ATM & Debit News articles from November 2004

ATM & Debit News archives from November 2004

Genpass Links With CUs.
November 4, 2004... CU ink, a Conshohocken, Pa.-based services provider for 900 credit unions, will offer to its membership Fort Washington, Pa.-based Genpass Inc.'s electronic funds transfer processing services, which include ATM driving and debit card...

MasterCard Volume Up 11.8%.
November 4, 2004... During the first nine months of this year, U.S. holders of signature-based (offline) debit MasterCards initiated 1.6 billion purchases, up 11.8% from 1.43 billion during the same period last year, MasterCard announced Nov. 1. The number of...

Visa Modifies Fees For Purchases, Plus ATM Transactions.
November 4, 2004... Visa USA this week announced major changes in debit-related interchange rates for next year. When they take effect, many merchants will pay less for signature-based Visa check card purchases and generally more for PIN-based Interlink purchases....

Delayed-Debit Programs Catching Banks' Attention.
November 4, 2004... Delayed debit cards, which typically withdraw funds automatically from accounts once or twice per month instead after each purchase, have been offered for years, primarily by brokerage firms that tie them to cash-management accounts. But since...

Use Of Check Imaging For Bank ATMs To Stay Limited, Despite Check 21 Law.
November 4, 2004... The watershed Oct. 28 date for when the Federal Reserve Board began to allow banks and merchants to use electronic images instead of the original paper to settle check transactions has passed. But for all the promise of the so-called Check 21...

Check-Imaging Survey.
November 4, 2004... ATMs imaging checks 20 Check-imaging ATMs in 2006 1,000 Savings per deposit $1* Source: TowerGroup. Findings based on an upcoming survey of the top 10 U.S. financial institutions. *Excludes fraud-related...

How Visa's New Rates Compare: Visa check card.
November 4, 2004... (Based on $40 Purchase) New Current Retail Fee* Fee Change Threshold I 37.8cents 43cents -12.1% Threshold II 45.4cents 48.2cents -5.8% ...

Domestic Software Vendors Eye Foreign Markets.
November 4, 2004... Two domestic electronic funds transfer software companies are seeing increased interest in their products abroad. EFunds Corp. says Tecnologia Bancaria S.A., which operates Brazil's TecBan electronic funds transfer network, plans to use the...

NCR Sees Growth In ATM Sales.
November 4, 2004... NCR Corp., the Dayton, Ohio-based ATM manufacturer, says it generated $44 million in net income during the third quarter ended Sept. 30, up 144% from $18 million during the same period last year. Revenues for the quarter rose 7.4%, to $1.45...

Hypercom Net Income Down 81%.
November 4, 2004... Hypercom Corp. on Oct. 29 reported net income of $584,000 from continuing operations for the three months ended Sept. 30, down 81% from $3 million in net income the Phoenix-based payment-terminal maker generated in the third quarter last year....

Visa Predicts Rate Acceptance.
November 11, 2004... A Visa USA executive predicts both issuers and merchants will embrace new interchange rates for PIN-based Interlink and signature-based check card purchases. Visa last week announced it will reduce the rates for check card purchases and raise...

Interlink Volume Doubles.
November 11, 2004... Transaction volume in Visa USA's Interlink PIN-based point-of-sale debit network more than doubled during the third quarter ended Sept. 30, according to Visa. Much of the growth was the result of several financial institutions migrating to...

Europe's Chip & PIN Is Not A Foolproof Antifraud System.
November 11, 2004... Next year, implementation in Europe of the so-called "chip and PIN" antifraud strategy for debit cards will be in full swing. But the system will not prevent criminals from taking advantage of weaknesses in the transaction chain, say industry...

Visa To Implement Structural Change In ATM Interchange.
November 11, 2004... The interchange structure electronic funds transfer networks set for ATM transactions has changed little in recent years. The structure generally favors off-premise ATM owners, especially nonbank deployers that receive interchange from card...

A Reinvigorated Student Advantage Makes Another Campus Card Play.
November 11, 2004... Strapped for cash to pay off debt, Student Advantage Inc. early last year sold to Blackboard Inc. for $4.5 million the majority of its SA Cash program, which enables students to shop off campus with their campus stored-value cards. Student...

Rate Changes May Lack Merchant, Issuer Symmetry.
November 11, 2004... Visa USA believes both issuers and merchants will embrace "better symmetry" between the acquirer-paid interchange rates applied to PIN-based Interlink and signature-based check card purchases. The card association last week announced plans to...

New Plus Interchange Rates.
November 11, 2004... Tier 2* Current Rate New Rate Withdrawal 50 cents 40 cents Balance Inquiry 25 cents 20 cents Balance Transfer 25 cents 20 cents Shared Deposit $2.50 $2...

S1 To Buy Mosaic Software.
November 11, 2004... S1 Corp., an Atlanta-based front-office banking software provider, plans to acquire United Kingdom-based Mosaic Software Holdings Ltd. for $37 million in cash, the companies announced. The deal will enable S1 to play in the ATM and...

Personal Update.
November 11, 2004... The Electronic Funds Transfer Association has elected Frank D'Angelo, executive vice president of Milwaukee-based Metavante Corp., as its president, succeeding Dale Dentlinger, formerly with E*Trade Financial Corp. Nova Information Systems has...

AmEx Files Antitrust Suit.
November 18, 2004... American Express Co. on Nov. 15 filed an antitrust suit in U.S. District Court in Manhattan against Visa USA, MasterCard International and eight large banks that are members of both associations. Both Visa and MasterCard vowed to fight the AmEx...

AFFN Broadens Card Access.
November 18, 2004... MasterCard International and the Armed Forces Financial Network have announced an agreement in which AFFN-branded debit cards in January will be usable at MasterCard's Maestro merchant and Cirrus ATM terminals worldwide. AFFN card access...

Discover/Pulse Deal Would Create A Third Offline Debit Brand.
November 18, 2004... Discover Financial Services' announcement this week that it plans to buy the Pulse EFT Association for $311 million means Visa USA and MasterCard International soon could have a third competitor in the U.S. signature-based (offline) debit...

OCC Stays Out Of Lawsuits Over Gift Card Fees.
November 18, 2004... When several states and local communities, including Iowa and San Francisco, a few years ago challenged surcharge fees assessed at bank ATMs, the U.S. Comptroller of the Currency was quick to note, and the courts subsequently agreed, that only...

Mosaic Software's Sale To S1 Shows That Even Software Vendors In Demand.
November 18, 2004... Just about every payment-technology company is scrambling to get a piece of the growing debit card transaction pie. The result is that transaction-software companies apparently are becoming as hot an acquisition target as transaction processors...

Key Facts About Pulse, Discover.
November 18, 2004... Pulse * Third-largest U.S. PIN-based point-of-sale debit network. * Serves more than 4,100 banks, credit unions and savings institutions. * Brand supported by 3.3 million POS terminals and 250,000 ATMs. Discover * 50...

Court Finds Fault In A Default Proof Gift Card Patent.
November 18, 2004... A Florida-based company that has a patent on prepaid card dispensing is appealing a recent U.S. District Court ruling in Miami that denied patent-infringement complaints filed last year filed against three large retailers. In the complaints,...

OCC's Statement On Lawsuits.
November 18, 2004... "We are aware of the Simon Malls gift card product, and we have not taken the position that this is a bank product. We also have no plans to take the position that the Simon Malls gift card is a bank product in this litigation about whether...

Transaction Software Share.
November 18, 2004... ACI 66.9% eFunds 16%* S2 Systems 9.6% Mosaic 7.5% Source: Celent Communications. Shares apply only to transaction-switching software used in the U.S. only. *Includes Oasis. Copyright 2004...

Lynk Deal Doubles CU24 ATMs.
November 18, 2004... Credit Union 24 announced Nov. 16 an agreement with transaction processor Lynk Systems Inc. that will more than double the number of CU24-branded ATMs nationally. The direct processing agreement will allow CU24 member credit unions access to...

EFunds, WildCard Form Pact.
November 18, 2004... EFunds Corp., a Scottsdale, Ariz.-based electronic funds transfer processor, and WildCard Systems Inc., a Sunrise, Fla.-based prepaid card processor, have formed a partnership. Efunds plans to combine its EFT debit product suite with WildCard's...

To Our Readers.
November 25, 2004... Because of the long Thanksgiving holiday weekend, ATM&Debit News will not be published on Thursday, Dec. 2. You will receive your next issue on Thursday, Dec. 9. Please have a safe and wonderful holiday! Copyright 2004 Thomson Media Inc....

Plastic Rules During Holidays.
November 25, 2004... Plastic payments will rule in the Western states during the holiday season, with 72.4% of consumers there planning to make their gift purchases with either debit or credit cards, according to a holiday survey from the National Retail...

ATM Vendors Use Retail Delivery Show To Tout Their Wares.
November 25, 2004... Marketing ATM hardware and software to financial institutions can be a tough business at a time of flat consumer use of the machines. But vendors still are striving to refine their products and develop something new, and they took full...

2005 To Be Banner Year For Bank ATMs, Makers Say.
November 25, 2004... For all the negative predictions about the growth prospects for ATM deployments in off-premise, nonbank locations, the two leading makers of bank ATMs are predicting a brisk business in 2005 from a profitable 2004. And in the end, NCR Corp.,...

Visa, MasterCard Holiday Promotions Look To Turn Up The Transaction Volume.
November 25, 2004... Neither Visa USA nor MasterCard International this year is sponsoring holiday promotions designed specifically to grow their debit card products. However, both card associations have launched seasonal promotions designed to drive use of all of...

Fed Study Explores POS Fee Disclosures.
November 25, 2004... Consumer groups have complained over the past few years that more financial institutions are charging their debit cardholders who use PINs instead of signatures when making purchases because issuers receive more acquirer-paid interchange...

2004's Holiday Promotions.
November 25, 2004... VISA Promo Name "Year of Treasure" Grand Prize Cash equal to all 2004 purchases made with winning card. MASTERCARD Promo Name "Together Wherever" Grand Prize Trip for 20 to anywhere in...

CU24, Genpass Reach ATM Deal.
November 25, 2004... Credit Union 24, a Tallahassee, Fla.-based electronic funds transfer network for credit unions, and Genpass Inc. have announced an agreement that will allow participants of CU24's CU Here surcharge-free program and of Genpass' MoneyPass...

Postal Service To Use Connex.
November 25, 2004... The U.S. Postal Service says it plans to use Scottsdale, Ariz.-based eFunds Corp.'s Connex Open Enterprise transaction switching platform to power point-of-sale transactions made at 33,000 postal locations. Connex will be used to switch credit,...