational resources and increased transparency of any fees. Additionally, the standards ensure the employee has a fee-free way to access their pay and check available balances.

Fiserv Survey Shows mPayment Use Doubled from 2012 to 2013

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] The latest Fiserv Billing Household Survey shows consumers are paying their bills in more ways than ever before, with the number of consumers paying bills from smartphones and tablets growing significantly. Gen Y in particular prefers a variety of channels and immediate payment options, and uses the mobile channel to manage…

Fundtech taps Federal Reserve Bank on ACH Compliance

Fundtech global transaction banking solutions deployed Federal Reserve’s FedGlobal(R)ACH Payments as a part of Fundtech’s ACH solutions. Fundtech provides customers with access to the Federal Reserve Bank’s disclosure capabilities for International ACH Transactions (IAT). Financial institutions face challenges in complying with Regulation E of Section 1073 of the Dodd-Frank Wall Street Reform and Protection Act. The FedGlobal ACH Payments service facilitates disclosure requirements and error resolution for financial institutions involved in the outbound, cross-border transfer of funds. This service complements Fundtech’s ACH solutions which automate ACH processes and provide ACH processor connectivity.

Central Payment/SpotOn to Sponsor Holiday Program

Central Payment and SpotOn have contributed $60,000 to sponsor GLIDE’S annual holiday Grocery Bag Giveaway (December 18), Zach and Matt Hyman, co-founders and co-managing directors announced. In the three years that the companies have participated in the annual event, they have provided more than $140,000 in donations. Employees from both companies also works on a regular basis in the San Francisco-based organization’s kitchen, which annually serves more than 2500 meals per day to the city’s poor, homeless and hungry. During the year, the companies also established a matching contribution program which allows them to increase the support for nonprofit organizations by making commensurate donations to match those made by employees or sales representatives to a nonprofit.

Credit Card GDV

Gross Dollar Volume (GDV) for U.S. Visa and MasterCard branded credit cards is rebounding after six painful years. In the third quarter GDV rose 9.2% year-on-year, compared to 5.8% one-year ago. The September 15, 2008 Lehman bankruptcy and subsequent credit crisis of 2008 and 2009 drove GDV down by more than 16% for two quarters. With the exception of the historically slow first quarter this year, bank credit card GDV has been heading upward, hitting 7.8% in the second quarter, according to CardData.