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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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The Aegenis Group Renews Contract as Trainer for PCI-SSC |
The Aegenis Group has re-signed with the Payment Card Industry Security Standards Council (PCI SSC) to be the worldwide trainer of Qualified Security Assessors (QSAs). The contract
marks a renewal of the existing relationship between The Aegenis Group and the PCI-SSC. Last year, The Aegenis Group trained over 1,000 QSAs and the coming year should see almost 50% more trainees attending the sessions.
"The Aegenis Group's long experience with the security
requirements of the Payment Card Industry and with the Payment Card Industry
Data Security Standard (PCI DSS) make them a logical choice to conduct the
training," said Robert Russo, General Manager of the PCI SSC. "We
were pleased to renew the contract, as their deep knowledge of both the
industry and the PCI DSS ensures that the training the QSAs receive will be
consistent and comprehensive.
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Read more...
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CyberSource-Authorize.Net Deal Final |
CyberSource Corporation, , a leading provider of electronic payment and risk management solutions, today announced that it has completed the acquisition of Authorize.Net Holdings, Inc. of Marlborough, Massachusetts. CyberSource first announced an agreement to acquire Authorize.Net Holdings on June 18, 2007. Requisite stockholder approvals have been obtained and all regulatory requirements have been met.
The acquisition was a stock and cash transaction valued at
approximately $662 million, based on the closing price of CyberSource
common stock on October 31, 2007. Under the terms of the merger
agreement, Authorize.Net stockholders will receive 1.1611 shares of
CyberSource common stock for every share of Authorize.Net common stock.
Additionally, Authorize.Net stockholders will receive a pro-rata share
of $125 million, or approximately $4.42 per share, in the form of a
cash payment.
As a result of the acquisition, CyberSource now has approximately
217,000 customers, ranging in size from home-based businesses to some
of the largest enterprises in the world. (PR Newswire)
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TJX Breach Details Revealed |
Attorneys suing retailer TJX have added to their original
complaint, relying on newly discovered details regarding the company’s widely
reported security breach.
In a news story in E-Week, it was revealed that TJX failed to
comply with nine of 12 applicable PCI requirements and that the data thief
managed to walk away with 80 gigabytes of data on TJX customers.
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Read more...
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Processing powerhouse TSYS will become an independent public company under a plan unveiled by SYNOVUS, which currently owns about 80 perxcent of outstanding TSYS shares. Under the plan, holders of SYNOVUS shares will each receive a proportionate share of the TSYS stock held by SYNOVUS.
Officials of both companies say the change in status will not lead to siugnificant changes in the identity or operations of TSYS, which will remain headquartered in Columbus, GA.
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Visa to Push on Compliant Applications |
Beginning January 1, 2008, Visa will implement a series of mandates to eliminate the use of non-secure payment applications from the Visa payment system. These mandates require acquirers to ensure their merchants and agents do not use payment applications known to retain prohibited data elements and require the use of payment applications that adhere to Visa’s Payment Application Best Practices (“PABP”). PABP-compliant applications help merchants and agents mitigate compromises, prevent storage of prohibited data and support overall compliance with the Payment Card Industry Data Security Standard (“PCI DSS”) and the Visa U.S.A. Inc. Operating Regulations. A list of PABP-validated applications is available at www.visa.com/pabp.
Vulnerable payment applications have proved to be the leading cause of compromise incidents, particularly among small merchants. Visa U.S.A. Inc. Operating Regulations prohibit the storage of the full content of any magnetic-stripe, CVV2 or PIN data and require compliance with the PCI DSS. Merchants and agents that use payment applications that store prohibited data or have inherent security weaknesses will not be compliant with the PCI DSS and are at high risk of being compromised.
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Treasury Seeks Proposals for Switching to Electronic System |
The U.S. Treasury asking for proposals to help it bring part of its operations into the electronic age. From the official notice:
The Financial Management Service (FMS), U.S.
Department of the Treasury, is soliciting proposals from commercial banks that
are interested in becoming the developer of the Over the Counter (OTC) channel
application and service provider for the day to day management of the
Government's OTC channel.
FMS seeks a dynamic service provider with a
pioneering spirit and a culture that supports excellence, to lead a revolution
in the way in which the Government conducts OTC revenue collection. This
solicitation represents an opportunity to transform the OTC revenue business
line from an aged paper based, multi-system business model, to a web enabled
retail business model that we envision will serve as the benchmark for the
business world. FMS requests that interested and eligible Financial
Institutions (as defined in the notice) capable of providing these services to
the Federal Government respond with a proposal, in accordance with the
requirements specified in the notice.
The full notice can be found here.
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