Check conversion via Back Office Conversion (BOC) has significant advantages, particularly over the Point of Purchase (POP) check conversion method, and is widely regarded as NACHAs reaction the merchant disappointment with POP transactions. Back Office Conversion...
A recent American Banker article suggests that by going private (selling itself to KKR for $29 Billion, $34 a share) First Data will be able to make long over due investments in consolidating its processing systems without raising the ire of shareholders. The company...
This month, Exchange, the monthly magazine of the Association of Financial Professionals (AFP), published a handy A to Z glossary of payment acronyms. Some are obvious, some were a stretch (K and Q), and you may already be familiar with most of these terms, but...
The Association of Financial Professionals new Payments Fraud Survey finds that corporate payments fraud is on the rise. Seventy-two percent of corporations experienced fraud (or attempted fraud) in 2006, up from 68% in 2005. Thirty-nine percent of organizations...
Effective today, March 16, 2007, there is a new way to convert checks to electronic ACH transactions: Back Office Conversion (BOC). This method joins Point of Purchase (POP) and Accounts Receivable Entry (ARC) and fills a gap in check conversion options,...
The WSJ reports today that according to Gartner, 80% of credit card data breaches are tied to cash registers and other POS terminals. Credit card regulations require that retailers not store credit and debit card information in order to prevent fraud. So thieves...
Pew Research has just published a study on consumer bill payment. It explores the types of payments (utility, loan, etc.), the payment method (cash, check, debit, credit), and explores budgeting, money and marriage, bill payment by income level, etc. This report...
Losses from identity fraud are down 11.5 percent since last year according to a new study by Javelin Strategy and Research. “Businesses are doing a better job screening, and consumers are doing better at locking up information and monitoring their accounts,” said...
Levitt and Dubner discuss gift cards in their Freakonomics column in today's New York Times magazine:As for gift cards — well, let’s just say there is good reason that they are known within the retail industry as a stored-value product: they store their value...
Over at Payments News they've published a wrap-up of the most notable payment news and events in 2006. Check it out. Highlights A transformation of the cards business as MasterCard went public, VISA announced its intention to do so, and Morgan Stanley plans to...
