The National Grocers Association, along with its retailer, wholesaler and state association members, has filed an antitrust, class-action lawsuit over VISA and MasterCard’s credit card interchange fees. The suit was filed in the U.S. District Court for the Eastern District of New York yesterday by Robins, Kaplan, Miller & Ciresi. N.G.A represents over 1,500 grocery retailer companies across the nation and over 60 wholesale grocery companies. Approximately 40 other interchange lawsuits have been filed by merchants this year making similar charges. The first major lawsuit by merchants to take on U.S. interchange fees was filed in October 2004, shortly after the U.S. Supreme Court refused to hear VISA and MasterCard appeals in the “Wal-Mart” debit card lawsuit. (CF Library 10/05/05)Details
Retail Decisions has signed an agreement to license its “PRISM” fraud detection software to LG Card. LG has 9.5 million cardholders and 10.7 trillion Won in managed assets. “PRISM” neural technology comprises a full suite of fraud detection applications that includes predictive fraud detection for credit, debit and private label cards, retail fraud, e-commerce transactions and money laundering. Retail Decisions is an operator of fuel cards and a world leader in card fraud prevention and payment processing.Details
VeriFone unveiled its smallest and lightest fully-functional mobile handheld payment platform. The new, Wi-Fi equipped “Vx 670” employs the “MAXui” design philosophy which combines a drop-in load, high-speed thermal printer along with an ATM-style user interface, while offering secure online and offline EMV credit and debit capabilities, a magnetic stripe reader and a chip card reader. VeriFone also announced the “Vx 570,” a new countertop payment system. The new system provides investment protection to existing “Omni 3750” users who can leverage their existing applications while enjoying the added speed and performance benefits of the “Vx Solutions” platform and the greater flexibility in the number and type of applications they want to operate. “Vx 570” supports easy migration of Omni 3750 applications with minimal recertification, providing an easy migration path with greater memory, a faster processor, larger paper roll, enhanced display and the USB port. The “Vx 570” design meets all current requirements for PED devices for secure PIN-based transactions.Details
VASCO Data Security International has released the “Digipass 100, Digipass Technology on a flexible smart card. The “Digipass 100” flexible smart card has the same format as a classic credit card and fits perfectly in a wallet, which makes it hyper-portable. The Digipass strong authentication technology sits on a flexible smart card developed by nCryptone and InCard. This card displays a Digipass one-time
password when the user pushes a button. VASCO has delivered 19 million products worldwide.
Florida-based Solicore has been awarded a patent for the invention of a battery using a polymer matrix electrolyte separator that can withstand the high temperature lamination process used in the manufacture of most credit cards. Solicore develops, manufactures, and markets ultra-thin flexible lithium polymer batteries under its Flexion brand that serve the smart card, RFID and medical device markets.Details
TSYS has renewed its multi-year relationship with Allied Irish Banks to
provide processing services for its portfolio of consumer, retail and
commercial credit-card accounts. AIB is one of the first clients of TSYS
in Europe to provide processing services for its portfolio of consumer,
retail and commercial credit-card accounts. AIB converted from its
in-house processing system to the industry-leading “TS2” payments engine
in 2001. Allied Irish Banks total assets are 102 billion euros.
First Data has completed the acquisition of Austrian Payment
Systems Services, a processor of cashless, card-based payment
transactions. APSS provides Austria’s banking industry with debit and
credit card issuing and acquiring processing, as well as card network
operations and terminals and ATM processing. In addition to
processing about 372 million transactions per year, APSS is responsible
for the terminal network of 7,900 ATMs and 79,000 EFT-POS terminals. The acquisition by First Data will enable the company to broaden its service offering and support the growth strategies of Austrian banks expanding across the fast-growing markets of Central and Eastern Europe. The acquisition of APSS also extends First Data’s capabilities and service
offering in the areas of smart card development, ATM management and
debit card processing.
The national competition has begun for VISA International’s “Visa
Championships-Torino 2006” online game and international competition.
Players from 23 countries compete in three virtual Olympic Winter Sports
to win a trip for two to the “Torino 2006 Olympic Winter Games” and a
chance to be crowned global champion. The “Visa Championships-Torino 2006” online game is a first from VISA as part of its Olympic marketing
program. It is a challenging, free international competition in which
players from 23 countries compete in three virtual Olympic Winter Sports
to win a trip to the Torino 2006 Olympic Winter Games where they will
take part in the global finals of the game.
Tokyo-based Renesas Technology has unveiled a compact-size trusted reader platform for FINREAD card readers. Renesas is the first semiconductor company to pass the “D10” functional tests for the specifications. The new USB-based card reader platform can easily be connected to PCs and provides a highly secure environment for e-Commerce and home-banking applications. The Renesas platform is ideal for add-on electronic cash register readers, PC-connected readers, vending machines, gasoline pumps, medical equipment, access control boxes, and authorization validation devices. Renesas Technology is a joint venture between Hitachi and Mitsubishi Electric Corporation.Details
FreeStar Technology has signed a strategic partnership agreement with
e-Pocket to integrate the ePocket Payment System into FreeStar subsidiary
Rahaxi’s payment processing systems. The ePocket payment system offers
customers the option of transactions using cash by depositing cash or an
amount charged to a credit or debit card in a receiving institution.
For ePocket payments, the merchant will benefit from real-time settlement,
lower transaction fees and guaranteed funds. Under the agreement’s terms,
ePocket will work with existing Rahaxi Processing clients to integrate
ePocket into their existing account management systems. Rahaxi currently
processes in excess of 1 million card payments per month.
Rentcash has named Edward McClelland as the newest member of the Board
of Directors. McClelland has an extensive background in building and
managing financial services companies. McClelland has previously held
positions as Vice President of CIBC Finance and prior to that as the
President of Transamerica/Borg Warner Group of Companies, Canada,
Australia, and Europe. Rentcash operates The Cash Store, Instaloans
and Insta-rent. The Cash Store and Instaloans act as brokers to facilitate
payday advance services and provide two private label debit cards, the
“Cash Store Cash Card” and “InstaWorld Debit Card,” for those who may not be
able to obtain them from banks. Insta-rent rents brand name furniture,
appliances, electronics and computers, with or without an option to
Sydney-based Keycorp Limited has launched the “K76 Printer Communications Module”, a printer communications module that allows merchants to make secure EFTPOS transactions over the Internet via broadband networks. The “K76” can be combined with the “Keycorp K23 Intelligent PIN Pad” to create a complete stand-alone payment solution that does not require a dial-up EFTPOS connection, eliminating the cost and inconvenience of maintaining a separate EFTPOS dial-up line. The “K76” can connect to the Internet via ADSL, cable or wireless modems. as well as its 10/100 Base-T fast Ethernet interface to connect to the merchant’s local area network.Details