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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 Says No New Breach After All |
In a statement issued February 27, Visa said that alerts recently sent to banks and credit unions warning them about a compromise at a payment processor were related to the ongoing investigation of a previously known breach, rather than a new incident.
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Visa Confirms Another Payment Processor Breach |
Another payment processor has fallen victim to hackers, according to SC Magazine,a tyrade publication for IT security professionals. The magazine reported that the breach was confirmed by Visa in a conference call Feb.23, but the identity of the processor was not revealed.
Visa and MasterCard repotedly are notifying banks about accounts impacted by a "major compromise," unrelated to the massive Heartland Payment Systems incident announced last month, according to a number of credit unions and banking associations, the magazine said.
The hackers apparently breached the processor in the same way they infiltrated Heartland -- by placing malicious software on the network, according to an alert from the Pennsylvania Credit Union Association.
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Study: Cards Continue to Replace Cash |
Consumers’ use of cash is declining as they continue to embrace a range of card-based payment options, according to the 2008 Study of Consumer Payment Preferences, a nationwide study conducted by BAI Research and Hitachi Consulting, and sponsored by First Data, MasterCard Worldwide, Metavante, and PULSE.
Traditional card-based payment methods already have whittled away the base of check transactions in the United States, and are now impacting consumers’ use of cash, with 41 percent of consumers indicating they use cash less often today than they did two years ago.
“More and more consumers are substituting card-based payments in place of cash,” said Ajay Nagarkatte, managing director of BAI Research. “Of those who have reduced their cash use, 97 percent are shifting to credit, debit, or gift/prepaid cards instead.”
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New HIPAA Rules May Hit Payment Firms |
The American Recovery and Reinvestment Act -- the formal title for the stimulus bill recently signed by President Barack Obama -- contains surprising modifications to HIPAA's Privacy and Security Rules, according to health care industry analysts. Some of those rule modifications may well change the way payment companies in the health care vertical market are regulated.
The new law, for the first time, requires business associates (including payment companies) to comply directly with many of HIPAA's rules and subjects business associates to HIPAA’s civil and criminal penalties. The Act increases the penalties for various HIPAA violations and dramatically expands other remedial actions (such as increasing federal government audits; granting attorneys fees in some HIPAA lawsuits; and allowing a method for individuals to recover penalties under HIPAA).
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Foiurth quarter 2008 ACH payments grew by 4.5 percent over the same period in 2007, topping 3.8 billion, according to statistics released by NACHA – The Electronic Payments Association.
Internet-initiated ACH payments (known as “WEB” entries) experienced robust growth, increasing 16.5 percent over 4th quarter 2007 volumes. Strong growth also occurred with certain business-to-business payments (known as “CTX” entries) in which remittance information is exchanged electronically.
“The continued growth of ACH transactions during a period of intense economic pressures speaks to the fundamental value that financial institutions, businesses, governments, and consumers recognize in the ACH Network,” said Janet O. Estep, NACHA president and chief executive officer. “The inherent safety, security, and efficiency of the ACH Network are resonating, as seen through the growth in specific market segments.”
The newest check conversion transaction – back-office conversion (known as “BOC”) - grew to over 39 million payments in 4th quarter 2008, from 3 million payments a year ago, as several national retailers are implementing BOC programs. BOC volume increased 49 percent from 3rd to 4th quarter 2008. Other ACH payment types tied directly to consumer check writing have leveled off as the use of checks continues to decline.
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GDP Shrinks Nearly Four Percent |
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The US economy shrank at its fastest pace in decades from October through December, the government reported on January 30, as consumer spending and business investment collapsed, signaling more economic contraction in the months ahead.
In the broadest official accounting of the toll of the credit crisis, the government reported that gross domestic product shrank at an annual rate of 3.8 percent in the fourth quarter of 2008. While that was less than economists’ expectations of a 5.5 percent drop, the decline would have been much steeper — more than 5 percent — if shipments of goods had fallen as sharply as orders. |
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