Monday, February 7, 2011

Commentary: The Problem with Interchange Price-Fixing

Commentary: The Problem with Interchange Price-Fixing
(from The Washington Post on 2--2011)

By Karen Thomas
Monday, February 7, 2011

Visa recently weighed in on the heated debate over a new law requiring the government to set fees retailers pay to banks when consumers use debit cards to buy merchandise. In response to a provision in the law attempting to shield community banks from the impact of government price-fixing, the debit and credit card giant is reportedly planning a two tier pricing system for large and small financial institutions that issue debit cards.... read more»
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Discover Announces Agreement with Banco Popular de Puerto Rico



Joint partnership to expand Discover® card acceptance in Puerto Rico

RIVERWOODS, Ill. & PUERTO RICO--(BUSINESS WIRE)--Discover Financial Services (NYSE: DFS) and Banco Popular de Puerto Rico (BPPR), Puerto Rico’s largest commercial bank, have announced that they signed an agreement to expand Discover® card acceptance in Puerto Rico. The deal will provide Banco Popular de Puerto Rico merchant customers with access to the millions of cardmembers and billions in spending on the Discover® and Diners Club International® networks.
http://www.discoverfinancial.com
“The relationship with Puerto Rico’s largest commercial bank marks an important growth opportunity for Discover on the island”
The agreement with Banco Popular de Puerto Rico will provide a significant milestone for Discover, given the popularity of Puerto Rico as a top travel destination. International travelers who enter Puerto Rico can expect Discover cards to be accepted at thousands more merchant locations, providing them with the ability to use their Discover cards at merchants throughout the country.
“The relationship with Puerto Rico’s largest commercial bank marks an important growth opportunity for Discover on the island,” said Gerry Wagner, Vice President of global acceptance at Discover. “Cardmembers will be able to use their cards wherever they shop in Puerto Rico, allowing them even more opportunities to reap the great rewards offered by Discover.”
“We are enthusiastic about the opportunities that our partnership with Discover and its members will create for our more than 20,000 merchant locations, and pleased to add the Discover and Diners Club cards as payment options for more than a million visitors that make Puerto Rico a top travel destination,” said Fabio García, Senior Vice President of the Retail Credit Division at Banco Popular.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover Card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discoverfinancial.com.
About Banco Popular de Puerto Rico
Banco Popular de Puerto Rico is the leading financial institution in Puerto Rico with $31 billion in assets. A subsidiary of Popular, Inc., Banco Popular provides financial services to approximately 1.4 million individual and business clients. Banco Popular also offers the most extensive and complete distribution network in Puerto Rico, with 187 branches, more than 605 ATMs and 27,162 point of sale terminals, a 24/7 call center (TeleBanco Popular) and advanced online banking at www.MiBancoPopular.com.

Contacts

Discover
Laura Gingiss, 224-405-0185
lauragingiss@discover.com
or
Banco Popular de Puerto Rico
Fabio Garcia, 787-771-2010
fgarcia@bppr.com
Permalink: http://www.businesswire.com/news/home/20110207005345/en/Discover-Announces-Agreement-Banco-Popular-de-Puerto
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TSYS and CASSIS International Enter Into Mobile NFC Partnership

Partnership to Help Enable Banks, Retailers, Payment Networks and Mobile Operators

February 07, 2011 09:00 AM Eastern Time  COLUMBUS, Ga.--(BUSINESS WIRE)--TSYS announced today that it has entered into a partnership with CASSIS International to provide secure mobile payment, loyalty and commerce functionality. CASSIS is a mobile trusted service manager (TSM) for banks, retailers, transit operators and mobile service providers, and is globally certified by Visa and MasterCard.
TSYS
“We look forward to collaborating with TSYS, a global leader in electronic payments and loyalty to advance the value, convenience and integrated functionality of mobile NFC”
“Consumers will soon be using their phones as their wallets, so delivering secure mobile payments, loyalty, rewards and coupons will be a ‘must have’ for our bank and merchant customers,” said Troy Woods, president and chief operating officer, TSYS. “TSYS is committed to offering a full range of mobile solutions that meets our customers’ needs both today and tomorrow, and we are excited to partner with CASSIS, a global leader in technology and trusted service management for mobile NFC.”
“We look forward to collaborating with TSYS, a global leader in electronic payments and loyalty to advance the value, convenience and integrated functionality of mobile NFC,” said TH Tan, chairman of CASSIS International. “Together, we can help all parties along the payments value chain to bring mobile NFC to market, so that everyone stands to win — most of all consumers.”
Thian Yee Chua, chief executive officer of CASSIS International, added, “This partnership with TSYS represents an important next step in realizing our vision of a global TSM network, helping to make mobile NFC safe, convenient and profitable around the world.”
About CASSIS
CASSIS International is a leader in technology and trusted services for mobile payments, mobile commerce and near field communication (NFC). The company enables banks, telcos, transit operators, merchants and other service providers to deliver mobile phone-based NFC payment, transit, loyalty/rewards, identity and access control services to their customers. CASSIS has a distinctive track record of successful mobile NFC implementations around the world, including the first successful OTA provisioning of a 3G UICC chip globally and the first mobile NFC commercialization project in the world, working with a leading bank, telco, transit operator, device maker and payment network.
About TSYS
TSYS (NYSE: TSS) is reshaping a new era in digital commerce, connecting consumers, merchants, financial institutions, businesses and governments. Through unmatched customer service and industry insight, TSYS creates a better experience for buyers and sellers globally, supporting cross-border payments in more than 85 countries. Offering services in credit, debit, prepaid, mobile, chip, healthcare, installments, money transfer and more, TSYS makes it possible for those in the global marketplace to conduct safe and secure payment transactions with trust and convenience.
TSYS’ global headquarters are located in Columbus, Georgia, with other local offices spread across the Americas, EMEA and Asia-Pacific. TSYS serves approximately 400 clients in 85 countries, including relationships with more than half of the Top 20 international banks. For more information, please visit us at www.tsys.com.

Contacts

TSYS Media Relations
Cyle Mims, +1-706-644-3110
cylemims@tsys.com
or
TSYS Investor Relations
Shawn Roberts, +1-706-644-6081
shawnroberts@tsys.com
or
For CASSIS International
Patrick Corman, +1-605-326-9648
Corman Communications
patrick@cormancom.com

At A Glance

TSYS
Source: via Business Wire
Updated   07/07/2009   by company
Headquarters:Columbus, GA
Website:http://www.tsys.com
CEO:Philip Tomlinson
Employees:8,110
Ticker:TSS  (NYSE)
Revenues:$1.9 billion (2008)
Net Income:$250 million (2008)
Permalink: http://www.businesswire.com/news/home/20110207005317/en/TSYS-CASSIS-International-Enter-Mobile-NFC-Partnership
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