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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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Appeals Court Denies AdvanceMe Patent Appeal |
In a lightning fast ruling, the DC-based Court of Appeals for the Federal Circuit rejected an appeal by AdvanceMe Inc. of the ruling by a lower court that invalidated the company's patent on merchant cash advance business methods.
In a brief order that came only nine days after a three-judge panel heard the appeal, the appeals court simply affirmed the lower court ruling, from the Eastern District Court in Texas.
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House Subcommittee Launches Interchange Hearings |
A House Judiciary Commitee task force today heard from witnesses on both sides of the contentious interchange issue as it began public work on legislation that could put federal regulators in chanrge of monitoring and perhaps controlling interchange fees.
Witnesses at the hearing included Thomas L. Robinson, Vice President of Regulations, National Association of Convenience Stores; Joshua R. Floum, General Counsel and Corporate Secretary, Visa Inc.; Steve Cannon, Chairman, Constantine Cannon, LLP; Joshua Peirez, Chief Payment System Integrity Officer, MasterCard Worldwide; John Blum, Vice President of Operations, Chartway FCU, Edward Mierzwinski, Consumer Program Director U.S. PIRG.
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ETA-Supported Card Receipt Bill clears U.S. House |
Yesterday, the House, by a vote of 407-0, passed H.R. 4008, the Credit and Debit Card Receipt Clarification Act of 2007, which would bar plaintiffs from filing claims against merchants who properly truncate card numbers on receipts but fail to eliminate the printing of card expiration dates.
The bill, which was introduced Oct. 30 by Rep. Mahoney (D-Fla.), would eliminate hundreds of class actions filed by consumers against merchants over their failure to comply with the 2003 Fair and Accurate Credit Transactions Act, 15 U.S.C. 1681c(g).
ETA supports the bill, which would not remove the ability of consumers who allege actual harm, such as identity theft or credit card fraud, from filing individual claims under the FACT Act negligence provision.
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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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