Industry observers and executives with other processing companies predict that the recent supervisory letter on FIS security problems may have a limited impact on FIS’ sales but will likely heighten the importance of security for all payments processors.
Agency sources call "ridiculous" the idea that regulator was trying to drive credit unions away from processing with FIS.
Visa USA has reported that U.S. financial institutions have issued more than one million credit and debit cards that use information on embedded computer chips to validate transactions instead of magnetic stripe technology.
Visa will offer a dual debit interchange schedule that network sources say should allow credit unions and other smaller asset
Visa will offer a dual debit interchange schedule that network sources say should substantially shield their debit interchange income from drastic decreases, at least temporarily.
At the same time it affirmed its confidence in corporate credit unions, CO-OP Financial Services yesterday also made it clear that it was willing to offer its services in helping CUs move to alternate payment processors.
While affirming its confidence in corporate credit unions, CO-OP Financial Services yesterday also made it clear that it was willing to offer its services to help CUs move to alternate payment processors.
Accounts of up to $250,000 at credit unions and banks would be permanently insured beyond the current expiration date of 2013, as a result of an amendment approved last week by the House-Senate conference committee on regulatory overhaul.
BECU went live on March 20 with person-to-person payments and since then has moved approximately $700,000 for about 5,000 newly enrolled users.