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FEATURED ARTICLES
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ETA Pays Tribute to Founders |
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As part of its 20th anniversary celebration, the Electronic Transactions Association honored its founding members, who were instrumental in creating the organization and contributed the initial funding for it.
Two of the original founders -- Biff Matthews of Cardware International and Joyce Cook of International CyberTrans -- were on hand for the Gala Anniversary Celebration and President's Dinner and were recognized on stage during the event. |
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ETA Announces Award Winners |
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The Electronic Transactions Association annouced four award winners at the association's annual President's Dinner April 12. This year the program was held in conjunction with ETA's 20th anniversary celebration.
The Strawhecker Group was named ETA's Business Partner of the Year and Todd Ablowitz, president of Double Diamond Group, was named Member of the Year.
ETA's ISO of the Year Award went to ProPay, while the annual Technology Innovation Award went to ROAM Data. 
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Vermont Senate Clears Interchange Bill |
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After an intense few days of lobbying by retailers, banks and the payments industry -- including ETA --the Vermont Senate has passed a milder version of a bill to regulate interchange fees. The measure, which is believed to be the first of its kind in the nation -- now goes to the Vermont House, where the battle over interchange is likely to heat up over the next few weeks. |
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Fed Sees Economy Improving Slightly |
In its quarterly "Beige Book" release, the Federal Reserve says that economic conditions continue to expand, although severe snowstorms in early February held back activity in several Fed Districts. Nine reported that economic activity improved, but in most cases the increases were modest. Overall conditions were described as mixed in the Atlanta and St. Louis Districts, though St. Louis noted further signs of improvement in some areas. Richmond reported that economic activity slackened or remained soft across most sectors, due importantly to especially severe February weather in that region.
Consumer spending improved slightly in many Fed Districts since the last survey, the report noted. Retail sales improved in the Chicago, Minneapolis, Dallas, and San Francisco Districts, and New York said sales were well above year-ago levels in January and met expectations in February despite inclement weather. Philadelphia also reported that sales were moving up slowly until snowstorms hit in February. Boston and Cleveland characterized sales as mixed but slightly higher overall than year ago levels. Sales were lower than expected in the Atlanta and Kansas City Districts and were down from year-ago levels in the St. Louis District. Several districts reported that sales were strongest for lower-priced items, while sales of luxury and big ticket items remained sluggish. However, San Francisco noted scattered reports of increased discretionary spending, and Cleveland said some retailers noted a broader, if still slight, increase in demand across a variety of products. Inventories were being managed carefully and held at fairly low levels in most districts, but Chicago said rising sales were leading retailers to begin rebuilding inventories from low levels.
See the full report. |
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Change in Credit Card Rules May Create Wave of Declines |
On the heels of rule changes last year that limited overdraft fees on debit transactions and increased the number of declined debit transactions, new regulations will go into force on Monday, February 22, that will likely create a new surge of declines at the point of sale.
The new rules prohibit credit card issuers from charging over-limit fees to consumers who haven't agreed to them in advance. That leaves issuers with no recourse but to decline transactions.
For a detailed rundown on the changes taking effect on February 22, click here or here . |
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ETA Glossary Online |
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