Wednesday, February 23, 2011

HomeATM Optimistic About Card Reader

Times Square...Get it?
HomeATM's device may run circles around Square, but 

until/unless they raise $37.5 million dollars as has Square, 
"fair and Square" competition is going to be difficult.  

American Banker  |  Wednesday, February 23, 2011

HomeATM has created the industry's first PIN Entry Device designed for eCommerce and mCommerce to be PCI 2.1 Certified...(i.e.  "It runs circles around Square)

By Will Hernandez

HomeATM ePayment Solutions said it is finally gaining traction in the marketplace for its home card reader — because of the popularity of a reader made by Square Inc. and a coming ... (continue reading, subscription required)

Square image
Location:San Francisco , California, United States
Founded:February, 2009
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ACCEL/Exchange Network from Fiserv Sets New Growth Records in 2010

  • Transaction volume up 29 percent from 2009
  • More than 1.2 billion transactions processed in 2010
  • 122 million transactions processed in December 2010
BROOKFIELD, Wis.--(BUSINESS WIRE)--Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, announced today that its ACCEL/Exchange® debit payments network saw record-setting growth in 2010 with an increase in total transactions of almost 29 percent from 2009.
“Our focus at ACCEL/Exchange is to help our members leverage a competitive edge in the payments marketplace”
ACCEL/Exchange established a new annual record for total transactions with more than 1.2 billion transactions processed in 2010. December 2010 also set a new monthly record with more than 122 million transactions – a year-over-year increase of 26 percent.
Among individual payment channels, point-of-sale (POS) transactions grew nearly 30 percent in 2010 to more than 1.15 billion, with ATM transactions also increasing 22 percent over the same period to 82 million. More than 300 financial institutions joined ACCEL/Exchange as new members in 2010, increasing total membership to almost 2,800 member financial institutions.
“Experiencing close to 30 percent growth in today’s challenging economic and legislative climate, speaks to our commitment to providing the most secure, innovative and profitable payment solutions to our members,” said Mike Kelly, general manager, ACCEL/Exchange, Fiserv.
Last August, Fiserv announced an innovative interchange program for members who choose ACCEL/Exchange as their exclusive PIN debit network plus subscribe to at least one additional Fiserv product or service. Members in the program have the opportunity to earn higher interchange rates and reduce overall expenses. The new program has been an overwhelming success with Network members who are looking for ways to improve and optimize their debit payments portfolio bottom line.
“Even in light of all the recent legislative efforts that impact debit card programs, the sustainability of these products as a preferred payment method can’t be denied,” states Patricia Hewitt, director of the Debit Advisory Service for Mercator Advisory Group. “Current market dynamics make it even more important for issuers to underscore the value of their debit card programs, as this market is projected to continue growing at double digit rates.”
“Our focus at ACCEL/Exchange is to help our members leverage a competitive edge in the payments marketplace,” said Kelly. “Regardless of outside influences, debit will remain a key ingredient of the payments mix because it’s secure, dependable and consumers prefer it. That’s why we’re committed to delivering innovative, cost-effective payment solutions that provide a positive financial benefit for our members. We’re focused on enhancing transaction and channel diversity to help our members strengthen their consumer relationships and attract those consumers who are increasingly impatient with financial institutions that do not offer services on their terms.”
For more information on the ACCEL/Exchange debit payments network, please visit
Additional Resources:
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Fiserv is ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry. For more information,


Media Relations:
Julie Nixon
PR Manager
Fiserv, Inc.
Additional Contact:
Wade Coleman
Director, Public Relations
Fiserv, Inc.

At A Glance

Fiserv, Inc.
Source: via Business Wire
Updated 08/18/2009 by company
Headquarters:Brookfield, Wisconsin
CEO:Jeff Yabuki
Revenues:$4.74 billion (2008)
Net Income:$569 million (2008)
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MasterCard Statement on House Financial Services Committee Hearing

PURCHASE, N.Y.--(BUSINESS WIRE)--MasterCard said today it is pleased that members of the House Financial Services Committee are examining the ramifications of the Durbin Amendment and the impact the proposed Federal Reserve Rule will have on consumers as well as financial institutions of all sizes. Debit cards are a popular form of payment and unfortunately, consumers are already seeing the impact of the proposed rule with a reduction of benefits including the loss of free checking and an increase in fees.
“The government establishing price controls rather than letting the free market system work will result in consumers paying for virtually all of the costs for the benefits merchants receive today, which amount to well in excess of $14 billion.”
“We are encouraged that members of Congress on both sides of the aisle are calling into question the Durbin Amendment and that the consequences for consumers are being evaluated. Changes of this magnitude warrant serious thought and analysis and we hope that if Congress re-examines the Amendment and studies the effects, they will see that the harms far exceed any perceived benefits and it will ultimately be repealed,” said Noah J. Hanft, MasterCard general counsel. “The government establishing price controls rather than letting the free market system work will result in consumers paying for virtually all of the costs for the benefits merchants receive today, which amount to well in excess of $14 billion.”
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 140 million transactions per hour, with an average network response time of 140 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl™. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at Follow us on Twitter: @mastercardnews.


MasterCard Worldwide
James Issokson, 914-249-6286

Retailers Tell Congress Delaying Swipe Fee Reform Could Cost Merchants and Customers $1 Billion Per Month

WASHINGTON--(BUSINESS WIRE)--The National Retail Federation today urged Congress not to delay debit card swipe fee reform scheduled to take effect this summer, saying the card industry’s push for postponement could cost retailers and their customers more than $1 billion per month.
The House Financial Services Committee’s Subcommittee on Financial Institutions is scheduled to hold a hearing today on debit card swipe fee regulations proposed by the Federal Reserve in December. While the hearing is being billed only as an examination of the proposal, the card industry is reportedly seeking legislation that would delay implementation of the regulations by anywhere from six months to two years.“Congress recognized last year that the credit card companies and big banks have been extracting monopoly-like fees from merchants and their customers for far too long,” NRF Senior Vice President and General Counsel Mallory Duncan said. “Now that reform is about to go into effect, the card industry is asking for a do-over they don’t deserve. Every month they can push back reform is another billion dollars taken out of consumers’ pockets. We would rather use that savings to cut prices, provide more retail workers with health insurance or put more Americans to work.”
Under swipe fee reform included in last year’s Dodd-Frank Wall Street Reform and Consumer Protection Act, the Fed was instructed to establish regulations that would result in “reasonable” debit card fees proportional to banks’ cost of processing debit transactions. The Fed proposed in December that debit swipe fees, currently 1 to 2 percent of each transaction, be capped at a flat fee of no more than 12 cents per transaction. Financial institutions with less than $10 billion in assets would be exempt.
Debit card swipe fees currently total about $20 billion a year, which card company practices compel merchants to pass along to customers in terms of higher prices. The Fed estimates that its proposed cap would lower fees about 70 percent, or about $1.2 billion a month. At that rate, a two-year delay would cost merchants and consumers nearly $30 billion.
NRF has told the Fed its proposal does not go far enough because banks have claimed only 4 cents as their cost of processing transactions and authorities in other countries have said even lower fees would more accurately reflect actual costs. NRF is arguing that debit transactions should be paid at close to face value since paper checks drawn on the same bank accounts are paid at face value and debit cards are merely plastic checks. The Fed is currently receiving comments on its proposal and is required to issue a final version in April, with the rules taking effect in July.
As the world's largest retail trade association and the voice of retail worldwide, NRF's global membership includes retailers of all sizes, formats and channels of distribution as well as chain restaurants and industry partners from the United States and more than 45 countries abroad. In the United States, NRF represents the breadth and diversity of an industry with more than 1.6 million American companies that employ nearly 25 million workers and generated 2009 sales of $2.4 trillion.


National Retail Federation
J. Craig Shearman, 202-626-8134

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