Friday, October 14, 2011

New Bill Wants to Repeal Durbin Amendment

On Wednesday, Representative Jason Chaffetz (R-UT) introduced H.R. 3156 to the floor, co-sponsored by Representative Bill Owens (D-NY). The bill is called the Consumer Debit Card Protection Act, and it’s sole goal is to repeal the limits on interchange fees introduced by the Durbin Amendmendment
Forbes: The battle over the controversial Durbin Amendment isn’t over yet as lawmakers attempt to repeal the rule today.
Representatives Jason Chaffetz (R-Utah) and Bill Owens (D-N.Y.) are introducing a bill that would repeal the Durbin Amendment. They say the rule, which places a cap on the amount that banks can charge retailers each time a customer swipes their debit card, hurts customers and banks. read more

News for durbin repeal

Reuters Blogs
  • New Bill Aims to Repeal Durbin Amendment

    MyBankTracker.com - 2 hours ago
    By Willy Staley Fri Oct 14, 2011 A bill was introduced to the House of Representatives that seeks to repeal the Durbin Amendment. Does it stand a chance? ...
    7 related articles


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    USA Technologies 5th in US POS Terminal Shipments in 2010


    October 14, 2011 10:58 AM Eastern Daylight Time 

    Continued Growth Moves USA Technologies to 5th in US and 19th Worldwide for POS Terminal Shipments in 2010

    MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies, Inc. (NASDAQ: USAT) announced today that the Company has again improved its ranking among the world's leading shippers of point-of-sale (POS) terminals. The Nilson Report, a leading source of research on consumer payment systems worldwide, ranked USA Technologies 5th among the leading POS shippers in the United States, up from 6th in 2008 and 2009. Nilson also ranked USA Technologies 19th in the world in 2010, up from 31st in 2009 and 34th in 2008.
    “Shipments of our award-winning ePort cashless payment technology, designed specifically for small-ticket, self-service, unattended retail locations, such as vending machines, kiosks, amusement and gaming, are growing alongside global giants included in the rankings such as VeriFone, Hypercom, Ingenico and First Data”
    "Shipments of our award-winning ePort cashless payment technology, designed specifically for small-ticket, self-service, unattended retail locations, such as vending machines, kiosks, amusement and gaming, are growing alongside global giants included in the rankings such as VeriFone, Hypercom, Ingenico and First Data," said Maeve McKenna Duska, VP Marketing, USA Technologies. "We experienced rapid shipment growth in our fiscal years 2010 and 2011, increasing connections to our network to 119,000 as of June 30, 2011. We believe that the latest ranking by Nilson is further proof of our leadership in the small-ticket, unattended retail markets.”
    "Over the past 12-24 months we have experienced what we believe may be the tipping point for cashless payments in small-ticket, unattended markets like vending,” continued Duska. “We believe that demand for our unique, turn-key cashless hardware and services continued to increase during that period because it offers consumers greater ease and convenience, lowers costs for operators through improved efficiencies and increases sales by providing an additional way to pay. In addition to the increase in terminals shipped, our customer base has increased 83% from approximately 1,050 customers at June 30, 2010 to approximately 1,925 customers at June 30, 2011.”
    USA Technologies' ePort POS system is supported by its ePort Connect service—the only one-stop, turn-key system for wireless, unattended cashless payments and telemetry in the small ticket unattended space. ePort Connect provides everything from account set-up and management, to online reporting and machine alerts, to 24x7 customer support.
    About USA Technologies:
    USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. The Company has been granted 79 patents and has agreements with Verizon, Visa, Compass, Crane and others. Visit our website at www.usatech.com.
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    Oberthur Announces NFC, EMV Webinar to be Held October 26th


    October 13, 2011 03:23 PM Eastern Daylight Time 
    CHANTILLY, Va.--(BUSINESS WIRE)--Oberthur Technologies, a world leader in the field of secure technologies, today announced that a free, one-hour webinar is being held for U.S. banking industry leaders to provide information and insights on the latest payment technologies including NFC, EMV and On-line Authentication.
    “The webinar will help update banking professionals from various departments on opportunities to increase customer acquisition and loyalty, and counteract fraud through the use of the latest in payment technologies.”
    The webinar, “Next Gen Secure Payment Solutions,” will be held on Wednesday, October 26th, at 1 P.M. EST/10 A.M. PST.
    “The need to protect existing revenue and drive incremental revenue has never been more important,” said Martin Ferenczi, Managing Director of the Americas Region for the Card Systems Division at Oberthur Technologies. “The webinar will help update banking professionals from various departments on opportunities to increase customer acquisition and loyalty, and counteract fraud through the use of the latest in payment technologies.”
    Oberthur’s industry experts with global payment experience will provide information and answer questions on the following topics:
    1) EMV: Key issues to review before migrating from a standard magstripe card.
    2) NFC: Understanding the value of NFC. Roles and responsibilities in a NFC model.
    3) Online Authentication: Benefits & strategies worth considering.
    For more information, or to register for the one-hour, informational webinar please visit: <https://www3.gotomeeting.com/register/631829062>.
    About Oberthur Technologies
    Oberthur Technologies is a world leader in the field of secure technologies: systems development, solutions and services for smart cards (payment cards, SIM cards, access cards, NFC…) and for secure identity documents, traditional and electronic (identity card, passport, health care card), production of banknotes, cheques and other fiduciary documents, intelligent systems to secure cash-in-transit and ATM. Oberthur Technologies has 6,800 employees through 40 countries and 65 sites. The Group posted 2010 sales of €979M.
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    NRF Wants Justice Department to Investigate Monthly Debit Fees


    October 13, 2011 11:45 AM Eastern Daylight Time 

    NRF Urges Justice to Move Quickly on Congressional Request for Antitrust Investigation of New Debit Card Fees

    WASHINGTON--(BUSINESS WIRE)--The National Retail Federation issued the following statement from Senior Vice President and General Counsel Mallory Duncan in response to today’s announcement by Representative Peter Welch, D-Vt., and others that they are asking the Justice Department to investigate new monthly debit card fees imposed by some banks.
    “Legal experts testifying before Congress and litigation currently pending in federal court have argued that banks have violated federal antitrust laws by collectively setting credit and debit card swipe fees. Now we have members of Congress asking the same question about new fees some banks are dreaming up. American consumers deserve honest and open competition in a market that is free of any hint of collusion. We trust that the Justice Department will ensure that this is the case.”
    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 an industry that includes more than 3.6 million establishments and which directly and indirectly accounts for 42 million jobs – one in four U.S. jobs. The total U.S. GDP impact of retail is $2.5 trillion annually, and retail is a daily barometer of the health of the nation’s economy. www.nrf.com.

    Contacts

    National Retail Federation
    J. Craig Shearman, 202-626-8134
    shearmanc@nrf.com
    www.nrf.com/swipefees
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    PULSE and NetWorks 285 Member Institutions Sign ATM/POS Deal for PIN Debit


    October 13, 2011 09:00 AM Eastern Daylight Time 
    HOUSTON--(BUSINESS WIRE)--PULSE, one of the nation’s leading debit/ATM networks, has signed a long-term, point-of-sale (POS) and ATM acceptance agreement with NETS, Inc. (NetWorks), an electronic funds transfer services company based in Lincoln, Neb.
    “Our arrangement also is important as it ensures our members’ debit card programs are in compliance with the Durbin Amendment’s prohibition on network exclusivity arrangements and is in keeping with the NetWorks’ mission of seeking the best possible solution for our member institutions and their debit card programs.”
    Under terms of the agreement, NetWorks’ 285 member institutions will be able to utilize PULSE for PIN debit transactions at POS locations nationwide. In addition, the agreement will enable NetWorks to expand ATM acceptance to its members through PULSE’s more than 380,000 U.S. ATMs. More than 1,400 NetWorks ATMs in a 10-state area in the Midwest also will be enabled to accept PULSE®, Discover® and Diners Club International® cards.
    “We are pleased to enter into an agreement with NetWorks to further expand our network participation and ATM acceptance in the Midwest,” said Dave Schneider, PULSE President. “Like PULSE, NetWorks is dedicated to positioning their member financial institutions for continued growth and success. This agreement will enable us to assist with that effort, while also providing greater cash access to all PULSE, Discover and Diners cardholders who live in or are traveling through the region.”
    “Aligning with PULSE as a network partner gives our members strong nationwide PIN POS acceptance, along with expanded ATM access,” said Cathy Morrissey, NetWorks President. “Our arrangement also is important as it ensures our members’ debit card programs are in compliance with the Durbin Amendment’s prohibition on network exclusivity arrangements and is in keeping with the NetWorks’ mission of seeking the best possible solution for our member institutions and their debit card programs.”
    About PULSE
    PULSE, a Discover Financial Services (NYSE: DFS) company, is a leading debit/ATM network, serving more than 4,400 banks, credit unions and savings institutions across the United States. The network links cardholders with ATMs and POS terminals at retail locations nationwide. Through its global ATM network, PULSE provides worldwide cash access for Diners Club and Discover cardholders through hundreds of thousands of ATM locations. The company also is a source of electronic payments research and is committed to providing its participants with education on emerging products, services and trends in the payments industry. For more information, visitwww.pulsenetwork.com.
    About NetWorks
    NetWorks is a non-profit, member-owned organization that provides a full range of electronic funds transfer services. With an experienced team that understands and is responsive to the Nebraska and regional market, NetWorks is able to provide superior services by focusing on customer needs more than the bottom line. NetWorks offers a full range of electronic funds transfer services for 285 member financial institutions. Routing more than 12 million transactions a month from locations around the globe, NetWorks drives, supports and monitors over 1,400 ATMs in the Midwest. For more information, go to www.netseft.com.
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