ATM & Debit News articles from July 2006

ATM & Debit News archives from July 2006

Chase Completes Migration.
July 6, 2006... JPMorgan Chase has completed its migration of most of its debit card portfolio to Visa USA and Visa's Interlink and Plus PIN-debit networks. The bank, in its reissuance of 1.8 million debit cards in the New York region, no longer is carrying...

Visa, First Data Bury Hatchet.
July 6, 2006... Visa USA and First Data Corp. have settled a four-year-old legal dispute over First Data's use of a closed-loop, card-processing system that bypasses Visa's VisaNet processing arm for some transactions on Visa cards. First Data agreed to end...

Debit A Household Name.
July 6, 2006... About 90% of households in the United States used some form of electronic payment in 2004, up from 78% in 1995, according to a report last week by the Federal Reserve Bank of Philadelphia. Nearly 60% of households now use debit cards, compared...

Card Insurance For Credit Unions To Get Tougher.
July 6, 2006... In yet another sign that debit card fraud is on the rise, the largest insurer of debit card losses for credit unions is now requiring that tougher fraud-detection measures be taken for credit unions to continue being covered. CUNA Mutual...

Tranax Sees Hybrid ATMs In Its Future.
July 6, 2006... Tranax Technologies Inc. is trying to remake its traditional role as a vendor of cash dispensers to retailers. Tranax is moving aggressively to make its business more upscale to include sales of bank ATMs. It also is launching a new business to...

Another Try To Make PIN-Debit A Player In Web-Based Transactions.
July 6, 2006... Despite growing popularity as a consumer payment type at physical merchant locations, the PIN-debit function on debit cards has generally stayed off the Web. Keying in PINs is deemed too risky for use in cyberspace. Various attempts to make...

Studies See Payment Kiosk Growth.
July 6, 2006... Prospects for payment card-accepting, ATM-like kiosks appear to be strong, according to several recent studies. North American consumers this year will spend as much as $475 billion at self-checkout lanes, ticketing kiosks and other...

TRM May Sell More Stock.
July 6, 2006... TRM Corp. may raise $200 million through a new sale of stock or debt securities. The ATM independent sales organization filed a registration for a possible sale of new stock or debt securities with the Securities and Exchange Commission last...

Chase ATMs: Tennis Anyone?
July 6, 2006... JPMorgan Chase & Co. is using 1,789 ATMs in the New York region to give away 5,000 free tickets to the U.S. Open tennis tournament. Winning tickets will be printed on the back of customers' ATM receipts with a graphic of a blue tennis ball. ...

Hypercom Gets On With Life.
July 13, 2006... The U.S. District Court for the District of Arizona last week dismissed a class-action lawsuits against Hypercom and John W. Smolak, the former chief financial officer of the Phoenix-based payment technology supplier over restatement of...

VeriFone Investors Cash Out.
July 13, 2006... GTCR Golder Rauner, the largest investor in POS terminal maker VeriFone Holdings Inc., sold 3 million shares for $26.55 a share, or $79.7 million, on June 23, according to the U.S. Securities and Exchange Commission. GTCR still owns nearly 19.3...

Air Base CU Flying With Co-Op.
July 13, 2006... The Randolph-Brooks Federal Credit Union has joined Co-Op Financial Services's EFT network. The credit union, which was established to serve Randolph Air Force Base in Texas, has about 244,000 debit cardholders and 22 branches. (c) 2006...

Debit May Make Most Of Change In Cash Payments.
July 13, 2006... Getting consumers to use debit cards for small-value transactions, typically those with a total ticket of less than $25, isn't an easy task. But changes in payment network mandates and wider distribution and merchant acceptance of contactless...

Surcharging Is Surging In Other Nations.
July 13, 2006... The seeming unpopularity of ATM surcharging among U.S. consumers, and the consequent decline in ATM transactions, do not seem to be deterring ATM operators in other nations from charging to use ATMs. The number of surcharging ATMs keeps...

Focus On Merchant Security Plays Role In Ending Visa, FDC Feud.
July 13, 2006... The settlement of suits and countersuits between Visa USA and First Data Corp. may be less than meets the eye financially. But it shows how sensitive card fraud has become in the world of merchant processing. These two payment card titans...

Wanted: More Convenience Store ATMs.
July 13, 2006... Convenience stores in the U.S. have perhaps the greatest penetration of ATMs of any merchant category, various studies have shown. Convenience stores were one of the first merchant areas to deploy ATMs not owned by banks. Now, it appears...

Diebold Updates Windows.
July 13, 2006... Diebold Inc. is offering what it describes as a more streamlined system to update software on Diebold ATMs running Microsoft Corp.'s Windows operating system. Diebold announced that its Software Update Notification System will track security...

Correction.(Correction notice)
July 13, 2006... A July 6 ATM&Debit News brief incorrectly stated that TRM Corp. recently filed documents to sell more stock shares to pay debt. The filing was posted in 2005 and came before a more recent refinancing of debt. (c) 2006 ATM&Debit News and...

CUs To Use 7-Eleven Vcoms.
July 20, 2006... The Financial Services Centers Cooperative will allow credit union participant depositors to use 7-Eleven Stores' Vcom multifunction ATMs for shared transactions. The cooperative has a deal with 7-Eleven that will allow such transactions as...

Banks See Card Use Growth.
July 20, 2006... The nation's largest debit card issuer, Bank of America, reported that customer debit card purchase volume exceeded $42 billion in the second quarter 2006 for a 22% increase from the same time in 2005. JPMorgan Chase and Wells Fargo did not...

Farmers Markets No Longer Left Out In Cold.
July 20, 2006... All 50 states now distribute electronic benefits transfer debit cards instead of the old paper coupons for food-stamp benefits. While this conversion from paper to plastic may save the government millions of dollars a year and inject millions...

Aetna Targets Uninsured With New Visa Card For Medical Discounts.
July 20, 2006... Most large health-insurance firms now offer various tax-deferred health account programs in which debit cards are often distributed to access funds in these accounts. Such accounts include flexible-spending accounts and health-savings...

Australians Tinker With Interchange, Debit Rules.
July 20, 2006... For some years now, opponents of interchange rate regulations for debit card transactions, namely U.S. debit card issuers and the card associations they belong to, point to Australia as being the poster child for their cause. The Reserve...

Canadians Fearless Of ATM Crime.
July 20, 2006... Nearly two-thirds of Canadians are aware of the need to be cautious when using an ATM, but relatively few plan to avoid using the machines despite recent reports of ATM fraud. Those are some of the conclusions of a spring survey conducted...

Prepaid Cards, Debts May Have Ties.
July 20, 2006... Debtors may offer new opportunities for distributors of prepaid debit cards. David Rosenberg, founder and CEO of the Cincinnati-based debt buyer Unifund, says he is working on a distribution relationship between his firm and Rush...

Prepaid Groups Strike Deal.
July 20, 2006... The Network Branded Prepaid Card Association, or NBPCA, a nonprofit, prepaid card industry trade association, has formed a marketing partnership with Prepaid Media, a for-profit information services company focusing on network-branded, prepaid...

Three For Fifth Third.
July 20, 2006... Fifth Third Bank Processing Solutions signed three new debit and credit processing contracts. Boston-based Uno Restaurant Holdings Corp., Rollins Inc., which operates 400 locations under the Orkin brand and Linens 'n Things Inc., which operates...

Foreign Fee Settlement Costly.
July 27, 2006... Visa USA, MasterCard Worldwide and some issuer members, including Bank of America and Citibank, agreed to pay $336 million to settle a class-action lawsuit over foreign-currency charges on debit and credit card transactions. The lawsuit charged...

Diebold Profits Sink.
July 27, 2006... Diebold Inc. reports that its second-quarter earnings sank by 46%, to $17.2 million from $32 million during the same period last year. Revenues for the quarter reached $726.4 million, up 17.4%. The profit decline was due mainly to restructuring...

Bank's Processing Unit Grows.
July 27, 2006... Fifth Third Bancorp's payment-processing division performed better in the second quarter ended June 30 than the bank overall, the bank reported last week. Net income for the payment-processing unit reached $211 million, up 15.3% from 2005. The...

Visa Tightens Handling Of PIN-Debit Data.
July 27, 2006... Visa USA wants merchants to get used to new mandates for handling PIN-debit transactions, and the card association recently took several actions designed to help them. Visa is distributing to merchants what it describes as "best practices"...

Debitman Finds A Bank Benefactor.
July 27, 2006... Since its founding in 2000, Debitman Card Inc. has had high hopes that merchants quickly would adopt its payment network as a less-expensive alternative to traditional bank-issued debit cards. Merchants pay higher interchange fees for...

Cameras Don't Suit The Image Of ATMs In A World Of Video Surveillance.
July 27, 2006... Tiny video cameras, it seems, are springing up just about everywhere, from street corners to cellular telephones and digital cameras that fit into the edge of laptop computer lid. But cameras are not being deployed in ATMs, even off-premise...

FEMA Bows To Critics, Rejects Cards.
July 27, 2006... The use of network-branded prepaid debit cards to deliver emergency funds to consumers displaced because of a disaster seems like a logical evolution in delivering disaster-assistance funds. Indeed, the American Red Cross is stockpiling...

Metavante Offers 'Just Pay It'.
July 27, 2006... Metavante Corp. has announced a new payment service that joins so-called PINless debit into several other payment forms consumer can use to pay bills online. The service, called Just Pay It Convenience, offers billers the ability to accept...

NCR Reports China Deals.
July 27, 2006... NCR Corp. reported two Chinese ATM orders. One order from China Construction Bank is for 1,000 ATMs. Another order for an undisclosed number of machines is from the Bank of Communications. (c) 2006 ATM&Debit News and SourceMedia, Inc. All...