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ETA Glossary Online |
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The ETA Encyclopedia of Terminology for the Acquiring Industry is now online! Need a good definition for P2P? Need to know what a Merchant Descriptor is? Our online glossary has the information and its been vetted by industry experts, so you can depend ion it. Give it a try! |
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Featured Articles
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Visa to Make Operating Regs Public |
Visa Inc. has announced that it will for the first time make its Visa International and Regional Operating Regulations available publicly, effective May 15, 2008.
According to Visa, the Operating Regulations will be available on Visa's corporate website at http://www.corporate.visa.com. The public version of the rules will not include proprietary and competitive information, or certain details from the rules relating to the security of the network.
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NACHA Launches Secure Vault Payments |
NACHA announced today that Secure Vault Payments is now a live alternative payment option. The Automated Clearing House (ACH)-based Internet payments network allows onsumers to conduct e-commerce and bill payment transactions without sharing personal account information.
Columbus Bank and Trust Company, a Synovus bank, was the sponsoring and authorizing bank for the first live transactions originated through consumer purchases at igourmet.com, a leading online retailer.
NACHA claims Secure Vault Payments is the only alternative payment option that operates on existing financial institution platforms, provides businesses with real time payment authorization, and offers consumers an online payment choice without sharing any personal account information.
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B2B Debit Hasn't Caught On |
A study commissioned by Pulse, the EFT network owned by Discover, says that while plenty of financial institutions are offering debit cards to business customers, companies have so far largely shunned B2B debit.
Nearly three-quarters of major banks surveyed provide business debit cards, the study found, but B2b transactions represent just six percent of all debit card use. A spokesman for Oliver Wyman, the consulting firm that conducted the study, says that while use is low, business debit transactions tend to involve larger ticket amounts and larger interchange charges.
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Federal Agencies Aim to Tighten Card Regulations |
Federal regulators have unveiled a proposed rule that would prohibit what officials consider "unfair" or "deceptive" credit and debit card practices. The agencies, the Office of Thrift Supervision and the National Credit Union Administration, backed by the Federal Reserve, expect to publish the proposed rule in the Federal Register next week.
Federal Reserve Chairman Ben S. Bernanke said the agency's effort to regulate the credit card industry by requiring better disclosure forms has fallen short and that certain practices have to be banned to protect consumers.
"Based on our review of consumers' response to the Board's recent regulatory initiative, it seems clear that improved disclosures alone cannot solve all of the problems consumers face in trying to manage their credit card accounts," he said.
If the proposed rules are instituted, they would constitute the most significant crackdown on the credit card industry in decades. The rules would, among other things, specify when card issuers can increase interest rates on existing balances, ban finance charges on balances that have been repaid, and prohibit late fees on customers who were not given a reasonable amount of time to pay.
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Joe Kaplan, President & CEO of Innovative Merchant Solutions and former president of ETA, was named the organization's Distinguished Payments Professional for 2008 as part of the annual ETA Star Awards presentation at the ETA Annual Meeting & Expo. The award is given each year to an individual who has demonstrated significant leadership within the industry and is an acknowledged trend-setter, role model, and positive contributor to its efficacy and image.
Business Partner of the Year is awarded to a current ETA member company that has demonstrated an overwhelming level of support for the association in the past year, as evidenced by activities such as sponsorship of ETA events, advertising in ETA publications, speaking at ETA events, serving on committees, and otherwise helping to further the association’s goals and objectives. This year's award was given to Total Merchant Services.
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Nova Information Systems, part of U.S. Bancorp, has changed it's name to Elavon, applying the new indentity to all of its global merchant acquiring brands, including First Horizon Merchant Services and euroConex.
In a briefing at ETA's Annual Meeting & Expo, where the name change was officially announced, Elavon CEO Stuart Harvey said the adoption of a global brand identity reflects Elavon's position as a global gateway solutions provider, with the ability to consolidate multiple front and back-end systems onto a single payment network.
"Global end-to-end control enables us to capitalize on emerging market opportunities that extend our channel partners," Harvey said. "Our successful business model allows our channel partners to focus on their core competencies while keeping their clients compliant, secure, efficient and financially poised for success in the global economy."
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Compliance Day April 13, 2010 Mandalay Bay Resort & Casino Las Vegas, NV
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